Further to the Company's announcements dated: 27/02/2026, 28/11/2025, 29/08/2025, 29/05/2025, 02/03/2025, 23/01/2025, 15/01/2025, 05/08/2024, 31/07/2024, 07/02/2024, 17/01/2024, 02/08/2023, 21/07/2023, 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 27 February 2025 are as follows : Purpose | Proposed Utilization of proceeds (RM'000) | Actual Utilization (RM'000) | Balance to be Utilized (RM'000) | % Utilized | Estimated Timeline for Utilization | Refurbishment of Palace of The Golden Horses | 9,500 | 5,012 | 4,488 | 53% | Until the next AGM | Working Capital | 1,618 | - | 1,618 | 0% | Until the next AGM | Estimated Expenses For the Private Placement | 130 | 100 | 30 | 77% | Until the next AGM | Total | 11,248 | 5,112 | 6,136 | 49% | |
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 RM3.8 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 22 May 2026.
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