Mines Wellness City will be the first township in Malaysia to use smart city app and will be called the M Smart City App (MSA), with cryptocurrency enablement. The Mines community would benefit from integrated digital services, cutting edge community engagement and smart city management all on one smart city app. With its mobile community platform solution users can conveniently do multiple things online on their phone and local businesses can better serve and connect with their customers ..........................................
JD.com is one of the top 2 B2C e-commerce platforms in China. A partnership with CHHB will be a clear signal to the market that CHHB is intent on transforming its business model into the digital age. The partnership involves using MIECC to be the flag store for curated JD.com merchandise as well as warehouse centre for the initial launch; CHHB will also purchase a minimum of RMB10m of merchandise at the onset; upon successful milestone, CHHB will expand 2 more flagship stores in the south and the north of Malaysia.
KUALA LUMPUR (March 17): Country Heights Holdings Bhd has failed to complete the acquisition of a 10-storey office tower, The Heritage Tower @ Mines Wellness City, for RM44.1 million after its unit failed to pay 90% of the purchase consideration on time.
In a bourse filing on Friday (March 17), Country Heights said the group’s unit Country Heights Sea Resort Sdn Bhd (CHSR) was unable to proceed with the completion of the acquisition after it failed to pay the outstanding balance of RM39.69 million.
“Maybank has rejected CHSR’s request for an extension of time to make the balance consideration payment, and the company is unable to comply with Chapter 10 of the Listing Requirements on related party transactions by the balance consideration payment deadline of March 15, 2023.
“Therefore, Country Heights and CHSR are exploring all available legal options in response to the situation,” it added.
In November last year, CHSR entered into a memorandum of contract with Messrs Ng Chan Mau & Co Sdn Bhd to acquire the office tower after its bid succeeded at a public auction. Maybank is the appointed licensed auctioneer of the public auction.
As per the salient terms of the memorandum, the RM39.69 million or 90% of the purchase price was to be paid within 120 days from the auction sale.
It said the acquisition is in line with the group’s corporate exercise and transformation plan to create a larger capitalisation, better value, and greater economies of scale for the group.
It had also noted that the purchase of the office tower is via a public auction and not a related party transaction.
Shares in Country Heights ended unchanged on Friday (March 17) at 37.5 sen, giving the group a market capitalisation of RM110.31 million.
Read also: Country Heights buys office tower for RM44 mil via public auction
Heard the founder bankrupt in January. His shares will be sold off to pay off creditors? If yes, at this market rate, that would be huge drop can be expected?
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
miniintel
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Posted by miniintel > 2023-01-06 00:01 | Report Abuse
Everyone knows, CEO is one step closer to jailhouse rock. But no evidence, what do you think @speakup