Country Heights to proceed with tender for Mines Waterfront
In a bold move, Country Heights Holdings Berhad (CHHB) has decided to proceed with the international tender process for the prestigious Mines Waterfront Business Park (MWBP) and Mines International Exhibition and Convention Center (MIECC).
Despite ongoing legal matters, CHHB’s Board of Directors authorized Chairman Admiral Tan Sri Dato Setia Mohd Anwar bin Mohd Nur to seek international tender submissions in USD.
Both MWBP and MIECC, originally valued at over RM445 million, offer prime investment opportunities. MWBP boasts a strategic location, innovative design, and state-of-the-art facilities. Meanwhile, MIECC stands as one of Malaysia’s premier exhibition venues, known for its versatility and capacity to host significant events.
CHHB encourages global and local participants to submit tenders, fostering collaboration and investment at national and international levels. Interested parties must adhere to specified guidelines and deadlines to ensure fair evaluation. CHHB remains confident that legal matters will be resolved while upholding asset integrity and value.
CHHB is facing material litigation involving Mines Waterfront Business Park Sdn Bhd (MWBP) and MBSB Bank Berhad.
Legal Notice: On May 24, 2024, MWBP received a legal notice from MBSB Bank Berhad, which included an Originating Summons and supporting affidavits dated May 16, 2024.
Default in Payment: The legal action stems from a default in payment on an Islamic Term Financing Facility of RM82,700,000 and an Islamic Bridging Financing Facility up to RM17,300,000.
Court Hearing: The case is scheduled for a hearing on June 26, 2024, at the Shah Alam High Court.
Ongoing Matter: This is not a new announcement; it’s a refiling of the original motion. CHHB is actively engaging in negotiations with the authorities to address the claims made by MBSB Bank Berhad.
The Group has engaged its legal counsel to intervene in this matter in court regarding the RM91 million demand, as the market value of the Mines Waterfront Business Park significantly exceeds this amount. The Group’s goal is to ensure a fair evaluation and resolution that reflects the true value of our assets.
CHHB remains committed to maintaining the highest standards of corporate governance and transparency. Our focus is on safeguarding the interests of our stakeholders and ensuring the continuity of our business operations.
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