Country Heights revs up push into auto lifestyle sector

PETALING JAYA: Country Heights Holdings Bhd (CHHB), which yesterday signed its second memorandum of understanding (MoU) to further its ambitions in the automotive lifestyle segment, will work with Goldenport Motor Culture Development (Beijing) Co Ltd to jointly organise an automobile racing event and develop CHHB’s automotive lifestyle centre.

“The execution of the MoU is in line with CHHB group’s business strategy as it enables the group to expand its business plan to develop its own automotive lifestyle centre and other automotive industry related businesses,” it said in its filing with Bursa Malaysia yesterday. The MoU is valid for one year.

Based in Beijing, Goldenport is a motor sport and lifestyle company with knowledge of all track operational processes, technical expertise and data, procedures and methods relating to motorsport track racing in China and has the relevant skill and expertise to perform such works.

Last week, CHHB’s subsidiary Mines International Exhibition Centre Sdn Bhd (MIEC) entered into an MoU with AsiaAuto Venture Sdn Bhd to set up a joint venture entity to expand into the automotive lifestyle or other automotiverelated industry.

AsiaAuto Venture will hold a 60% stake in the new company while MIEC will hold the remaining 40%.

On Bursa Malaysia yesterday, CHHB rose 5 sen or 3.85% to RM1.35 on volume of with 8,000 shares.