GOLDEN TOUCH INVESTMENT BANK LTD (GTIB)
GOLDEN TOUCH INVESTMENT BANK LTD (GTIB) APPOINTED TO REPRESENT COUNTRY HEIGHTS HOLDINGS BERHAD TO BID FOR THE HERITAGE TOWER AT PUBLIC AUCTION
KUALA LUMPUR, Nov 29 (Bernama) -- Country Heights Holdings Berhad (CHHB)’s board of directors has authorized the appointment of Golden Touch Investment Bank Ltd (GTIB) as its representative to bid for the Heritage Tower at a public auction.
The Heritage Tower is located at the Mines Resort City with a valuation of RM80 million and with a rental income of RM6 million gross per annum.
The said property will be auctioned for the third time by Ng Chan Mau & Co who represents and appointed by Maybank. This third auction has been announced two days ago and will be held on 9 December 2021 with unusual situation with the reserved price has gone back to RM60 million.
The first auction was priced at RM60 million on 20 August 2021; the second time was on 8 October 2021 with the reserved price at RM54 million; and for this third time, it is understood that the auction price will go down by 10 percent.
The BOD has given a mandate for GTIB to bid with 10 percent of deposit based on the first and second proclaim of sales and the date of the settlement is within 120 days.
This proposed acquisition is part of the overall corporate exercise and transformation plan to create a larger capitalization, better value and greater economies of scale for CHHB and will also better separate the interests of shareholders and the company.
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