College Heights to sell 30% stake in Mines Golf City to Lee

KUALA LUMPUR: Country Heights Holdings Bhd's wholly-owned unit College Heights Utara Sdn Bhd has proposed to dispose of 30% equity interest in Mines Golf City Sdn Bhd to Tan Sri Lee Kim Yew for RM7.39 million.

In a filing to Bursa Malaysia on Tuesday, Dec 21, Country Heights said the disposal of the shares would be in the best interest of the company.

"Although after the completion of the disposal, Mines Golf City will cease to be an associate of Country Heights, it would be more prudent for the company to repay the bond holders," it said.    

Both parties also agreed to partially set off the bond interest owed by Country Heights to Lee, which amounted to RM34.2 million, it said. — Bernama
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