PETALING JAYA: Country Heights Holdings Bhd
(CHHB) has assured that its financial position has not been affected by the bankruptcy order against its founder, Tan Sri Lee Kim Yew.
In a statement to its shareholders yesterday, managing director Datuk Mircle Yap said the recent personal incident involving Lee would not impact the company’s financial performance or operations.
“We appreciate the contributions of all our shareholders but we want to emphasise that their personal incident is a confidential matter and will not affect CHHB’s operations.
“We have a competent management team and a strong corporate governance structure in place to ensure that our business operations continue without interruption.”
Yap said investors can be confident that CHHB’s financial performance and outlook are based on strong business fundamentals, including a diversified real estate portfolio, strategic investments and a proven track record of creating value for shareholders.
“We remain committed to our growth strategy and believe that we will continue to generate long-term value for our investors.”
He added that CHHB highly values the trust of investors and wants to stress that the personal financial situation or insolvency of any shareholder will not affect its financial or operational performance.
“The group acknowledges and appreciates the robust corporate governance policies of Bursa Malaysia and remains dedicated to maintaining the utmost standards of ethics and professionalism.
“The group’s growth strategy remains a top priority and it is eager to generate value for shareholders.”
For its financial year ended Dec 31, 2022 (FY22), CHHB reported a net loss of RM81.63mil, compared with a net profit of RM2.64mil in the previous corresponding period.
Revenue in FY22 dropped to RM45.84mil versus RM104.91mil previously.
In its notes on its FY22 performance, CHHB said the impact of the Covid-19 pandemic has brought a change in the new norm in all aspects of its businesses and workplaces.
“As a result of the already challenging financial landscape and the effects of the pandemic, the group suffered losses arising from cancelled and postponement of reservations and events for the remaining year and this has forced some drastic changes in its ongoing operations.”
On its hospitality division, CHHB said its Palace of the Golden Horses hotel was assigned as a quarantine hotel during the movement control order.
“However, the hotel’s result together with the forecast of the travel and meetings, incentives, conferences and exhibitions industry have been less than favourable.
“Therefore, the group has decided to temporarily suspend the hotel’s operations and upgrade before an eventual opening when the pandemic is moved under.”
Additionally, CHHB said its Mines Wellness City will be the first township in Malaysia to use a smart-city app 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.”
