by S BIRRUNTHA / pic by TMR FILE
COUNTRY Heights Holdings Bhd allocated RM50 million to fund its digital transformation plan within the Mines Resort City, including the development of a cryptocurrency payment infrastructure.
The group yesterday announced the stepping down of its founder and chairman Tan Sri Lee Kim Yew (picture) effective Jan 1, 2021, with new appointments to top management positions made to execute the group’s new transformation plan.
Lee will remain as the group’s shareholder and patron, and will undertake the planned “Horse Currency” issuance, which is expected to be launched by the end of this year.
Datuk Jared Lim who was appointed as Country Heights MD said the group is eyeing to enable a selected cryptocurrency payment for the purchase of the company’s goods and services in the next six to 12 months.
He added that the digital transformation plan would synergise Country Heights and technology partners like Huawei Technologies (M) Sdn Bhd, TouchPoint International Sdn Bhd and Collinstar Capital. Lee added that the technology partnership agreements are expected to be entered into before the end of the year.
“The partnership with Huawei Malaysia will focus on the infrastructure development of Mines Wellness City via the provision of 5G and WiFi 6 for the township by the end of 2020.
“This will make Mines Resort City the first township in Malaysia to be a 5G- and WiFi 6-enabled, which is over two times faster than 5G,” he told reporters after the company’s AGM in Seri Kembangan, Selangor, yesterday.
The partnership with TouchPoint International will focus on the Smart City digital platform, which will digitally connect various stakeholders including residents, management, merchants and visitors to Mines Wellness City.
He also noted that TouchPoint International is currently the platform technology partner for Putrajaya City.
Collinstar Capital will provide the infrastructure investment to benefit and enhance the Mines Wellness City.
Moving forward, Jared Lim said the group is planning to expand the infrastructure development to other townships, as well as to connect its wellness business with the properties within its township.
The company would be the first public-listed company to embark on a security token offering, a process whereby an investor is issued with a crypto coin or token representing their investment.
For its second quarter ended June 30, 2020, Country Heights posted a net loss of RM5.7 million on a total revenue of RM6.5 million.
The group stated that all its business segments were disrupted by the Movement Control Order imposed by the government to curb the spread of the Covid-19 pandemic.