KUALA LUMPUR: YNH Property Bhd has appointed Morison LC Malaysia as its new external auditor for the company for the financial year ending June 30, 2024.
In a statement released on Bursa Malaysia, the newly appointed external auditor said they will remain in office until the conclusion of the upcoming Annual General Meeting of the company.
YNH Property had earlier announced that its existing external auditor, Baker Tilly Monteiro Heng PLT, did not pursue reappointment at the 21st Annual General Meeting.
YNH Property said its board of directors received several offers from accounting firms for the external auditor position.
"Over the past few months, the board of directors have been carefully evaluating several candidates for this role in order to be recommended to the independent non-executive directors that make up the Audit Committee," YNH added. "The appointment of Morison LC Malaysia is in line with the board's commitment towards embracing high levels of corporate government within the organisation," it added.
On Jan 18, 2024, ratings agency MARC Ratings Bhd downgraded the company's sukuk wakalah and placed it on MARCWatch Negative over heightened liquidity concerns with the delay in sale of assets.
Other notable issues included the necessity to appoint new external auditors and an audit committee chairman, as both chose not to seek reappointment in December 2023.
MARC also said an independent party is being appointed to review past transactions related to certain joint ventures and turnkey agreements, with the aim of improving governance.
Since then, YNH Property announced that it was selling 163 Retail Park to Sunway REIT trustee RHB Trustees Bhd for RM215 million. The deal is to be completed by thesecond quarter of 2024.
It also said that it has until May 12, 2024 to fulfill conditions precedent to another RM170 milion deal to sell a 2.06-hectares plot of land in Sri Hartamas to Sunway Living Space Sdn Bhd.
On Mar 1, 2024, YNH Property re-designated Khong Kam Hou as chairman of its audit commiƩee.
YNH traded unchanged at 47.5 sen a share at 3.13pm, with six million shares changing hands.