Published: Thursday March 7, 2013 MYT 5:07:00 PM
Country Heights Growers Scheme members to get RM21.5m on Friday
KUALA LUMPUR: Participants in the Country Heights Grower Scheme (CHGS), which was voluntary terminated recently, will receive 10% or RM21.55mil of the total amount of RM215.50mil on Friday.
The management of the scheme, Plentiful Gold-Class Bhd said on Thursday it was fulfilling its promise to refund the first 10% of the growers' fee on Friday.
The remaining 90% is to be paid within six months following the date of the resolution on Feb 8, 2013 to voluntarily terminate the scheme.
To recap, on Feb 8, a total of 98.892% of the scheme participants had, during the meeting, voted to wind up the scheme.
The founder and chairman of CHGS, Tan Sri Lee Kim Yew had then stated an additional goodwill payment of RM25mil would be paid proportionately to all the participants within six months from the date of approval of the resolution. "We have also put the Gua Musang estate up for sale via open tender in the market, with a reserve price of RM170mil. We will continue to update our growers' on developments of the sale and the subsequent repayment arrangements," it said.