TAN SRI SYED MOKHTAR ALBUKHARY
Flagship: MMC Corp Bhd
Net Worth: RM5bil
SYED Mokhtar has been in recent years streamlining his portfolio of assets.
Last year MMC Corp Bhd, his main listed vehicle, took private NCB Holdings Bhd at RM4.40 cash per share, valuing the company at RM2.07bil. NCB wholly owns Northport (M) Bhd, a major gateway for the import and export of containers in Port Klang.
In 2015, MMC Corp listed Malakoff Corp Bhd– the country’s largest independent power producer. It has also closed its loss-making fabrication facility and divested the oil and gas division.
The tycoon is said to be working to further unlock value of his 51.8% controlled MMC Corp that has interest in ports and logistics, and energy and utilities, as well as construction and engineering.
The group owns almostmost of the ports on the west coast of Peninsular Malaysia, namely, Penang Port, Northport, Port of Tanjung Pelepas, Johor Port and the recently acquired Tanjung Bruas Port in Malacca from the Port Klang Authority.
However, the value of the port is not reflected in its share price. MMC’s market cap stood at RM7.1bil based on the RM2.33 share price at end December.
Industry observes say that MMC’s port business could be well valued at about RM10bil or more.
MMC also has a 30.9% stake in Gas Malaysia Bhd. In the construction side it is undertaking the [b]Mass Rapid Transit project with Gamuda Bhd and the Rapid Cogeneration Plant project in Pengerang, Johor with Siemens.[/b] Its construction order book stands at about RM30bil.
The tycoon’s other listed vehicle is DRB-Hicom Bhd, which in turn controls Pos Malaysia Bhd. The other assets under DRB-Hicom are Proton Holdings Bhd and Bank Muamalat (M) Bhd.
Last year DRB-Hicom injected its logistics assets, namely KL Airport Services Sdn Bhd and a parcel of freehold industrial land in Shah Alam, Selangor into Pos Malaysia, raising its stake in the latter to the current 53.5% from 32.2% previously.
Pos Malaysia shares surged 44% to RM3.91 as at Dec 31 on better earnings outlook.
It also expects its courier business, Pos Laju, to be the main contributor of its revenue come FY18.
Source: The Star