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Nine listed companies linked to the late Taib Mahmud's family

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Publish date: Wed, 21 Feb 2024, 03:54 PM

KUALA LUMPUR: Former Sarawak governor Tun Abdul Taib Mahmud passed away in Kuala Lumpur early today.

Taib, 87, was Sarawak chief minister for 33 years before he became the state's governor until recently.

During this time, his family has been involved in a vast number of businesses.

Business Times spotlights nine listed companies with links to the Taib family. The nine companies with a total market capitalisation of RM8.57 billion saw mixed performance on the stock market today following the news of his demise, with companies such as Cahya Mata Sarawak trading lower, while Naim Holdings was up at midday break.

1)Cahya Mata Sarawak Bhd (CMS) (Market capitalisation: RM1.1 billion)

Cahya Mata is arguably most notable of Taib-linked business starting out as Portland Cement manufacturer at Pending Industrial estate in 1974. More than 40 years later, CMS now has more than 35 companies in its portfolio. Taib's family controls just over 22 per cent of CMS; the rest is held by institutional funds. At the helm of CMS is Taib's son, Datuk Seri Sulaiman Abdul Rahman Abdul Taib, who is group managing director (since July 8, 2021). His brother, Datuk Seri Mahmud Abu Bekir Taib is the deputy group chairman.

2) Naim Holdings Bhd (Market capitalisation: RM457.28 million)

Naim Holdings is a fully-integrated property and construction player focusing on integrated property developments, construction, civil engineering, oil and gas and infrastructure projects, as well as oil and gas services through its investment in Dayang Enterprise Holdings Bhd (26 per cent stakes). Datuk Abdul Hamed Sepawi, Taib's first cousin, is Naim Holdings's chairman.

3) Ta Ann Holdings Bhd (Market capitalisation: RM1.70 billion)

Ta Ann is a Sarawak-based timber and oil palm company. Ta Ann has three active forest management units (FMUs) in the Rejang region of Sarawak, which represent 92 per cent of the group's total timber concession. Taib's family holds a total of 28.78 per cent shares in Ta Ann. The company was founded by  Abdul Hamed, Wahab Dolah, Jack Sung Ding, and Kuo Hea Wong in 1985.

4) Sarawak Plantation Bhd (Market capitalisation: RM630.00 million)

Sarawak Plantation was listed in 2007 on the local stock exchange. As at Dec 31, 2009, it had a landbank of 52,071 hectares in Sarawak. Abdul Hamed is a non-independent, non-executive director of Sarawak Plantation. Hamed holds direct and indirect stakes of 29.48 per cent in the company.

5) Dayang Enterprise Holdings Bhd (Market capitalisation: RM2.60 billion)

Dayang Enterprise provides offshore topside maintenance services, minor fabrication works and offshore hook-up and commissioning services for oil and gas companies. It also offers chartering of marine vessels, and equipment hire operation. Dayang Enterprise's largest shareholder is Naim Holdings with a 24.22 per cent stake, while its second largest shareholder is Dayang Enterprise founder and deputy chairman Datuk Ling Suk Kiong with a 7.22 per cent stake.

6) KKB Engineering Bhd ( Market capitalisation: RM511.05 million)

KKB Engineering is a Sarawak-based company that fabricates steel and provides civil engineering works. CMS owns a 17.9 per cent stake in the company.

7) Sarawak Cable Bhd (Market capitalisation: RM83.92 million)Sarawak Cable, an investment holding company, is primarily engaged in the manufacture of power cables and wires. Mahmud Abu Bekir, a son of Taib, is currently chairman of Sarawak Cable and CMS Property Development Sdn Bhd. Mahmud Abu Bekir holds a 18.63 per cent direct and indirect stake in the company.

8) Kenanga Investment Bank Bhd (Market capitalisation: RM860.84 million)

Kenanga Investment is a financial group in Malaysia with experience in equity broking, investment banking, listed derivatives, treasury, corporate advisory, Islamic banking, wealth management and investment management. CMS Capital owns a 18.93 per cent interest in Kenanga Investment. CMS' chief finance officer Richard Curtis is a director of the investment bank, as are a number of other CMS directors, including Ahmad Alwee Alsree, who is Taib's own son in law.

9) Sarawak Plantation Bhd (Market capitalisation: RM630.00 million)

Sarawak Plantation is engaged in the cultivation of oil palm and processing of fresh fruit bunches oil palm into crude palm oil and palm kernel. Abdul Hamed joined Sarawak Plantation Bhd in 2011.  He is currently a non independent executive chairman of the company. Abdul Hamed owns a 29.47 per cent direct and indirect interest in  the company.

 

https://www.nst.com.my/business/corporate/2024/02/1015959/nine-listed-companies-linked-late-taib-mahmuds-family

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