Malaysia's low-key tycoon: the empire of Syed Mokhtar Albukhary

Business Times

21 hours ago

[KUALA LUMPUR] News of a possible listing of MMC Port Holdings, the country's largest port operator, has thrown the spotlight back on Syed Mokhtar Albukhary – one of Malaysia's most powerful yet least visible businessmen.
Despite his grip on the country's infrastructure – from ports and airports to logistics and utilities – the 73-year-old tycoon remains a mystery beyond Malaysian borders as his portfolio is largely anchored at home.
Bloomberg reported recently that MMC has confidentially filed listing documents with regulators aiming to raise as much as US$2 billion, potentially valuing the firm at US$7 billion.
If the IPO – targeted for as early as September this year – pans out, it would mark the largest share sale since IHH Healthcare's US$2.1 billion debut in 2012, and could spotlight Malaysia's ambition to revive its status as a regional logistics and capital markets hub.
Since taking control of MMC Corp in the late 1990s, Syed Mokhtar has transformed his flagship company into a diversified infrastructure and logistics giant.
Previously listed, MMC was taken private in 2021. Its crown jewel, MMC Ports, operates five key terminals, including Port of Tanjung Pelepas, Johor Port and Penang Port, which collectively handle around a quarter of global cargo traffic transiting the vital Strait of Malacca.
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Behind the IPO buzz lies a deeper story: the rise of a reclusive tycoon whose reach quietly extends into almost every corner of Malaysia's economy.
From rice trader to empire builder
MMC Corporation is one of the core business units of Syed Mokhtar Albukhary's conglomerate. PHOTO: REUTERS
Born in 1951 in Alor Setar, Kedah, to a family of Yemeni descent, Syed Mokhtar's rise is a classic rags-to-riches tale. He dropped out of school early to help support his family and began trading rice and offering logistics services.
From this modest start, he went on to amass one of the country's largest and most diversified business empires. His approach is simple and direct. As he once said: 'If I want to do something, I do it first and talk about it later.'
Syed Mokhtar Albukhary's business interests stretch from agriculture to the defence industry. This includes DRB-Hicom Defence Technologies (DefTech), a key supplier of military equipment within Malaysia. PHOTO: DRB-Hicom
With an estimated net worth of US$2.3 billion, Syed Mokhtar is Malaysia's 11th richest individual, according to Forbes, though many believe his actual economic footprint is much larger.
Spanning every corner of Malaysian life One of the warehouse and distribution facilities of Bernas in Malaysia. PHOTO: BERNAS
Through his flagship company MMC Corporation, the listed DRB-Hicom and his private investment company Puncak Semangat, Syed Mokhtar controls assets that touch virtually every facet of Malaysian life:
Food security: He controls Padiberas Nasional (Bernas), which holds the exclusive right to import rice into Malaysia – a critical staple in every household. Bernas reportedly controls 30.6 per cent of the local rice market and supplements domestic supply with imports from Thailand and Myanmar. The company is 92 per cent controlled by Syed Mokhtar through four private companies. He is also a key player in the sugar trade and plantations through his control of MSM Malaysia Holdings, the country's leading sugar producer. He owns a controlling stake in MSM through his company, Tradewinds, which is part of his larger conglomerate.
Mobility: Through DRB-Hicom, Syed Mokhtar owns Proton, the national carmaker, and oversees the distribution of several foreign marques, including Honda and Mitsubishi. The company also handles the assembly of vehicles for other brands such as Mercedes-Benz and Volkswagen. MMC Ports is the largest port operator in Malaysia and manages seven ports along the Straits of Malacca, with Johor Port being one of its key assets. PHOTO: MMC CORP
Ports and logistics: His port empire, under MMC Port Holdings, makes him the gatekeeper of Malaysia's most strategic trade gateways – including Port of Tanjung Pelepas, Northport and Johor Port.
Utilities: He owns a significant stake in Gas Malaysia, supplying natural gas and liquefied petroleum gas to homes and industries across the country. The company has developed a total of 2,946 km of gas pipelines across Peninsular Malaysia.
Defence: Via DRB-Hicom Defence Technologies (DefTech), he is a major supplier of military equipment. In 2011, DefTech secured a US$2.5 billion contract to supply AV8 armoured vehicles to the Malaysian Armed Forces. Last year, DefTech's subsidiary collaborated with Sichuan AOSSCI Technology to expand its unmanned aircraft systems segment.
