PETALING JAYA: Pan Malaysia Holdings Bhd
(PMHB) is diversifying into the interior design and fit-out businesses and changing its name to Exsim Hospitality Bhd to reflect its new direction and ownership.
In April, Exsim Hospitality Holdings Sdn Bhd (EHHSB) acquired a 65.9% stake in PMHB from Loyal Design Sdn Bhd, MUI Media Ltd and Megawise Sdn Bhd for RM36.73mil or six sen a share.
The proposed diversification into the fit-out business, comprising services such as interior design, consultancy and related services is seen as complementary to its existing hotel business, PMHB stated recently.
PMHB currently owns and operates the 200-room Corus Paradise Resort Hotel in Port Dickson, Negri Sembilan.
PMHB recently also expanded into the management of property units owned by third-party owners which are subsequently rented out to guests for short-term stays under the hospitality-operator model.
The business model is meant to reflect a trend that has grown in demand in recent years, the company stated.
"The expansion under the hospitality-operator model and entry into new categories are expected to mark the beginning of a new chapter for the company and signify the intention of the new owners to infuse their own track-record within the property segment in not just turning around PMHB’s current assets which require some rejuvenation, but also, in terms of the new fit out business and its encouraging prospects.
"We are cautiously optimistic the new line of business will grow to something that will ultimately contribute significantly to the group as we look to turning around the entity’s current financial performances in the near future. The fit out business will provide an additional stream of revenue while we strengthen our hospitality business,” PMHB stated.
PMHB's subsidiary Exsim Concepto Sdn Bhd had on Aug 8 obtained a letter of intent from Discovery Media Sdn Bhd to award a fit-out contract worth RM47.4mil for work on for 560 units within a four-storey office building in Damansara Perdana, Sungai Buloh.
"The company is also actively bidding for other projects to add to its immediate orderbook," PMHB added.
Meanwhile, it said the name change will reflect its current business in the hospitality industry while leveraging on the Exsim brand which establisheded by the new owners who each have over 15 years of experience in the property development business.
EHHSB in owned by Lim Aik Hoe, Lim Aik Kiat and Lim Aik Fu who also own the Exsim property-development group of companies.
