Top 40 richest in Malaysia: 36-40

36 TAN SRI MOKHZANI MAHATHIR
Flagship: Various companies
Net worth: RM1.07bil

IT has been a tumultuous year for Tan Sri Mokhzani Mahathir, the second son of former Prime Minister Tun Dr Mahathir Mohamad, whose net worth dropped by a whopping 35% to RM1.07bil in 2016.

This is largely due to the decline in the value of his stake in SapuraKencana Petroleum Bhd (SapKen).

In October, the 55-year-old businessman and his long-time associate, Datuk Yeow Kheng Chew, formally announced that they were splitting up their business interests in Kencana Capital Sdn Bhd.

Under the deal in October, Mokhzani assumed full control of Kencana Capital, while Yeow took the company’s stake in Yinson Holdings Bhd. Yeow sold off most of his shares in Yinson almost immediately after the break-up.

Meanwhile, Mokhzani also resigned as chairperson of the Sepang International Circuit in October, a post he had held for 13 years. However, he is not giving up life in the fast lane entirely.

He remains the chairman and CEO of Opcom Holdings Bhd, a company involved in the business of fibre optic cables in which his brother, Datuk Seri Mukhriz Mahathir, owns a 30% stake.

Mokhzani is a director at Maxis Bhd.

It would seem that Mokhzani has developed a penchant for technology and in a recent news report, it was suggested that he is looking to invest in start-ups.

But this time around, he will probably have to do it without his long-time business partner.

The partnership between Mokhzani and Yeow started in Tongkah Holdings Bhd back in 1987. For close to three decades, the duo made investments in the various sectors of oil and gas (O&G), property, education and information technology.

Mokhzani and Yeow’s first major venture into the O&G sector was through Kencana Petroleum Bhd back in 2001. The company was listed in 2006 and was merged with SapuraCrest Petroleum Bhd in 2011.

They left the board of SapKen in 2015, although Mokhzani-controlled Khasera Baru Sdn Bhd still holds a balance 10% stake in the company, which has a current market value of RM10bil.

Over the last few years, Kencana Capital was a cornerstone investor in IHH Healthcare Bhd and Astro Malaysia Holdings Bhd. It also had long-term investments in property, which included investments with Capital Land, UOA and in Menara SapuraKencana.

Kencana Capital also retained a 3.5% stake in Yinson.

37 GOOI SEONG LIM & brothers
Flagships: Kim Loong Resources Bhd and Crescendo Corp Bhd
Net worth: RM1.06bil

GOOI Seong Lim, 67, is a trained engineer and has been with oil palm planter Kim Loong Resources since 1990, where he was managing director (MD) up until March 2006.

He is currently the firm’s executive chairman.

Gooi and his siblings control about two-thirds of the shares in Kim Loong.

The stock earlier this month shot up to an all-time high of RM3.46, after having risen 20% over the past one year in tandem with the higher price of crude palm oil (CPO).

At RM3.44 yesterday, the company’s market value stood at RM1.07bil. This accounts for a significant portion of the Gooi brothers’ growing wealth.

The siblings are also substantial shareholders in Johor-based property developer and construction firm Crescendo Corp, where Gooi is the chairman and MD.

The company’s exposure in industrial property and projects is concentrated in the Johor region, and that could limit its upside potential, analysts say, given the weak outlook.

Whilst the weak ringgit will help to keep CPO prices buoyant, which is positive for Kim Loong, it has also dented domestic confidence that continues to keep prospective property buyers on the sidelines.

38 LIM HAN WENG
Flagship: Yinson Holdings Bhd
Net worth: RM1.06bil

THE 64-year-old founder of Yinson, who holds the position of group executive chairman, is the driving force behind the transformation of this trucking company into a global oil and gas (O&G) player.

About six years ago, he steered the company into the O&G industry. At that time, the price of crude oil was hovering at around US$100 a barrel.

It started with a contract in 2011 for a floating, storage and offloading facility in Vietnam. Within a relatively short time-frame, Yinson became a full-fledged O&G player.

In 2013, Kencana Capital Sdn Bhd, controlled by Tan Sri Mokhzani Mahathir and his partner, bought into the company.

But the good times in the industry came to an abrupt halt in the summer of 2014 as the price of crude oil took a steep plunge.

