Purchase of one wing of the Office Tower in Menara YNH on Land held under Geran 11310, Lot 1077, Bandar Kuala Lumpur, Negeri Wilayah Persekutuan ("Property") by Kuwait Finance House (Malaysia) Berhad ("KFH") from YNH Land Sdn Bhd ("YNH Land") ("KFH Offer")

BackDec 15, 2009
Date Announced
:
 15/12/2009  



Type
:
 Announcement
Subject
:
YNH PROPERTY BHD ("YNH")
Purchase of one wing of the Office Tower in Menara YNH on Land held under Geran 11310, Lot 1077, Bandar Kuala Lumpur, Negeri Wilayah Persekutuan (“Property”) by Kuwait Finance House (Malaysia) Berhad (“KFH”) from YNH Land Sdn Bhd (“YNH Land”) (“KFH Offer”)

Contents
:
Reference is made to the announcement dated 15 January 2008 in relation to the abovementioned KFH Offer.

The Board of Directors of YNH had been notified in writing by KFH today that KFH will no longer be proceeding with the formalisation of the sale and purchase agreement as per the terms and conditions of the offer letter dated 11 January 2008 in their reply to YNH Land’s request for the sales and purchase agreement to be executed by both parties.

As such, the Board, will consult our legal advisors on all of the options available to our Group, including but not limited to specific performance and/or seeking damages from KFH.

This announcement is dated 15 December 2009.