1. INTRODUCTION
The Board of Directors of Country Heights Holdings Berhad ("CHHB" or "the Company") wishes to announce that a Proclamation of Sale dated 27 August 2026 has been issued in respect of a property owned by Mines Waterfront Business Park Sdn Bhd (In Liquidation) ("MWBP"), a wholly-owned subsidiary of CHHB.
The judicial auction is pursuant to the Orders of the High Court of Malaya at Shah Alam dated 12 December 2025 and 26 August 2026 in proceedings commenced by MBSB Bank Berhad ("MBSB") against MWBP.
2. DETAILS OF THE JUDICIAL AUCTION
Pursuant to the Proclamation of Sale under High Court Application No. BA-38-558-02/2026, the property is scheduled to be sold by public auction through the Court's e-Lelong system on 4 November 2026 at 9.00 a.m.
The particulars of the property are as follows:
Registered Owner Mines Waterfront Business Park Sdn Bhd (In Liquidation)
Title No. HSD 59887
Lot No. PT 16715
Mukim / District / State Petaling / Petaling / Selangor
Land Area Approximately 667,147 sq. ft. / 61,980 sq. m.
Tenure Leasehold
Express Condition Commercial Building
Reserve Price RM152,766,000
Auction Date 4 November 2026
Mode of Auction Public auction through the Court's e-Lelong system
The property comprises the Mines Waterfront Business Park development, including completed office blocks, unsold units, incomplete buildings and vacant commercial land erected and/or situated on the said land.
3. BACKGROUND
The Property was charged to MBSB as security for financing facilities granted to MWBP. CHHB had provided a corporate guarantee, while Tan Sri Lee Kim Yew ("Tan Sri Lee") had provided a personal guarantee in respect of the said financing facilities.
The judicial auction of the Property forms part of MBSB's enforcement and recovery process in respect of the outstanding indebtedness.
4. PERCENTAGE RATIO
Based on the reserve price of RM152.766 million and the CHHB Group's net assets of approximately RM581.15 million, the applicable percentage ratio is approximately 26.29%.
The judicial auction is being undertaken pursuant to enforcement proceedings initiated by MBSB and the Orders of the High Court and does not constitute a voluntary disposal by CHHB or MWBP.
5. FINANCIAL EFFECTS
The judicial auction will not have any effect on the issued share capital and substantial shareholders' shareholdings of CHHB.
The ultimate financial impact on the CHHB Group can only be determined upon completion of the auction, after taking into account the auction proceeds, payments and recoveries received by MBSB, applicable interest adjustments, any recoveries from the personal estate of Tan Sri Lee, and any remaining liability under the corporate guarantee provided by CHHB.
6. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
None of the Directors and/or major shareholders of CHHB and/or persons connected with them has any interest, direct or indirect, in the judicial auction, other than as may arise from their respective interests in CHHB.
Tan Sri Lee Kim Yew, a major shareholder of CHHB, had provided a personal guarantee in respect of the financing facilities granted to MWBP.
7. FURTHER DEVELOPMENTS
The Company will issue a full press statement to provide further details on the loan facilities, payments and recoveries made to date, including recoveries from dividends forming part of the personal estate of Tan Sri Lee Kim Yew, and interest paid to date.
The Company will make further announcement(s) to Bursa Malaysia Securities Berhad upon any material development in relation to the matter.
This announcement is dated 10 September 2026.