KUALA LUMPUR: Country Heights Holdings Bhd (CHHB) has entered into a Money Lending agreement (Unsecured Loan) with Golden Touch Capital Management Sdn Bhd (GTCM) for a RM3mil loan.

In a filing with Bursa Malaysia, CHHB said the RM3mil loan from GTCM is for a period of 12 months at an interest rate of 8% per annum, subject to the terms and conditions as stipulated in the said MoneyLending Agreement.

GTCM is a licensed moneylender under the Moneylenders Act 1951.

Tan Sri Lee Kim Yew, who is a major shareholder of CHHB, is a director and major shareholder of GTCM.

CHHB said Lee had abstained and will continue to abstain from voting and deliberating at all board meetings of CHHB on the agreement.

“The execution of the agreement for the loan is for the working capital of the group,” CHHB said, adding that the execution of the agreement for the loan would not have any material effect on the earnings, gearing and net assets.