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Business Times
09-06-2025
- Business
- Business Times
How the Lim family built Genting's global empire from Malaysia
[KUALA LUMPUR] Investor confidence in the Genting Group has come under pressure in recent months, as weak earnings, surprise leadership changes, corporate governance woes and mounting capital commitments triggered sharp sell-offs across its listed entities. As of June 9, shares across Genting's four listed arms had declined by between 8.4 and 18.2 per cent in the year to date. Genting Singapore posted the smallest drop at 8.4 per cent, and Genting Berhad (Genting), the group's holding company, led the losses with an 18.2 per cent fall, followed by Genting Plantations (15.4 per cent) and Genting Malaysia (11.1 per cent). Among the recent changes was executive chairman Lim Kok Thay's taking on the role of acting chief executive officer at Genting Singapore on Jun 1, following the surprise retirement of long-serving chief executive Tan Hee Teck in May. The news raised fresh questions about the group's next strategic steps, especially because leadership is being temporarily centralised under Lim. Concurrently, Lee Shi Ruh, the current president of RW Sentosa, will step into the property's CEO position. These developments came just months after a milestone moment in March 2025, when Genting appointed Tan Kong Han, a non-family executive, as CEO of Genting, marking the first time operational control of the holding company shifted outside the Lim family. Despite this, the dynasty remains deeply influential at the board level. Lim Kok Thay continues to hold key roles across the group as executive chairman of Genting and Genting Singapore, deputy chairman and CEO of Genting Malaysia, as well as deputy chairman and executive director of Genting Plantations. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up While some investors view the leadership transitions as a step toward professionalisation, others are cautious, seeing the consolidation of control as a sign of the group's continued reliance on centralised family leadership. The dynamic that has shaped Genting From its roots as a solitary hilltop casino in Malaysia's Genting Highlands in Pahang – about an hour's drive from the capital city of Kuala Lumpur – Genting Group has grown into one of South-east Asia's most recognisable multinationals. Today, its sprawling empire spans gaming, hospitality, plantations, power and biotech, which can be confounding. Behind the brand lies a complex web of listed entities, family control and capital-intensive operations that make it a mixed bag for investors. Each Genting-listed arm presents different investment propositions, depending on an investor's appetite. For growth-centric investors, Genting Malaysia or Genting Singapore may be a draw, given their exposure to a rebound in tourism and gaming. Those seeking stable dividends may find Genting Plantations or the Singapore-listed unit more attractive. As Genting plots its post-pandemic recovery and weighs long-term leadership succession, attention is turning to where the real value proposition with the lowest risk lies. The Business Times unpacks how the Genting empire stacks up as leadership shifts and capital needs put its sprawling structure under the spotlight. A multi-layered conglomerate The Genting Group is anchored by Genting, its holding company listed on Bursa Malaysia. Through its trio of publicly traded entities, Genting Malaysia, Genting Plantations and Genting Singapore, the group is involved in distinct business lines and geographical markets. Beyond the bourse, key unlisted subsidiaries such as Genting Energy and Resorts World (RW) Las Vegas extend the group's reach into power generation and the heart of the US gaming industry. Established in 1965 as a one-resort operation in Malaysia, Genting has since expanded its footprint to nine countries, employing around 54,000 people globally. PHOTO: BT FILE Genting holds majority stakes in Genting Malaysia, which operates the iconic RW Genting in Malaysia's highlands, along with casinos in New York and the UK. Genting Singapore owns RW Sentosa, one of only two integrated resorts with a casino licence in Singapore. Genting Plantations is a mid-sized palm-oil producer with extensive plantations in Malaysia and Indonesia. The group's international portfolio once featured Genting Hong Kong, a cruise ship operator under the Dream and Star brands. But that collapsed and was liquidated in 2022, felled by the pandemic. Beyond its core operations, Genting has made strategic bets in life sciences and biotech – investing in firms such as Celularity, CorTechs Labs, DNAe Group and Human Longevity. Genting Ventures, the group's venture arm, invests in early-stage, disruptive technologies aligned with its core sectors: gaming, entertainment, hospitality, agriculture and energy. Kien Huat Realty – the Lim family's private investment vehicle led by Lim Kok Thay – serves as their principal holding and investment arm. Often referred