Singapore is often hailed as an economic miracle of the 20th century with many businesses that emerged during its early years of independence in the 1960s and 1970s continue thriving today.
Notably, several of these are family-run companies that have grown in size over the decades, expanding their interests and becoming successful listed companies in Singapore. As the founding generations step down or pass on, their successors—the next generation—have taken the helm.
A number of these family-owned businesses are listed on the Singapore Exchange (SGX), with many operating in lucrative sectors such as banking and property development. In this week’s edition of 4 Stocks This Week, we take a look at 4 multi-generational, family-owned Singapore companies that are currently listed on the SGX.
UOB – Wee Family
Everyone in Singapore – and even the rest of Southeast Asia – should be familiar with United Overseas Bank Ltd (SGX: U11), better known as just “UOB”. Originally founded as a merchant bank in 1935, UOB has grown to become the third-largest bank in the Southeast Asia region.
As one of Singapore’s big three banks, it’s run by the Wee family. The current CEO of UOB is Wee Ee Chong, who succeeded his father Wee Cho Yaw, in the top role at the bank in 2007. Wee Cho Yaw stepped down from the UOB board in 2018 and served as CEO from 1974 up to 2007.
The Wee family is estimated to be worth a whopping US$7.8 billion. However, a portion of this wealth can be traced to holdings outside of UOB.
For example, the Wee family also owns property developer UOL Group Ltd (SGX: U14), which itself is a listed entity on the SGX. Besides that, the Wee family also owns Kheng Leong – a commodity and spice trading firm – and controls Haw Par Corporation (SGX: H02), the maker of the famous Tiger Balm ointment.
By virtue of owning UOL Group, the Wee clan also has interests in companies such as Singapore Land Group (SGX: U06) and also Pan Pacific Hotels & Resorts. As for its flagship UOB, the Wee family also has interests in United Overseas Insurance (UOI) and UOB Kay Hian, a brokerage in Singapore.
CDL – Kwek Family
Individuals may be aware of property developer City Developments Ltd, better known as CDL (SGX: C09). The company has recently been in the headlines in Singapore due to a family feud between Chairman Kwek Beng Leng and his son – CDL’s CEO Sherman Kwek.
Looking back at its past, the Kwek family—under Kwek Hong Png— started Hong Leong Group in 1963, before buying a stake in CDL and then taking full control of the property developer in 1972.
The Kwek family is currently worth an estimated US$11.5 billion. CDL is currently a leading real estate developer in Singapore and has a portfolio of properties globally, including residences, offices, serviced apartments, retail malls and integrated developments.
According to CDL, it has a portfolio of properties that spans 163 locations in 29 countries and regions around the world. More recognisable brands under the CDL umbrella include Millenium & Copthorne Hotels Limited (M&C) and properties such as Katong Shopping Centre, Tanglin Shopping Centre, and City Square Mall.
Read Also: 4 CDL-Linked Companies That Are Traded On SGX
Thai Beverage – Sirivadhanabhakdi Family
Next up is Thai Beverage PCL (SGX: Y92), a spirits and beverages firm better known as just “ThaiBev” that’s owned by Thai Chinese billionaire Charoen Sirivadhanabhakdi. It also happens to be the largest beverage firm that’s listed on the SGX.
Currently, Charoen’s son – Thapana – heads up ThaiBev as CEO. ThaiBev was founded in 2003 with a consolidation of over 50 beer and spirits businesses, including the famous Thai beer brand Chang.
Charoen Sirivadhanabhakdi is estimated to be worth around US$11.6 billion through his various holdings, including ThaiBev but also TCC Group – a Thai financial services firm. Additionally, the Sirivadhanabhakdi family also owns Fraser & Neave Ltd (SGX: F99), in which ThaiBev has a large stake, but F&N also has publishing and printing businesses.
The family also owns Frasers Property Ltd (SGX: TQ5) through its TCC Assets firm. Of course, Frasers Property is a large developer in Singapore but also owns a host of listed REITs, such as Frasers Logistics & Commercial Trust (SGX: BUOU) and Frasers Centrepoint Trust (SGX: J69U).
Ho Bee Land – Chua Family
Finally, we have Ho Bee Land (SGX: H13), a property developer which is owned by the Chua family. Ho Bee Land was founded in 1987 and then listed on the local SGX in 1999.
The firm has a global footprint, with developments in Australia, China, the UK, and Europe. It was an early investor in China, first entering the country with a development project in Shanghai back in 2002.
In terms of net wealth, the Chua family are estimated to be worth US$1.2 billion. Ho Bee Land actually gained prominence in Singapore for building high-end condos in Sentosa. The Founder and Chairman of Ho Bee Land is Dr. Chua Thian Poh. His son – Nicolas Chua – serves as CEO of Ho Bee Land.
The firm has been involved in more property transactions in the UK in recent years, with an agreement to buy The Scalpel office tower in London in 2022 for US$961 million being a landmark deal for the developer.
Photo Credit: iStock/tang90246
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