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KUALA LUMPUR (May 17): Country Heights Holdings Bhd’s wholly-owned unit, Mines Holdings Sdn Bhd, is divesting a 5% stake in Country Heights Health Tourism Sdn Bhd (CHHT) for RM250,000.
The buyer is CHHT executive director and shareholder Ricky Yip Chun Mun.
CHHT is currently a 70%-owned sub-subsidiary of Country Heights.
In a filing with Bursa Malayia, Country Heights said the deal is in line with objectives of the group whereby it will focus on its core businesses of property development and property investment.
The non-core businesses of the group will be divested in stages, it added.
Country Heights said its audit and risk management committee is of the opinion that the stake divestment to Yip is in the best interest of the group, and will facilitate the growth of CHHT.
“The (committee) is also of the opinion that the share sale agreement is fair, reasonable and is based on commercial terms not more favourable than those available to the general public and is not detrimental to the interest of the non-interested shareholders,” said Country Heights.
CHHT owns and operates GHHS Healthcare, a private preventive health screening centre in Seri Kembangan, Selangor.
Among the services offered by GHHS Healthcare are comprehensive medical check-up, health restoration and maintenance plan, lifestyle modification plan, as well as DNA and molecular screening.
Going forward, Country Heights said it will continue to divest non-core businesses in stages.
Shares in the Main Market-listed Country Heights gained two sen or 1.44% to RM1.41 yesterday, giving it a market capitalisation of RM388.75 million. — theedgemarkets.com
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