Friday, April 03, 2015

QAF #12 - the history of QAF Limited - Brunei's royal family, Wong Fong Fui, and the Salim Group

Click on image for the article from Forbes...

According to Forbes, Mr Wong Fong Fui took over QAF Holdings in the year 1988, and I am guessing, from the Brunei's Royal Family.

Mr Wong Fong Fui later sold QAF Holdings to the Salim Group, in the year 1996, for $500 million (I am assuming that this is in Singapore Dollar).

And, according to another source of information, Prince Mohamad of the Brunei's Royal Family controlled 65% of QAF Holdings,

Click on image for the source of information...

I do not know the number of shares of QAF Holdings (or QAF Limited) being issued, in 1996, when Mr Wong Fong Fui sold the company to the Salim Group. But, according to QAF's Annual Report for the year 1999 (the earliest record that I am able to find), the total number of shares issued was about 328 million,



Assuming that Mr Wong Fong Fui had acquired the 65% stake of QAF Holdings from the Brunei's Royal Family, Mr Wong would have owned about 213.2 million shares of QAF Holdings,

328 * 65% = 213.2

And, let's further assume that Mr Wong sold the 213.2 million shares of QAF Holdings to the Salim Group for S$500 million, then, the Salim Group would have paid about S$2.34 per share,

500 / 213.2 = S$2.34

This is just for my own record.