KUALA LUMPUR (Oct 27): YNH Property Bhd (KL:YNHPROP) said the Inland Revenue Board (IRB) will withdraw a winding-up petition against its wholly-owned subsidiary after it reached a settlement on outstanding tax liabilities.
The petition was filed in March over RM7.21 million due from the subsidiary, YNH Construction Sdn Bhd, but no winding up order was made at a hearing in the High Court in July, said YNH Property in a statement on Tuesday.
Following continued engagement between the parties, the IRB confirmed in a letter dated Oct 23 that the winding-up petition will be withdrawn, the group added.
Under the settlement terms announced in July, YNH Construction was to pay RM5.16 million in tax arrears by Sept 10. The IRB also agreed to waive RM1.71 million in tax penalties, subject to full compliance with the settlement terms.
Looking ahead, YNH Property said it remains focused on its ongoing property developments, including Solasta Dutamas in Kuala Lumpur and its township projects in Seri Manjung, Perak, as well as its broader capital management and asset monetisation initiatives.
“YNH will provide further updates on any material developments through the appropriate disclosure channels,” it added.
Shares of YNH Property closed unchanged at 30.5 sen on Tuesday, valuing the group at RM164.23 million.