OTHERS ACQUISITION OF THE HERITAGE TOWER @ MINES WELLNESS CITY BY COUNTRY HEIGHTS SEA RESORT SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF COUNTRY HEIGHTS HOLDING BERHAD THROUGH PUBLIC AUCTION FOR A TOTAL CASH CONSIDERATION OF RM44,100,000.00. ("ACQUISITION")
| COUNTRY HEIGHTS HOLDINGS BHD |
| Type | Announcement |
| Subject | OTHERS |
| Description | ACQUISITION OF THE HERITAGE TOWER @ MINES WELLNESS CITY BY COUNTRY HEIGHTS SEA RESORT SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF COUNTRY HEIGHTS HOLDING BERHAD THROUGH PUBLIC AUCTION FOR A TOTAL CASH CONSIDERATION OF RM44,100,000.00. ("ACQUISITION") |
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Reference is made to the Company's announcements dated 17 November 2022, 23 November 2022 and 25 November 2022 in relation to the above subject matter.
The Board of Directors of Country Heights Holdings Berhad ("CHHB" or "the Company") hereby declares that its wholly-owned subsidiary, Country Heights Sea Resort Sdn. Bhd. ("CHSRSB"), has been unable to proceed with the completion of the Acquisition, which involves paying the outstanding balance of RM39,690,000.00. Maybank has rejected CHSRSB's request for an extension of time to make the balance consideration payment, and the Company is unable to comply with Chapter 10 of the Listing Requirements on related party transactions by the balance consideration payment deadline of 15 March 2023. Therefore, CHHB and CHSRSB are exploring all available legal options in response to the situations.
The announcement dated 17 March 2023.
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Announcement Info
| Company Name | COUNTRY HEIGHTS HOLDINGS BHD |
| Stock Name | CHHB |
| Date Announced | 17 Mar 2023 |
| Category | General Announcement for PLC |
| Reference Number | GA1-16032023-00065 |