MSWG Weekly Newsletter 09 November 2019 (English)




Country Heights ICO (and Cryptocurrency)

99.995% (in total number of shares) ‘approved’ the resolution on the issuance of the Initial Coin Offering (ICO) (dubbed the Horse Currency) of Country Heights Holdings Berhad (CHHB) at CHHB’s EGM held on 8 November 2018.

But was it an ‘approval’, per se, as reported in the media or was it ‘buy-in’ prior to an actual approval later?

We need to look at the wordings of the resolution which is reproduced below (with certain words highlighted in bold by us):

“The Board of Directors of CHHB wishes to seek the support and endorsement from the shareholders for the Company to embark on an Initial Coin Offering to issue the Company’s own asset-backed cryptocurrency, tentatively called ‘Horse Currency’ at the forthcoming Extraordinary General Meeting of the Company scheduled to be held on Thursday, 8 November 2018.”

Based on the above wording, the EGM was merely ‘to seek the support and endorsement’, just for CHHB to ‘embark’ on the ICO journey.

So, the outcome of the EGM, is only an approval-in-principle.