37. TAN SRI ONG LEONG HUAT

Flagship: OSK Holdings Bhd and OSK Ventures International Bhd Net worth: RM1.436bil ONG would have risen up the ranks of Malaysia’s rich list if the proposed merger between AMMB Holdings Bhd and RHB Bank Bhd took off last year.

His flagship OSK Holdings holds a 10.1% stake in RHB Bank, a result of the acquisition of the then RHB Capital Bhd of OSK Investment Bank Bhd in 2012 for RM1.95bil. Ong sits on the board of RHB Bank.

When the proposed merger was being floated around, word was that Ong, a seasoned stockbroker, was looking at a cash option to exit RHB Bank. Given that the merger failed to take off, it may be sometime before he can exit the bank. Ong is not the only one involved in the bank as eldest daughter Eliza is managing director of RHB Asset Management Sdn Bhd, a unit of RHB Investment Bank Bhd.

Besides his continued involvement in the local banking industry, Ong was appointed executive chairman of OSK Holdings last April. He was previously the company’s chief executive officer and group managing director. Ong controls OSK Holdings via a 59.2% stake and OSK Ventures via a 61.6% stake.

His sons Ju Yan and Ju Xing were also appointed group managing director and deputy group managing director respectively. Their appointments came after the takeo- ver of PJ Development Holdings Bhd in a second attempt that was completed in late 2016. They are responsible for the next phase of growth for the company, whose core business is property development while OSK Ventures’ core business is in the venture capital/ private equity space and has a 15.8% stake in Willowglen MSC Bhd.

OSK Holdings and the Employees Provident Fund are in a joint venture to develop a 2.02-ha mixed development project called Melbourne Square in Australia. Both inked a deal last April in which OSK Holdings through PJ Development has a 51% stake in a joint venture company undertaking the project.