KUALA LUMPUR (Oct 14): Pan Malaysia Holdings Bhd (KL:PMHLDG), now trading under the name of Exsim Hospitality Bhd, has secured a RM47.4 million subcontract to provide interior design fit-out works to guest rooms at an office property in Damansara Perdana.

The group said its wholly-owned subsidiary, Exsim Concepto Sdn Bhd (ECSB), received the letter of award from Discovery Media Sdn Bhd for the subcontract under a project involving the development of 560 office units. 

The subcontract, which has a completion period of 24 months, is expected to positively impact its future net assets, earnings and gearing, said the group in a filing with the stock exchange.

In a separate filing, the group said Pan Malaysia Holdings' name has been changed to Exsim Hospitality with effect from Oct 11.

At an extraordinary general meeting on the same day, shareholders approved the name change as well as the group's plan to diversify into interior design and fit-out activities.

This follows the acquisition of a 65.9% stake in Pan Malaysia Holdings by Exsim Hospitality Holdings Sdn Bhd, owned by Lim Aik Hoe and his brothers Aik Kiat and Aik Fu, for RM36.73 million from companies linked to tycoon Tan Sri Khoo Kay Peng in April.

The group's shares closed one sen or 2.9% higher at 35.5 sen on Monday, giving it a market capitalisation of RM320.5 million.