Star Media Group managing director and chief executive officer Datuk Seri Wong Chun Wai (right) presenting a souvenir to Liew. With them is specialist editor M. Shanmugam.
Eco World to build for first time homebuyers
Eco World chairman says banks and GLCs are in good shape
PETALING JAYA: Eco World Development Group Bhd’s chairman Tan Sri Liew Kee Sin is confident that Malaysia is structurally sound despite the unprecedented fall in oil prices.
Kicking off the first StarLIVE Business Series: Power Talks at Menara Star over the weekend, he said the country today was in a strong position to weather these circumstances.
“The banks are well capitalised while many of our government-linked companies (GLCs) are solid presently such as Khazanah Nasional Bhd. This is the good news, that the banks are not in trouble while none of the GLCs are in trouble. This is our fundamental strength and key to our economy,” Liew said.
“I am very confident that the Government will come up with a good budget next week because the Government is today listening to the people. While the ringgit is bad, the good news is that there is a solution to 1 Malaysia Development Bhd’s (1MDB) woes,” he said.
He said that the solution was being panned out on the markets now because 1MDB’s power assets and Bandar Malaysia had been sold.
“The economy will still grow by about 4%-5% this year despite the news and businesses need to take advantage of this,” he said.
He also rebutted comments by an American fund manager Peter Kohli who reportedly said that investors should stay clear of investing in Malaysia.
“I dispute him because there are a lot of people who still regard Malaysia as a jewel such as the mainland Chinese. Some are concerned that they are being involved but they are paying real money for our assets and bringing money into the country,” he said.
Speaking also on Eco World, which he founded, Liew said he decided to start out with his own property development company after he left SP Setia Bhd, which was also founded by him, pursuant to the takeover of SP Setia by Permodalan Nasional Bhd.
“It was very tempting and my wife told me, why not just relax and enjoy what we have attained. But I told myself that I will not fade away and thanks to my chief executive officers, we managed to recreate a brand once again,” he said.
He said having a solid team behind him in both family and work lives was key to him having being able come this far.
“I don’t play golf, I don’t go drinking often and my friends tell me that I am a boring person, so I decided to go back to work. If we worked together as a team, we will never go down,” he said.
He added that investing in people was the main ingredient behind creating successful brands.
“The people are the DNA of the company and over time, we have developed a DNA for ourselves as well. You need to invest in your people.
“In Eco World, we have the Eco World Learning Academy where all our staff members, irrespective of their education background, are trained,” Liew said.
“So far, in our company, we have been able to create and sustain people who are passionate and committed to their jobs,” he added.
On his family, he said instilling values in children were a priority from a young age.
“For my family, we told our kids that when it comes to food and book purchases, they can spend any amount of money they want to.
“But when it comes to branded items, they cannot buy those without my permission because they do not deserve it yet. We cannot afford to be spendthrift with such luxuries in life,” Liew said.
By Daniel Khoo The Star/Asia News Network
Related:
Mentoring role for Eco World’s Liew
EXCLUSIVE: SPOTLIGHT ON ECO WORLD'S LIEW TIAN XIONG
Property Development Entrepreneur Tan Sri Dato' Sri Liew Kee Sin
Apr 25, 2015 ...Liew and his son Tian Xiong (left) at the interview. The biggest shareholder of
Eco World Development Group is Tian Xiong, who at 22 in 2013 ...
Jan 22, 2014 ...S P Setia fell five sen to close at RM2.88 while Eco World was up one sen to ... “
Tan Sri Liew (Kee Sin) told me that I can scold him (Xiong).
Apr 23, 2015 ...SP Setia Bhd 4, UEM Sunrise Bhd ... Bhd 18. Eco World Development Group Bhd
19. .... Entrepreneur Liew Kee Sin from SP Setia to Eco Wor.
National pride: EcoWorld’s father and son team Tian Xiong (left) and Kee Sin proudly wearing the campaign’s wristbands.
It has been more than a month since the #AAnakAnakMalaysia campaign started and today marks the final day of the simple yet meaningful campaign.
What started out as a campaign to unite Malaysians and uphold the spirit of independence quickly grew and flooded social media, especially with images of the people creatively expressing their patriotism using the campaign’s signature #AnakAnakMalaysia wristband.
Together, two proud Malaysian companies – EcoWorld Development Group Bhd and Star Media Group Bhd (formerly Star Publications (M) Bhd) – banded together to remind us what it means to be Malaysian and to look beyond skin, cultural background, race and creed.
