KUALA LUMPUR: Lim Seong Hai Capital Bhd
(LSH Capital) has accepted a letter from Seriemas Resort Sdn Bhd (SRSB) confirming the agreed-in-principle terms for a proposed partnership to undertake the Morib Rejuvenation Project in Selangor.
In a filing with Bursa Malaysia, LSH Capital said the terms relate to three agreements involving Seriemas Development Sdn Bhd (SDSB), Permodalan Negeri Selangor Bhd (PNSB) and SRSB.
They include a proposed 60-year lease over about 139 acres of golf course land, a 30-year lease with a further 30-year renewal option for a new clubhouse and hotel apartment on a five-acre beachfront plot, and development rights over roughly 150 acres of land together with a 12-year right of first refusal over an additional 303 acres.
LSH Capital said it accepted the letter on Nov 17, signalling its intention to finalise and enter into the definitive agreements once detailed terms are agreed.
The project was proposed jointly by LSH Best Builders Sdn Bhd (LSHBB), a wholly-owned subsidiary of LSH Capital, and its partner Besteel Engtech Sdn Bhd (BESB).
Both parties had submitted their proposal under SRSB’s request for proposal in July 2024. The venture will be undertaken through a special purpose vehicle, in which LSHBB will hold 70% and BESB 30%, with LSHBB leading the project.
LSH Capital said the formation of the SPV constitutes a related-party transaction under Bursa’s ACE Market Listing Requirements, as BESB’s major shareholder Datuk Lim Keng Guan is also a director and substantial shareholder of LSH Capital.
All interested parties have abstained from deliberation and voting.
