Country Heights has clarified on reports published by local media that its default on the MBSB’s Islamic Term Financing Facility in the amount of MYR89,673,782.57, and not RM181 million as published.
The company said as of August 1, 2023 the total includes the following components: the principal amount of MYR64,744,963.09, the accrued profit of MYR12,251,896.55, the deferred profit of MYR12,234,502.74, the compensation (Ta’widh) of MYR175,512.23, and finally, the Administrative & Other charges of MYR266,907.96.
It said the report is both inaccurate and misleading. The headline of the article, dated August 14, 2023, reads, “Country Heights defaults on RM181m payment for Islamic financing facilities.” Country Heights adds that the business weekly did not seek clarification from its Management prior to publishing the piece.
Country Heights has initiated communication with MBSB Bank Berhad in order to address the default in a constructive and cooperative manner. This communication will provide a thorough overview of the circumstances that led to the default, as well as the strategic steps we are taking to correct the situation.
The group also added the defaulted amount and if fully assessed the financial implications, the valuations of the Mines International Exhibition Centre (MIEC) and Mines Waterfront Business Park (MWBP) far exceed the necessary threshold for effectively addressing the outstanding amount. These assets offer a solid foundation in dealing with and resolving the default situation.
