Friday 29 Mar 2024
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KUALA LUMPUR (Dec 28): Shares of Country Heights Holdings Bhd hit limit up to close at its multi-year high of RM1.98 on Tuesday (Dec 28), after it announced a collaboration with China’s JD.com to set up a store and develop an omni-channel business model in Malaysia. The last time the stock was trading at around this level was in 2004.

At 5pm, Country Heights was the third-biggest gainer across Bursa Malaysia as the counter closed up 45 sen or 29.41% to RM1.98, giving the group a market capitalisation of RM545.9 million. Trading volume surged to four million shares, some 40 times its 200-day average of 102,000 shares.

Earlier, Country Heights said it has inked licensing and collaboration agreements with Beijing Wodong Tianjun Information Technology Co Ltd (JD.com), one of the two largest B2C online retailers in China.

Under the agreement, JD.com shall grant Country Heights a licence to use the JD.com brand for a 10-year period.

Country Heights will set up JDMines Sdn Bhd, which will build the first physical store with about 100,000 sq ft of retail space on the ground floor of Mines International Exhibition and Convention Centre.

JDMines will be a 70:30 joint venture between Country Heights and Star Pulse Sdn Bhd, a technology incubator that will work with Country Heights on the implementation and execution of the omni-channel business model.

“We’ve been planning this with JD.com for almost a year and we are pleased to finally be able to announce the collaboration,” said Country Heights managing director Datuk Jared Lim in a statement.

“At its core, omni-channel is defined as a multi-channel sales approach that provides the customer with an integrated customer experience.

Country Heights founder and chairman Tan Sri Lee Kim Yew said: “This is a pivotal moment in Country Heights which was founded to deliver 'Better Living' to Malaysians.”

“In line with our overall transformation plan, a partnership with one of the most successful technology groups in China will allow us to use technology to leverage our assets and create significant value for our group,” Lee said.

Edited ByLam Jian Wyn
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