KUALA LUMPUR (April 19): Construction company Lim Seong Hai Capital Bhd (LSH Capital) said it has obtained approval from its shareholders to transfer the group’s listing from the LEAP Market to the ACE Market of Bursa Malaysia Securities Bhd.

The group, which expects to complete the transfer by the fourth quarter of 2024, said the resolutions pertaining to the transfer were unanimously approved by shareholders at an extraordinary general meeting on Friday.

In a statement, LSH Capital said the resolutions include the listing of the group’s entire enlarged issued share capital on the ACE Market, as well as a proposed public offering involving up to 191 million shares, representing approximately 22.78% of its enlarged issued shares.

The public offering involves the issuance of 132 million new shares and an offer for sale of up to 59 million existing shares.

The group intends to utilise the proceeds from the public offering for working capital in LSH Capital’s construction projects, repayment of borrowing, and covering the expenses for the exercise.

“This corporate exercise will further enhance our credibility, prestige and reputation, and accord us with greater recognition among investors, particularly institutional investors, while reflecting the current scale of operations of our group,” said LSH Capital non-executive chairman Tan Sri Lim Keng Chen.

“This, in turn, is expected to enhance the attractiveness and marketability of our shares,” Lim added.