13 November 2013

Besaq manakah empayar Syed Mokhtar Albukhary...

Ketika penutupan pada Jumaat, MMC Corp yang dikuasai Syed Mokhtar Albukhary mempunyai modal pasaran kira-kira RM8.22 bilion.

Ini menunjukkan bahawa pemilikan kepentingan 51.76 peratus Syed Mokhtar mempunyai nilai pasaran sebanyak RM4.25 bilion.

Syarikat utamanya DRB Hicom pula ditutup pada RM2.56, menjadikan modal pasarannya sebanyak RM4.95 bilion. Ini menjadikan pegangan 55.92 peratus mempunyai nilai pasaran sebanyak RM2.77 bilion. 

Oleh itu, kepentingan kolektifnya dalam kedua-dua syarikat itu bernilai lebih RM7 bilion.

The Rise of Syed Mokhtar 121113 in-story-banner-fixed

Awal tahun ini, Forbes menyenaraikan Syed Mokhtar sebagai rakyat Malaysia ketujuh terkaya dengan nilai bersih AS$3.3 bilion atau kira-kira RM10.5 bilion.

Namun, untuk sampai ke tahap itu bukanlah perkara mudah. Aset beliau sebenarnya dipelbagaikan dan pegangannya dipecah-pecahkan.

"Banyak aset dikaitkan dengannya, tanah-tanah di Johor, sekarang orang bercakap bahawa beliau sebahagian daripada Eco World Development (Sdn Bhd)... jadi banyak aset dikaitkan dengannya.

"Mungkin hanya beliau sahaja yang tahu nilai aset sebenarnya," kata sumber yang mengetahui perihal taikun perniagaan itu.-malaysiakini

syed mokhtar assets 121113

The sprawling empire of Syed Mokhtar Albukhary...

At its close on Friday, MMC Corp, Syed Mokhtar Albukhary’s flagship, had a market capitalisation of about RM8.22 billion. This would indicate that Syed Mokhtar’s 51.76% equity in interest in MMC would have a market value of RM4.25 billion.

His other main holding company is DRB Hicom which closed at RM2.56 giving it a market capitalisation of RM4.95 billion. This would give his 55.92% a market value of RM2.77 billion.

Thus collectively the stakes in the two companies are worth in excess of RM7 billion.

Early this year Forbes ranked Syed Mokhtar as Malaysia’s seventh richest with a net worth of some US$3.3 billion or about RM10.5 billion.

Nevertheless getting to the bottom of his actual wealth is not a simple matter, as his assets are diversified and his shareholdings fragmented.

“There are so many assets linked to him, parcels of land in Johor, and now people are saying he’s part of Eco World Development (Sdn Bhd)…so many assets link back to him. Maybe only he knows his actual asset worth,” a source familiar with the tycoon said.

Difficult to gauge his actual wealth

This is not including the stakes, sources say belong to him, but where he doesn’t surface such as in Bina Puri Holdings where Syed Mokhtar’s private company Jentera Jati Sdn Bhd has 15.91%, in the construction company, translating to a market value of some RM19.73 million.

There are also other companies such as Megaplace Sdn Bhd a private company linked to his brother Syed Azmin Mohd Nursin @ Syed Nor which has 23.57% in Amtek Holdings Bhd, which has a market value of RM2.77 million.

While these two do not add much to his net worth (considering his shareholding in MMC and DRB amounts to RM7 billion) it does give some form of indication of how the tycoon managed to remain below the radar for so many years.

A sprawling empire

While these three companies are officially his, there are whole host of others he has been linked to over the years, including Star Publications (M) where he had 20% at the IPO, Padini Holdings Bhd, Latitude Tree Holdings, Elba Holdings, Eden Inc, Pilecon Engineering, IJM Corp and Oriental Garments to name a few.

And this list is from his biography released earlier this year.

There are others counters as well such as scrap metal trader SMPC Corp Bhd which he was said to have a huge stake of some 20% for many years.

Anyway let’s take a look at a breakdown of some of his assets.

MMC Corp


The tycoon’s flagship is MMC, a company his private vehicle Impian Teladan Sdn Bhd acquired 19.9% of in 2000, forking out RM499.18 million or RM3 per MMC share.

A news report from then had it that Syed Mokhtar got his “hands on a company sitting on RM633 million in deposits, and investments – quoted and unquoted – amounting to RM2.16 billion.”

As at end June this year MMC had deposits, bank and cash balances of RM4.94 billion, while on the other side of the balance sheet it had long term debt commitments of RM21.26 billion and short term borrowings of RM2.42 billion.


As for its assets, MMC has 30.9% in Gas Malaysia, a company with a market capitalisation exceeding RM5.16 billion, and 39.2% in civil engineering outfit Zelan. Zelan has not been faring well and only had a market capitalisation of RM160 million at its close of 28.5 sen last Friday.

Then there’s power generator Malakoff Corp where MMC has 51% equity interest. Malakoff posted net profits of RM468.2 million in FY12. Malakoff recently let its approvals for a floatation exercise lapse, and reports have it that the company is looking to issue debt papers, to help settle debts.