to as Kien Huat or Kien Huat Realty III, it holds significant stakes across Genting's listed entities and affiliated businesses. In a 2017 interview with The Peak, Lim Kok Thay said: 'Our founder has always said that if the relationship is not good or the investment climate of a country is not correct, it is not worth getting into, even if you make money. That value has held us up well.' Lim's family and succession plan The legendary tycoon Lim Goh Tong transformed a remote jungle in Pahang into the iconic Resorts World Genting. PHOTO: RESORTS WORLD GENTING Genting Group was founded in 1965 by the late Lim Goh Tong, Malaysia's 'casino king', whose bold vision transformed a remote jungle in Pahang into the country's only casino resort. He passed leadership of Genting Group to Lim Kok Thay, his second son, who became chairman in 2003. When the senior Lim died in 2007, he left behind six children: three sons – Lim Tee Keong, Lim Kok Thay and Lim Chee Wah – and three daughters – Lim Siew Lay, Lim Siew Lian and Lim Siew Kim. Apart from Lim Kok Thay, better known as KT Lim in corporate circles, none of Lim Goh Tong's children hold executive or official positions within Genting Group's core businesses currently. The late Lim's eldest son, Lim Tee Keong, was previously involved in the family business but faced bankruptcy; he died in 2014. Following his financial difficulties, control of his family trust was transferred to his brothers, Lim Kok Thay and Lim Chee Wah. Lim Chee Wah, while prominent within the family, holds no position within Genting's companies. The daughters have similarly remained outside the group's management, although Lim Siew Kim was previously involved in legal disputes over family assets. Genting Group chairman Lim Kok Thay playing baccarat at the soft opening of Singapore's first casino at RW Sentosa complex in 2010. PHOTO: BT FILE Under Lim Kok Thay's stewardship, Genting expanded internationally, launching major integrated resorts in Singapore, the US, UK and beyond, while diversifying into plantations, power and biotechnology. With an estimated net worth of US$1.8 billion, Lim Kok Thay was ranked 14th on Forbes' 'Malaysia's 50 Richest' list for 2025. The third generation is represented by Lim Keong Hui, Lim Kok Thay's son. Currently serving as deputy chief executive and executive director at both Genting and Genting Malaysia, he is widely viewed as the successor to the Genting empire. Beyond Genting and Genting Malaysia, he assumed the role of CEO of Genting Plantations in March, following Tan Kong Han's transition to a broader role within the group. Lim Keong Hui, son of Lim Kok Thay, is widely viewed as the successor to the Genting empire. PHOTO: GENTING PLANTATIONS A look at the numbers Despite a strong rebound in 2024, Genting Group's net profit and revenue declined in the first quarter of 2025, primarily due to lower contributions from its vital leisure and hospitality segment. Chairman Lim Kok Thay, offering his outlook for 2025 in Genting's 2024 annual report, said he expected uneven global economic growth for 2025, with differing trends between advanced and emerging markets. While Malaysia's economy is expected to grow, supported by domestic demand, it remains subject to global and local uncertainties, alongside inflationary pressures. 'The international tourism sector is forecast to remain robust, driven by strong demand and continued global travel recovery, positioning the regional gaming market for sustained upward momentum,' he said. Overall, Genting's revenue and earnings have risen steadily over the past five years, largely propelled by strong performances in Singapore and Malaysia. The leisure and hospitality segment consistently contributes more than 80 per cent of the group's revenue and earnings. Plantations add about 10 per cent, and the remainder comes from its energy and other diversified segments, based on Genting's 2024 annual report. What analysts are closely watching Valuation unlocking: A longstanding analyst speculation is that Genting may restructure or list its energy unit to unlock value and narrow the conglomerate discount. Dividend sustainability: While Genting Singapore delivers consistent payouts, Genting Malaysia's dividends hinge on regulatory clarity and cash-flow strength. Capex versus returns: Genting Malaysia's US expansion and Genting Singapore's Sentosa revamp demand hefty capital outlay, with investors eyeing execution risks and potential returns. Commodity exposure: Fluctuations in crude palm oil and energy prices could impact earnings from Genting Plantations and Genting Energy, affecting group contributions. Legal disputes: Genting Malaysia has a history of lawsuits. It is currently being sued by its former Bahamian partner for US$600 million. Key catalyst: Regulatory approval for the drug for Alzheimer's developed by 20 per cent-owned TauRx Pharmaceuticals. Operational challenges in the UK and US, particularly stemming from loss-making Empire Resorts, are expected to weigh on Genting's earnings for the year.
