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Tuesday, October 28, 2008

YNH Property’s sale of 50% stake in YNH Tower still on

KUALA LUMPUR: YNH Property Bhd's proposed sale of a 50% stake in YNH Tower to Kuwait Finance House (KFH) is still on and expected it to be formalised by year-end.

The company said in a statement to Bursa Malaysia on Tuesday that it was not delaying the sale of the 50% stake.

YNH also said the KFH acquisition offer had already been announced in January and it was “currently formalising the agreement by end of the year”.

On the second block, YNH stated it “is not in a hurry to sell or to seek a joint venture partner to complete the project”.

It added since the first block had been sold and the funding for the construction of whole development was essentially covered by the sale of the first block.

“Further, the location of the commercial development is very prime, within the Golden Triangle of Kuala Lumpur city centre,” it said.

By The Star

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