The Board of Directors of YNH wishes to announce that Company had on 12 June 2024 appointed UHY as a special independent reviewer to conduct an independent assessment regarding certain joint ventures and turnkey contracts entered into by Kar Sin Bhd, a wholly-owned subsidiary of the Company (“the Subject”).

The independent assessment on the Subject was initiated due to the former statutory auditor, Baker Tilly Monteiro Heng PLT, had issued a qualified opinion on the amount of RM1,100,210,470.00 paid in respect of joint venture and turnkey contracts entered into between joint venture parties (“the JVs”) or landowners for property development work. This qualified opinion pertains to certain potential undisclosed related party transactions with the JVs, as stated in the Audited Financial Statement for the financial year ended 30 June 2023.

UHY will conduct the independent assessment in relation to the Subject by performing the following procedures/ scope of works: -

• Obtain background understanding on the JVs’ transactions
• Perform background searches on relevant parties
• Review the JVs’ transaction
• Others (i.e. to state the impact to the financial statements and relevant adjustments, where relevant, identify potential breach or non-performance of any requirement or provision of the securities laws and/or a breach of any of the rules of the stock exchange and/or corporate governance practice and propose actions to be taken by the management and the status of the actions taken.)

UHY shall commence their fieldwork immediately and is expected to complete the independent assessment within 3 months from their appointment, subject to the Company's compliance with the terms as set out in the engagement letter between UHY and the Company.

This announcement is dated 12 June 2024.