KUALA LUMPUR; Country Heights Holdings Bhd
says the valuations of its two indirect subsidiaries at the centre of a RM89.67mil default claimed by MBSB Bank Bhd far exceed the the necessary threshold for addressing the outstanding amount.
"These assets provide a solid foundation for our commitment to dealing with and resolving the default situation," it said in a statement on Wednesday.
On Aug 14, 2023, the property developer had said in a bourse filing that Mines International Exhibition Centre (MIEC) and Mines Waterfront Business Park (MWBP) had received a statutory notice of default of charge from MBSB in respect of a charge created as security for an Islamic Term Financing Facility of RM82.7mil and an Islamic Bridging Financing Facility up to a limit of RM17.2mil obtained by MWBP
In its latest update, Country Heights said it is actively pursuing a "comprehensive understanding" of the charges.
The group said the default on MBSM's Islamic term financing facility was in the amount of RM89.67mil as at Aug 1, 2023.
In a breakdown, it said the total includes the principal amount of RM64.74mil, the accrued profit of RM12.25mil, the deferred profit of RM12.23mil, the compensation (Ta'widh) of RM175,512, and the administrative and other charges of RM266,907.
Country Heights said it has initiated communication with MBSB to address the default in a constructive and cooperative manner.
"Our goal is to ensure complete transparency and clarity about the various components that make up the aforementioned total," it said.
