The Board of Directors of Country Heights Holdings Berhad ("CHHB" or "the Company") wishes to announce that it became aware on 9 September 2026 of an advertisement relating to the judicial auction of a property owned by Country Heights Commercial Development Sdn Bhd ("CHCD"), a wholly owned subsidiary of the Company.
1. BACKGROUND
The judicial auction arises from proceedings in the High Court of Malaya at Shah Alam under Application for Execution No. BA-38-3938-11/2025 between CGS International Capital Singapore Pte. Ltd. ("CGS International") as Plaintiff and CHCD as Defendant.
The property concerned is a parcel of commercial land held under GRN 122934, Lot 37653, Bandar Country Height, District of Ulu Langat, State of Selangor, measuring approximately 2.5957 hectares (6.4141 acres) and bearing the postal address at Lot 37653, Jalan Sinar Pagi, Country Heights, 43000 Kajang, Selangor ("Property").
Pursuant to the Orders of the High Court dated 19 November 2024 and 21 July 2026, the Property has been scheduled for a sale by way of electronic public auction on Monday, 21 September 2026 at 9.00 a.m., at a reserve price of RM55.0 million.
The Property had previously been scheduled for public auction on 25 March 2025 at a reserve price of RM69.85 million, but the auction was unsuccessful.
2. DETAILS OF THE PROPERTY
The Property is a freehold commercial land with the following particulars:
Title GRN 122934
Lot No. Lot 37653
Location Bandar Country Heights, Ulu Langat, Selangor
Tenure Freehold
Land area Approximately 2.5957 hectares / 6.4141 acres
Registered owner Country Heights Commercial Development Sdn. Bhd.
Express condition Commercial building
Current reserve price RM55.0 million
3. FINANCING AND ENFORCEMENT PROCEEDINGS
The Property was charged in favour of CGS-CIMB Capital Pte. Ltd. as security for a term loan facility of SGD11.5 million (equivalent to RM35.0 million at SGD1 for RM3.05) granted to CHHB.
Following enforcement proceedings by the lender, the High Court granted an order for the sale of the Property by way of public auction.
4. FINANCIAL EFFECTS
The carrying value of the Property based on the latest available financial statements of CHCD is approximately RM33.5 million. As the auction has yet to take place, the actual sale consideration and the resultant gain or loss arising from the disposal of the Property cannot be determined at this juncture. The present reserve price of RM55.0 million represents a reduction of RM14.85 million or approximately 21.26% from the previous reserve price of RM69.85 million. Based on the reserve price of RM55.0 million, the highest applicable percentage ratio calculated pursuant to Paragraph 10.02(g) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad is approximately 9.46%.
The Company will make the appropriate assessment of the financial impact on the CHHB Group upon completion of the auction or upon any further material development.
5. OPERATIONAL IMPACT
The scheduled auction is not expected to have any immediate material impact on the day-to-day operations of the CHHB Group, save for the potential loss of ownership of the Property in the event that the auction is successfully completed.
6. STEPS TAKEN / PROPOSED TO BE TAKEN
The Company and CHCD are currently reviewing the matter together with their legal advisers and assessing the legal and commercial options available in relation to the scheduled auction.
The Company will take such further steps as may be appropriate upon advice from its legal advisers.
7. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
Except for a major shareholder being the guarantor of the facility, none of the Directors and/or major shareholders has any interest in the judicial auction.
8. FURTHER ANNOUNCEMENTS
The Company will make further announcements to Bursa Malaysia Securities Berhad as and when there are material developments in relation to the matter.
This announcement is dated 10 September 2026.