IRB Drops YNH Property Winding-Up Petition After Tax Deal

Quick Answer: IRB will withdraw its winding-up petition against YNH Construction Sdn Bhd, a wholly-owned subsidiary of YNH Property Bhd (KL:YNHPROP), after the two sides settled outstanding tax liabilities. Under the July settlement terms, YNH Construction must pay RM5.16 million in tax arrears by Sept 10, and IRB has waived RM1.71 million in penalties. For shareholders, the withdrawal ends the winding-up threat over a RM7.21 million tax debt, but the shares closed unchanged at 30.5 sen.

KUALA LUMPUR (Oct 27): YNH Property said the Inland Revenue Board (IRB) will withdraw its winding-up petition against its subsidiary. The petition was filed in March over RM7.21 million due from YNH Construction.

Why Is IRB Withdrawing the YNH Property Winding-Up Petition?

YNH Property winding-up petition IRB withdrawal tax settlement — YNH Property says IRB will withdraw its winding-up petition following a tax settlement

No winding-up order was made at a High Court hearing in July. Continued engagement between the parties followed.

IRB confirmed in a letter dated Oct 23 that the YNH Property winding-up petition will be withdrawn, the group said in a statement on Tuesday.

What Are the Tax Settlement Terms for YNH Construction?

Petition amount: RM7.21 million due from YNH Construction
Tax arrears payable: RM5.16 million by Sept 10
Penalties waived: RM1.71 million, subject to full compliance with the terms

The three figures do not reconcile neatly. RM5.16 million plus RM1.71 million totals RM6.87 million, short of the RM7.21 million petition sum by RM0.34 million.

The statement does not explain that gap. It also does not confirm whether the Sept 10 payment was made.

What Does the Withdrawal Mean for YNH Property Shareholders?

Shares of YNH Property closed unchanged at 30.5 sen on Tuesday. That valued the group at RM164.23 million.

The withdrawal removes the court-level winding-up step from the table. The penalty waiver of RM1.71 million, however, depends on full compliance with the settlement, so the payment terms still matter.

Which Projects Is YNH Property Focusing On Next?

The group said it remains focused on its ongoing property developments. These include Solasta Dutamas in Kuala Lumpur and township projects in Seri Manjung, Perak.

It also cited its broader capital management and asset monetisation initiatives. “YNH will provide further updates on any material developments through the appropriate disclosure channels,” it added.

Key Takeaways

IRB will withdraw the YNH Property winding-up petition against YNH Construction, confirmed in a letter dated Oct 23.
YNH Construction must pay RM5.16 million in tax arrears by Sept 10.
IRB waived RM1.71 million in penalties, subject to full compliance.
YNHPROP closed unchanged at 30.5 sen, valuing the group at RM164.23 million.
Solasta Dutamas and the Seri Manjung township remain the group’s stated focus.

This article is for information only and is not investment advice. Do your own research before making any decision on YNH Property or any Bursa Malaysia stock.

Frequently Asked Questions

Is IRB withdrawing YNH Property’s winding-up petition?

Yes. YNH Property said IRB confirmed in a letter dated Oct 23 that the petition against subsidiary YNH Construction Sdn Bhd will be withdrawn, following a settlement on tax liabilities.

How much tax does YNH Construction have to pay?

YNH Construction must pay RM5.16 million in tax arrears by Sept 10 under the settlement terms announced in July. IRB has also waived RM1.71 million in penalties, subject to full compliance.

How much was the YNH Property winding-up petition for?

The petition was filed in March over RM7.21 million due from YNH Construction. No winding-up order was made at a High Court hearing in July.

What is YNH Property’s share price after the announcement?

YNH Property shares closed unchanged at 30.5 sen on Tuesday, valuing the group at RM164.23 million.

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