![[Photos] How Genting Highlands' Nature Trails Are Becoming Malaysia's Hottest Eco-Destination](/_next/image?url=https%3A%2F%2Fwww.therakyatpost.com%2Fwp-content%2Fuploads%2F2025%2F06%2FUntitled49.jpg&w=3840&q=100)
![[Photos] How Genting Highlands' Nature Trails Are Becoming Malaysia's Hottest Eco-Destination](/_next/image?url=https%3A%2F%2Fall-logos-bucket.s3.amazonaws.com%2Ftherakyatpost.com.png&w=48&q=75){kind=small}
Rakyat Post
04-06-2025
- Science
- Rakyat Post
[Photos] How Genting Highlands' Nature Trails Are Becoming Malaysia's Hottest Eco-Destination
Subscribe to our FREE When you think of Genting Highlands, casinos and theme parks probably spring to mind. But at the Genting Nature Adventures (GNA)'s Conference of Experts and Collaborators 2025, held at Resorts World Awana, a different kind of excitement emerged through the partnership with Nikon, focusing on wildlife documentation. The conference successfully brought together experts from various fields, combining scientific research with nature photography and exploration, to highlight the significance of Genting Highlands beyond its famous entertainment venues. A significant scientific highlight was the presentation of The remarkable discovery was made through a collaborative effort: Genting Nature Adventures Department Manager Eddie Chan first spotted this tiny, otherworldly plant along a quiet nature trail, and The species was named 'limkokthayi' in honour of Tan Sri Lim Kok Thay, Chairman of the Genting Group, recognising his deep involvement in developing facilities essential to preserving the biodiversity assets of Genting Highlands. Due to the Critically Endangered status of the non-photosynthetic plant, as classified by the International Union for Conservation of Nature (IUCN), a tissue culture laboratory is currently being set up to cultivate more T. limkokthayi, thereby ensuring its preservation for future generations. This discovery, documented in the scientific literature, not only highlights the region's previously unexplored biodiversity potential but also demonstrates how corporate responsibility, scientific expertise, and local knowledge can work together to advance our understanding of Malaysia's natural heritage. Pioneering Partnership in Nature Documentation The significance of preserving such natural heritage was further emphasised by an impressive lineup of speakers who shared their unique perspectives on nature exploration and documentation. Among the notable speakers was Despite facing severe challenges, including losing eight fingers to frostbite during his climbing career, his presence added a unique perspective on human endurance and the exploration of nature. , Dr. Ignatius Augustine, a medical doctor specialising in Internal Medicine, showcased his wildlife photography skills with stunning captures of the local avian fauna, including the Great Hornbill, through the Nikon Z9, demonstrating how modern photography equipment can aid in wildlife documentation and conservation efforts. Meanwhile, As President of the Singapore Acupuncture Association, he painted a compelling picture of how our rainforests serve as living medicine cabinets, packed with plants, fungi, and herbs that have been healing people for generations. His message hit home: every acre of forest lost isn't just a blow to biodiversity – it's potentially erasing chapters from humanity's medical textbook. Young Voices, Ancient Forest: How Junior Rangers are Changing Conservation But here's where it gets really interesting. Three young eco-warriors – GNA's Junior Rangers Ziann Kok, Won Dao Her, and Ho Hayley – stole the show with presentations that had seasoned professionals taking notes. These kids aren't just cute faces in ranger vests; they're the future of conservation, backed by parents who believe nature walks beat screen time any day. The Junior Rangers program is designed for young nature enthusiasts to learn about the environment and its preservation. Using a combination of nature journals, smartphone photography, and specially designed mobile apps, they demonstrated how they track and record their observations of local flora and fauna. Their work exemplifies how the next generation is embracing both traditional observation methods and modern technology to contribute to conservation efforts. Through the Lens of Conservation The partnership between GNA and Nikon, through They've transformed the Awana Trail into what they're calling the 'Mile Long Gallery,' complete with Nikon-branded plaques marking prime photo spots. On 25 May, about 70 members of the 'This collaboration stands as a commitment to preserving nature and promoting responsible travel,' said Nikon product specialist Alex Moh. And they're backing it up with action, supporting not just this workshop but two more coming up in July and October, coinciding with The Other Side of the Mountain Under the leadership of Department Manager Eddie Chan and his partner Pat Ang, GNA is proving that Genting Highlands is more than just Malaysia's entertainment capital – it's becoming an unlikely hero in the country's conservation story. With resident scientists mapping ecosystems and executives pioneering sustainable tourism models, they're writing a new chapter in Genting's history. So next time you're heading up to Genting, maybe pack a camera alongside your entertainment plans. Those bright lights might draw you in, but it's the wild trails, hidden flowers, and soaring hornbills that'll make you want to stay. Just ask any of the Junior Rangers – they'll tell you the real treasures aren't found at the peak, but in the forests that surround them. Share your thoughts with us via TRP's . Get more stories like this to your inbox by signing up for our newsletter.
