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OTHERS Quarterly Updates on the Status of Utilization of Proceeds from Private Placement
COUNTRY HEIGHTS HOLDINGS BHD
Type
Announcement
Subject
OTHERS
Description
Quarterly Updates on the Status of Utilization of Proceeds from Private Placement
Further to the Company's announcements dated 22 May 2026, 27 February 2026, 28 November 2025, 29 August 2025, 21 July 2023, January 2025, 29 May 2025, 23 January 2025 and 16 January 2025 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.