The campaign stands firm in its belief that embracing diversity is key to success and with millions of shares of pictures with the hashtag (at www.anakanakmalaysia.com), it was evident that the campaign struck a chord in the hearts of Malaysians.
Wong (left) beaming with pride as he shows his solidarity with Malaysians.
The Star sat down with EcoWorld chairman Tan Sri Liew Kee Sin, executive director Liew Tian Xiong and Star Media Group Bhd group managing director and chief executive officer Datuk Seri Wong Chun Wai to hear from them the journey of the campaign towards Malaysia Day and its impact.
Tian Xiong said the response to the #AnakAnakMalaysia campaign was beyond what was imagined.
When coming up with a Merdeka-Malaysia Day campaign, he said the group branding team had wanted to do something different.
“Over the years, we realised that fewer flags are being waved. We just wanted to do something significant and remind people that there is a lot to look forward to in this country,” he said.
Although there were about 20,000 pictures shared through the hashtag, Tian Xiong said the total number of shares accumulated to about six million across all social media platforms.
“Everyone was posting pictures –no matter where they were. There were so many creative pictures,” he said.
Tian Xiong’s favourite so far has been the one where a father uses his fingers to form the shape of a heart on his pregnant wife’s belly, signifying the coming of an “Anak Malaysia”.
The campaign drew attention in the media with Tian Xiong even getting personal feedback.
“Everyone has been saying that it’s a good campaign. We made 480,000 wristbands for this and there are still people asking for more,” he said, adding that he always made it a point to pass these to his friends whenever they met up for their weekly football games.
“I’ve never been embarrassed to be a Malaysian. This country has a lot to offer and it gives you character.
“Even when I was studying abroad, I always wanted to come back,” he said.
Growing up, Tian Xiong said being tolerant of other races came naturally, particularly when he was surrounded by people of various ethnic groups every day.
His father Kee Sin said as a parent, the key was to teach children to respect each other, not to look at skin colour, and to embrace diversity.
“Parents should let their children mix and mingle with different races and Malaysians should make friends, rekindle friendships and not stay within their own boundaries,” he said.
In EcoWorld, he said diversity was their theme, which was embraced by all employees.
Growing up in Plentong New Village, he said it never mattered what race each child in the football field was then as everyone just bonded over the sport.
He believes that the reason for such troubled times in the country is because people have taken the country’s richness in culture, race, and religions for granted.
Leaders, he said, should now think of ways to move forward.
A proud Malaysian, he said he always did his little part in placing Malaysia on the world map whenever he travelled.
“I always make it clear to everyone I meet where I come from and will continue to remind people,” he said, adding that overseas, it did not matter what one’s race was as everyone identified themselves as Malaysians.
Wong agreed with EcoWorld that the response to the campaign had been overwhelmingly successful.
“The National Day-Malaysia Day campaign struck a chord with all layers of Malaysians because the majority of us are tired of race politicians and, certainly, disconnected politicians who use race and religion to ensure their survival.
“This is not what most moderate Malaysians want for this country. Malaysians want to celebrate these two great days, not mark these important dates with fear.
“We must be able to go to the streets on Aug 31 and Sept 16 in a celebration of joy. These two dates are about Malaysians of all races, religions and cultures coming together as one people,” he said.
It was shocking, he added, that some had chosen to draw and emphasise on the differences – whether real or imaginary.
Wong said they got daily calls from Malaysians wanting to be part of the initiative and, regardless of race, he could see the genuine joy and pride each time they put on the wristbands.
“We share this joy for our little part in making history for Malaysia.
“It was truly a people’s initiative to spread the word of moderation and we hope to carry out a similar collaboration next year where, again, all Malaysians can make a simple statement of their love for our Malaysia which we truly love,” he said.
Liew and his son Tian Xiong (left) at the interview. The biggest shareholder of Eco World Development Group is Tian Xiong, who at 22 in 2013 became the major shareholder of the company. Entrepreneur who drives the ...
Liew's eldest son, Tian Xiong, is a major shareholder and director in Eco World, another property firm set up by former S P Setia top brass. S P Setia fell five sen to close at RM2.88 while Eco World was up one sen to RM4.15.
“Property development companies such as E&O, Eco World Development Group Bhd and Ewein Bhd are embarking on new large-scale mixed development projects in the state with total gross development value (GDV) of ...
