Country Heights to sell South Africa-based unit for RM600,000

• According to Country Heights, Versatile Champion owns a parcel of land measuring 526.09 square metres with a building located in the North West Province of South Africa, which is currently vacant.

KUALA LUMPUR (June 12): Cash-strapped property developer Country Heights Holdings Bhd (KL:CHHB) plans to dispose of a firm that owns a property in South Africa for RM600,000 in cash.

The group has entered into a deal to sell its entire 100% stake in Versatile Champion Sdn Bhd to South Strategy International Sdn Bhd, which is jointly owned by Khoo Bee Sim and Tang Kiah Ming.

This marks the second disposal involving Country Heights and Tang within the past year. The group had earlier disposed of another wholly owned unit, Magnitude Knight (M) Bhd, to Tang for RM10 million.

According to Country Heights, Versatile Champion owns a parcel of land measuring 526.09 square metres with a building located in the North West Province of South Africa, which is currently vacant.

The disposal is expected to result in a gain of RM596,147 for Country Heights, as its original investment in Versatile Champion consisted of only two shares with a total paid-up capital of RM2.

Country Heights said the disposal is part of its strategy to streamline operations and focus on core business areas, while also unlocking the value of non-core assets and strengthening its cash flow.

The proceeds from the sale will be used for working capital purposes, including payments to creditors and general corporate and administrative expenses.

Another unit hit with winding-up petition

In a separate filing, Country Heights said its wholly owned subsidiary Tindak Murni Sdn Bhd has been served with a winding-up petition by Kevin Liang Choon Yee over an alleged outstanding debt of RM1.24 million as of April 10.

The claim is based on a summary judgment granted on Dec 19, 2024. It includes an excess balance of RM66.68 million with 8% annual interest from July 29, 2022 and a vendor’s redemption sum of RM1.07 million.

The petition seeks to wind up Tindak Murni under the Companies Act 2016, appoint the official receiver as liquidator, and have all related costs and legal fees fully paid from the company’s assets.

Country Heights said Tindak Murni, through its solicitors, is disputing the claim and is in the process of filing the appropriate application to strike out or stay the petition.

It added that Tindak Murni is not a major subsidiary and that the petition is not expected to have any immediate material financial or operational impact on the group.

Shares in Country Heights ended one sen or 4.6% higher at 23 sen, giving the group a market capitalisation of RM74.9 million.

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