Lim Seong Hai Capital Berhad had recently entered into a share sale agreement with Lim Seong Hai Resources Sdn Bhd for the acquisition of the entire issued share capital of LSH BEST Builders Sdn Bhd (LSHBB) for a total purchase consideration of RM3.5 million.
This acquisition of LSHBB which is Grade G7 contractor registered with the Construction Industry Development Board (CIDB) of Malaysia, gives earning visibility for the parent company as the building company has an outstanding order book of approximately RM490.5 million. This expected to enhance the future revenue and profitability for the duration of the contract period up to the year 2024.
In adding weight to its top management, the group has appointed Dato’ Seri Ir. Hj. Mohd Noor as its Independent Non-Executive Director. He is currently an Independent Non-Executive Director of S P Setia Berhad and the Chairman of Engineering and Environmental Consultants Sdn Bhd. He has previously held various senior positions such as Director-General of the Public Works Department, Director of Prasarana Malaysia Berhad and President, Board of Engineers of Malaysia.
The appointment of Dato’ Seri Mohd Noor to the Board of LSH Capital is viewed as part of its diversity plan as a family-owned business. “With the inclusion of the new Board member, the Directors have a combined total of 170 years’ experience and expertise in various fields to steer the Company into new heights,” according to the Board.
On the latest acquisition, LSH Capital Non-Executive Chairman, Tan Sri Datuk Seri Lim Keng Cheng said.
Current projects on hand include Laman Seri Harmoni situated in Sentul and the Residensi Laman Segar Hijau located at Cheras, Kuala Lumpur.
According the groups press statement, the integration of the construction-related segment into the LSH Capital Group is to support, build and provide a catalyst for capable and quality entrepreneurs in the construction industry.