Under MMC itself there are a few assets where value can be unlocked such as his port assets, made up of Port of Tanjung Pelepas Sdn Bhd, which is Malaysia largest container port by throughput volumes, Johor Port Bhd, and soon to be included Penang Port Sdn Bhd.

While there are rumours that he has tried to take over NCB Holdings Bhd, which wholly owns Northport (M) Bhd, which is part of Port Klang, these rumours cannot be verified.

There has been talk that he has attempted to buy Kelang Port Authority, 5.32% for starters but the port authority has been reluctant to sell.

Other assets that could be floated are Aliran Ihsan Resources which has the operations and maintenance of water treatment plants, Southern Water Corp Sdn Bhd and and Aliran Utara Sdn Bhd. But Aliran Ihsan suffered marginal losses in FY12.

There’s also MMC’s multi billion ringgit Klang Valley MRT project where, partnering Gamuda, it is the project delivery partner.

Considering all the assets, MMC for its six months ended June this year posted net profits of RM52.68 million from RM3.24 billion in revenue.

DRB Hicom

Just a few weeks ago, DRB proposed to acquire 61.6% of haulage and transportation company Konsortium Logistik for RM1.55 per share or some RM241 million.

Other assets under its belt include national automaker Proton Holdings. DRB forked out RM5.50 a share or almost RM1.3 billion for Khazanah Nasional’s 42.74% equity interest and privatised Proton Holdings for slightly over RM3 billion.

There’s also Pos Malaysia where DRB has 32.2% equity interest, it acquired for RM622.8 million from Khazanah as well.

Other than Proton and Pos Malaysia, there’s also assets such as Honda Malaysia Sdn Bhd where DRB has 34%, Bank Muamalat in which DRB has 70% equity interest, wholly owned Puspakom Sdn Bhd, wholly owned Edaran Otomobil Nasional and Proton Edar Sdn Bhd, DRB Hicom Defence Technologies Sdn Bhd, 97.37% of Alam Flora Sdn Bhd and wholly owned Lotus Group International Ltd, to name a few.

However despite its impressive asset base, DRB’s financials have been wanting. For its three months ended June this year, DRB posted a mere RM10.26 million in net profits from RM3.05 billion in sales.

In a bidding war back in December 2004, Syed Mokhtar edged out the late Malaysian motor czar SM Nasimuddin SM Amin of the Naza group. Syed Mokhtar bid RM3.60 per share, 10 sen more than Nasimuddin for a controlling 15.8% held by the family of the late Yahya Ahmad, after which he strengthened his grip on the company via the injection of Bank Muamalat Bhd into the company.

Tradewinds Corp

Not to be forgotten is his other flagship Tradewinds Corp Bhd which was privatised and delisted in end September this year.

Its last financial results for the six months ended June were RM75.44 million in net profits from RM474.57 million in revenue.

While the margins for Tradewinds Corp’s results are impressive, the company’s asset base is truly amazing. Among those that are more well-known include Tradewinds (M) which has Padiberas Nasional (Bernas), Central Sugars Refinery Sdn Bhd and Tradewinds Plantations among a whole host of other assets.

According to filings which accompany its financials, as at end June this year Tradewinds Corp’s total assets stood at RM3.56 billion.

Since Tradewinds Corp has been privatised it is difficult to put a price tag on the company, but nevertheless it could be worth more than the RM3.56 billion if stripped.

Bernas at its close on Friday had a market capitalisation of RM1.67 billion. It is also noteworthy that Bernas could be voluntarily withdrawn from the Bursa Malaysia as Syed Mokhtar’s companies had collectively about 83.69% control of Bernas.

Shahidan KassimOther than Syed Mokhtar, the only other shareholder with clout in Bernas is Cabinet Minister Shahidan Kassim who via his vehicle Batu Bara Resources Sdn Bhd has about 4.8% equity interest in Bernas.

Other notable shareholders include Pertubuhan Peladang Kebangsaaan with 3.71% interest, and Persatuan Nelayan Kebangsaan which goes by the acronym Nekmat controlling a 3.42% stake.

Tradewinds was formerly known as Pernas International Holdings.

Back in 2002 Syed Mokhhtar’s Restu Jernih Sdn Bhd, acquired 32% of Pernas International Holdings for RM497 million or RM2.10 per share and 64 sen per warrant from an ailing Perbadanan Nasional Bhd known as PNS.

Since then he has restructured the once ailing Tradewinds and considerably transformed the company.

In 2002 the price Syed Mokhtar paid for Pernas International Holdings was more than a few hundred percent premium to its trading price, which many considered a bailout.

To put things in perspective, Pernas was set up in 1969 to promote Malay capital ownership, but the lumbering giant corporation failed in its agenda, and bled losses for the longest time.

At that time one of Syed Mokhtar’s general had said, “We don’t cherry pick,” when asked to comment about his acquisition of Pernas.

Based on these assets alone, Syed Mokhtar’s clout in corporate Malaysia is evident. The fact that he has built up his wealth over a span of 20 odd years is remarkable.

But considering his is a rags to riches story, how did he do it?-kinibiz


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