Latest news with #RM311
The Sun
16-07-2025
- Business
- The Sun
Robert Kuok's daughter named Shangri-La Asia CEO in August
PETALING JAYA: Kuok Hui Kwong, the daughter of Malaysian billionaire Tan Sri Robert Kuok Hock-nien, will assume the chief executive position at luxury hospitality company Shangri-La Asia beginning August 1, 2025. The 47-year-old executive has been serving in leadership roles at the hotel group since 2016, initially as executive director before becoming chairman in January 2017. This appointment was announced through regulatory filings to the Hong Kong stock exchange on Wednesday, as reported by the South China Morning Post. Kuok, who is the sixth child among Robert Kuok's eight children, completed her education at Harvard University. She stepped into the top leadership role following the departure of previous CEO Lim Beng Chee, who concluded his tenure at the end of 2022 but continues to serve the company as a non-executive board member. Her compensation package includes a monthly base salary of HK$576,000 (approximately RM311,368), supplemented by performance-based bonuses and pension benefits. Additionally, Kuok maintains a significant shareholding exceeding 5% in Kerry Group, which serves as a major stakeholder in Shangri-La Asia. The hotel group operates more than 100 properties globally across four distinct brands: Shangri-La Hotels and Resorts, Kerry Hotels, JEN, and Traders. Since its establishment with a single Singapore property in 1971, the company has expanded into a major player in the luxury hospitality sector. Shangri-La Asia's latest financial results showed revenue of US$2.19 billion for 2024, representing a 2% increase from the previous year. However, net profit declined by 12.3% to US$161.4 million. The company attributed the revenue growth to improved performance in Hong Kong and the Philippines, though this was partially offset by weaker results in mainland China, Singapore, and the United Kingdom. The organisation employed approximately 25,500 staff members at the end of 2024, down 2.3% from the previous year. During the COVID-19 pandemic, Kuok emphasised the company's commitment to workforce retention, stating in a 2023 interview that they had 'the least number of people in the industry' affected by layoffs. Before her current role, Kuok briefly served as CEO of the South China Morning Post from January to June 2022. The newspaper was acquired by Alibaba Group Holding in December 2015 from SCMP Group, which was previously under the control of the Kuok family's Kerry Holdings. According to Forbes magazine's 2025 rankings, Robert Kuok maintains his position as Malaysia's wealthiest individual with a net worth of US$11.4 billion.
Borneo Post
30-04-2025
- Business
- Borneo Post
IPO proceeds to boost Hartanah Kenyalang's assets, orderbook
Seah (centre) speaks during the press conference after the prospectus launch today. KUCHING (April 30): Hartanah Kenyalang Bhd (Hartanah Kenyalang) will utilise proceeds from its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia to expand its assets, in addition to expanding its design and build services. Hartanah Kenyalang is principally an investment holding company, while its subsidiary, Hartanah Construction Sdn Bhd, is involved in building construction services, with a focus on institutional buildings such as schools and other public buildings, and other non-residential buildings; as well as infrastructure construction services, with a focus on bridges and roads. Against the backdrop of growth prospect in Sarawak's construction sector, its managing director Seah Boon Tiat said Hartanah Kenyalang plans to utilise part of the proceeds from IPO exercise to purchase six new excavators to replace some of its older excavators in order to increase our capacity and productivity. 'In addition, we also plan to expand into offering design and build services for our building construction services segments and infrastructure construction services segments by investing in Building Information Modelling system (BIM),' he said during a press conference after its prospectus launch earlier today. BIM is a technology that can digitise various aspects of a construction project, enabling seamless collaboration among project owners, architects, consultants, engineers and contractors by using a 3-dimensional model. As at 30 April 2025, Seah said Hartanah Kenyalang has tendered for various building and infrastructure construction projects with an aggregate contract value of RM451 million, of which RM311 million is in respect of a design and build construction project. its current orderbook stands at some RM150 million, he said. 'By expanding our design and build services, we are confident that this strategic move will enable us to climb up the construction industry's value chain and to increase our overall competitiveness in the marketplace,' he added. To note, the group has 11 years of operating history in the construction industry in Sarawak since commencing business operations in 2010. Among the ongoing construction projects currently undertaken by the group include the construction of the State Archive building in Kuching; construction of school buildings and related facilities for Yayasan International School in Sibu and Kuching; construction of two dilapidated school buildings and related facilities, namely SK Tambay in Kota Samarahan and SK Kujang Mawang in Serian; as well as the construction of the Sebauh Bridge in Bintulu as a rescue contractor. The group has also undertaken a construction project in the neighbouring state of Sabah where the Group is involved in the construction of the Sg Padas Bridge in Tenom. Among the construction projects completed by the group in the past include the construction of six dilapidated schools at various locations in Sarawak; construction of commercial shophouses for Samariang Square in Petrajaya, Kuching; infrastructure works for the Pan Borneo Highway from Serian to Pantu Junction in Sarawak; construction of commercial shophouses at Jalan Matang, Kuching; and provision of piling works for the Kuching International Airport Hanger in Kuching. assets Hartanah Kenyalang Bhd IPO lead orderbook
