39. GOOI SEONG LIM & brothers

Flagship: Kim Loong Resources Bhd and Crescendo Corp Bhd Net worth: RM1.175bil THE Gooi brothers, who are involved in plantations and property through Kim Loong and Crescendo respectively, saw their net worth rise but their ranking on the Top 40 list has dropped by two notches. They first entered the list in 2017.

Higher palm oil prices have helped with Kim Loong’s earnings and profitability while the company is also venturing into biogas after commissioning three plants in Johor.

The plan to diversify to biogas includes supplying biogas-base power to Tenaga Nasional Bhd. It has obtained approvals from the Sustainable Electricity Development Authority to supply 3.8MW power generated from palm oil mills in Kota Tinggi, Johor and Keningau, Sabah.

Kim Loong is looking to set up another palm oil mill in Sarawak and acquiring additional plantation land in suitable locations such as in Johor, Pahang, Sabah and Sarawak. It remains committed to improving efficiency and generating income from palm oil mill wastes through innovation and technology.

Kim Loong’s share price has also gained 30.46% last year. It has also proposed three-for-one share split and free warrants exercise, to improve liquidity in its shares while the free warrants is to reward shareholders.

Meanwhile, little known property developer Crescendo has seen its share price gained a much more modest 1.23% over the year. The company is the developer of the 1,390-acre Bandar Cemerlang and the 600-acre Taman Industrian Cemerlang.It is also developing another 383-acre industrial park in Bandar Nusajaya.