PETALING JAYA: Shareholders of Lim Seong Hai Capital Bhd (LSH Capital) today unanimously approved a series of corporate proposals, including the acquisitions of Astana Setia Sdn Bhd (ASSB) and Lim Seong Hai Ventures Sdn Bhd, and for the group to diversify its business into property development.
Upon the completion of the corporate proposals, the LSH Group will be in line to expand its construction capabilities by fully integrating digital technologies to optimise its operations, enhance its range of services and solutions.
Through the acquisition of LSH BEST Builders Sdn Bhd in October 2021 which led to the diversification into construction and construction related services and solutions business under its BEST Framework, the group is utilising innovative digital tools, such as Digital Industrialised Building Systems, Building Information Modelling, drones and cloud platforms.
With the implementtion of the corporate proposals, LSH Capital said it will be able to leverage on the construction expertise of ASSB to create synergy with increased efficiency, improved innovation, enhanced solutions, and larger order book, resulting in a stronger and more effective entity that will propel the growth and profitability of the group.
Speaking after its second annual general meeting and an extraordinary general meeting to approve the corporate exercises, non-executive chairman Tan Sri Lim Keng Cheng (pic) said: “We will continue to implement our growth strategy and to pursue other future opportunities to further enhance the RM775 million outstanding construction work order book that we have, in addition to the provision of construction-related services and solutions under the BEST Collaboration Framework which the group will be entitled to fees based on their client’s construction and property projects value of RM2.8 billion.”
The corporate proposals, he added, have given them the opportunity to undertake projects with gross development value of RM1.6 billion which will also benefit other divisions under the group.
