KUALA LUMPUR: YNH Property Bhd was one of the stock market's top losers today after MARC ratings agency announced a downgrade of its sukuk and that it has been placed under MARCWatch Negative.
YNH Property also announced on Wednesday, that it had made an oversight in not announcing a RM150 million acquisition of land in Desa Hartamas by its subsidiary Kar Sin Bhd when queried by Bursa Malaysia Securities Bhd.
It lost 36.5 sen of its share value today to close at 85.5 sen a share at midday break. This was after Bursa Securities froze its lower limit at RM1.22 a share yesterday.
Just under a month ago, the stock was trading at RM4.95 a share.
YNH Property said it will call for an extraordinary general meeting to get shareholders approval for the RM150 million acquisition, which according to its own announcement was sold to Sunway Living Space Sdn Bhd in September 2022.
MARC said notable issues with the company include the necessity to appoint new external auditors and an audit committee chairman, as both chose not to seek reappointment in December 2023. "Additionally, an independent party is being appointed to review past transactions related to certain joint ventures and turnkey agreements, with the aim of improving governance," MARC said.