KUALA LUMPUR (Jan 26): YNH Property Bhd has announced it will defer upcoming coupon payments under its RM750 million unrated perpetual securities programme, as part of strategic efforts to conserve cash and strengthen liquidity.
The deferral applies to the January 30, 2026, payment for tranche PZ200008 and the February 9, 2026, payment for tranche PZ190009, according to a filing with Bursa Malaysia on Friday. Tranche PZ200008 has a nominal value of RM263 million and was issued on Aug 7, 2019, while tranche PZ190009 totals RM87 million, issued on July 30, 2020. Both tranches carry an initial annual coupon of 6.85% and are redeemable at YNH Property’s option five years after issuance and on subsequent semi-annual coupon dates.
YNH Property emphasised that the deferral is a structural feature of the perpetual securities and does not constitute an event of default. Deferred coupons are cumulative, accruing interest and remaining payable to holders at a later date. Notices of the deferral, accompanied by compliance certificates, were submitted to the facility agent and trustee on Jan 23.
“The board’s decision reflects a deliberate strategy to prioritise ongoing development projects and disciplined execution while preserving long-term value for all stakeholders,” the company said. Management noted that the move will help maintain cash flow to support operational needs, income-generating assets, and ongoing developments.
As of end-September 2025, YNH Property held cash and cash equivalents of RM9.87 million, compared with total borrowings of RM427 million. The company stressed that management continues to monitor cash flows closely, balancing capital commitments between project delivery and debt obligations.
Shares in YNH Property closed unchanged at 27 sen on Friday, valuing the company at RM142.8 million. The deferral is viewed as a prudent measure for property developers and investors navigating ongoing market pressures, particularly in strategic locations including industrial land in Selangor, office space in Bukit Jalil, commercial property in KL, and factory assets in Puchong and Subang.
Singapore