The developers who took part in the exhibition were Eco World Development Sdn Bhd, SP Setia Bhd Group, IJM Properties Sdn Bhd, Asas Mutiara Sdn Bhd, Chong Company Sdn Bhd, Sunway Grand Sdn Bhd, BSG Property, ...
Liew and his son Tian Xiong (left) at the interview. The biggest shareholder of Eco World Development Group is Tian Xiong, who at 22 in 2013 became the major shareholder of the company.
Entrepreneur who drives the smaller Eco World group is still a much talked-about figure in corporate world
AT 57 years of age, Tan Sri Liew Kee Sin can easily count himself to be one of the most talked about personality in Malaysia’s corporate circle – by the Government, the private sector and property investors.
Amidst the unravelling of events over the past four years, including his exit from SP Setia Bhd, Liew continues to be among the corporate figures today that enjoy the adulation of some and the wrath of others.
Since leaving SP Setia a year ago, Liew has been furiously on the ball, trying to “regain” what he has lost. He has kept a fast and furious pace, though buffeted on every front by unabating current.
Although he has previously overcome challenges thrown at him, the pressure this time is different, in severity and magnitude. It’s a pressure cooker in Eco World Development Group Bhd (EWB), he admits.
“The momentum is on-going. It forces me to be the face of Eco World,” he says.
The positive side to all these is that he has about 300 out of a staff count of 800 who joined him from his previous company. This round of rebuilding includes his son, Tian Xiong, 24. That may also account for him being more driven than before.
While he has made a success of the 4,000 acres in S P Setia’s flagship development in Shah Alam years ago, today’s climate of high house prices and stagnant wages mean his team would have to work doubly hard. So far, however, most of his projects in the Klang Valley and Johor seem to enjoy take-up rates of 80% and above.
His latest launch in Batu Kawan, Penang, has prices hovering in the RM700,000-RM800,000 bracket.
Credited with making something out of 4,000 acres in Shah Alam, Liew is trying to do the same in Semenyih, Selangor, and Batu Kawan, Penang, on a smaller scale. Liew says his objective is to set a new benchmark in terms of concepts, ideas and designs for branding purposes.
Next month, he will be launching 1,130 units in London City Island with a gross development value (GDV) of £617mil, at a time when house prices are frothy, with wages stagnant. The May 7 elections is another dampener. The Employees Provident Fund (EPF) has just sold a building at a profit and may be selling another.
The weakening ringgit works for and against him. For local investors, a property abroad is a good hedge against exposure to any possible future weakening of the ringgit. The downside is that the pool of buyers shrink with the weaker ringgit.
However, the target market for the London City Island project goes to Hong Kong, Singapore and London.
Even as he is keeping his finger on sales, other challenges faces Liew and the Eco World group.
Eye on SPAC
In October last year, Liew and his team proposed to list Eco World International Bhd (EWI) as a SPAC (special-purpose acquisition company). But the Securities Commission has yet to approve the application.
While awaiting the SC’s nod for the the proposed SPAC, in January, he and his right hand man Datuk Voon Tin Yow in their personal capacity, via a private vehicle, entered into a joint venture with UK-based Ballymore on a 75:25 basis to develop three projects in London – with the first slated to kick off next month.
The plan was to inject the three properties into EWI, which will be the vehicle for the proposed SPAC. Shareholders of EWB would not be left out as they would be offered up to a 30% stake in EWI.
It was a neat plan – at least on paper.
But the snag is that a SPAC is a blank cheque listing. It is supposed to list without pre-identified and ready assets, which is an issue when it comes to EWI. This is despite Liew’s plan to inject the private purchases “at cost plus holding costs” – meaning Liew and Voon do not profit from the asset injection.
“But this goes against the spirit of SPAC guidelines as set by the SC. A SPAC is a blank cheque listing ... a cash box looking for assets,” says a merchant banker.
“To go global, we must react quickly to market conditions, better design concepts and learn. We have the skill set,” he says. He learned a lot managing and marketing Battersea. No matter how challenging a project, “you gotta break it down to smaller bits”.
Nevertheless, Liew hopes to see some development with respect to the SPAC application within the next month or so.
Keeping EWB and EWI on separate lanes will help him to manage the gearing of both companies and reduce dilution for shareholders of EWB that includes his son, who is the major shareholder.
Liew says he also does not want to park the London assets under EWB because they are too big for its balance sheet.
