LBS to unlock value of construction business

The group announced overnight a rationalisation exercise which will see its construction business (held through 75%-owned MITC Engineering Sdn Bhd) injected into 51.2%-owned listed subsidiary, ML Global Bhd. The consideration sum of RM225 million will be settled via the issuance of 200.8 million ML Global shares and 135 million irredeemable convertible preference shares, both at 67 sen each.