The Board of Directors of YNH Property Bhd ("YNHProp" or "the Company") wishes to announce that the Company has on 28 October 2014 acquired 100% equity interest in YNH Hardware Sdn Bhd ("YHSB") , a wholly-owned subsidiary of YNH Construction Sdn Bhd which in turn is a wholly-owned subsidiary of YNHProp comprising 2,300,000 ordinary shares of RM1.00 each for a total consideration of RM 2,435,928.

INFORMATION ON SUBSIDIARY

YHSB was incorporated on 30 October 2007 as a private limited company with an authorised capital of RM5,000,000 and issued capital of RM2,300,000 comprising 2,300,000 ordinary shares of RM1/- each fully paid. The principal activity of YHSB is that of trading of properties and construction materials and contract works. However, YHSB had ceased its business operations since 2009.

RATIONALE FOR THE INTERNAL RE-ORGANISATION

The Internal Re-organisation is to streamline the Group structure of YNH group.

EFFECT OF THE INTERNAL RE-ORGANISATION

Upon completion of the Internal Re-organisation, YHSB will become a direct subsidiary of YNHProp.

FINANCIAL EFFECTS 

The above acquisition is not expected to have any material effect on the earnings or net assets of the Company for the current financial year.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors and/or substantial shareholders and/or person connected to them has any interest, direct or indirect in the Internal Re-organisation. 

This announcement is dated 28 October 2014.