Although his stake has diluted from 35.05% in 2013 to 13.52% on March 27, 2015, he is still the major shareholder.
Visionary though he may be, time was on his side when Liew built his previous “priced possession”, which is S P Setia. He built S P Setia over the years at a more even pace while the momentum and task he faces today with regards to the Eco World Group has been nothing short but blistering.
Within two years, the company has accumulated 5,396 acres with a GDV of about RM55bil. Debts was up at RM1.15bil as at Jan 31, 2015, from RM215mil in September 30, 2014. (Sept 2013: RM52mil). EWB completed a rights issue raising RM800mil and will undertake a placement. At the end of the corporate exercise, EWB’s gearing will be less than 0.6 times and it will be sitting on a pile of cash that will be used for working capital to develop the massive land bank here.
Liew says he received a lot of offers to work with landowners.
“People ask, why so aggressive? It’s because of the brand. We want to charge ahead in Malaysia. We are using up about 800 acres a year.”
Dealt a good hand
Although Liew has been dealt a good hand in his working life, he may be losing another priced project, all within two years.
As he goes about tying up loose ends on the Battersea chairmanship, a legacy from S P Setia days, and finishing the restructuring in EWB by the end of this month, questions about conflicts of interest have surfaced.
The Battersea Power Station is a 40:40:20 project with S P Setia and Sime Darby holding equal share and EPF remaining 20%.
“When I resigned from S P Setia in April 2014, the Battersea board suggested I wait till September 2015. At that time, there was no Eco World Ballymore (Holding Co Ltd, a developer of the three projects) yet.”
The private vehicle belonging to Liew and Voon – Eco World Investment – has a 75% stake in EcoWorld-Ballymore while UK-based Ballymore Group owning the rest.
At about June of last year, he declared to the board of Battersea of his interest to go into property development in Britain. He was told to wait.
Six months later in January this year, Liew and Voon went public with their 75% stake in the UK-Malaysia joint venture. At that point, he felt “obligated to resign” but was told to wait.
“We have three projects which may seem to be competing with Battersea Power Station although in terms of price point, they are priced differently.”
The latest Battersea Phase 3A units are priced at £1,700 per sq ft while the EcoWorld-Ballymore units are being sold at about £1,000 per sq ft. About 90% of the EcoWorld Ballymore units will be less than £1mil.
Ironically, a vexing issue confronting Liew these days is his chairmanship of Battersea. The roots of the situation he is caught in today can be traced to his entrepreneurship that created Malaysia’s biggest property company that he lost control to Permodalan Nasional Bhd – after a protracted corporate exercise which started in 2011.
Liew, however, is still capable and motivated to use his set of skills to further create value for himself and those around him. But the dichotomy is between duty and interest.
“I do not want to offend anyone anymore. But I (also) feel duty bound,” says Liew.
The Battersea project, which is Liew’s brainchild when he was in S P Setia, has several key milestones in the next one year.
Phase one of the project will be handed over to buyers next year. Work on Malaysian Square – the pride and joy of Malaysia – has just started. Work on London’s underground Northern Line extension, which connects to Battersea, begins this year. These milestones will help the investment to appreciate.
The British authorities are concerned about the reconstruction of the four white chimneys and the restoration of the power station brickwork. So Battersea has quite a bit of important obligations to meet in the next one year and it cannot afford any slip-ups.
“I am under a lot of pressure ... Morally, I should resign. But when I buy (my land in London), I also declare (to the board). I am duty bound to declare on the grounds of good governance. At the same time, I am also duty-bound as chairman because this year is crucial for the Battersea.
“I am trying to get out of this (situation) because I want to reduce the areas of conflict between myself, the Government and everybody else. I have lost S P Setia and I should gentlemanly give up (Battersea),” says Liew.
Time will only provide an answer.
With London mayor Boris Johnson ending his term in 2016 – and considering Liew has a good working relationship with him – there are are more than several reasons for shareholders of Battersea to continue to retain him for another year as chairman. Before works such as the construction of the underground station and reconstruction of white chimneys take off, there is a lot of interaction with the London authorities, something that is not easy to cultivate.
Interest versus duty
Whatever the outcome of his Battersea chairmanship, there are at least two broad contentious issues here. His fiduciary responsibility and duty of care is one. Liew has taken that duty seriously and returned value for that which was entrusted to him. The second issue is his skill set. Life has obviously given Liew a good card, despite his losses.
