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Tycoon Lee Kim Yew gets Country Heights shareholders' nod for ICO issue

The Edge logo The Edge 8/11/2018 Ahmad Naqib Idris
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SERI KEMBANGAN (Nov 8): Shareholders of Country Heights Holdings Bhd (CHHB) have given the thumbs-up to its proposal to issue its own initial coin offering (ICO) called 'Horse Currency' which is backed by the group's existing assets.

CHHB founder and chairman Tan Sri Lee Kim Yew said its shareholders have voted overwhelmingly in favour of the cryptocurrency at its extraordinary general meeting (EGM) earlier today.

"With the approval of our shareholders, we will proceed with appointing a technology partner, as well as set up a task force in charge of our blockchain venture," Lee told reporters after the EGM.

He said the group's task force will be looking at the application of blockchain technology not only for the issuance of the cryptocurrency, but also to be applied in some of the group's operations, including automotive, hospitality, healthcare and property.

The task force will also engage with the Securities Commission Malaysia (SC), Bursa Malaysia and Bank Negara Malaysia (BNM), to ensure the group's blockchain venture is in line with future regulations.

The SC has said it will be coming up with a framework for cryptocurrency and digital assets in the first quarter of 2019.

Besides that, the task force will look at setting up a cryptocurrency wallet and will look into collaborating with e-wallet players or set up CHHB's own e-wallet service.

The group is also hoping to rope in some investment banks to buy into its ICO, as well as investors from other countries.

CHHB has proposed to issue one billion of Horse Currencies, backed by RM2 billion worth of the group's assets, with an initial 300 million of Horse Currencies open for circulation to the public.

While it is not reflected in CHHB's balance sheet, Lee assured that the group "definitely has RM2 billion of assets" after the revaluation of some of its investments and properties.

At 2.06pm, CHHB shares were up 5 sen or 3.85% at RM1.35, with 20,300 shares done, bringing a market capitalisation of RM361.1 million.

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