Malaysian MP Tiong buys 98% of Asian Finance for Rs. 200 m

Wednesday, 3 November 2010 02:29 - - {{hitsCtrl.values.hits}}

Malaysian based investor and a Member of Parliament Seri Tiong King Sing has invested Rs. 200 million in Asian Finance thereby acquiring 98% stake of the Company.

Asian Finance was part of the Ceylinco Consolidated and underwent difficulties following the collapse of the Golden Key Credit Card business.

Nation Lanka Finance Plc owns 89% stake in Asian Finance. It said that the subsequent to the finalisation of the allotment of shares, Sing will hold 98% stake in Asian Finance. This deal is subject to Monetary Board approval.

Sing previously held a near 30% stake in Asia Capital and divested it early this year.

Tiong is the Chief Executive Officer of Wijaya Baru Global Berhad, a company listed on the Main Board of Bursa Malaysia Securities Berhad.

He holds a Masters Degree in Business Administration and Management as well as Political Science. He is also the President/Chief Executive Officer of Wijaya Baru Group of Companies.

Tiong holds substantial shareholdings in various Public Listed Companies in Malaysia, namely Timberwell Berhad, NV Multi Corporation Berhad, Ralco Corporation Berhad, Cepat Wawasan Berhad and Online One Corporation Berhad.

He is presently a Member of Parliament of Malaysia and the Treasurer General and Youth Chief of Sarawak Progressive Democratic Party (one of the component parties of the Governing Coalition).

Tiong is also the Chairman of Barisan Nasional Backbenchers Club (a club consisting of Members of Parliament, Malaysia belonging to the Governing Coalition). He is also a patron of several charitable and non-profit making organisations, particularly in Sarawak, Malaysia.