Leng Chan’s business strategy stands the test of time

Tan Sri Quek Leng Chan of Hong Leong Group Malaysia built a good amount of his fortune in deals that were concluded outside the country.

By the 1980s, his business empire had included a controlling stake in Dao Heng Bank of Hong Kong, which he sold to Singapore’s DBS Bank for US$5.4bil (RM16.7bil) in 2001. At that time, the sale of Dao Heng Bank was valued at 3.5 times book value – the highest price ever paid for an Asian bank.