Property and construction: His companies, including Kelana Ventures, have undertaken defence infrastructure projects such as military camps and airbases through land swap deals with the Ministry of Defence.
Oil and gas: His involvement ranges from engineering services through MMC Oil and Gas Engineering to upstream ventures under SKS Ventures, which signed a US$16 billion deal with Iran to develop gas fields in 2008.
Renewable energy: Through his ownership of MMC Corporation, Syed Mokhtar holds an indirect controlling stake of approximately 37.7 per cent in Malakoff Corporation, Malaysia's largest independent power producer. Malakoff operates multiple power plants in Malaysia and abroad, focusing on electricity generation and, increasingly, renewable energy projects.
Telecommunications: His firm Puncak Semangat, under the Al-Bukhary Group, led Malaysia's transition to digital terrestrial television and secured valuable 4G LTE spectrum allocations.
Media: Syed Mokhtar owns Media Prima, one of Malaysia's largest media conglomerates, and Media Mulia, which publishes Utusan Malaysia, the oldest Malay-language newspaper. This media clout offers both business leverage and political insulation.
Bank: Syed Mokhtar holds a significant stake in Bank Muamalat through DRB-Hicom, which owns 70 per cent of Bank Muamalat. Malaysia sovereign wealth fund Khazanah Nasional owns the remaining 30 per cent in Bank Muamalat.
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Political savvy
Former prime minister Mahathir Mohamad on one occasion commended Syed Mokhtar's sharp business insight and bold embrace of new ventures. PHOTO: AFP
The tycoon has long had close ties with former prime ministers Mahathir Mohamad and Muhyiddin Yassin, and has managed to stay on top through Malaysia's ever-changing political tides.
'He is keen to grow, others are not so keen. Sometimes, where other people do not want to go in (to a business venture), he is willing to go in,' said Dr Mahathir in praise of Syed Mokhtar in 2015.
Syed Mokhtar Albukhary once said: 'If I want to do something, I do it first and talk about it later.' PHOTO: BT FILE
In 2022, Prime Minister Anwar Ibrahim publicly criticised Syed Mokhtar over Bernas' rice import monopoly and its impact on padi farmers; the issue was resolved when Syed Mokhtar agreed to allocate RM90 million (S$27 million) from Bernas' profits to support farmers, satisfying government demands without altering Bernas' monopoly.
His ability to align with successive governments has helped secure key concessions and maintain dominance across industries.
Ownership of major media outlets further strengthens Syed Mokhtar's position, enabling him to subtly influence public narratives and maintain strong ties with those in power.
Philanthropy and the Albukhary Foundation The Islamic Arts Museum Malaysia located in Kuala Lumpur, serves as an ambassador of Islamic Arts in South-east Asia. PHOTO: ALBUKHARY FOUNDATION
Beyond business, Syed Mokhtar is recognised for his philanthropic initiatives. He founded the Albukhary Foundation, a major non-profit focused on education, culture and social development.
Among its notable contributions are: Albukhary International University, a private non-profit institution that aims to provide access to tertiary education for underprivileged students.
The Islamic Arts Museum Malaysia, one of the world's leading Islamic art institutions.
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Succession
Through DRB-Hicom, Syed Mokhtar owns Proton, the national carmaker, and oversees the distribution of several foreign marques, including Honda and Mitsubishi. PHOTO: TAN AI LENG, BT
As Syed Mokhtar's vast business empire continues to grow, questions abound over succession and the future stewardship of his group of companies.
Some recent developments suggest his children are being groomed to take on more prominent roles within the group. Two of the tycoon's children, Syed Danial and Sharifah Sofia, have begun to step into the limelight, suggesting a measured generational shift across his key companies.
In May this year, Sharifah Sofia was appointed as a director of MMC Corporation, non-independent director of Malakoff Corporation and non-executive director of Gas Malaysia. She is also a trustee of the Albukhary Foundation and a board member of Albukhary International University.
She previously served as a director of DRB-Hicom and Pos Malaysia but stepped down from both positions in late 2022.
Syed Danial, meanwhile, serves as a non-executive director at Bernas, director of Aurora Mulia – the largest shareholder of Media Prima – and director of MMC Corp.
Syed Mokhtar's wife, Sharifah Zarah, comes from a well-known political family – she is the daughter of Syed Kechik, a powerful strategist in Sabah during the 1960s and 70s, and also Syed Mokhtar's uncle.