KUALA LUMPUR (Oct 18): Mines International Exhibition Centre Sdn Bhd (MIEC), a wholly-owned sub-subsidiary of Country Heights Holdings Bhd, is partnering a company that conducts automotive-related programmes, to develop an auto lifestyle centre, as well as conduct other auto industry-related businesses.

Country Heights said this is in line with the group's business strategy and it is expected to contribute positively towards the growth of the group.

In a filing with Bursa Malaysia today, Country Heights said MIEC has entered into a memorandum of understanding (MoU) with AsiaAuto Venture Sdn Bhd (AAV) to form a new company (NewCo) in which MIEC and AAV will each have an equity stake.

"The amount of the equity contribution of AAV and MIEC in the NewCo will be further negotiated and determined by the two parties," it added.

The MoU is valid for a period of one year.

MIEC operates the Mines International Exhibition and Convention Centre at Mines Resort City in Seri Kembangan, Selangor.

Country Heights shares were untraded in the morning session today. It last closed at RM1.31, with a market capitalisation of RM358.36 million. — theedgemarkets.com

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