Lee Kim Yew tightens grip on Country Heights
Country Heights Holdings founder Tan Sri Lee Kim Yew has increased his stake in the company to 43.91% through an off-market share acquisition. The company is currently facing financial difficulties, having reported losses for six consecutive quarters and a recent leadership change.
Why it matters
The move signals a consolidation of control by the founder amidst ongoing financial instability and management turnover at the property developer.
BURSA SGX Home Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (July 27): Country Heights Holdings Bhd (KL: CHHB ) founder Tan Sri Lee Kim Yew has increased his interest in the property developer after acquiring six million shares via an off-market transaction.
The acquisition, completed on July 24, represents a 1.86% stake based on the company's 322.54 million outstanding shares (excluding 3.25 million treasury shares), according to a Bursa Malaysia filing on Monday.
The acquisition was made by his investment vehicle, Country Heights International Sdn Bhd.
Following the transaction, Lee's deemed interest in Country Heights rose to 43.91%, comprising a 24.11% direct stake and a 19.8% indirect stake.
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