Country Heights Holdings Bhd (CHHB) is looking to issue its own asset-backed cryptocurrency (ABC) known as “Horse Currency” through an initial coin offering (ICO).
The group told Bursa Malaysia that it will seek the support and endorsement from the shareholders at its EGM scheduled to be held on November 8.
Citing blockchain technology as the way forward, CHHB highlighted that the main and defining difference of the “Horse Currency” and other cryptocurrencies available in the Malaysian market is that it is backed by the group’s existing assets worth of RM2 billion.
“When launched, the ‘Horse Currency’ will mainly be used as a utility token, a reward token and royalty program with the businesses, products and services under the company’s new business strategies such as stays at the Palace of the Golden Horses, restaurants, golf memberships, private jet trips, Car City Centre, medical treatments and checks at the Golden Horses Health Sanctuary and many others.”
CHHB said the group is also looking at allowing the “Horse Currency” to be used as legal tender in purchasing and leasing its unique properties scheme, especially the resort properties.
Founder and chairman Tan Sri Lee Kim Yew proposes to issue 1 billion units, of which an intial 300 million units will be made available to the public.
CHHB said its assets will be placed in a trust held by a reputable legal firm and a prominent technology partner and other external consultants (if necessary) will be appointed to give back-end support to this exercise.
“We seek the shareholders to approve the appointment of these external consultants. In the fast moving digital age, the company intends to ride this wave of popularity of blockchain technology and assetbacked cryptocurrencies, in finding new and creative means to raise capital for the expansion of the company.”
“We seek the shareholders’ support especially on this ABC, which the company will match minimum RM2 worth of assets eventually for 1 ‘Horse Currency’, across all ICO phases.”
CHHB’s share price fell 1 sen or 0.8% to close at RM1.28 on 5,000 shares done.