16 CHIA SONG KUN AND FAMILY
Flagship: QL Resources Bhd Net worth: RM4.03bil CHIA, 68, saw his net worth surging by nearly 30% in 2017, even as he moved a rank down among the top-40 richest Malaysians.
This is largely on the back of his family’s flagship company which had a good run last year. The stock rose by 34% last year, driven by its resilient financial performance.
The Main Market-listed company currently has a market capitalisation of RM7.7bil.
From its humble beginnings in feedstuff trading, QL Resources has transformed itself into a multinational agro-food corporation.
Established in 1987, QL Resources is now the largest producer of surimi in Asia, as well as the largest fishmeal and surimi-based products manufacturer in Malaysia
With operations in Malaysia, Indonesia, Vietnam and China, QL Resources has been involved in the export of eggs and fisheries products to the neighbouring Asean region and other countries across different continents.
The company is also building a presence in the sustainable palm oil sector with activities including milling, plantations and biomass clean energy.
Apart from these business strategies, QL Resources is now positioning itself as the country’s major convenience store operator.
Two years ago, the company took the market by surprise by tying up with FamilyMart, the world’s second-largest convenience store chain after 7-Eleven. This is part of QL Resources’ “long-term investment” to expand its food business amid regional economic integration.
The agro-food major is now the master franchisee of FamilyMart in Malaysia for the next 20 years and plans to build 60 stores annually between now and 2021.
Currently, QL Resources has established 30 FamilyMart stores, with the management guiding that it is likely to open 40-50 stores in the Klang Valley by 2019. The FamilyMart business in Malaysia is expected to breakeven within the next few years
With this relatively new venture, QL Resources looks to differentiate itself from its peers by focusing on ready-to-eat meals, currently only available at selected stores in the cities.
The Chia family controls 43% of QL Resources through privately-held CBG Holdings Sdn Bhd, with Farsathy Holdings Sdn Bhd owning another 12.1%.
The company is noted to be well run with stable earnings.
QL Resources, via Ruby Technique Sdn Bhd, also has a 5.7% stake in property developer Sunsuria Bhd. The family’s wealth in 2016 was estimated at RM3.1bil.