The Board of Directors of YNH Property Berhad (“YNH” or “Company”) wishes to announce that the Company proposes to undertake a debt financing exercise via a proposed asset-backed securitisation which will involve, among others, the disposal of the following properties by its wholly-owned subsidiaries (“Properties”) to a special purpose vehicle:

(i)       a retail shopping mall known as “163 Retail Park” bearing the address No. 8, Jalan Kiara, Mont Kiara, 50480 Kuala Lumpur, Wilayah Persekutuan and erected on the freehold land held under title bearing particulars Geran Mukim 8842, Lot 67384, Mukim Batu, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan KL by D’Kiara Place Sdn Bhd; and

(ii)      a two-storey retail shopping mall known as “AEON Seri Manjung”, bearing the address AEON Seri Manjung Store & Shopping Centre, Pusat Perniagaan Manjung Point 3, 32040 Seri Manjung, Perak Darul Ridzuan and erected on freehold land held under title bearing particulars H.S.(D) 34532, PT 15074, Mukim Lumut, Daerah Manjung, Negeri Perak by YNH Hospitality Sdn Bhd,

(herein referred to as “Proposed Disposal”).

The total consideration for the Proposed Disposal is intended to be satisfied by the purchaser from proceeds received from its issuance of medium term notes under a proposed asset-backed medium term notes programme of up to RM500.0 million in nominal value (“Proposed ABS Issue”).

The disposal consideration remains subject to change and is dependent on the valuation of the Properties.

The Proposed Disposal and Proposed ABS Issue are intended to, amongst others, enable YNH to realise immediate net cash proceeds for use in its group business and operations. The Proposed Disposal is also subject to approvals being obtained from, amongst others, the shareholders of the Company, Bursa Malaysia Securities Berhad (“Bursa Securities”) and any other relevant authorities (if required).

The Proposed Disposal is conditional upon the Proposed ABS Issue.

A detailed and comprehensive announcement on the Proposed Disposal and Proposed ABS Issue in accordance with the Main Market Listing Requirements of Bursa Securities will be made in due course.

This announcement is dated 22 September 2022.

Announcement Info