Tan Sri Lee Kim Yew

PETALING JAYA (June 21): Country Heights Holdings Bhd (Country Heights) has a strategic business plan to accelerate its corporate recovery. It will involve strategic partnerships and possible disposal of inventories and landbank not deemed to be core to the future of the company, said the company in a statement released following its annual general meeting today.

Country Heights will recalibrate its focus on property development and investment, and “spin off” the rest of its non-core businesses as associated activities moving forward, its executive chairman Tan Sri Lee Kim Yew told shareholders in a message read out to them at the 33rd AGM. Lew could not be present owing to a meeting related to an important business deal.

“When I built Country Heights, I did not just plan to plant a tree but to create a forest that will weather heavy rains and thunderstorms. In fact, it is the thunderstorms and the heavy rains that will make the forest bigger and more interesting,” he said in the message.

Regarding the recent tax matter involving Country Heights Sdn Bhd (CHSB), a wholly owned subsidiary of Country Heights, he said: “I believe that we are in good hands of professionals who will handle all outstanding issues with the Inland Revenue Board, so as to avoid any unnecessary complications for me or for the group.”

He added that Country Heights now only has total bank borrowings of RM122 million and no other outstanding tax matters once the present RM22.7 million tax liability incurred by CHSB is settled.

Furthermore, Country Heights has consolidated net assets of more than RM797 million before taking into account any revaluation of landed properties. It also has a combined landbank of 6,106 acres with a net book value of about RM1.2 billion before taking into account any revaluation.

“The proposed recovery strategy is intended to help the group restore financial health by re-allocating and optimising resources for core business activities. Proceeds generated from the recovery will be used to reduce bank borrowings and provide immediate cash flow and funding for existing and future projects,” the company said in the statement.

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