The company told Bursa Malaysia on Thursday that its audit committee convened a meeting on March 25 to receive an update from Messrs UHY on the draft special independent review (SIR) report.
KUALA LUMPUR (April 2): YNH Property Bhd (KL:YNHPROP) said the independent review of its joint venture (JV) and turnkey contracts is now expected to be ready by April 9.
The company told Bursa Malaysia on Thursday that its audit committee convened a meeting on March 25 to receive an update from Messrs UHY on the draft special independent review (SIR) report.
“Barring any unforeseen circumstances, the company expects the final SIR report to be completed by April 9, 2025,” YNH Property said. “Upon receipt, the audit committee will convene another meeting to deliberate on the final SIR report.”
Last month, YNH Property announced that it had provided additional supporting documents to UHY. This came after UHY issued the draft SIR report in February.
In June last year, YNH Property appointed UHY to conduct an independent assessment regarding certain JVs and turnkey contracts entered into by its wholly owned subsidiary Kar Sin Bhd.
The independent assessment was initiated after its former external auditor Baker Tilly Monteiro Heng PLT issued a qualified opinion on an amount of RM1.1 billion the company paid to JV parties 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 June 30, 2023.
However, Baker Tilly later ceased to be the company’s external auditor, as it notified YNH Property that it did not wish to seek reappointment in December 2023.
UHY was expected to complete the independent assessment within three months from its appointment, but the timeline was extended.
YNH Property’s cumulative net loss narrowed to RM27.43 million for the six-month period ended Dec 31, 2024, from RM34.67 million a year before, as revenue expanded to RM326.67 million from RM77.09 million. The higher revenue was attributed to proceeds from the disposal of 163 Retail Park, progressive profit recognition from Solasta Dutamas (Mont’Kiara), sales of inventories from Manjung Point Seksyen II (Seri Manjung).
YNH Property shares closed unchanged at 42 sen, bringing the group a market capitalisation of RM222 million. The stock has fallen 21.5% so far this year.
Want to have a more personalised and easier house hunting experience? Get the EdgeProp Malaysia App now.
Source: EdgeProp.my
Looking to invest in high-growth real estate? Don’t ..
POST YOUR COMMENTS