YNH's announcement came three months after the group made a delayed announcement relating to a land deal that took place in April 2022, which it had failed to disclose at the material time.
YNH rose as much as 11% to 50 sen, its highest since April 8, 2024.
“There will be a revised timeline for the intended appointment and the estimated completion date.
“The rating action reflects MARC Ratings’ heightened concerns on YNH’s continued weak financial position, the lack of meaningful earnings visibility, and the protracted delays in asset disposals.
“The board and the management team of YNH aim to provide full cooperation and support to our new external auditor to safeguard the interests of our shareholders and stakeholders.
Khong Kam Hou will lead a three-member team to help the board to, among others, assess its processes relating to risks, oversee the group's financial reporting, and evaluate the group's internal and external audit processes.
YNH had previously inked an agreement in November 2022 to sell the mall for RM270.
Separately, the company announced last Friday that no professional firm had been appointed for an independent review of its joint venture (JV) and turnkey construction agreements.
YNH, however, did not reveal the indicative price range or materiality of the disposal, though Bursa had, in its request for more information issued on Jan 19, also asked for that, besides the indicative timeline to finalise the disposals, current stage of negotiation, and identity of the property or properties, including location and land size.
YNH Property was the third most active stock with a trading volume of 233.
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