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Koh Becomes Billionaire, Sheds Love Hotel Image
Koh Wee Meng, who develops property and runs a budget hotel chain in Singapore, has joined the ranks of the world’s billionaires as a surge in shares of Fragrance Group Ltd. (FRAG) boosted his fortune to $1.1 billion.
Koh and his wife, Lim Wan Looi, own an 84.2 percent stake in Fragrance worth almost $1 billion, which has almost doubled in the last 12 months. The rest of his net worth is derived from stakes in other public holdings and dividend income.
“I just continue to do my business,” Koh, 49, said in an interview after the company’s March 28 annual shareholders meeting, while five dozen attendees nibbled on fried rice noodles and egg sandwiches at Fragrance’s headquarters in an eastern suburb of Singapore. He said that he hadn’t valued his assets recently, and that his fortune can be easily calculated from his public holdings.
Fragrance shares reached a record 48.5 Singapore cents on March 22 after the company said it will spin off its hotels business and may pay shareholders a special dividend. Koh is riding gains in tourism as visitors arrive in record numbers, lured by Singapore’s two casinos, which opened in 2010, and more budget airlines flights to the city-state.
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