LAU CHO KUN @ LAU YU CHAK
Flagship: Hap Seng Consolidated Bhd
Net worth: RM16bil
LAU moves up one notch in the wealth count boosted by the share price jump of his company Hap Seng Consolidated Bhd.
The Sabah-based tycoon had also exercised over 200 million warrants of the company last year.
In 2016, shares of Hap Seng rose 37% to RM8.86 as the group launched new property projects and kept a lid on operating costs with weakening demand at the diversified group. Its market cap at year-end stood at RM22.01bil.
Starting out in timber, the group has businesses in property, palm oil, automotive and building materials.
Lau is the largest shareholder of Hap Seng with a 73.5% stake by virtue of the family’s stake in Gek Poh Group and Lei Shing Hong Investments.
Its property launches last year included the RM1bil gross development value (GDV) Aria Luxury Residences along Jalan Tun Razak in Kuala Lumpur, and the Balakong residential and commercial development with a GDV of RM900mil.
It also took advantage of the slowdown in the economy to hunt for new assets like tile manufacturer Malaysian Mosaics Sdn Bhd from Gek Poh for RM380mil.
It is looking to beef up its building material business, which is relatively small compared with property and plantation.
Hap Seng indirect listed entities include 53% controlled Hap Seng Plantations Bhd and Paos Holdings Bhd – a soap manufacturer in which it is the second largest shareholder with a 25% stake.
Elsewhere, the group also has interests in Borneo Oil Corp Bhd, whose shares were up last year on the back of a rally in gold prices.
Lau is the nephew of the late Tan Sri Lau Gek Poh, the maverick businessman who founded the group.
Despite the family’s controlling stake, professional managers have been running the operations for many years.
Source: The Star