Corporateobserver.com: A chip off the Oei block

A chip off the Oei block
by admin , March 15, 2010, 1800hrs

SINGAPORE (March 15, 2010) - For many years, the shadow of her more illustrious brother loomed large over Ms Oei Siu Hua in Singapore – her adopted homeland – even though she has already established herself as the doyen of the powerful Indonesian conglomerate Sinar Mas Group.

But with tycoon Oei Hong Leong – one of Singapore’s richest men who is dubbed “the man with the Midas touch” – showing few signs of slowing down, he could be soon be joined at the pinnacle by a family member.

The Corporate Observer, Singapore
Artist impression of Top Residence in Sengkang - Top Global's first condo project.
With effect from last Friday, Ms Oei, 60, is taking the reins at Top Global as executive chairman and CEO – joining hands with her eldest child and only son Hano Maeloa, 41, who will be re-designated as managing director in a boardroom shakeup that will also see incumbent CEO Yap Siean Sin taking a backseat as an executive director.

The move, which was announced by the SGX today, comes less than two months after Ms Oei put S$16.8 million on the table to buy a 59.83 per cent stake in the company, which has set its sights on an incursion into the property markets of Singapore, China and Indonesia.

Back then, Ms Oei, who is also known as Sukmawati Widjaja, told the Business Times that her role was “just to look for the opportunity” in a “very clean and straight-forward company”.


Top Global has completed its first condominium project - known as The Top Residence in Sengkang. It plans to dispose its assets relating to the construction business to focus on property.

For her ambitious plans – which include moving the Catalist-listed company to the mainboard - Ms Oei’s strategy is distinctly understated: You can make a tidy sum from building a roof over people's heads.

“You see all over the world, the tycoons make (money) from property. Everybody needs housing,” she told BT.

Her brother’s Midas touch must have rubbed off on her – Top Global’s market capitalisation has soared from S$20 million to almost S$60 million today since news broke out about her involvement in late-January.

Ms Oei has been managing the Widjaja family business for about 40 years now. And all of Ms Oei’s acumen would be needed to steer Top Global, which made a modest S$1.3 million net profit last year on the back of a S$7 million loss in 2008, into the top league.

Few will be betting against her.