KUALA LUMPUR: YNH Property Bhd was the second most actively traded counter today, gaining 11.19 per cent, after it told Bursa Malaysia Securities Bhd that it has not hired a professional firm to perform an independent review of its dealings.
The company's share price was trading at 79.5 sen a share with some 165.8 million shares changing hands.
YNH was to appoint a professional firm to conduct an independent review of the joint venture agreements, turnkey construction agreements and all supplemental agreements, indicatively, on the week of Nov 2, 2023 and estimated completion on the week of April 15, 2024.
Last Friday however, in response to a query by Bursa Securities, YNH said it is yet to appoint such a firm and plans to have its audit committee deliberate, in consultation with its new auditor, on the need of the appointment of another review which scope is very similar to the existing report.
As the position of the Audit Committee Chairman (ACC) is currently vacant, YNH is actively identifying and inviting suitable candidates to fill the vacancy.
On Jan 18, 2024, ratings agency MARC Ratings Bhd downgraded YNH's sukuk wakalah and placed it on MARCWatch Negative over liquidity concerns with the delay in sale of assets.
Prior to that YNH admitted to an oversight on its part in not announcing a planned RM150 million property acquisition when queried by Bursa Securities.