Billionaire Quek Leng Chan, the second richest individual in Malaysia, is considering a plan to take property developer GuocoLand Malaysia private by buying out the firm.
GuocoLand, the Singapore-listed developer under his control, is preparing a proposal to acquire the remaining shares of its Kuala Lumpur-listed subsidiary GuocoLand Malaysia, sources familiar with the matter told Bloomberg.
|
Emerald Hills, a property in Kuala Lumpur developed by GuocoLand Malaysia. Photo courtesy of GuocoLand Malaysia |
GuocoLand holds more than 65% of GuocoLand Malaysia, while Quek directly owns close to a 3% stake in the subsidiary, based on its most recent annual report.
The purchase price is expected to be at MYR1.10 (US$0.28) per share, according to The Edge Malaysia. This means Quek is entitled to receive MYR21.46 million ($5.5 million).
Both GuocoLand Malaysia and GuocoLand called for trading halts on Monday while awaiting an announcement. Quek serves as chairman of Singapore-based GuocoLand and has an interest in nearly 72% of its shares.
The 82-year-old Malaysian tycoon has a net worth of $10.7 billion, according to U.S. magazine Forbes. He second in wealth behind Robert Kuok with $14.4 billion in net worth.
Quek’s wealth has risen 8% since March last year when Forbes updated its annual global billionaires list.
-
AFRM Q4 Earnings Beat Estimates — So Why Did The Stock Fall After-Hours?
-
Zero illegals released in 9 months, a remarkable achievement: WH
-
Aadhaar Card will no longer be valid for date of birth proof, know which document will be eligible again – News Himachali News Himachali
-
Today’s Horoscope (Aaj ka Rashifal) 06 February 2026: Avoid shortcuts today and be patient, the position of the planets is giving big benefits.
-
EU-India FTA a landmark achievement, a ‘win-win’: Lithuanian official
