Coun­try Heights share­hold­ers give nod to ICO plan

The Star Malaysia - StarBiz - - News -

KUALA LUMPUR: Coun­try Heights Hold­ings Bhd share­hold­ers have ap­proved the com­pany’s plan to con­duct an ini­tial coin of­fer­ing (ICO) in or­der to is­sue its own cryp­tocur­rency called “horse cur­rency.”

The com­pany’s plan is to even­tu­ally is­sue one bil­lion horse cur­ren­cies backed by RM2­bil worth of phys­i­cal as­sets held by the hold­ing com­pany with an ini­tial 300 mil­lion open to the pub­lic for cir­cu­la­tion, a state­ment by Coun­try Heights said.

It said that the cryp­tocur­rency will lever­age on the blockchain tech­nol­ogy to op­er­ate.

Coun­try Heights founder and chair­man Tan Sri Lee Kim Yew said at a press con­fer­ence af­ter the ex­tra­or­di­nary gen­eral meet­ing that it was still wait­ing for the rules and reg­u­la­tions by the Se­cu­ri­ties Com­mis­sion which is ex­pected to by out by the first quar­ter of next year.

“We hope that when the reg­u­la­tions by the SC is ready by next year that we would like to be the first to launch this cryp­tocur­rency (in the coun­try). We have a task­force that will con­tinue to en­gage the rel­e­vant au­thor­i­ties in­clud­ing the Bursa Malaysia, SC and Bank Ne­gara,” Lee said.

The ap­pointed task force will also be in charge of en­gag­ing a le­gal firm and an in­vest­ment banker to fa­cil­i­tate the roll out of the horse cur­rency.

Lee said that the com­pany would like to back this cryp­tocur­rency with phys­i­cal as­sets from the com­pany.

“We have many as­sets and have never re­ally reval­ued these as­sets. Who­ever buys or owns this cryp­tocur­rency will have a sense of se­cu­rity as it is as­set backed,” he said.

When asked why did the com­pany choose ICO over tra­di­tional fund-rais­ing, Lee said that the blockchain tech­nol­ogy cuts down costs.

“It is an open ledger and I feel that go­ing for­ward this is an in­evitable trend that when you use blockchain and cryp­tocur­rency it can also be a way to raise funds: many coun­tries have reg­u­lated it as well,” Lee said.

“To­day tech keeps chang­ing for ex­am­ple peo­ple com­plain our in­ter­net fees are too high. So the gov­ern­ment re­ally has to en­cour­age this. An­other ex­am­ple is when we send (text) mes­sages to each other: there are not costs in­volved - but many ser­vice providers charge peo­ple a lot of money. So the gov­ern­ment should al­low this (ICO) to en­sure costs are brought down,” he added.

That be­ing said, Lee said that he would still like to en­gage with in­vest­ment bankers as he be­lieves that the banks can still make money from this ICO prod­uct.

“I would like to find if there are any that are in­ter­ested in me or not. So if there are, they can un­der­write to sell just like an IPO. The banks still have a role and can make money. I be­lieve all big banks have to en­gage in blockchain even­tu­ally,” he said.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.