Country Heights disposes of its wholly owned subsidiary
PETALING JAYA: Country Heights Holdings Bhd (CHHB) is disposing of its entire stake in its wholly-owned subsidiary, Versatile Champion Sdn Bhd (VCSB), to South Strategy International Sdn Bhd for RM600,000.
In a filing with Bursa Malaysia, CHHB said the proposed disposal forms part of its strategic move to streamline its business operations and focus on core business areas.
'The proposed disposal will also unlock the value of a non-core asset and improve the liquidity position of CHHB.'
CHHB said the gross proceeds of RM600,000 from the disposal will be utilised by CHHB for working capital purposes, including payment to creditors and general corporate and administrative expenses.
'The utilisation is expected to be completed within six months from the date of receipt of full payment from the purchaser.
'The proposed disposal is not expected to have any material effect on the share capital, net assets per share, earnings per share, gearing of CHHB group for the financial year ending June 30, 2025, based on the audited consolidated financial statements for the financial year ended Dec 31, 2023.'
CHHB said VCSB has a parcel of freehold land measuring 526.09 sq m with a building at the North West Province of South Africa, which is currently vacant.
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