Business Times
01-06-2025
- Business
- Business Times
Malaysian tycoons tap Indonesia's digital and logistics boom
[JAKARTA, KUALA LUMPUR] They made fortunes in palm oil, resorts and retail. Now, some of Malaysia's prominent tycoons, including Wilmar's Robert Kuok and Genting Group's Lim Kok Thay, are quietly funnelling serious money into Indonesia's digital and logistics sectors. It is not a new play but a strategic one, reflecting how Malaysian money is chasing South-east Asia's biggest economy, where clicks are starting to matter more than commodities. Malaysian investors have poured some US$905 million into Indonesia's digital space so far, with deal activity peaking in 2023 at US$229 million – even higher than the pandemic-era surge of US$214 million in 2021, data from startup intelligence platform Tracxn showed. 'The post-Covid recovery and structural demand shifts are driving sustained activity,' said Neha Singh, co-founder and chief executive officer of Tracxn. She added: 'Despite global headwinds, Malaysia's interest in Indonesia's digital sector has only grown stronger.' From commodities to clicks For decades, Malaysian capital poured into Indonesia's abundant natural resources, from palm oil estates in Kalimantan to mining ventures in Sumatra. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Many struck it rich. Tycoons such as Robert Kuok and Lim Kok Thay turned raw commodities into profit engines, cementing their place further among Malaysia's wealth elite. Other Malaysian players, from logistics outfits to venture-backed startups, have also expanded their footprint in Indonesia's digital economy. As Indonesia's 280 million-strong population grows more urbanised, tech-savvy and digitally connected, the nature of consumption and investment is changing. Malaysia's business elites have taken note. Indonesia's digital economy presents a compelling opportunity for Malaysian investors, driven by several strategic advantages, noted Tracxn's Singh. 'The two countries share close geographical proximity, cultural similarities and strong diplomatic ties – all of which make cross-border business engagement more seamless,' she said. Jerry Goh, investment director of Asian equities at Aberdeen, notes that Indonesia's expanding middle class and rising purchasing power are laying a solid foundation for long-term growth in digital commerce. 'This shift is fuelling stronger consumer spending, particularly within the digital economy,' he said. The rapid growth of smartphone adoption and Internet connectivity has significantly expanded Indonesia's online consumer base – particularly in the gaming sector, which is valued at an estimated US$2 billion, indicated the country's Ministry of Communication and Digital Affairs. Sensing long-term potential, Genting's Lim – who is credited for growing the family-controlled business empire into a global casino and leisure giant – has made a strategic play through investment arm Genting Ventures by backing Jakarta-based Evos Esports – one of South-east Asia's top online gaming platforms. The venture firms also took part in a US$6.2 million funding round for Eratani, an Indonesian agri-tech startup, capitalising on the rising momentum of digital transformation in the country's agriculture sector. Jeffrey Cheah, founder of Malaysian conglomerate Sunway Group, has also broadened his regional footprint through venture capital, teaming up with Jakarta-based investment firm Kejora Capital to launch the Orbit Malaysia Fund, an investment vehicle aimed at supporting startups across South-east Asia, with Indonesia as a key focus. Beyond market size As South-east Asia's largest automotive market, Indonesia remains a pivotal growth engine for Carsome, Malaysia's biggest used car platform, which has been operating in the country since 2017. Carsome is backed by businessman Patrick Grove, the billionaire behind Catcha Group and iflix. Grove ranked 48th on Forbes' list of Malaysia's richest individuals in 2025, with a net worth of US$345 million. Eric Cheng, Carsome's co-founder and chief executive officer, says that the company's expansion into Indonesia was driven by more than just its market size. PHOTO: CARSOME Eric Cheng, co-founder and CEO of Carsome Group, emphasised that the company's expansion into Indonesia was driven by more than just its market size. 'Indonesia's growing appetite for used vehicles, alongside a rising preference for digital-first experiences, made it a natural next step in our regional expansion,' he told The Business Times. While macroeconomic challenges and a softer automotive market in 2024 have weighed on the broader industry, Cheng said that Carsome is using this period to strengthen its operations in the country. 