We refer to the announcement by YNH Property Bhd and the various media reports relating to the en bloc purchase of Menara YNH, located along Jalan Sultan Ismail, Kuala Lumpur.

Kuwait Finance House (Malaysia) Berhad (KFHMB) wishes to clarify that there is no legally binding agreement between KFHMB and YNH Land Sdn Bhd (YNH). A conditional letter of offer was executed between KFHMB and YNH, but the sale and purchase agreement was not executed as the conditions stipulated in the conditional letter of offer, which amongst others includes the necessary approvals of KFHMB’s board of directors, shareholders and/or committees were not obtained.

The parties had several discussions and meetings thereafter to agree on a revised structure so as to meet the approvals and other conditions stipulated in the conditional letter of offer. As both parties were unable to agree on a revised structure and the terms of the sale, KFHMB has decided not to proceed with the purchase of the said Menara YNH.

We may review our decision in the future should we be able to find a viable structure to enable us to participate with the Sale Transaction.