TAN SRI TIONG HIEW KING
Flagship: Rimbunan Hijau Group
Net worth: RM1.46bil
THE 81-year-old Tiong, the founder and chairman of the Rimbunan Hijau Group, did not undertake any notable corporate deals last year.
This was probably in tandem with the sluggish timber sector. Both Jaya Tiasa Holdings Bhd and Subur Tiasa Holdings Bhd - two listed companies under the Rimbunan Hijau group - reported a double-digit drop in log production in 2016.
Jaya Tiasa owns a large forest concession area of some 713,200ha in Sarawak. However, timber-related activities may be facing a tougher outlook going forward due to the requirement to comply with strict rules related to timber or forest certification and sustainable forest management.
Both companies responded by intensifying the adoption of the revised logging procedures to prepare for the certification under the Malaysian Timber Certification Scheme.
Rimbunan Hijau’s palm oil business under Rimbunan Sawit Bhd was also affected by the sluggish crude palm oil price. This was also the case of RH Petrogas, the oil and gas business under the group, which is still suffering from the prolonged depression of crude oil prices.
Rimbunan Hijau also controls Media Chinese International Ltd, which has in its stable five newspapers in 13 editions and three free newspapers. The publications are in Malaysia, Hong Kong and Canada. Among the Malaysian newspapers under its stable are Sin Chew Jit Poh, Nanyang Siang Pau, China Press and Guang Ming Daily.
Tiong, who is from Sibu, Sarawak, has a strong affinity towards Chinese culture and traditions.
The Rimbunan Hijau group provides facilities whereby members of the public in Sibu also can access free Internet connection, following the installation of 32 Howddy wireless hotspot zones.[/b]
Source: The Star