25-07-2025
Country Heights unit served with winding-up petition
KUALA LUMPUR: Country Heights Holdings Bhd said its subsidiary has been served with a winding-up petition by the Inland Revenue Board for RM312.560.63 in owed taxes.
It said in a bourse filing the petition was served against Country Heights Commercial Development Sdn Bhd (CHCD) on Thursday on the grounds it is "presumed to be unable to pay its debt under Section 466(1)(a) of the Companies Act 2016 following its failure to comply with a statutory notice of demand dated 25 March 2025".
The petition was filed under Section 465(1)(e) read together with Section 466(1)(a) of the Companies Act 2016.
A High Court hearing has been set for Sept 29, 2025.
According to Country Heights, the winding-up petition is not expected to have any immediate material financial or operational impact on the group, as the subsidiary is not a principal contributor to its revenue or earnings.
CHCD, incorporated on Sept 11, 1995, is principally involved in real estate operations involving non-residential properties and investment holding.
The company recorded a net profit of RM922,098 in the financial year ended Dec 31, 2023, and had current liabilities amounting to RM34.22mil.
Country Heights said it is seeking legal advice and considering all available options including settlement negotiations with the Inland Revenue Board, opposing the petition, or pursuing other corporate actions deemed necessary to safeguard the interests of the group.
"The board of directors of Country Heights, after having made due enquiries, confirms that it will take the necessary actions to address and resolve the matter in the best interests of the company and its shareholders."
