KUALA LUMPUR (Jan 24): Country Heights Holdings Bhd said today its executive chairman and major shareholder Tan Sri Lee Kim Yew has agreed to a further extension of the tenure of a loan for another 12 months until Jan 21, 2020. This is the seventh time the tycoon has extended the loan to the group.

Lee, which owns 68.8% of Country Heights shares, had first offered to lend the group the "friendly" interest-free loan of RM84.45 million on Dec 22, 2010. As at Jan 21, 2019, the balance amount owing to Lee was RM98.95 million. 

In a filing with Bursa Malaysia today, Country Heights said Lee has "gratuitously agreed to the extension in the best interest of the group after taking into consideration the financial obligations of the group".

Country Heights and Lee have also agreed that the terms will be re-negotiated to include some commercial terms to be determined and announced in due course.
 
The group reiterated that all the extensions of time for the loan were still without any loan interest. "Thus, the group would like to extend their utmost appreciation to (Lee) for his kind offer here," it added.

In a separate filing, Country Heights said its wholly-owned sub-subsidiary Mines Waterfront Business Park Sdn Bhd has received a tax refund of RM3.87 million from the Inland Revenue Board of Malaysia.

The reduced assessments are for the years of assessment of 2007, 2008, 2009, 2010 and 2011.

Country Heights shares closed 3 sen or 1.95% at RM1.57 today, with 332,200 shares done, bringing a market capitalisation of RM432.86 million.