KUALA LUMPUR (March 28): LBS Bina Group Bhd confirmed today that its founder Datuk Seri Lim Bock Seng has died.

"It is with a heavy heart and great sadness that the family announced Bock Seng's passing early this morning (March 28 2021)," LBS Bina's public relations consultant told theedgemarkets.com in a WhatsApp text message today.

On March 1, 2021, LBS Bina said in a Bursa Malaysia filing that Bock Seng, 90, resigned on that day as non-independent and non-executive chairman in conjunction with his "retirement".

News reports, quoting LBS Bina's separate statement on that day, said that Bock Seng had served as the chairman of LBS Bina since Dec 6, 2001.

"He has been involved with the company for over 40 years prior to this where the business initially revolved around transportation activities, primarily supplying and transporting building materials like sand and aggregates for construction and infrastructure works before venturing into the construction sector itself," LBS Bina said.

Bock Seng was quoted as saying in the statement: "Together, we have been through the numerous peaks and troughs of the business cycles, particularly the Asian financial crisis, just before we were listed. Upon my retirement, I strongly believe LBS will be in good hands." 

Today, LBS Bina executive chairman Tan Sri Lim Hock San said in a statement that the company is deeply saddened by the loss of its founder Bock Seng, who was also Hock San's father.

"We are deeply saddened by the loss of our founder and my father. He was an inventive and visionary leader who, above all, lived the company's core values with a true passion for our people and an exceptional commitment to our clients. 

"He was an outstanding advocate for creating a culture of equality at LBS. His energy, drive, and leadership will be greatly missed," Hock San said.

According to LBS Bina's statement, Bock Seng's funeral will take place at the Nirvana Center Kuala Lumpur here from tomorrow onwards.

On Friday (March 26), LBS Bina's share price closed up 1.5 sen or 3.3% at 47 sen for a market value of about RM723.8 million.

LBS Bina has 1.54 billion issued shares, according to the company's latest quarterly financial report.