KUALA LUMPUR: Lim Seong Hai Capital Bhd (LSH Capital), through wholly-owned unit LSH BEST Builders Sdn Bhd (LSHBB) and Service Master (M) Sdn Bhd (SMMSB) will jointly undertake the operation and maintenance management of Kuala Lumpur Tower (KL Tower).
LSH Capital said the joint venture (JV) received a letter from the Public-Private Partnership Unit of the Prime Minister’s Department (UKAS) on 7 June, informing that the government has agreed in principle for the JV to undertake the project.
The LSHBB-SMMSB JV will hold 70% by LSHBB and the remaining 30% by SMMSB.
“The combined strength and expertise of LSHBB and SMMSB will enable the joint venture to unlock value-enhancing synergies with increased efficiency, improved innovation and ability to provide enhanced solutions resulting in a stronger and more effective entity that will spearhead the revitalisation of KL Tower.
“As announced by the government on 29 May, the decision to award the operation and maintenance management of KL Tower LSHBB-SMMSB JV was made through a request for proposal exercise and the concession period will be for a period of 20 years,” it said.
LSH Capital is principally engaged in construction and construction-related services and solutions and property development, while SMMSB is one of the pioneers specialising in integrated facilities management services.
LSH Capital Non-Executive Chairman Tan Sri Lim Keng Cheng said LSH-SMMSB JV has envisioned a KL Tower with an elevated visitor experience through modernisation and refurbishment while enhancing the true potential of KL Tower that emphasises on spaces for retail, cultural and recreational programming.
— BERNAMA
