Client Profile
Our client, Lim Seong Hai Capital Berhad, is a full-fledged construction company offering a comprehensive range of construction and engineering works, construction related services and solutions, property development and facilities management. Underpinned by their BEST Collaboration Framework and through strategic acquisitions, our client has strengthened its position and presence in the construction sector. It was listed on the LEAP Market in July 2021. To accelerate its growth and to prepare the Group to embark on large scale nation building projects, our client sought to transfer their listing from the LEAP Market to the ACE Market of Bursa Malaysia. This move aimed to enhance their brand reputation, access a broader investor base, access to equity and debt market and to unlock greater shareholder value.
Background on LEAP Market
Bursa Malaysia’s LEAP Market is limited to Sophisticated Investors who are deemed to have better knowledge on the potential risk and return of companies listed in this market. Sophisticated Investors include high-net-worth individuals with personal assets exceeding RM3 million or an annual income above RM300,000 (or RM400,000 jointly with a spouse), as well as corporations, partnerships, and trust companies with net assets or managed assets exceeding RM10 million.
To maximise the company’s growth potential and market liquidity of its stock, our client would need to expand its investor base beyond the LEAP Market into the ACE Market.
Challenges and Solutions
To facilitate the listing transfer, our client needed to meet the following requirements:
Regulatory Compliance & IPO Listing Requirements
Transitioning from the LEAP Market to the ACE Market required strict adherence to Bursa Malaysia’s Listing Requirements and the Companies Act 2016. Ensuring corporate governance compliance and regulatory approvals was critical to a seamless listing process. Although our client’s management team possessed the capabilities and expertise to manage the transition with the support from their Investment Bank, a successful IPO demands meticulous documentation and deep regulatory insight.
BoardRoom played a central role in this process by supporting the client’s compliance with the Listing Requirements and Companies Act 2016. This included facilitating orderly board approval processes, conducting meetings, drafting minutes, and ensuring statutory compliance with Bursa Malaysia and the Companies Commission of Malaysia (CCM). In addition, BoardRoom provided ongoing updates on relevant regulatory changes and best practices, along with a full suite of corporate secretarial solutions.
Corporate Governance & ESG Alignment for IPO Listing
Our client had integrated many of the best practices from the Malaysian Code on Corporate Governance into their business operations and company culture. For example, half of the Board comprise of independent directors, and they also maintain 40% female board representation.
Post-IPO, ongoing enhancements remain important. As their company secretary, BoardRoom continues to review and strengthen their corporate governance practices during the preparation of Annual Reports and Corporate Governance Reports.
Investor Engagement and Shareholder Transition for IPO
Shifting from a market limited to Sophisticated Investors to a broader pool of investors on the ACE Market required careful stakeholder coordination. Our client needed to ensure smooth shareholder transitions and maintain investor confidence throughout the process.
BoardRoom has been their share registrar since their listing on the LEAP Market. All their meetings, corporate exercises and share registry matters were handled by the BoardRoom team. With deep familiarity of the company’s shareholder base and end-to-end involvement in their corporate lifecycle, BoardRoom was in the best position to manage their listing transfer to the ACE Market seamlessly. Our Share Registry team facilitated the suspension of existing shares on the LEAP Market and managed the issuance of new share certificates to represent both the existing shareholders’ holdings and the new IPO shares listed on the ACE Market. Throughout the process, we ensured clear, timely and transparent communication with shareholders, providing guidance on the listing transfer, responding to enquiries, and issuing formal notices and updates to maintain investor confidence and minimise disruptions.
BoardRoom Malaysia’s Strategic Support for IPO
With both corporate secretarial and share registry services under one roof, BoardRoom Malaysia delivers an integrated solution for companies preparing to go public. This seamless coordination between the teams helped our client manage critical IPO milestones efficiently, minimising friction, ensuring compliance, and streamlining communication across stakeholders.
Key areas of support included:
Regulatory Compliance & Corporate Secretarial Support
- Ensured compliance with Bursa Malaysia’s requirements.
- Oversaw board approvals, governance frameworks, and regulatory filings.
- Provided guidance on corporate governance best practices.
Seamless Shareholder Transition & IPO Subscription Management
- Managed suspension and transfer of shares in coordination with Bursa Malaysia.
- Facilitated IPO subscription via BoardRoom’s proprietary BoardRoom Smart Investors Portal (BSIP).
- Enabled investor applications through multiple channels to maximise investor reach and participation:
- Public investors: They subscribed via Electronic Share Application (ESA) and Internet Share Application (ISA) platforms.
- Pink Form & MITI category investors: They used BSIP for seamless application processing.
- Issuing House services: BoardRoom handled the basis of allotment and balloting process to determine on the successful application by using our Issuing House system, prior to the allotment of IPO shares.
Key Outcomes
BoardRoom’s integrated approach delivered measurable results across regulatory compliance, shareholder transition, and investor engagement, culminating in a successful and seamless IPO journey for our client:
Strong Market Response
The IPO public share category received an 11.88x oversubscription rate.
Efficient Shareholder Transition
The transfer listing process, initiated in June 2023, was on track and completed by March 2025.
Seamless Regulatory Compliance
BoardRoom ensured our client’s full adherence to Bursa Malaysia’s regulations, avoiding delays and compliance risks.
Enhanced Investor Confidence
The smooth IPO subscription management strengthened trust among investors, and in turn, their brand reputation.
About BoardRoom
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BoardRoom offers leading business solutions, including corporate and advisory services, in the Asia-Pacific region. We provide accurate, prompt and reliable corporate solutions for every element of your business.
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Driving IPO Success with BoardRoom
By leveraging BoardRoom Malaysia’s expertise in IPO, corporate secretarial and share registry services, our client, Lim Seong Hai Capital Berhad successfully navigated the complexities of transferring its listing to the ACE Market. With enhanced visibility and access to a wider investor base, they are well-positioned for future growth in the construction sector.
Find out what other companies we’ve supported through their IPO journey.
Looking to IPO or transfer your listing? As an integrated corporate services provider, BoardRoom offer end-to-end solutions to streamline your listing and post-listing compliance.
Contact us to find out how we can support your listing journey.
Related Case Studies
Case Study: How BoardRoom Malaysia Enabled a Successful ACE Market Transfer Listing for Lim Seong Hai Capital Berhad listed on LEAP Market
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