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Further to the Company’s announcements dated 21 July 2023, 23 January 2025 and 29 May 2025, in relation to the private placement exercise (“Private Placement”), the Board of Directors of Country Heights Holdings Berhad (“CHHB” or “the Company”) wishes to announce the status of the utilisation of proceeds raised from the Private Placement as at 29 August 2025 are as follows :
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Purpose
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Proposed Utilization (RM‘000)
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Actual Utilization (RM‘000)
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Balance to be Utilized (RM‘000)
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%
Utilised
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Estimated Timeline for Utilisation
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Refurbishment of Palace Of The Golden Horses
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9,500
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5,012
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4,488
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53%
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Within 6 months
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Working Capital
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1,618
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-
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1,618
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8%
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Within 6 months
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Estimated Expenses For the Private Placement
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130
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100
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30
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77%
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Immediate
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Total
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11,248
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5,112
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6,136
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45%
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-
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The Private Placement was undertaken in two (2) tranches as follows:
1. First tranche of 5,800,000 shares on 13 August 2024, raising RM1.508 million.
2. Second tranche of 20,000,000 shares on 23 January 2025, raising RM3.800 million.
The proceeds have been primarily utilized for the ongoing refurbishment works at Palace of the Golden Horses Hotel and to partially defray related placement expenses. The Company is actively progressing with the refurbishment plans and working capital deployment in line with its corporate strategy to enhance asset value and strengthen financial positioning.
This announcement is dated 29 August 2025.
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