Friday 23 Feb 2024
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KUALA LUMPUR (Dec 28): Lim Seong Hai Capital Bhd (LSH Capital), which is seeking a transfer from the LEAP Market to the ACE Market of Bursa Malaysia, has obtained undertaking letters from its minority shareholders to waive their entitlement to an exit offer.

In a filing on Thursday, the company said it is seeking Bursa's approval for relief from having to offer the shareholders a reasonable cash alternative to the exit offer.

It is also seeking approval for relief from from having to appoint an investment advisor to advise and make recommendations for the consideration of shareholders in connection with the proposed withdrawal of the LEAP listing and the reasonableness of the exit offer.

LSH Capital, the largest LEAP Market listed company, announced its plan to transfer its listing to the ACE Market in October, saying the move will enhance its credibility and reputation among investors while also reflecting the construction outfit’s current scale of operations.

The group, which has been listed on the LEAP Market since July 2021, had met the two-year listing requirement for an ACE Market transfer.

The transfer was proposed by the Lim siblings — LSH Capital’s non-executive chairman Tan Sri Lim Keng Cheng, executive vice-chairman Datuk Lim Keng Guan, group managing director Lim Pak Lian and managing director in the machinery, hardware and tools division Lim Keng Hun.

Lim Seong Hai Resources Sdn Bhd, which holds 76.94% of LSH Capital, is wholly owned by Lim Seong Hai Holdings Sdn Bhd (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, marginally more than Pak Lian's 4.185%, while both Keng Cheng and Keng Hun own 4.183% each.

Shares in LSH Capital closed unchanged at 88 sen on Thursday, giving the group a market capitalization of RM622 million.

Edited ByS Kanagaraju
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