| Hap Seng Consolidated Bhd is a diversified
and well-established companies in Malaysia, with interests in
1) Plantations,
2) Property investment and development,
3) Credit financial,
4) Trading,
5) Building materials and
6) Stone quarries.
Hap Seng’s fortunes revolved around
one man, business maverick Lau Gek Poh, who arrived in what was then
known as British Borneo in 1936 at the age of 19, a small-town boy from
Swatow in Guangzhou.
Lau Gek
Poh began his business life in Sabah before the
Second World War as a migrant from China.
Through sheer determination, toil, endeavours
and hard work, he succeeded in creating the business enterprise of Gek Poh
Group.
Started out as a shop assistant in Sandakan, Lau moved
to Tawau, where he pawned his wife’s jewellery as capital to start a
sundry shop, Hup Seng, with a friend. Business was good, but Lau had big
dreams as he realized the shop had only a limited potential.
Looking for another opportunity, he decided to go into timber from which
he made his first RM1 million. By the 1970s, he was the “timber king of
Sabah”. Restless and entrepreneurial, Lau could not narrow his vision to
timber industry alone.
Like most timber tycoons, he made a lateral move into rubber, cocoa and
oil palm plantations. He incorporated The River Estates Ltd in 1950
which was later known as Hap Seng Plantations (River Estates) Sdn Bhd.
As heavy machinery was required in the logging industry, he invested in
its distribution.
The East Asiatic Co (M) Bhd
The formerly The East Asiatic Co (M) Bhd was
listed on the then Kuala Lumpur Stock Exchange in 1978.
In 1969, Hap Seng Auto Sdn Bhd was incorporated under the name of Si
Khiong Industries Sdn Bhd and Lau acquired the dealership for Mercedes
Benz. He also ventured into a fertilizer business in the same year and
Hap Seng Fertilizers was set up as Sasco Sdn Bhd, a subsidiary of Gek
Poh (Holdings) Sdn Bhd.
The Lau family recently raised their shareholding in Hap Seng
Consolidated, in which it currently owns a 67% stake, via Gek Poh (56%)
and Lei Shing Hong Investments (11.05%). The family privatized Malaysian
Mosaics Bhd, a mosaic and tile maker, in July last year after a hefty
selective capital repayment of RM2.30 per share and held a 73.08% equity
interest in the company before the privatization exercise. Despite their
controlling stake, professional managers have been brought in to run the
show.
Malaysian Mosaics was the parent company, owning 52.99% of Hap Seng
Consolidated, until its stake was disbursed on Aug 11, 2006 to Gek Poh,
the main shareholder of Malaysian Mosaics. Malaysian Mosaics wholly owns
MML Marketing Sdn Bhd and is a manufacturer and distributor of
homogeneous porcelain tiles, mosaics and ceramic tiles.
The Panglima Setia Mahkota award, which carries the title “Tan Sri” was
bestowed by His Majesty Yang DiPertuan Agong Sultan Salahuddin Abdul Aziz
Shah on the occasion of the King’s birthday on 3 June 2000, in recognition
of his magnanimous contribution to Malaysia.
Sabah’s formal Chief Minister, YAB Datuk Musa
Aman, also presented him with the Diamond Award on 31 May 2003 for his
many valuable contributions to society.
The Malaysian Mosaics and Hap Seng Consolidated Group are well diversified
public companies involved in tile manufacturing, plantations, property
ownership and development, automotive retailing, credit financing,
fertilizer distribution, quarry and building materials distribution.
A wholly owned
subsidiary, Si Khiong Star Sdn Bhd, located at Jalan Sultan Ismail, Kuala
Lumpur, is an authorized dealer for
Mercedes-Benz passengers cars
in Malaysia.
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