KUALA LUMPUR (Sept 26): The board of LEAP Market-listed Lim Seong Hai Capital Bhd (LSH Capital) is considering transferring the company's listing to the ACE Market of Bursa Malaysia.

In a filing to the local bourse on Tuesday, LSH Capital said it had received a letter from its major shareholders requesting the company to consider undertaking the proposed transfer.

The major shareholders are: Lim Seong Hai Resources Sdn Bhd (LSH Resources), Lim Seong Hai Holdings Sdn Bhd (LSH Holdings), and the Lim siblings — comprising the group's non-executive chairman Tan Sri Lim Keng Cheng, executive vice-chairman Datuk Lim Keng Guan, group managing director Lim Pak Lian, and the managing director in the machinery, hardware and tools division Lim Keng Hun. 

LSH Resources, which holds 76.94% of LSH Capital, is wholly owned by LSH Holdings. The four siblings each hold a 25% stake in LSH Holdings.

Keng Guan also directly owns a 4.189% stake in LSH Capital, slightly more than Pak Lian's 4.185%, and Keng Cheng and Keng Hun's 4.183% each.

The group said that the board, except the Lim siblings, will deliberate further on the proposed transfer.

LSH Capital is an investment holding company principally engaged in construction and construction-related services and solutions, provision of building materials, lighting products and related mechanical and electrical (M&E) products and services, hardware and tools, and rental of machinery and property development through its subsidiaries.

The group was listed on the LEAP Market on July 30, 2018, with an initial public offering price of 13 sen.

For the first half ended March 31, 2023, it posted a net profit of RM21.67 million, on the back of a revenue of RM121.41 million.

LSH Capital’s shares were last traded at 88 sen, giving the group a market capitalisation of RM621.6 million.