Country Heights launches tender process for Mines project amid litigation with MBSB Bank

KUALA LUMPUR (June 4): Despite ongoing litigation with MBSB Bank over payment defaults, Country Heights Holdings Bhd (KL:CHHB) announced on Monday a tender process to attract investors for the Mines Waterfront Business Park (MWBP) and Mines International Exhibition and Convention Centre (MIECC) project development in Seri Kembangan.

The property developer said it has authorised its chairman Tan Sri Mohd Anwar Mohd Nor to seek international tender submissions in US dollars, with Malaysian participation also welcomed, at the exchange rate of RM4.50 against the greenback.

"Both MWBP and MIECC stand as prime investment opportunities, with an original valuation of over RM445 million," Country Heights said in a statement, adding that all tender proposals will be considered fairly and transparently, with expert involvement as needed.

On May 24, the group said its unit Mines Waterfront Business Park Sdn Bhd had been sued by MBSB Bank Bhd, arising from a default in payment on an Islamic term financing facility of RM82.7 million and an Islamic bridging financing facility of up to RM17.3 million.

It noted that the dispute was not new, but a refiling of a previously announced matter, which was being resolved through negotiations with authorities to address MBSB Bank's claims.

The group said it has engaged its legal counsel to intervene in the matter and is seeking a fair evaluation and resolution that reflects the true value of its assets.

"We are confident that the ongoing legal matters will be resolved in a manner that upholds the integrity and value of our assets. We urge interested parties to participate in the tender process and explore the substantial opportunities presented by MWBP and MIECC," Country Heights said.

Despite moving forward with the tender process, the group pointed out that the process will be subject to the agreement of MBSB and necessary approvals.

Shares in Country Heights closed 1.5 sen or 5.08% lower at 28 sen, valuing the group at RM82.05 million.