Founder Lee Kim Yew wants Country Heights to issue its own cryptocurrency – Business New…

KUALA LUMPUR: Tan Sri Lee Kim Yew, the founder and chairman of Country Heights Holdings Bhd , wants the company to mint its own cryptocurrency.

But first, he needs to convince his shareholders to support the proposal at the company’s upcoming EGM on Nov 8.

In a statement on Friday, Country Heights said Lee’s proposed initial coin offering (ICO) will be called the Horse currency. The company said the “main and defining difference” of the Horse currency is that it will be Malaysia’s first asset-backed cyptocurrency (ABC).

“We seek the shareholders’ support especially on this ABC, which the company will match minimum RM2 worth of assets eventually for one Horse currency, across all ICO phases,” it said.

The purpose of this proposed ICO is to raise real cash for Country Heights.

“In the fast moving digital age, the company intends to ride this wave of popularity of blockchain technology and asset-backed cryptocurrencies, in finding new and creative means to raise capital for…