Country Heights Holdings Bhd has announced the postponement of its extraordinary general meeting (EGM), originally scheduled for Feb 13, to give shareholders additional time to review revised information and regulatory clarifications included in the company’s circular.
The meeting was intended to seek shareholder approval for possible legal action against the liquidator of Mines Waterfront Business Park Sdn Bhd (MWBP), a subsidiary that entered liquidation following loan defaults in 2023.
In a filing, the company stated that a new EGM date will be announced after shareholders have had sufficient time to assess the updated details.
Dispute Over Liquidation Process
MWBP was placed under liquidation after financing facilities from Malaysia Building Society Bhd (MBSB) fell into default, leading to the appointment of Baker Tilly Insolvency PLT as liquidator.
Country Heights has raised concerns about aspects of the liquidation and asset disposal process, citing issues related to transparency, valuation methods and procedural handling. The company also noted that certain documentation relating to proof of debt contained inconsistencies that required further clarification.
According to the board, the EGM will also seek shareholder approval to review the doubtful proof of debt prepared in connection with MWBP’s winding-up process and to determine the appropriate next steps.
Lease Arrangement and Debt Settlement Efforts
Another resolution to be tabled involves a proposed lease agreement with the group’s founder, Tan Sri Lee Kim Yew, covering the use of the Mines Waterfront Business Park and the Mines International Exhibition Centre. The arrangement forms part of efforts linked to the settlement of MWBP’s outstanding obligations to MBSB.
Lee had previously provided a personal guarantee in relation to the loan facilities, and the company indicated that the EGM circular will clarify the legal and factual context surrounding the financing, enforcement actions and the guarantor’s role.
Market Context and Investor Considerations
The Mines Waterfront Business Park is a well-known commercial and exhibition hub within the Klang Valley, and developments involving such large-scale assets often attract attention from investors monitoring the broader commercial property in KL market.
Legal and financial restructuring cases also serve as reminders of the importance of due diligence when acquiring or leasing business premises, whether in retail complexes, office space in Bukit Jalil, or business parks throughout Selangor.
Similarly, companies seeking operational premises—such as a factory in Puchong or logistics facilities within established industrial property in the Subang area—frequently evaluate ownership structures, financing arrangements and management stability before committing to long-term occupancy. These considerations are equally relevant when assessing opportunities in industrial land in Selangor, where project viability and financial governance can influence long-term value.
Country Heights’ shares most recently closed at 17 sen, giving the company a market capitalisation of about RM55 million, with the stock slightly lower year to date.
Indonesia