Coun­try Heights share­hold­ers ap­prove plan for cryp­tocur­rency

The Sun (Malaysia) - - SPEAK UP - BY EVA YEONG

SERI KEMBANGAN: Coun­try Heights Hold­ings (CHHB) share­hold­ers have ap­proved the com­pany’s plan for an ini­tial coin of­fer­ing (ICO) of its own cryp­tocur­rency to be known as the “Horse Cur­rency” de­spite mar­ket con­cerns over its le­git­i­macy.

Ex­ec­u­tive chair­man and founder Tan Sri Lee Kim Yew ( pix) said CHHB will im­me­di­ately set up a task force to over­see the ac­qui­si­tion and in­vest­ment of the blockchain tech­nol­ogy and the set­ting up of its in­fra­struc­ture through­out all of the com­pany’s port­fo­lio.

“We are go­ing to im­me­di­ately ap­point a tech­nol­ogy part­ner and a le­gal ad­viser. At the same time, we are set­ting up a task force. This task force is to en­sure that the com­pany will get the lat­est blockchain tech­nol­ogy and make sure it is not only for cryp­tocur­rency is­sue but, at the same time, it can ser­vice all the busi­nesses of the com­pany such as car city, re­sort and hos­pi­tal­ity, health­care and prop­erty,” he told re­porters after its EGM yes­ter­day.

Lee said the 20-mem­ber task force will con­tinue to en­gage with reg­u­la­tors such as Bursa Malaysia, the Se­cu­ri­ties Com­mis­sion (SC), Bank Ne­gara Malaysia as well as the Malaysia Blockchain As­so­ci­a­tion. This will en­able CHHB to be the first pub­lic listed com­pany to im­ple­ment its cryp­tocur­rency after the SC is­sues its guidelines for cryp­tocur­rency and dig­i­tal as­sets in the first quar­ter of 2019.

Lee said the com­pany has been in talks with the SC but was not asked to make any sub­mis­sions.

He said the task force will also be re­spon­si­ble for the risk man­age­ment of the cur­rency and, upon suc­cess­ful is­suance, it will com­mu­ni­cate the cur­rency’s po­ten­tial us­age and ben­e­fit to the pub­lic and en­sure its pub­lic sub­scrip­tion. In ad­di­tion, the task force will look at set­ting up a cryp­tocur­rency wal­let.

Lee added it will ei­ther col­lab­o­rate with e-wal­let play­ers or, if nec­es­sary, set up its own e-wal­let ser­vice.

“We are also try­ing to en­gage in­vest­ment bankers who are keen on the cryp­tocur­rency … be­sides the tech­ni­cal part­ner and le­gal ad­vi­sor, we think it may be nec­es­sary to en­gage an in­vest­ment banker,” he said. CHHB is set­ting up a Blockchain In­no­va­tion Lab at its head­quar­ters. The group plans to is­sue one bil­lion units of Horse Cur­rency backed by RM2 bil­lion worth of as­sets held by the hold­ing com­pany with an ini­tial 300 mil­lion open to the pub­lic for cir­cu­la­tion. Lee said it hopes to rope in an in­vest­ment banker or for­eign in­vestors to un­der­write the ini­tial is­suance. Al­though the RM2 bil­lion as­sets are not re­flected in its bal­ance sheet, Lee gave an as­sur­ance that the hold­ing com­pany has RM2 bil­lion worth of as­sets after reval­u­a­tion. The list of as­sets, com­pris­ing prop­er­ties, will be re­vealed in the white paper along with other de­tails of the ICO. “We need to in­vest in ta­lent, soft­ware, wal­let ... right now at the first stage we are putting in RM5 mil­lion bud­get to take us to the next stage,” said Lee. “Even after we do this to im­ple­ment blockchain tech­nol­ogy, we still need to get share­hold­ers’ se­cond round of ap­proval. We are do­ing this the pa­tient and pru­dent way to elim­i­nate risk,” he added.

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