7. TAN SRI QUEK LENG CHAN

Flagship: Hong Leong Group net worth: RM15.9bil THE 75-year-old tycoon has substantial stakes in arguably the most number of listed companies, with 16 spread through jurisdictions in Malaysia, Singapore and Hong Kong.

For his myriad of companies that he owns and controls, Quek’s varied interests also saw him reap the benefit of having a financial-services spine in his business empire flanked by many cyclical-based industries such a technology and property development.

Quek saw his net worth rise by 17.7% or RM2.39bil to RM15.94bil from RM13.54bil.

In Malaysia, Quek’s prized asset remains his stake in Hong Leong Bank Bhd, which he owns through Hong Leong Financial Group Bhd (HLFG). The market capitalisation of Hong Leong Bank at the end of 2017 was RM36.85bil, of which HLFG owns a 62% stake.

Quek, through Hong Leong Company (M) Bhd, controls a 75.6% stake in Guoco Hong Kong, which holds a 25.4% stake in HLFG. HLFG, in turn, has a direct 62% stake in Hong Leong Bank and 81.3% in Hong Leong Capital Bhd.

With the impending retirement of Tan Sri Teh Hong Piow as chairman of Public Bank, Quek will be the last individual shareholder who is allowed to hold such a large stake in a Malaysian bank under the grand- father clause.

During the year, Hong Leong Bank and its parent company controlled by Quek announced plans to raise capital to boost its financial buffers to comply with regulatory requirement.

HLFG is looking to raise RM25bil via a perpetual notes and commercial papers programme. The bank is planning to raise up to RM10bil by issuing additional tier-1 capital securities.

Quek also controls London-listed gaming outfit Rank Group plc and has a 13.4% stake in Bank of East Asia of Hong Kong.