PETALING JAYA: Country Heights Holdings Bhd (CHHB), which today signed its second memorandum of understanding (MoU) to further its ambitions in the automotive lifestyle segment, will work with Goldenport Motor Culture Development (Beijing) Co Ltd to jointly organise an automobile racing event and develop CHHB’s automotive lifestyle centre.
“The execution of the MoU is in line with CHHB group’s business strategy as it enables the group to expand its business plan to develop its own automotive lifestyle centre and other automotive industry related businesses,” it said in its filing with Bursa Malaysia today. The MoU is valid for one year.
Based in Beijing, Goldenport is a motor sport and lifestyle company with knowledge of all track operational processes, technical expertise and data, procedures and methods relating to motorsport track racing in China and has the relevant skill and expertise to perform such works.
Last week, CHHB’s subsidiary Mines International Exhibition Centre Sdn Bhd (MIEC) entered into a MoU with AsiaAuto Venture Sdn Bhd (AAV) to set up a joint venture entity to expand into the automotive lifestyle or other automotive-related industry.
AAV will hold a 60% stake in the new company while MIEC will hold the remaining 40%.
CHHB’s share price rose 5 sen or 3.85% to close at RM1.35 today with 8,000 shares traded.