COUNTRY HEIGHTS HEAD STEPPING DOWN
Lee wants to focus on blockchain space via Labuan-licensed private venture
COUNTRY Heights Holdings Bhd founder and executive chairman Tan Sri Lee Kim Yew is stepping down from Jan 1 next year. He intends to focus on his private and charitable ventures, including the Labuan-licensed Golden Touch Investment Bank using the latest blockchain technologies for security token offerings (STO).
STO is a process whereby an investor exchanges money for coins or tokens that represent his investment.
However, Lee will remain as a shareholder and patron of the group.
“I am going to take leave from Country Heights and hand over all the business to the new team of directors and I will concentrate on cryptocurrency.
“I have full confidence in the newly-appointed management team to transform our brick-andmortar business into a digital enabled ecosystem that will unearth the value of our assets,” he told a press conference after Country Height’s annual general meeting yesterday.
The group announced a slew of new appointments, including Datuk Jared Lim as its new managing director, Kevin Chen (financial director), Ryan Xu (chief technology director) and Gerard Lim (independent director).
Meanwhile, L ee said the planned “Horse Currency” issuance would be undertaken by his private and charitable ventures, including Golden Touch.
In September 2018, Country Heights had planned to issue an initial coin offering (ICO) with its
own cr yp to c u r re n c y ca l l e d “Horse Currency”.
“I have received all the approvals (from the Securities Commission). In fact, my investment bank is in operation now.
“Instead of issuing the cryptocurrencies, Country Heights will now accept cryptocurrencies,” said Lee.
Meanwhile, managing director Lim said Country Heights was developing a financial infrastructure within Mines Resort City for the deployment of its selected cryptocurrency payment with an allocation of RM50 million.
He said Country Heights would be the first Bursa Malaysia-listed company to accept selected cryptocurrencies such as Bitcoin and Ethereum for the purchase of its goods and services.
“We intend to do this within six to 12 months,” he said.
The digital transformation plan will see synergies between Country Heights and its technology partners, including Huawei Malaysia, Touch Point International and Coloinstar Capital.
Lim said the technology partnership agreements were expected to be sealed by year end.
“The partnership with Huawei will focus on the infrastructure development of Mines Wellness City via the provision of 5G and WiFi 6 for the township by year end.
“Mines Wellness City will be Malaysia’s first fully WiFi 6 and 5G-enabled coverage (area)," he said.
“When people buy our properties, for example, in The Mines, we want to make sure that they are connected to the township so they are buying the whole township. That is why we started with The Mines first,” he added.