YNH To Dispose KL Land For RM170 Million To Sunway Group

YNH Berhad’s wholly owned subsidiary, Kar Sin Berhad has entered into a Sale and Purchase Agreement with Sunway on the proposed disposal of freehold land held in Kuala Lumpur for an estimated amount of RM170 million.

The parties involved are Imbuhan Sempurna Sdn. Bhd., the Registered Proprietor; Great Wall Park Sdn. Bhd., the First Beneficial Owner and Sunway Living Space Sdn. Bhd., the Purchaser

The land is said to be measuring approximately 20,630.474 square meters (approximately 5.098 acres) with vacant possession free from all encumbrances and subject to the terms and conditions of the SPA.

KSB is a property development and cultivation and sale of oil palm produce. As at the date of this announcement, KSB has a total paid-up share capital of RM102,600,000.00 consisting of 102,600,000 ordinary shares. Imbuhan’s principal activity is of property development and cultivation and sale of oil palm produce.

The group proposed to dispose of its land Proposed Disposal in order to realise and unlock the value of its investment. YNH said the disposal may also strengthen its liquidity and cash flow position. The proceeds will be utilized for repayment of bank borrowing and working capital, which will result in interest savings of RM3,771,823 per annum and is expected to reduce the gearing ratio of YNH Group.

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