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YNH Property Bhd ("YNHPROP" or "the Company") wishes to make the following clarifications in relation to the article dated 22 October 2008 issued by Bloomberg on YNHPROP, which appeared in recent news reports published in local newspapers.
YNHPROP wishes to clarify to its stakeholders that the Company has not represented that it is delaying the sale of the 50% of the YNH Tower to Kuwait Finance House (KFH). In fact, the Company mentioned that it has accepted the offer from KFH as announced to Bursa Malaysia Securities Berhad on 15 January 2008 and is currently formalising the agreement by end of the year.
For the second block, YNHPROP is not in a hurry to sell or to seek a Joint Venture partner to complete the project because the first block had been sold and the funding for the construction of whole development has essentially been covered by the sale of the first block. Further, the location of the commercial development is very prime, within the Golden Triangle of Kuala Lumpur city centre.
In addition, the Company wishes to highlight that it has been in the property development industry for the past 25 years and so far has been profitable every year. Further, since its listing on the Main Board of Bursa Malaysia on 9 December 2003, YNHPROP has consistently, if not met, exceeded its profit estimates.
Notwithstanding the negative publicity generated by the article, YNHPROP as a publicly listed company, will continue to engage with all stakeholders, including shareholders, fund managers, analysts, reporters/ journalists and the investing public as it is the right of the stakeholders to have clear and concise information for them to make investment decisions. In the event, if the information reported is not factually correct, YNHPROP will respond to it and make the necessary clarification to its stakeholders.
This announcement is dated 28 October 2008. |
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