PETALING JAYA: Country Heights Holdings Bhd’s subsidiary Mines International Exhibition Centre Sdn Bhd (MIEC) is vying for a potential tie-up 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 is involved, among others, in the business of conducting automotive-related programmes such as Asia Automotive Award event and the Asia Automotive Ambassador Pageant event.
The group told the stock exchange that the two parties have entered into a memorandum of understanding (MoU), which would be valid for a year.
Both will have an equity stake in the new company, with AAV holding 60% and MIEC, the remaining 40%.
The execution of the MoU is in line with the group’s business strategy to develop its own automotive lifestyle centre and other automotive industry related businesses.
On Bursa Malaysia today, Country Heights fell 1.53% to close at RM1.29 on volume of 1,000 shares.