37. TAN SRI ONG LEONG HUAT Flagship: OSK Holdings Bhd and OSK Ventures International Bhd Net worth: RM1.16bil

ONG maintains his position in

37th place on the list as he did last year, although during the course of the past 12 months, the tycoon saw his earnings declining RM300mil or 19%.

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.

In light of adverse global market conditions, OSK Holdings decided not to list its cable business, OCC Cables Ltd, on the Main Board of the Hong Kong Stock Exchange, as initially planned.

OCC manufactures power cable products for power transmission and distribution systems in Malaysia and Vietnam, namely, low voltage, medium voltage and fire-resistant power cables. The company is a registered supplier of certain power cable products for Tenaga Nasional Bhd.

During the course of 2018, OSK Holdings’ share price dropped 11.5%.

For 2019, OSK Holdings is targeting to launch four projects, namely, You City 3 in Cheras; 3A Single Storey Terrace Homes and 3C Double Storey Terrace Homes of Riyasana at the Iringan Bayu Township in Seremban; Phase 1 at Sentul, Kuala Lumpur and Precinct 3, 4 and 5 in Bandar Puteri Jaya, Sungai Petani with a total gross development value (GDV) of RM1.21bil.

As at Dec 31, 2018, the group had unbilled sales of RM1.54bil with minimal unsold completed stocks, as there were continuous effort to sell these unsold properties.

The balance land bank is about 1,734 acres with an estimated GDV of RM10.44bil, located in the Klang Valley, Sungai Petani, Butterworth, Kuantan, Seremban and Melbourne in Australia.

The company expects the property investment division to contribute steady rental income from its commercial and retail tenants. Meanwhile, the construction segment will continue to focus on delivering its current order book in a timely manner.

The group is confident it will deliver satisfactory results for 2019.