KUALA LUMPUR (Nov 6): YNH Property Bhd (KL:YNHPROP), which has yet to complete a special independent review of certain contracts it previously said would take three months to complete from its commencement in June, has now said the review had been delayed due to "strained resources".
In a Wednesday filing to respond to a query from Bursa over the delayed completion, it said the company's finance team was focused on meeting its 2024 audit reporting deadline, which was due by Oct 31 this year.
"This period of heightened activity has strained resources, as both the audit process and the SIR report were being managed concurrently," it said.
It also revised the expected completion date of the independent review and the related report, which was originally set for Sept 12, to Nov 30 and Dec 15, respectively.
YNH announced on June 12 that it had appointed UHY as the independent reviewer to assess certain joint venture (JV) and turnkey contracts entered into by its unit, Kar Sin Bhd, after its former statutory auditor — Baker Tilly Monteiro Heng PLT — issued a qualified opinion on a sum totalling RM1.1 billion paid in respect of such contracts.
The independent review will cost the group RM370,000, its Wednesday filing showed.
Bursa also asked YNH to reveal the members of its independent investment committee and their respective backgrounds.
YNH said the members are: YNH's retired independent director Ching Nye Mi, who will act as the chairman of the committee, and Ding Lai Hong, a businessman and corporate finance consultant, as well as Koh Liong Boon, a civil and structural engineering consultant.
The committee members were appointed on Jan 1 this year, for a term of 12 months, it said. "Each committee member will receive an allowance of RM12,000 for the 12-month term with quarterly payment of RM3,000 or as a single annual payment subject to company’s discretion,” it added.
YNH shares closed half a sen or 1.14% higher at 44.5 sen on Wednesday, giving the group a market capitalisation RM235.40 million.