Country Heights gets another loan extension from major shareholder Lee

KUALA LUMPUR (Dec 23): Country Heights Holdings Bhd said its executive chairman and major shareholder Tan Sri Lee Kim Yew has agreed to a further extension of the tenure of a "friendly" loan for another 12 months until Dec 21, 2017.

"The lender (Lee) has gratuitously agreed to the extension in the best interest of the company after taking into consideration the financial obligations of the company," said Country Heights in a filing with Bursa Malaysia yesterday.

On Dec 28, 2010, Lee, which owns 58.27% of Country Heights shares, had offered a friendly loan amounting to RM84.45 million to Country Heights, which was to be used to partially redeem the company's RM150 million 3% to 8% redeemable secured bonds 1996/2011 early.
 
As at Dec 21, 2016, the amount of loan still owed to Lee was RM67.2 million.

"The board of directors of Country Heights of the opinion that the above extension of the tenure of the loan is in the best interest of the company," Country Heights added.

Country Heights shares were untraded today. The stock last closed at RM1.16 on Dec 20, 2016, bringing a market capitalisation of RM317.33 million. — theedgemarkets.com