Now, the question that arises is if he should wait if opportunities come, complete all ties with Battersea and S P Setia before embarking on new ventures that may not come knocking every day?
Every day, directors are offered various opportunities which conflict with their fiduciary duty. Often times, the fiduciary duty of directors, parallel to trustees, can be onerous. But the law is the law.
Yet, in many ways, Liew’s situation is parallel to a 1978 case of Queesland Mines Ltd v Hudson. The company Queensland Mines was an iron ore mining company that established as a joint venture between A Ltd and F Ltd. Hudson was the managing director of A Ltd and had negotiated with the Tasmanian government for mining licences.
Just before the licences were issued, Hudson’s joint-venture partner ran into financial difficulties and was unable to proceed with the venture.
Hudson resigned, taking the licences with him, and formed his own company. At considerable risk and expense, Hudson exploited the licences and earned profits. Queensland later filed a suit against Hudson for what it claimed was abusing his position to divert opportunties for himself.
However, the courts ruled that although the opportunity to make profits came to Hudson through his position at Queensland Mines and was something that the board was made aware of, Hudson was not in a position of conflict.
The position Hudson was prior to 1978 is the predicament Liew faces today. In both these cases, the contention boils down to timing and turn of events.
If one were to consider the big picture and balance out the events surrounding Liew in the last four years, should he not be allowed to exploit the resources due to him because of his skills and expertise? Or should he be shackled by time and ties, despite having added value to those he has been entrusted with? That would be unfair to Liew.
The legacy issue – passing the baton to the right person
AT the spanking new Eco World International Centre in the Gardens office block in Kuala Lumpur recently, a photo session was in progress. There was a light-hearted camaraderie in the air.
Tan Sri Liew Kee Sin and his top management were present, all of them in their white Nehru-collared shirt with green trimmings.
The photo session was as much symbolic as telling. It was as if to say: “These are the people I will need to grow Eco World Development Group Bhd (EWB).”
With a staff strength of about 800, about 300 of them were from Liew’s previous company S P Setia Bhd. Despite the market conditions working against the property sector and crushing issues confronting him, Liew was his usual warm, confident self.
A lot of this has to do with the people around him. Liew was named chairman in March and his right-hand man Datuk Voon Tin Yow, previously from S P Setia, joined the group officially as executive director.
A notable addition was newbie Liew Tian Xiong, 24, bright-eyed and smiling. He first surfaced in 2013 and has been seen as a proxy of his father. The presence of that young man has changed the landscape for Liew.
Passing the baton
It is a legacy issue. As one considers the property sector, a number of the country’s developers have in one way or another paved their sons and daughters to join Dad.
There is Datuk N.K. Tong, 47, group managing director of Bukit Kiara Properties Sdn Bhd who joined Datuk Alan Tong, who is known as Condo King for his work in Sunrise Bhd’s Mont’Kiara.
It was the elder Tong who saw the potential of the area, then Segambut and bought 100 acres there. Over the years, Mont’Kiara has progressed to become a thriving suburb and is currently considered as “an aspirational location” among the young.
Ken Holdings Bhd group managing director Sam Tan, 35, joined his father Datuk Kenny Tan. That was 2004, and he was 24.
Over at the Sunway group, Sarena Cheah, 40, the daughter of Sunway Bhd founder Tan Sri Dr Jeffrey Cheah and anointed successor, will assume full control of the group’s key property unit effective May 1. She may well have been the youngest to join Dad, when she was just 20, in 1995. She started out in the corporate finance and group internal audit divisions.
Passing the baton cannot be done overnight. There is a lot of planning to do. There is also the task of moulding and nurturing the right person for the job and looking over the shoulder of the young person to ensure they are constantly on the straight and narrow. If there are more than one, then there is the selection process of who will take up the position of annointed successor.
After the painful lesson of having lost S P Setia, Liew would clearly circumspect legacy and stewardship issues.
Which takes this story to next level.
Who is working for who?
The years of passing the baton may be painful, for both parties. This explains why the years of preparation are so crucial before the final moment of actually handing over the reins. In each of the three cases – N.K., Sam and Sarena – the children joined Dad and allowed themselves to be moulded.
Which takes us to the next question.
Is Tian Xiong working for Dad, or is Dad working for Tian Xiong?
Every parent wants the best for their children and Liew is no exception.
By joining the company now, Tian Xiong will have “the history” of the company. But will he be able to take on turbulent times?
He ponders: “It’s a pressure cooker here.”
