Lee Kim Yew's deemed stake in Country Heights rises to 43.91% after off-market share acquisition

PETALING JAYA (July 28): Country Heights Holdings Bhd founder Tan Sri Lee Kim Tiong @ Lee Kim Yew has increased his deemed interest in the property developer after his investment vehicle acquired six million shares in an off-market transaction.

Bursa Malaysia filings on Monday (July 27) showed that Country Heights International Sdn Bhd (CHISB) acquired the shares on July 24, increasing Lee's deemed interest by 1.86 percentage points based on the company's 322.54 million issued shares, excluding 3.25 million treasury shares.

Lee is deemed interested in the shares held by CHISB by virtue of his interest in the company under Section 8(4) of the Companies Act 2016.

Following the acquisition, Lee's total interest in Country Heights increased to 141.64 million shares, representing 43.91% of the company. This comprises a direct holding of 77.77 million shares (24.11%) and an indirect holding of 63.88 million shares (19.80%), according to the filing.

A separate filing showed that Lee’s wife, Puan Sri Tan Bee Hong also increased her deemed interest through the same transaction. Her total interest likewise rose to 141.64 million shares (43.91%), comprising a direct holding of one million shares (0.31%) and an indirect interest of 140.64 million shares (43.60%), reflecting her deemed interest in CHISB under the same provision of the Companies Act.

The filings did not disclose the identity of the seller or the consideration paid for the shares.

Based on Country Heights' closing price of 14 sen on July 24, the six million shares had a market value of approximately RM840,000, although the actual transaction price was not disclosed.

Country Heights has remained in the red in recent quarters. For the third quarter ended March 31, the group reported a net loss of RM2.37 million on revenue of RM6.73 million. Comparative figures were unavailable after the company changed its financial year end.

The company also announced in June that CEO Mohd Rizal Zubair had resigned less than two months after taking the role, with the board saying it had begun searching for a successor.

Shares of Country Heights rose to 14.5 sen on Tuesday opening from 13 sen on Monday closing, and eased to 14 sen as at the time of writing on Tuesday morning, valuing the company at RM45.61 million.

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