{
  "id": 9233068,
  "title": "Laying the building blocks for RM10bil market cap",
  "url": "https://urgent.news/2026/09/23/laying-the-building-blocks-for-rm10bil-market-cap",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-23T00:28:46.000Z",
  "source": {
    "name": "New Straits Times",
    "slug": "new-straits-times",
    "url": "https://www.nst.com.my/business/corporate/2026/09/1538892/laying-building-blocks-rm10bil-market-cap"
  },
  "original_language": "en",
  "account": "KUALA LUMPUR: Lim Seong Hai Capital Bhd (LSH) is setting the foundations to grow into a market value of RM10 billion within five years, leading up to its transition to the Main Market of Bursa Malaysia. LSH's CEO, Tan Sri Lim Keng Cheng, believes this goal is attainable, having previously guided the company from RM46 million to a billion ringgit in value. His focus now lies on expanding LSH into a larger integrated construction, property, and infrastructure group. With assets in property development, hospitality, and two major concessions, LSH aims to create a robust recurring-income base while maintaining its financial discipline.\n\nTo achieve this, LSH pursues strategic partnerships with landowners, state-owned entities, and industry peers, leveraging these collaborations to unlock project value. This approach, implemented after the COVID-19 pandemic, has secured several medium-to-long-term development projects. Among these are the RM1.91 billion transit-oriented development on RAC land in Batu 3 and the RM850 million coastal rejuvenation project, involving a 150-acre mixed development and a 60-year lease on the Morib Golf Course with a beachfront hotel. Additionally, LSH is set to develop the Bandar Malaysia – Seri Kembangan Elevated Expressway (BSE), an 8.2km elevated highway estimated to cost RM1.75 billion.\n\nHowever, expanding at this pace necessitates debt financing. Currently, LSH has a minimal gearing ratio of 0.02 times, holding only RM10.75 million in debt against RM693.35 million in equity. The group plans to fund land acquisitions through debt, with the first acquisition being the 17.4 acres RAC land in Batu 3, slated for purchase in the third quarter of 2027 for RM197.9 million. Moreover, LSH's Bandura Kembangan Elevated Expressway project is financed through a 50:50 joint venture with Pertama Makmur Sdn Bhd, which will issue RM1.8 billion of sukuk to fund construction.",
  "summary": "KUALA LUMPUR: Lim Seong Hai Capital Bhd (LSH) is laying the building blocks that would take the group to a market value of RM10 billion within the next five years, as the group prepares to be transferred to the Main Market of Bursa Malaysia.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}