14 TAN SRI SYED MOKHTAR ALBUKHARY
Flagship: MMC Corp Bhd Net Worth: RM5.25bil SYED MOKHTAR has always been known for having his hands in many businesses. From logistics to utilities to engineering and construction, his business interest spans across different industries.
In 2017, the reclusive tycoon dropped out of the top-10 richest list, even as his net worth strengthened by nearly 7% year-on-year.
Syed Mokhtar’s main listed vehicle is MMC Corp, in which he has an equity interest of 52%.
With longstanding experience in the ports business, the conglomerate is continuously expanding its stable of ports.
Currently, MMC Corp controls all the ports on the entire west coast of Peninsular Malaysia, namely, the Port of Tanjung Pelepas, Johor Port, Penang Port and NCB Holdings Bhd that operates Northport in Port Klang.
Earlier last year, MMC Ports and India-based Adani Ports partnered to explore the feasibility of the Carey Island Port project as an extension of Port Klang.
The announcement came as a major surprise to many, given the already declining container throughput in Port Klang. This was mainly attributed to global shipping alliances shifting operations to Singapore.
Apart from the proposed Carey Island port development, MMC Corp is also in talks with Suria Capital Holdings Bhd to acquire a stake in its wholly owned unit, Sabah Ports Sdn Bhd.
Sabah Ports manages and operates eight major ports in Sabah – four on the west coast, with the rest on the east coast.
Last year, the group wrested complete control of Penang Port, as it acquired the remaining 51% share in Penang Port Sdn Bhd, the operator of Penang Port.
On the construction side, MMC Corp has continued to be involved in key national infrastructure developments.
Currently, via a joint-venture with Gamuda Bhd and George Kent (M) Bhd, MMC Corp is contending to undertake the mass rapid transit 3 or MRT3 project. Previously, as for MRT1 and MRT2, MMC-Gamuda was appointed as the project delivery partner via direct negotiations.
It has also been reported that MMC Corp plans to participate in the Kuala Lumpur-Singapore highspeed rail project in collaboration with a Japanese party.
Syed Mokhtar’s other listed vehicle is DRB-Hicom Bhd, which made headlines last year following the partial disposal of a stake in carmaker Proton Holdings Bhd.
Chinese automaker Zhejiang Geely Holding Group Co Ltd acquired a 49.9% stake in Proton from DRB-Hicom in a move to resuscitate the struggling automobile manufacturer.
Geely was selected as DRBHicom’s strategic partner following an intensive vetting process which included 23 global automotive players.
Among other notable assets under DRB-Hicom are Pos Malaysia Bhd and Bank Muamalat (M) Bhd.