Top 40 Richest Malaysians: Part 5


  • Corporate News Premium
  • Saturday, 23 Mar 2019

23. LIM TECK MENG AND FAMILY

Flagship: Scientex Bhd

Net worth: RM2.47bil

THANKS to rising profits, the net worth of industrial stretch film producer Scientex’s founding family increased by some 6% last year, pushing them up six rungs from a year earlier.

Lim Teck Meng, 81, and his sons, Lim Peng Jin, 51, and Lim Peng Cheong, 56, saw their wealth increasing to RM2.47bil in 2018, as the firm reported the strongest performance in its history for both its fourth quarter and full year ended July 31, 2018.

Also involved in the property sector, Scientex saw its net profit rising 13.3% to RM289.8mil, while revenue rose 9.3% to RM2.63bil for the full year of 2018.

In November 2018, Scientex said it would launch a mandatory general offer (MGO) for Daibochi Bhd to expand its flexible packaging business after proposing to acquire a controlling 42.41% stake for RM222.5mil in a share swap.

This merger will enable Scientex to offer an integrated range of products to a larger client base and enhance its capabilities in the flexible packaging business through synergistic and complementary products to better serve a global clientele, the company said.

Daibochi is a leading flexible packaging provider in the South-East Asian region, with manufacturing plants in Malaysia and Myanmar.

It provides high-barrier laminated flexible packaging for reputable clientele comprising mainly multinational corporations in the food and beverage, fast moving consumer goods and specialty sectors.

Scientex’s products are currently exported to more than 60 countries globally, covering most of the industrialised nations.

Within the property space, it has projects spread over 3,000 acres in Peninsular Malaysia.

24. KONG CHONG SOON @ CHI SUIM AND KONG PAK LIM

Flagship: UOA Development Bhd and United Overseas Australia

Net worth: RM2.41bil

SELF-MADE property billionaires Chong Soon and Pak Lim co-founded United Overseas Australia Ltd (UOA) and UOA Development Bhd.

Despite UOA Development reporting lower profits in 2018, their net wealth gained 3% to RM2.41bil , making the pair tie for the 24th position among the richest in Malaysia from an earlier 30th position.

Chong Soon, 78, has more than 33 years of experience in the construction and property development industries, both in Malaysia and Singapore.

He is currently the managing director of UOA Development.

Pak Lim, 66, meanwhile has more than 38 years of experience in the construction, mining and property development industries in both Malaysia and Australia.

He is currently the executive director of UOA Development.

Chong Soon and Pak Lim co-founded UOA back in the 1980s, listing the company which focuses on property development, construction, property investment and property management, on the Australian Stock Exchange in 1987.

Two years later, the UOA group decided to shift its headquarters and operations to Kuala Lumpur.

It later listed UOA Development on the Main Market of Bursa Malaysia.

Chong Soon and Pak Lim own about an 84.6% stake in UOA through their private companies. UOA, in turn, owns 69.5% in UOA Development and a 76.6% stake in UOA REIT.

 

 

25. DATUK TAN HENG CHEW

Flagship: TAN CHONG MOTOR HOLDINGS BHD

Net worth: RM2.36bil

THE Tan family, which is known for its distributorship of the Nissan marque in the South-East Asian region and China, climbed six rungs with their fortunes gaining some 2% last year.

Heng Chew, the eldest of the seven sons of Tan Sri Tan Yuet Foh, a co-founder of the group, is the president of the group’s prized asset – Tan Chong Motor Holdings Bhd (TCM).

Heng Chew and family hold a direct 7.6% stake in TCM and an indirect 39.3% stake through Tan Chong Consolidated Sdn Bhd (TCC), the family’s holding company.

Of Heng Chew’s three sons, his youngest, Anthony Tan is the only one who struck out on his own and is now one of the region’s most well-known entrepreneurs, having co-founded popular ride-hailing service provider, Grab.

Earlier this month, Grab obtained another round of funding from Softbank’s tech fund – a US$1.5bil boost – pushing up the company’s valuation to a whopping US$14bil.

At Tan Chong, 2018 was a year of mixed fortunes where it revealed plans to set up assembly plants to accommodate growth expectations.

Also in the same year, it lost the rights to import and distribute Nissan cars in Vietnam starting September this year but formed a new joint venture in New York that will allow it to come up with new distribution channels in the US and Canada.

Financial-performance wise,TCM staged a turnaround when it recorded a net profit of RM51.56mil for the fourth quarter ended Dec 31, 2018 from a previous net loss of RM7.19mil.

Revenue increased slightly to RM1.17bil from RM1.08bil in the same quarter of the previous year.

For the full year, the company recorded a net profit of RM101.03mil from a net loss of RM88.6mil previously.

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