KUALA LUMPUR (Jan 29): YNH Property has emerged as the second most active stock on Bursa Malaysia after Monday’s opening bell, with 97.6 million shares changing hands.
It continued to pare losses, with its share price up by 14.5 sen or 20.28% to 86 sen from last week.
Subsequently, the counter, linked to prominent investor Datuk Dr Yu Kuan Chon, witnessed RM76.6 million in paper gains, with its market capitalisation standing at RM451.9 million at the time of writing.
YNH Property was previously one of the worst-hit counters in the recent market sell-off, hitting limit down several times since the beginning of the selling pressure on Jan 9. Just last Tuesday (Jan 23), its share price was put on a lower limit freeze again by Bursa.
However, the counter witnessed a rebound last Friday, with its share price up by 10.5 sen to 71.5 sen. Nonetheless, its year-to-date share price was down RM3.395 or 79.88% at the time of writing on Monday.
Separately, the company announced last Friday that no professional firm had been appointed for an independent review of its joint venture (JV) and turnkey construction agreements. It added that it is actively identifying and inviting suitable candidates to fill the vacancy in the position of the audit committee chairman (ACC).
“Upon the appointment of a new ACC, the audit committee shall evaluate the existing completed report available, and consult the new auditor on the result of these reports before further deliberat[ing] on the need for the appointment of another review of which the scope is very similar to the existing report,” it stated in a bourse filing.
It further stated that the company will announce the audit committee’s decision on whether a professional firm is required for the independent review.
YNH Property announced on Nov 7, 2023 that the three-member audit committee intended to appoint a professional firm for an independent review. This came after the law firm appointed by the group found that the qualified amount of the inventories in respect of the JV and turnkey contracts was substantial at RM1.1 billion.
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