YNH Property to securitise Mont Kiara, Manjung malls to raise RM500m

The proposed debt financing exercise will allow YNH to realise immediate net cash for its group business and operations

by AUFA MARDHIAH / pic source www.ynhb.com.my

YNH Property Bhd plans to raise RM500 million from a proposed asset-backed securitisation involving the 163 Retail Park retail shopping mall in Mont Kiara and a two-storey retail shopping mall AEON Seri Manjung in Perak.

The proposed debt financing exercise will allow YNH to realise immediate net cash for its group business and operations, it said in an exchange filing yesterday.

The exercise will involve disposal of the properties by its wholly owned subsidiaries to a special purpose vehicle. The 163 Retail Park is erected on a freehold land held under title by D’Kiara Place Sdn Bhd while the Manjung mall is owned by YNH Hospitality Sdn Bhd.

For the first half of the financial year ended June 30, 2022, YNH posted a net loss of RM7.52 million on a turnover of RM106.33 million.