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BEING
the third generation of one of Asia's richest families can be a
double-edged sword.
They
never have to worry about money, but they are also constantly reminded
about the old Chinese adage - wealth is created by the first generation,
accumulated by the second, and squandered by the third.
But
Justin Leong Ming Loong - one of Malaysia's casino king Lim Goh
Tong's 19 grandchildren - is definitely not the type to fritter
away the family's massive wealth.
Mr
Leong, who is 25, is an astute investor and an emerging corporate
player.
Earlier
this week, he executed his first personal multi-million-dollar cross-border
deal involving companies in Malaysia, Singapore and China.
He
and Chinese partner Gao Xiang Jun acquired a controlling stake in
Sesdaq-listed e-business consulting group Cyber Village Holdings
in Singapore for over $3 million. Cyber Village was founded by Malaysian
Tony Pua, a close friend of Mr Leong since their Oxford days not
too long ago.
Funding
for the deal is not a problem for Mr Leong. 'I took a loan from
my mother,' he quipped when contacted.
He
declined to shed more details on the deal at this juncture as he
said he is prevented from doing so under the takeover rules.
But
it appears to be a good deal for him. According to reports, his
acquisition price of 9 cents per share was at a hefty discount of
57 per cent to the counter's last traded price of 21 cents.
Mr Leong and parties acting in concert will make a general offer
for the rest of Cyber Village they do not own at 9 cents a share.
Minority
shareholders are not expected to accept the offer as the market
price is substantially higher than the general offer price.
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But
they can take heart in the credentials of their new substantial
shareholder, who is expected to help Cyber Village secure new businesses.
Mr Leong graduated from Oxford with a degree in geography and spent
the last four years in the merger and acquisition and equity sales
departments at Goldman Sachs in London.
The
offer document described him as the 'top ranked specialist technology
sales broker by five institutions'.
It
said he was involved in the US$146 million offering of GDRs for
ProMOS in May 2002, and the simultaneous 1 billion euro (S$2 billion)
block trade and 1 billion euro convertible offering for Infineon
in January 2002.
In
Malaysia, he is the chief investment officer of his family-owned
Eastwest Holdings, which is on the prowl for more investment opportunities.
'He
is responsible for overseeing investment decisions and asset allocation
strategies for the company's global portfolio,' the document added.
Analysts
said he might be groomed to be part of Genting's management one
day.
But
Mr Leong gave an assurance that the listed group will not bail him
out should his personal investments turn sour.
'This
is my personal deal. Genting will not bail me out,' he said, adding
that some family members were not even aware of his deal.
But
he can bank on his grandfather's wisdom to help him succeed at such
a tender age. 'My grandfather has often advised me: One step at
a time,' said Mr Leong.
Copyright
© 2004 Singapore Press Holdings Ltd. All rights reserved.
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