'We will be re-investing with more precision, buying the right inventory, improving unit economics and applying learnings from our turnaround in Malaysia,' he noted. Warehousing: new goldmine Experts view Indonesia's booming digital storefront sector as a key driver of long-term growth for the delivery and logistics industry. Gary Tan, portfolio manager for the intrinsic emerging markets equity team at Allspring Global Investments, said the growing demand for fast and reliable shipping has significantly boosted the valuations of supply chain companies – making them increasingly attractive to equity investors and reflecting strong confidence in the sector's long-term prospects. This is where many Malaysian investors are making early, strategic moves. They are not just backing consumer-facing digital ventures, but also investing in the physical infrastructure essential to powering South-east Asia's digital evolution. Wilmar's Kuok, for instance, made an early move into Indonesia's logistics space through Kerry Logistics, where he holds a significant stake. In 2015, Kerry entered a joint venture with local player Puninar Logistics, tapping the country's fast-growing logistics sector, with a strategic focus on inter-island distribution. Kuok topped Forbes Malaysia's 50 richest list in 2024 with an estimated net worth of US$11.8 billion. Mr DIY store in Jakarta. The Malaysian home improvement retailer has been ramping up its expansion in Indonesia following the IPO of its local unit at the end of last year. PHOTO: ELISA VALENTA, BT Meanwhile, Malaysian home improvement retailer Mr DIY – owned by tycoon brothers Tan Yu Yeh and Tan Yu Wei, and their family – has been ramping up its expansion in Indonesia following the initial public offering of its local unit at the end of last year. To support the roll-out of hundreds of new stores in second-tier cities, the company has built a nationwide network of warehousing hubs in partnership with local logistics firms – including one of its largest facilities in Marunda, North Jakarta. Since entering the market in 2017, Mr DIY has rapidly grown to nearly 900 branches nationwide, including in underserved regions. Jai Mirpuri, head of South-east Asia at real asset management group ESR, emphasised that Indonesia's growing automotive sector, particularly in electric vehicles, has attracted significant investments into manufacturing, assembly, and storage space requirements. This further boosts the demand for modern logistics real estate in the country. 'We see attractive investment opportunities in modern warehouses and even data centres that support the broader digital economy,' he said. Geographically complex Despite strong enthusiasm, Indonesia's burgeoning digital economy faces significant challenges. Industry players acknowledged that building efficient logistics networks across an archipelago of more than 17,000 islands is akin to threading a needle. Outside Java and Sumatra, low order density and high transportation costs create logistical headaches. 'Order fulfilment becomes expensive in remote regions. Logistics providers are under pressure to cut costs, especially in a cash-on-delivery environment,' said Swati Chopra, executive director, emerging markets equity, at investment manager Franklin Templeton. 'This requires deep pockets and a long-term view.' Cheng from Carsome noted that Indonesia's vast geography added another layer of complexity, creating supply chain fragmentation and delivery inefficiencies. 'While digital adoption is rising, we quickly learnt that many consumers still prefer face-to-face interactions when buying cars. This required us to complement our digital model with strong on-the-ground engagement to build trust and deliver the experience customers expect.' Cut-throat competition Indonesia's e-commerce sector, while brimming with potential, is among the most fiercely contested in South-east Asia, with both local and international players vying for market share. Indonesia's e-commerce sector is highly polarised, with Shopee and Tokopedia controlling about 71% of the 2022 gross merchandise value. PHOTO: YEN MENG JIIN, BT The market is highly polarised, with Shopee and Tokopedia controlling about 71 per cent of the 2022 gross merchandise value, leaving other platforms to compete for a much smaller share of the market. Indonesia has witnessed the permanent closure of more than a dozen marketplaces, including some that existed before the Covid-19 pandemic. Major players such as Elevania and – China's JD Indonesia unit – have officially shuttered in recent years, with closing its operations in March 2023 after a period of gradual downsizing. Franklin Templeton's Chopra highlighted that with price-sensitive consumers and intense competition, digital marketplaces must invest heavily in user acquisition and retention. This makes long-term survival and growth especially challenging for both new entrants and some established players. 'In the short term, profitability may remain limited due to fierce competition, so patience is essential. We expect further industry consolidation, resulting in larger, stronger and better-capitalised players,' she said.
