Country Heights to secure more hotels

PETALING JAYA: Country Heights Holdings Bhd's founder and major shareholder Tan Sri Lee Kim Yew is setting up a hotel management company to expand the business into Asia.
In a stock exchnage filing yesterday, Country Heights said the company together with Galaxus Corp Sdn Bhd and Lee has entered into a joint venture (JV) agreement for the purpose of revamping the management and business of the Palace of the Golden Horses in Seri Kembangan, through a newly incorporated company namely, Stallion Management Sdn Bhd.
"The JV is expected to seek strategic partners to expand the hotel business, raise funds for the expansion of the hotel business and target on a best effort basis the securing of at least five additional hotels within Asia to be managed as part of the business," it said.
Country Heights will hold a 69% stake in the JV, while Galaxus and Yew at 30% and 1% each. The authorised share capital of Stallion is RM1.0 million.
Country Heights said Galaxus's principal activity is information technology (IT) related and will be revised to include hotel management following execution of the JV agreement.