The last two years have been described as one of the worst periods for the industry in decades.

But Han Weng kept the helm steady at Yinson and while some of the biggest names in the industry faltered, shares in Yinson continued to soar.

The stock is currently trading at near its all-time high, giving the company a market value of RM3.1bil. Han Weng owns approximately a third of the company’s shares.

He has also mapped out a clear succession strategy at Yinson. His son, Lim Chern Yuan, 32, is Yinson’s group chief executive officer.

39 PUAN SRI CHONG CHOOK YEW

Flagship: Selangor Properties Bhd
Net worth: RM1.06bil

Puan Sri Chong Chook Yew, who is 94 years old, is the oldest person to make the top-40 richest list.

Her position on the list has dropped from 34 to 39 in the latest ranking and her wealth has shrunk by some 21% due to the drop in the share price of Selangor Properties in the past year.

Selangor Properties came back to the spotlight on Bursa Malaysia last year after it announced grand forward-looking plans for future new property developments.

The company is also one of the oldest property companies listed on Bursa that has rebranded.

To mark its return to the KL property scene, Selangor Properties launched Aira Residences in October 2016.

The development is a high-rise niche condominium project in Jalan Batai with a gross development value of RM800mil.

After the completion of Aira Residences in about three years, it will then consider the redevelopment of Wisma Damansara in Jalan Semantan, which has currently been put on the backburner.

With the rebranding, the company has also unveiled a change in leadership, given Chong’s seniority and age.

While Chong is chairperson, it is the founder’s son, Wen Chiu Chi, 60, who has taken charge of the company although she remains the matriarch of the family.

Wen, the third of four children in the family, has taken control of the family’s stake in Selangor Properties and according to reports, is the annointed head of the company by the family.

The change in leadership at the company under Wen also coincides with it embarking on a new direction that will see it move to develop the land it owns, instead of selling parcels like it had done in recent times for cashflow and profit.

Selangor Properties has built up a portfolio of prestigious developments in prime locations, including Damansara Heights, Kenny Hills, Gombak and Selayang.

Its investment properties are located at Damansara Heights and includes Menara Milenium, Wisma Damansara, Damansara Office Complex, 16-Shop Batai, SPB Towers and the Taman Tunku Apartments.

40 TAN SRI DANNY TAN CHEE SING
Flagship: Tropicana Corp Bhd
Net worth: RM1.05bil

Tan Sri Danny Tan Chee Sing, 62, is the founder of Tropicana Corp Bhd and is still the main shareholder with a 71% direct and indirect stake in the company, even though he has retired from leading the day-to-day operations of Tropicana since June 2015.

The running of the operations at Tropicana has been taken over by group CEO Datuk Yau Kok Seng and Tan’s son, deputy group CEO Datuk Dickson Tan.

The property company’s strategy to adapt to the challenging macro landscape with its lean balance sheet has helped it weather the tough times.

Property continues to be challenging, as focus continues to stay on the affordability of real estate pursuant to the rapid rise in prices a few years ago.

Part of its degearing exercise to strengthen its balance sheet last year saw the company disposing a freehold land in Gelang Patah, Johor, for RM569.87mil.

The said land was sold to Tiarn Oversea Group Sdn Bhd and was originally bought for RM366.55mil in September 2013.

The company will record a gain from the disposal of about RM55.5mil (net of tax payable) and is expected to be completed in the second half of 2022.

The company has estimated unbilled sales of RM2.6bil to date, and is well-positioned to achieve its full-year sales target of RM1.2bil, due to encouraging demand for its developments within prime locations.

Looking back, Tropicana’s first major project was a 625-acre piece of land that is now known as Tropicana Golf & Country Resort.

Today, it has 17 ongoing projects on over 1,300 acres of prime land, with a potential gross development value in excess of RM50bil.

Moving forward, the company believes that there is market demand for landed property and will focus on newly launched landed property at Tropicana Aman in Kota Kemuning, Tropicana Heights, Tropicana Metropark and Tropicana Gardens in the central region, while in Penang, it has Tropicana 218 Macalister.

In Johor, Tropicana will focus on expanding its presence in Iskandar Malaysia, with vibrant and integrated developments such as Tropicana Danga Bay and Tropicana Danga Cove.