SINGAPORE: The search for a new chief executive for YTL Pacific Star, the manager of Singapore-listed Starhill Global REIT, is over.
The Kuala Lumpur-based group has picked Ho Sing, 44, the brother of Temasek chief executive Ho Ching, to take over from Franklin Heng, who died last December from complications following liposuction surgery.
Ho, who holds a Bachelor of Science degree in Aerospace Engineering from the University of Texas in Austin and who starts work next week, is currently general manager, international investment, of Guocoland Singapore, the locally listed arm of Malaysian tycoon Tan Sri Quek Leng Chan’s Guoco Group.
Prior to joining Guocoland in June 2007, Ho spent 15 years in key positions in various industries ranging from engineering, medical, infrastructure and investment holdings. He started his career with Apple Computer in the US, and has worked here with several Singapore Technologies-affiliated companies.
At YTL, which is controlled by the family of Malaysian tycoon Tan Sri Francis Yeoh Sock Ping, Ho will oversee a growing list of assets in Singapore, Malaysia, Australia, China and Japan.
The value of these assets, which include a 74.2% stake in Wisma Atria and a 27.2% share of the adjacent Ngee Ann City, is said to amount to some S$2.5 billion (RM5.8 billion).
Starhill Global has stakes in 14 properties, of which two-thirds of the value resides in the two Singapore properties.
Last August, Starhill Global completed a rights issue which had raised net proceeds of S$326.1 million. The REIT reported net income available for distribution of S$75.5 million for last year, up 8.7% from the previous year.
After retaining about S$2 million to satisfy the legal reserve requirements in China and for working capital and capital expenditure purposes, net income to be distributed stood at S$73.5 million, up 7.2% from S$68.6 million in 2008. — Today
This article appeared in The Edge Financial Daily, April 21, 2010.