Kuwait Finance House calls off deal to buy 50% of Menara YNH

KUALA LUMPUR: Kuwait Finance House (Malaysia) Bhd has called off the deal to purchase 50% of Menara YNH enbloc from YNH Property Bhd.

In a filing to Bursa Malaysia on Dec 15, YNH said it had been notified in writing by Kuwait Finance House on Dec 15 that the latter will no longer be proceeding with the formalisation of the sale and purchase agreement dated Jan 11 last year.

“As such, the board of YNH Property will consult our legal advisors on all of the options available to our group, including but not limited to specific performance and/or seeking damages from Kuwait Finance House,” it added.

Menara YNH, located on a three-acre land along Jalan Sultan Ismail, is a 45-storey single office tower with two wings on a premier and luxury retail podium. The then total sale consideration was about RM920 million for the purchase of 50%.
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