KUALA LUMPUR: COUNTRY HEIGHTS HOLDINGS BHD [] (CHHB) will make an early full redemption of the 3% to 8% RM150 million redeemable secured bonds 1996/2011.
The board of directors said on Tuesday, Dec 28'' the early redemption of the bonds before the maturity date would be in the best interest of the company.
It said the proposed exercise would enable it to reprofile the company's borrowings to better suit its cashflow and free it from overly restrictive covenants which had hampered the growth of the company over the past years.
'The early redemption is funded by a friendly loan from Tan Sri Lee Kim Tiong @ Lee Kim Yew of RM84.45 million and a term loan from MALAYAN BANKING BHD [] of RM75 million,' it said.
Lee is a director and a major shareholder of CHHB and is the sole beneficiary of the bonds.
The board of directors said on Tuesday, Dec 28'' the early redemption of the bonds before the maturity date would be in the best interest of the company.
It said the proposed exercise would enable it to reprofile the company's borrowings to better suit its cashflow and free it from overly restrictive covenants which had hampered the growth of the company over the past years.
'The early redemption is funded by a friendly loan from Tan Sri Lee Kim Tiong @ Lee Kim Yew of RM84.45 million and a term loan from MALAYAN BANKING BHD [] of RM75 million,' it said.
Lee is a director and a major shareholder of CHHB and is the sole beneficiary of the bonds.
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