Founder and Chairman
With an estimated net-worth of US$1.3 billion, Fragrance Group Founder and Chairman Koh Wee Meng was Singapore's 17th richest person in 2013 and ranked 1031st among Forbes' World's Billionaires. The property tycoon and hotelier was on the move last year, increasing his direct stakes in his property and hotel businesses. Koh acquired three million shares of Fragrance to hold 73.3-percent stake. With his wife Lim Wan Looi, he now owns 84.2 percent. He also bought five million shares of Global Premium Hotels, Fragrance's hotel arm, bringing his holdings to 4.37 percent, separate from the 52.3 percent of the hotel unit. GPH's second Parc Sovereign hotel is expected to open in 2014. Koh also bought a stake in listed real estate developer Tee Land at around the same time. Fragrance posted a net profit of $22.8 million for the third quarter ended September 30, 3.7 percent lower than the corresponding period a year ago. Turnover was 6.5 percent higher at $129.22 million.