(1)    Date of presentation of the Petition

The Board of Directors of YNH Property Bhd ("YNH" or "the Company") wishes to announce that Kar Sin Berhad (“KSB”), a wholly-owned subsidiary of the Company, had on 20th October 2023, served with a Winding-Up Petition (“Petition”) dated 18th October 2023 in the High Court of Malaya at Ipoh, by Fraser Hospitality Pte Ltd ("Petitioner") via Messrs Christoper & Lee Ong. The Petition has been resolved, with Notice of Discontinuance of the Petition dated 30th October 2023

(2)  Details of the default or circumstances leading to the receipt of the Petition

The Petition was for the recovery of an outstanding. The outstanding sum results from discrepancy over amounts claimed relating to management agreement entered with the Petitioner.

The circumstances leading to the filing of the Writ and Statement of Claim was due to KSB has failed to settle the outstanding sum of RM1,369,321.52 and SGD38,823.31, which is approximately equivalent to RM134,252.25 owing to the Plaintiff to manage and operate service apartments in Kuala Lumpur.

(3)  The particulars of the claim under the Petition, including the amount claimed for and the interest rate

The Plaintiff claims the outstanding sum of RM1,369,321.52 and SGD38,823.31, which is approximately equivalent to RM134,252.25 from KSB.

No interest claimed on the outstanding amount. 

(4) Confirmation as whether KSB is a major subsidiary

KSB is a major subsidiary of the Company.

(5)   Cost of investment in KSB 

The total cost of investment in KSB is amounting to RM102,600,000.00.

(6)  The financial and operational impact of the Petition on the Group

The Petition will not have any additional financial and operational impact on the Group.

(7)  The expected loss, if any, arising from the Petition

The Company is not expected to incur any further loss arising from the Petition.

(8)  Steps taken and proposed to be taken in respect of the Petition

The  Petition has been resolved, with Notice of Discontinuance of the Petition dated 30th October 2023.

This announcement is dated 23 November 2023.