- Ching and Ding have both reached the tenure limit allowed for independent directors after serving the company for over 12 years, according to the group’s filing on the local bourse on Wednesday (May 31).
KUALA LUMPUR (May 31): YNH Property Bhd independent and non-executive directors Ching Nye Mi @ Chieng Ngie Chay, 75, and Ding Ming Hea, 59, have resigned from the property developer’s board, effective May 31.
Ching and Ding have both reached the tenure limit allowed for independent directors after serving the company for over 12 years, according to the group’s filing on the local bourse on Wednesday (May 31).
Notably, both of them are also independent and non-executive directors of YNH’s sister company Rapid Synergy Bhd, its 2021’s annual report showed.
As of May 2022, Ching owns a 1.27% direct interest or 7.23 million shares in YNH while Ding owns a 0.46% direct interest or 2.42 million shares, according to Bloomberg data.
YNH has emerged in the spotlight recently after the group announced that it was disposing of a piece of land measuring 5.09 acres in Desa Sri Hartamas to Sunway’s wholly-owned subsidiary Sunway Living Space Sdn Bhd for RM170 million cash.
The deal seems to have hit a stumbling block as Bursa Securities has raised more questions on the transaction. Bursa issued its first query, which had 26 questions on May 22, to which YNH replied on May 19. Bursa again issued another query on May 22 and YNH was required to provide its response within 24 hours.
In its reply to the query, YNH acknowledged the group had overlooked a few details and will seek advice from the adviser to rectify the oversight.
YNH closed four sen or 0.82% lower at RM4.85 on Wednesday, valuing the group at RM2.57 billion. The counter has gained 42.6% over a period of one year.
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