KUALA LUMPUR, March 21 — Lim Seong Hai Capital Bhd (LSH Capital) aims to expand into facility management business after securing a 20-year KL Tower concession agreement.
Non-executive chairman Tan Sri Lim Keng Cheng said despite being a construction company, facility management offers a huge opportunity for the company.
“We will take a role in the facility management and we will keep on expanding.
“Facility management is less risk than construction activities. We have a very sizeable orderbook of RM1.5 billion at the moment,” he said in a press conference after LSH Capital made its debut on Bursa Malaysia’s ACE Market today.
LSH Capital recently signed a 20-year concession agreement with the federal government to operate and maintain KL Tower effective April 1, 2025.
Meanwhile, Lim also foresees positive future growth in LSH Capital driven by project progress in LSH Segar and the completion of mixed development Laman Seri Harmoni, or LSH 33.
“We also believe that our company’s top three business segments will be from the KL Tower concession.
“So, with the solid fundamentals, the results will be positive and hopefully, (this will come about) in the next quarter,” he noted.
LSH Capital opened at 73 sen on a volume of 2.81 million shares.
In a statement today, it said the opening price marks a 17 per cent discount to its initial public offering (IPO) price of 88 sen.
Its share price rose 10 minutes into trading back to its IPO price of 88 sen.
“The IPO raised about RM116.2 million and this will be strategically deployed to fund the company’s working capital for ongoing and upcoming construction and property development projects,” the statement said. — Bernama
