Pan Malaysia Holdings Berhad announced its intention to diversify its business to include interior design and fit-out business activities and change its name from Pan Malaysia Holdings Berhad to Exsim Hospitality Berhad.
To recap, PMHB operates a 200-room resort hotel under its own-and-operate business model, namely, Corus Paradise Resort Hotel located in Port Dickson, Negeri Sembilan. The Company had on 8 March 2024 announced the change in major shareholder arising from the disposal of 612,123,222 ordinary shares in PMHB or 65.9% equity interest by the substantial shareholders, namely Loyal Design Sdn Bhd, MUI Media Ltd and Megawise Sdn Bhd to Exsim Hospitality Holdings Sdn Bhd.
EHHSB in turn is ultimately owned by Lim Aik Hoe, Lim Aik Kiat and Lim Aik Fu. All three individuals also own the EXSIM property development group of companies. The Company has also recently expanded into the management of property units owned by third party owners which are subsequently rented out to guests for short-term stay. The group said the business model is meant to reflect a newer hospitality model which has grown in demand in recent years.
This new Fit Out Business is seen to be immediately complementary to its existing businesses namely under its own-and-operate business model and Hospitality Operator Model as it provides greater control over the quality, design language, fixture and fit-out as well as the associated refurbishment costs for all rooms under its hospitality business.
The Proposed Change of Company Name to Exsim Hospitality will enforce and reflect its current business in the hospitality industry whilst leveraging on the "EXSIM" brand which has been established by the new owners who have over 15 years of experience in the property development business each.
Based on the unaudited financial statements for the financial year ended 30 June 2024, PMHB recorded a loss of approximately RM13.3 million on the back of revenue of RM5.7 million mainly due to a one-off impairment loss of roughly RM9.3 million on an amount owing by an associate.
