KUALA LUMPUR: Country Heights Holdings Berhad (CHHB) has issued an international call for bids for two assets at the Mines in Seri Kembangan, despite ongoing litigation involving its unit, Mines Waterfront Business Park Sdn Bhd (MWBP) and MBSB Bank Berhad.
The assets up for bid are the Mines Waterfront Business Park (MWBP) and the Mines International Exhibition and Convention Centre (MIECC).
In a statement, Country Heights indicated that the tender process for MWBP and MIECC will proceed, contingent on MBSB's implicit agreement and the approval of relevant authorities, where applicable.
The property developer has authorised the group's chairman, Admiral Tan Sri Mohd Anwar Mohd Nur, to seek international tender submissions in US dollars, thus inviting global participation in this prestigious project.
"Country Heights is inviting global and local participants to submit their tenders, and to participate in a unique opportunity for investment and development.
"All tender proposals will be considered fairly and transparently with the involvement of experts in the field as and when required to ensure optimal value is derived from the tender exercise," it said.
Country Heights is also encouraging Malaysian participation, with a set exchange rate of RM4.50 to US$1, to promote collaboration and investment at both national and international levels.
MWBP and MIECC are highlighted as prime investment opportunities with an original valuation exceeding RM445 million.
On May 24, 2024, MWBP received a legal notice from MBSB, including an originating summons and supporting affidavits dated May 16, 2024.
This legal action stems from a default on an Islamic Term Financing Facility of RM82.7 million and an Islamic Bridging Financing Facility of up to RM17.3 million.
Country Heights clarified that the dispute is not new but a refiling of a previously announced matter, which is currently being addressed through negotiations with authorities to resolve MBSB Bank's claims.
The case is scheduled for a hearing on June 26, 2024, at the Shah Alam High Court.
Country Heights said it has engaged legal counsel to intervene in this matter in court concerning the RM91 million demand, emphasising that the market value of MWBP significantly exceeds this amount.
"The group's goal is to ensure a fair evaluation and resolution that reflect the true value of our assets. Our focus is on safeguarding the interests of our stakeholders and ensuring the continuity of our business operations," it said in a statement.
Country Heights said it is confident that the ongoing legal matters will be resolved in a manner that upholds the integrity and value of its assets.
"We urge interested parties to engage in the tender process and explore the substantial opportunities presented by MWBP and MIECC," it added.