KUALA LUMPUR: Lim Seong Hai Capital Bhd (LSH Capital) has entered into a share sale agreement with Lim Seong Hai Resources Sdn Bhd to acquire the entire issued share capital of LSH BEST Builders Sdn Bhd for a total cash consideration of RM3.5 million.

       LSH Capital non-executive chairman Tan Sri Lim Keng Cheng said the proposed acquisition would allow the group to streamline and expand its technical expertise and capabilities in the construction industry.

       "Furthermore, the exercise will create synergy and competitive advantage to the group and enable the provision of construction-related value-added services to clients under the BEST Framework.

       "We intend to work with more parties under the BEST Framework to support, build and provide a catalyst for capable and quality entrepreneurs in the construction industry,” he said in a statement today.

       LSH BEST is a grade G7 contractor registered with the Construction Industry Development Board (CIDB), allowing it to undertake projects with unlimited value.

       The company has an outstanding order book of approximately RM490.5 million, which is expected to enhance the future revenue and profitability of the LSH Capital group and provide earnings visibility for the duration of the contract period up to the year 2024, said the statement.

       To strengthen LSH Capital’s board composition, the company recently announced the appointment of Datuk Seri Mohd Noor Yaacob as its independent non-executive director.

       He is currently an independent non-executive director of S P Setia Bhd and the chairman of Engineering and Environmental Consultants Sdn Bhd. - Bernama