Hap Seng Consolidated Berhad is the company headed by Tan Sri Lau Cho Kin, who is the twelfth richest Malaysian in 2021. The company is involved mainly in the area of plantations where it started in the timber businesses. However, many Malaysians are not aware that Hap Seng Star is a wholly-owned subsidiary of the group which is their automotive arm.
Pioneer in marketing Mercedes Benz
The automotive arm of Hap Seng Consolidated is made up of Hap Seng Star Sdn Bhd which primarily sells and markets the Mercedes-Benz cars as well as Hap Seng Auto Sdn Bhd and Hap Seng Industrial Sdn Bhd which is catered to the markets in East Malaysia. What many people do not know is that Hap Seng Auto Sdn Bhd is not a new company. In fact, it has been marketing Mercedes-Benz vehicles in East Malaysia for more than 40 years where it was once the sole authorized dealer for logging trucks, buses and passenger vehicles for the brand. It was also appointed as the sole distributor for Mitsubishi Fuso commercial vehicles in East Malaysia as well as a dealer for Mazda vehicles there.
Other profitable businesses by Hap Seng
Apart from that, Hap Seng is also involved in the assembling of logging truck trailers and industrial transport vehicles in Tawau, Sabah under its Hap Seng Industrial Sdn Bhd banner. Perhaps the most illustrious portfolio for Hap Seng in the automotive sector is through its Hap Seng Star Sdn Bhd subsidiary which is the operator and manager of the Autohaus where the company exercises its authorized dealer rights to market Mercedes-Benz passenger cars in Malaysia. Under the brand, Hap Seng would also be selling Smart vehicles. A recent restructuring exercise saw Hap Seng Star taking over the dealership of Mercedes-Benz and the Mitsubishi Fuso for East Malaysia and today, the company runs several Autohaus showrooms and outlets around the Klang Valley and East Malaysia.
What is Tan Sri Lau’s Wealth? (Updated 2021)
As of June 2021, his wealth has been reported to be at US$2.1 billion, putting him at the twelfth spot of the richest Malaysians in 2021. Most of this wealth came from him being the largest shareholder in the company Hap Seng Consolidated which he holds through Gek Poh and Lei Shing Hong. The latter is one of the largest automoative companies in the region which holds dealerships for Mercedes-Benz both in Asia and several regions across Europe. Lee Shing Hong is based in Hong Kong.
Source Of Wealth
Palm oil and properties are the main sources that contribute to his wealth.
His daughter Lau Soo Lui is married to Dato Sri Yaw Chee Ming of Samling Strategic Corporation.
No information available on Lau’s education background.