Eddie Ong

[winston]

Eddie Ong’s big moves

By GURMEET KAUR

Ong is worth some RM5.5bil based on the value of his stakes in nine listed companies (which have a combined market capitalisation of RM8.9bil).

Ong is likely to surface as the CEO of one of his companies in which he will dedicate most of his time in building it up into a big business.

On the issue of whether Ong has any plans to sell any stakes in the companies he is leaving, the source says: “Why would he be selling when these companies are just at the beginning of their growth trajectory.”

Source: The Star

https://www.thestar.com.my/business/bus ... e=smartech

[winston]

Eddie Ong’s bold bet on tech

By GURMEET KAUR

10 listed companies and his latest move is to put his efforts into attempting to build a tech giant.

On Tuesday, Ong was made the group chief executive officer (CEO) and executive director of Hextar Technologies Solutions Bhd (HexTech) – a company he bought into in March 2021 and now holds a 71.47% stake.

Former Bank Negara governor Tan Sri Muhammad Ibrahim was appointed as its independent non-executive chairman, while Choo Joon Keong as group deputy CEO and an executive director. Choo was formerly the CEO of Bangkok Bank Malaysia.

The plan is to create a fintech super app.

A significant budget is being allocated for HexTech’s plans, which could entail a fund raising exercise such as a private placement, rights issue or other means.

Able to announce the details by the middle of the year.

Price earnings (PE) multiple of 181 times.

The acquisitions were funded through debt, equity or a combination of both, taking into consideration the potential earnings of the target company, the strength of its balance sheet and cash flow generating capabilities.

Source: The Star

https://www.thestar.com.my/business/bus ... et-on-tech

[winston]

2022 - Newsmakers: Dealmaker

He controls nine listed companies —
1. Hextar Global Bhd (formerly known as Halex Holdings Bhd)
2. Hextar Healthcare Bhd (formerly known as Rubberex Corp (M) Bhd)
3. Hextar Industries Bhd (formerly known as SCH Group Bhd)
4. Hextar Technologies Solutions Bhd (Hextar Tech, formerly known as Complete Logistic Services Bhd)
5. Classic Scenic Bhd
6. KIP Real Estate Investment Trust (REIT)
7. Pekat Group Bhd
8. SWS Capital Bhd and
9. Opcom Holdings Bhd.

In addition, he has minority stakes in 30 public limited companies (PLCs).

Perak Transit Bhd is Ong’s latest target. He surfaced as the second-largest shareholder, with a 6.923% stake, in October and has since raised his stake to 8.753%.

The Edge Malaysia

https://www.theedgemarkets.com/node/650130