KUALA LUMPUR, Oct 6 — Country Heights Holdings Bhd (CHHB) has entered into five heads of agreements (HOAs) to acquire assets from founder and executive chairman Tan Sri Lee Kim Yew’s private investment holdings.
In a statement today, the group said the corporate exercise was in exchange for a 100 per cent issuance of CHHB shares with the objective of delineating a clearer line of operations between the private interests of the controlling shareholder and the public listed group.
“I have decided to transfer some of the most attractive assets under my private holdings to CHHB based on Covid-19 pandemic prices via issuance of CHHB shares in order to create immediate value in the group.
“This would also create a clearer line of separation between the listed entities and my private investments,” said Lee.
In essence, the exercise will transfer all privately held interest in the healthcare operations under the Golden Horses Health Sanctuary brand (GHHS Healthcare) as well as some of the privately owned properties in the Mines township and in Kajang, Selangor, including the jewel of the Mines township — Mines Wonderland — to be held by CHHB.
This corporate exercise is part of an ongoing transformation effort of CHHB, which will also involve raising funds from the capital market and other digital initiatives to be announced in due course.
Upon completion of the proposed acquisitions, CHHB’s share capitalisation is expected to increase to approximately 737 million and the market capitalisation will be around the RM1 billion range. — Bernama