Bull run produces eight new tycoons

Bull run produces eight new tycoons

PETALING JAYA: Thanks to the bull run in the stock market, eight new faces joined the ranks of Forbes Asia's 2007 Malaysia Rich List, which named the 40 richest people in the country.

Asian stock markets are now trading at record highs with Malaysia being the third best performing bourse in the region behind China and Vietnam.

The buoyant outlook on the oil and gas, plantation, timber, construction and property sectors has definitely benefited the players.

The eight new entries to the Forbes Asia list are mainly from these industries. They are Ong Beng Seng (ranked 12th), Yaw Chee Ming (15th), Raja Datuk Seri Eleena Raja Azlan Shah (25th), Datuk Mokhzani Mahathir (28th), Datuk Lin Yun Ling (34th), Tan Sri Liew Kee Sin (35th), Lee Swee Eng (36th) and Tan Sri Khoo Kay Peng (39th).

Forbes Asia based the second annual list on the tycoons' fortunes in their holdings in listed companies as well as estimates of their wealth in privately held companies.

Ong, who currently resides in Singapore, has investments in luxury hotels, real estate and steel.

He controls the Singapore-listed Hotel Properties Ltd (HPL) that owns a portfolio of properties in the region, including the Hotel Concorde Kuala Lumpur and the franchise for Hard Rock Cafe (all Asia, excluding Japan).

HPL's share price has appreciated more than 260% in the past 12 months.

Mokhzani and Lee, on the other hand, are involved in the oil and gas industry. Mokhzani, the son of former Prime Minister Tun Dr Mahathir Mohamad, owns Kencana Petroleum Bhd, which was listed last December.

Since then, the shares have appreciated some 334% from its listing price of 41 sen. Mokhzani is also involved in the distribution of Porsche cars in Malaysia.

Lee founded KNM Group Bhd, an oil and gas company that has showed significant growth since its listing four years ago.

His wealth grew as KNM shares soared more than 778% from its listing price of RM1.48 per share.

He has about 32% interest in the company.

Meanwhile, Yaw and his family own timber company Samling Global Ltd, which his father founded. The company made its debut listing on the Hong Kong stock exchange earlier this year. It has since appreciated 29%.

The firm timber prices have continued to buoy Samling's earnings, which are mainly derived from its Malaysian listed entity, Lingui Developments Bhd.

Lingui recently reported its third quarter results, which saw revenue rising 41% to RM1.3bil during the first nine months ended March 31.

Eleena and Lin are shareholders of the same construction company - Gamuda Bhd.

Eleena is the largest individual shareholder with 8.6% stake while Lin, who is also the company's managing director, has 5.8% interest.

Gamuda is part of a concession that was awarded the double-tracking railway project in 2003. Its market capitalisation in the past 12 months has increased by RM4.85bil.

Liew of SP Setia Bhd made his fortune from property development. His flagship company is one of the biggest property players in the country.

The slew of incentives by the Government to revive the property market will definitely bode well for SP Setia, which owns several prominent property projects like Duta Tropika and Duta Nusantara at Sri Hartamas, Setia Alam and Setia Eco Park in Shah Alam, as well as Setia Tropika and Setia Indah in Johor.

Meanwhile, Khoo heads the MUI group that has interests in the Asia-Pacific, Australia and the United States.

The conglomerate also holds the Malaysian franchise of notable British retailer Laura Ashley.