Snippets
Shareholder approve Country Heights' ICO plan
Focus Malaysia 09 Nov 2018 14:15
Country Heights Holdings Berhad (CHHB), one of Malaysia’s leading property developers, today secured shareholder’s approval to make an initial coin offering (ICO) in order to issue its own cryptocurrency called ‘Horse currency’.

Shareholders approved company’s plan to issue one billion horse currencies backed by RM2 billion worth of assets held by the holding company with an initial 300 million open to the public for circulation. The company said that cryptocurrency will leverage blockchain technology to operate.

“Country Heights Holdings Berhad is a company with a low gearing ratio. As we continue to disrupt and transform the firm, we are exploring different and creative ways to raise money to fund our expansion,” said Executive Chairman and Founder of Country Heights Tan Sri Lee Kim Yew. “Blockchain technology and asset-backed cryptocurrency is the future and we are proud to pioneer its application in this region and put this technology to test in real life. We are taking patient and prudent steps, and will soon seek for approval from the regulators.”

The company also said that its Board of Directors have approved the setting up of a task force to oversee the acquisition and investment of the blockchain technology and the setting up of its infrastructure throughout all of CHHB’s portfolio. This task force will also be responsible to continuously engage with the relevant authorities and regulators, including but not limited to, Ministry of Finance (MoF), Bank Negara Malaysia (BNM), Securities Commission (SC), Bursa Malaysia as well as NGOs such as Malaysia Blockchain Association. 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.

Additionally, Country Heights will also setup a state-of-the art Blockchain Innovation Lab at the Country Heights’ headquarters. Upon successful issuance of the Horse currency, the task force will also be responsible to communicate the currency’s potential usage and benefit to the public and ensure its public subscription. The task force will eventually develop an e-wallet backed by blockchain technology.

The Horse Currency will be mainly used with the businesses, products and services under the company’s new business units. For instance, it can be used for any of Country Heights services or products in its portfolio, such as the Palace of the Golden Horses, health screenings and treatment at its Grand Wellness Centre, dining at its restaurants, private jet trips, and in the future, be used as a legal tender to purchase the company’s properties scheme.

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