If the staff do not accept him, he will never be the “real boss”, says Liew.
Of late, Liew has been keeping the young man closely by his side.
The rationale, says Liew is that, whatever Tian Xiong had learned in EWB in the last two years, he would take years to learn outside. So he better learn fast and learn now.
Stewardship
It is not just passing the baton. It is stewardship.
Says Tian Xiong after Liew steps out of the room: “Every night, from 9 to 10pm, he would nag me about how I dress, my tie, what time I get into office, how long I took for lunch and what I did after lunch. And other larger office and market issues.
“He also told me that I have to earn it, that it is not going to drop on me, that I have other siblings,” says Tian Xiong.
On whether he was pressured into returning to Malaysia from Melbourne where he graduated in 2012 with a Bachelor of Commerce from the University of Melbourne, Australia, he says he returned on his own free will.
The young man first surfaced in 2013 as a buyer for a little known company Focal Aims Holdings Bhd. His emergence “caused a tsunami” because during that period, there was many questions as to Liew’s move.
Tian Xiong started out in corporate finance department for the first two years and is currently in corporate marketing.
S
P Setia's head honcho Liew resigns, looking forward to mentoring in Eco
World. Ten months after S P Setia Bhd unveiled its succession plan,
head honcho Tan Sri Liew Kee Sin has announced his intention to resign
as president and chief executive officer. Also quitting the ... Liew
would leave the property giant on April 30 while Teow would stay on
until July 31. Liew and Teow would continue to be involved in the
Battersea Power Station project in London until ..
Tan
Sri Liew Kee Sin, President Executive officer of SP Setia Berhad, with
the Malaysian Ernst & Young Entrepreneur of the Year 2011 award
yesterday at the J W Marriot Hotel in Kuala Lumpur. Liew stands out for
his ...
Ten months after S P Setia Bhd unveiled its succession plan, head honcho Tan Sri Liew Kee Sin has announced his intention to resign as president and chief executive officer.
Also quitting the company is chief financial officer Datuk Teow Leong Seng.
Liew’s departure was expected by industry observers but Teow’s
resignation came as a surprise as he was named deputy chairman in the
property player’s succession plan earlier, analysts told StarBiz.
Liew would leave the property giant on April 30 while Teow would stay on until July 31.
Liew and Teow would continue to be involved in the Battersea Power Station project in London until September 2015 given the prominence of the international project.
Liew would also remain managing director for Qinzhou Development (M) Consortium Sdn Bhd,
a Sino-foreign joint venture company to develop the China-Malaysia
Qinzhou Industrial Park in the republic until the same period.
It is also speculated that present chief operating officer Datuk Voon Tin Yow, who was appointed the company’s acting president and chief executive officer, might also resign later.
In a statement, S P Setia said Voon’s appointment would be effective from May 1, 2014 until April 30, 2015.
Voon would be supported by executive vice-president Datuk Khor Chap Jen who would be appointed acting deputy president during the same period, it said.
S P Setia chairman Tun Zaki Tun Azmi
said: “Whilst the board and I are greatly saddened by the departure of
Liew, Teow and Lee, we are confident that the group will continue to be
in steady hands under Voon and Khor.”
Observers expected its biggest owner Permodalan Nasional Bhd (PNB) to take more proactive measures in managing its talents as well as setting the company’s direction going forward.
It was earlier reported that Datuk Jamaludin Osman of I&P Group Sdn Bhd
– PNB’s property arm – was among the candidates tipped to take over
Liew’s stewardship. There were also talks of a possible asset injection
by PNB into S P Setia.
Liew said: “Given the solid footing
which the company is on, I believe the time has arrived for me to step
down after 18 years as CEO.
“With my children all growing up and
starting out on their own career paths, I am looking forward to
spending more time with them, mentoring and guiding them.”
Liew’s eldest son, Tian Xiong, is a major shareholder and director in Eco World, another property firm set up by former S P Setia top brass.
S P Setia fell five sen to close at RM2.88 while Eco World was up one sen to RM4.15.
Analysts said the market has priced in Liew’s retirement from S P Setia
and they expected the company’s operation to remain intact for the time
being.
Bloomberg data showed that its forward
price-to-earnings (P/E) was 13.4 times compared to 16.06 times
currently. Its average P/E ranged from 17 times to 20 times from
financial year ended Oct 31, 2011 (FY11) to FY13.
Liew is
instrumental in growing S P Setia from a RM200mil entity in 1998 into a
multi-billion ringgit international property company.
