YNH says RM138m sale of AEON Mall Seri Manjung is subject to shareholders’ approval

• In an amended bourse filing on Friday, the property developer said the highest aggregated percentage ratio applicable to transactions with Sunway REIT in the past 12 months stood at 30.68% — above the 25% threshold to warrant requiring shareholders’ approval to proceed with the AEON Mall Seri Manjung sale.

KUALA LUMPUR (Feb 7): YNH Property Bhd (KL:YNHPROP) has clarified that its sale of AEON Mall Seri Manjung in Perak to Sunway Real Estate Investment Trust (KL:SUNREIT) for RM138 million is subject to shareholders’ approval in an extraordinary general meeting (EGM) to be fixed later.

In an amended bourse filing on Friday, the property developer said the highest aggregated percentage ratio applicable to transactions with Sunway REIT in the past 12 months stood at 30.68% — above the 25% threshold to warrant requiring shareholders’ approval to proceed with the AEON Mall Seri Manjung sale.

According to the Main Market Listing Requirements, the percentage ratio applicable ranges from the assets’ value versus the company’s net assets, net profit of the assets versus the company’s net profit, value of the transaction’s consideration versus the company’s net assets, and others.

On Jan 26, 2024, YNH Property had inked a deal to sell 163 Retail Park to Sunway REIT for RM215 million. Shareholders approved that transaction at an EGM on Sept 19.

YNH Property’s initial announcement on the AEON Mall Seri Manjung sale, dated Jan 21 this year, had stated that the proposed disposal was not subject to shareholders’ approval as it was not required to be aggregated with its prior disposal of 163 Retail Park to Sunway REIT. 

As a standalone transaction, the AEON Mall Seri Manjung disposal’s highest percentage ratio applicable stood at 12.24%, according to YNH Property.

Shares in YNH Property closed unchanged at 49 sen, valuing the company at RM259.21 million.

Sunway REIT ended unchanged at RM1.95, giving the trust a market capitalisation of RM6.68 billion.

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