KUALA LUMPUR (Jan 8): Construction firm Lim Seong Hai Capital Bhd (KL:LSH) and soil erosion control company Fibromat (M) Bhd (KL:FBBHD) have received approval to transfer their listings to the ACE Market from the LEAP Market.

Lim Seong Hai, controlled by the niece and nephews of Johor property tycoon Tan Sri Lim Kang Hoo of Ekovest Bhd (KL:EKOVEST), had received approval from Bursa Malaysia for the transfer, according to an exchange filing. The company was listed on the LEAP Market in July 2021.

Fibromat, which made its debut on the LEAP Market in May 2019, also received the approval for its transfer from the exchange operator.

The LEAP Market transfer framework to facilitate the migration to the ACE Market was introduced in April 2023. Under the framework, a company must have been listed on the LEAP Market for at least two years to qualify for a transfer.

Lim Seong Hai has already filed for an initial public offering (IPO) as part of the transfer. The proposed IPO would offer investors up to 22.78% stake in the company at a price to be determined later, according to its draft prospectus released in October 2024.

Fibromat, meanwhile, has released its draft prospectus for its IPO that would offer up to 23% stake at a price to be set later.

A company would have six months to complete the IPO from the approval date.

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Lim Seong Hai Capital files for IPO as part of transfer to ACE Market