Lim Seong Hai proposes public offering of 191mil shares
KUALA LUMPUR: LEAP Market-listed Lim Seong Hai Capital Bhd (LSH), in conjunction with a proposed transfer of listing to the ACE Market, has proposed to undertake a public offering of up to 191 million shares, representing about 22.78% of the enlarged issued shares in the company.

In a filing with Bursa Malaysia, LSH said the offering would comprise a public issue of 132 million new shares and an offer for sale of up to 59 million existing shares by LSH Resources, Tan Sri Lim Keng Cheng, Datuk Lim Keng Guan, Lim Pak Lian and Lim Keng Hun.

The proposed public issue entails an offering of 132 million issue shares, of which 16.77 million will be made available to the Malaysian public via balloting process.

A further 12.57 million shares will go towards eligible directors of the company as well as eligible employees and other persons who have contributed to the success of the group.

An additional 102.66 million shares will be made available for application by way of private placement to Bumiputera investors identified and approved by the Ministry of Investment, Trade and Industry.

Based on an illustrative offering price of 88 sen per issue share, the company will raise gross proceeds of RM116.16mil, which will go towards working capital and the repayment of the group's borrowings, as well as to offset the estimated expenses of the group's proposed transfer of listing.

The company said the proposed public offering is in accordance with ACE Listing Requirements, which require an applicant who is seeking a transfer of listing from the LEAP Market to the ACE Market to undertake an issue of shares to the general public.

In addition, the proposed public offering would enable the company to meet the public spread requirement upon listing on the ACE Market, increasing its shareholder base to comprise at least 25% of its total enlarged number of shares in the hands of at least 200 public shareholders.
Markets,Lim Seong Hai,offering,ACE Market,transfer,listing,Bursa Malaysia
KUALA LUMPUR: LEAP Market-listed Lim Seong Hai Capital Bhd (LSH), in conjunction with a proposed transfer of listing to the ACE Market, has proposed to undertake a public offering of up to 191 million shares, representing about 22.78% of the enlarged issued shares in the company.