With him at the helm, S P Setia achieved sales of RM8.24bil in FY13, almost double from what it registered in FY12.
The group has 4,782 acres of undeveloped land bank worth RM102bil while its unbilled sales stood at RM9.6bil as at FY13.
- Contributed by Ng Bei Shan The StarBiz/ANN
Who’s who in Eco World
Fresh from graduating as a Bachelor of Commerce from Melbourne
University late last year, Liew Tian Xiong, 22, is not short of
persuasive skills that a sales person possesses as he introduces EcoSky
to StarBizWeek when we visited Eco World Development Sdn Bhd’s sales
gallery.
In fact, one of the key performance indicators he has to meet, is to
sell off 30 units of its KL project, EcoSky, which will then determine
whether he gets his bonus.
Besides sales and marketing, he is also involved in project planning, land acquisition and liaising with land consultants.
Asked on people who influenced him, the affable young man says: “I
have probably learnt from my father throughout my whole life. He taught
me to keep my head down and listen to people, and to keep asking
questions.”
He says he has learnt from both CEO Datuk Chang Khim Wah and COO
Datuk S. Rajoo and what he is going through, is essentially a fast track
management training programme.
Chang says: “There is a lot of things (for him) to learn. He’s doing
groundwork like sales and marketing, planning and reading legal
documents although he is holding the director’s card.”
“Tan Sri Liew (Kee Sin) told me that I can scold him (Xiong). I was
scolded by Tan Sri Liew back then, so it’s pay back time now,” Chang
jokes.
However the relationship among the management team when StarBizWeek met up with them is warm and fervent.
Chang quips: “We even play futsal with him (Xiong)… ”
The experienced management personnel like Chang and Rajoo had known
each other for about two decades, but Xiong, at his tender age, seems to
be gelling well with them.
Xiong’s younger brother, Tian Rong, 20, is also with the company as a
contract staff. He is pursuing an economics degree from University
London College and is having a stint in the company.
The man who helms Eco World, Datuk Chang Khim Wah, 50, joined S P
Setia in 1994 and had been there for about 20 years. Prior to that, he
was a consultant engineer in Australia. He was one of the members
instrumental in setting up S P Setia’s Johor Baru division and went on
to set up an office in Singapore and Jakarta.
He concedes that the team has S P Setia’s DNA in terms of team effort
and competitiveness. His relationship with Liew was depicted as an
understanding that required little words.
“We don’t speak long sentences (but) we understand each other,” he shares.
Chang’s counterpart, Rajoo, 50, assumes the position of COO in Eco
World. He spent his first seven years in S P Setia in the Klang Valley
helping the development of Bukit Indah Ampang and Pusat Bandar Puchong
and subsequently in some of the township developments in Johor where he
then worked closely with Chang.
After that, he was overseeing S P Setia’s projects in the northern
region for seven years and had carried out 13 projects with a gross
development of more than RM2bil in the Pearl of the Orient.
Heah Kok Boon, 46, the chief financial officer of Eco World, is a
chartered accountant who has over two decades of experience in the field
of corporate finance, corporate fund raising, investments, merger and
acquisition as well as other finance-related areas.
He was with S P Setia’s corporate affairs department for six years prior to his current role.
When introducing the major shareholders behind Eco World, Chang says Leong and Rashid are the two major shareholders.
“These two names are more than enough (for Eco World’s credibility),”
Chang says, joking that Xiong has no shares in the property outfit.
One of its major shareholders and directors, businessman Tan Sri
Abdul Rashid Abdul Manaf, 65, was trained as a legal practitioner from
Middle Temple London.
He was chairman for the board of S P Setia Bhd from March 12, 1997 until Oct 25, 2012.
Another director, who is a corporate figure, is Datuk Eddy Leong Kok
Wah, 58. He holds a master of business administration from University of
Hull, United Kingdom, and is also a member of Institute of Bankers
(UK). He has an extensive career in the banking industry and is
currently an executive director of Salcon Bhd and also sits on the board
of a few other companies. He was in S P Setia’s remuneration committee
from Sept 21, 2005-Feb 28, 2013.
Star Media Group managing director and chief executive officer Datuk Seri Wong Chun Wai (right) presenting a souvenir to Liew. With them is specialist editor M. Shanmugam.
Entrepreneur Liew Kee Sin from SP Setia to Eco World, passing the baton to the right person
