KUALA LUMPUR: YNH Property Bhd yesterday told Bursa Malaysia Securities Bhd that an earlier plan to sell both 163 Retail Park and AEON Seri Manjung to ALX Asset Bhd could not go throughbecause ALX Asset could not raise the funds to complete the 163 Retail Park deal.
The disposal of 163 Retail Park and AEON Seri Manjung was approved by YNH Property shareholders on March 1, 2023.
YNH Property was to sell 163 Retail Park to ALX Asset for RM270.5 million. On Feb 4, 2024 however an extension for the fulfilment date of the conditions precedent in the 163 Retail Park sale and purchase agreement (SPA) for one month expired.
On Jan 29, 2024 however, it announced that its subsidiary, D'Kiara Place Sdn Bhd, signed a sale and purchase agreement on Jan 26, 2024 with Sunway REIT trustee, RHB Trustees Bhd, for the sale of the shopping centre to Sunway Real Estate Investment Trust for RM215 million.
YNH Property said it is selling 163 Retail Park for a lower disposal price because further extensions on the deal with ALX Asset could further delay the receipt of the proceed from the disposal of 163 Retail Park as compared with a direct sale to the Sunway group.
The company also said that it did not pursue the sale of AEON Seri Manjung after funding issues arose with ALX Asset. D'Kiara Place and ALX Asset had not entered into a SPA for the deal.