Country Heights plans to issue own crypto called “Horse Currency”
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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.
Questions & Answers
Q.Which specific company assets are backing the 'Horse Currency'?
Which specific company assets are backing the 'Horse Currency'?
The article states the 'Horse Currency' is backed by the group's existing assets worth RM2 billion. It does not specify which particular assets are being used as collateral for the cryptocurrency.
Q.What is the primary purpose of the 'Horse Currency' once it is launched?
What is the primary purpose of the 'Horse Currency' once it is launched?
When launched, the 'Horse Currency' will primarily serve as a utility token, a reward token, and a royalty program. It can be used for services like hotel stays, restaurant visits, and private jet trips.
Q.How many units of 'Horse Currency' will be made available to the public initially?
How many units of 'Horse Currency' will be made available to the public initially?
Founder and chairman Tan Sri Lee Kim Yew proposes to issue 1 billion units in total. An initial 300 million units will be made available to the public during the initial coin offering.
Q.Why is Country Heights Holdings Bhd choosing to issue its own cryptocurrency?
Why is Country Heights Holdings Bhd choosing to issue its own cryptocurrency?
The company intends to use the popularity of blockchain technology and asset-backed cryptocurrencies. This initiative is aimed at finding new and creative means to raise capital for the company's expansion.
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