Robert Kuok's daughter named Shangri-La Asia CEO in August
The 47-year-old executive has been serving in leadership roles at the hotel group since 2016, initially as executive director before becoming chairman in January 2017. This appointment was announced through regulatory filings to the Hong Kong stock exchange on Wednesday, as reported by the South China Morning Post.
Kuok, who is the sixth child among Robert Kuok's eight children, completed her education at Harvard University. She stepped into the top leadership role following the departure of previous CEO Lim Beng Chee, who concluded his tenure at the end of 2022 but continues to serve the company as a non-executive board member.
Her compensation package includes a monthly base salary of HK$576,000 (approximately RM311,368), supplemented by performance-based bonuses and pension benefits. Additionally, Kuok maintains a significant shareholding exceeding 5% in Kerry Group, which serves as a major stakeholder in Shangri-La Asia.
The hotel group operates more than 100 properties globally across four distinct brands: Shangri-La Hotels and Resorts, Kerry Hotels, JEN, and Traders. Since its establishment with a single Singapore property in 1971, the company has expanded into a major player in the luxury hospitality sector.
Shangri-La Asia's latest financial results showed revenue of US$2.19 billion for 2024, representing a 2% increase from the previous year. However, net profit declined by 12.3% to US$161.4 million. The company attributed the revenue growth to improved performance in Hong Kong and the Philippines, though this was partially offset by weaker results in mainland China, Singapore, and the United Kingdom.
The organisation employed approximately 25,500 staff members at the end of 2024, down 2.3% from the previous year. During the COVID-19 pandemic, Kuok emphasised the company's commitment to workforce retention, stating in a 2023 interview that they had 'the least number of people in the industry' affected by layoffs.
Before her current role, Kuok briefly served as CEO of the South China Morning Post from January to June 2022. The newspaper was acquired by Alibaba Group Holding in December 2015 from SCMP Group, which was previously under the control of the Kuok family's Kerry Holdings.
According to Forbes magazine's 2025 rankings, Robert Kuok maintains his position as Malaysia's wealthiest individual with a net worth of US$11.4 billion.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 hours ago
- The Star
Market jitters to set tone for ringgit next week, with RM4.24-RM4.26 range expected
KUALA LUMPUR: The ringgit is expected to hover around RM4.24 to RM4.26 next week amid mixed signals in the market. This follows the anticipation of a potential meeting between United States (US) President Donald Trump and Chinese leader Xi Jinping, as well as the upcoming Federal Open Market Committee (FOMC) meeting by the end of the month. SPI Asset Management managing partner Stephen Innes said the market is expected to adopt a tone of cautious optimism next week, as the potential Trump-Xi meeting could reset the US-China dialogue, lifting broader Asian sentiment. "For Malaysia, any thaw in trade tensions could brighten the macro outlook and, by extension, offer a floor to the ringgit in the near term. That diplomatic backdrop, however tentative, has helped curb more aggressive ringgit selling into the weekend,' he told Bernama. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said that the next FOMC meeting will be held on July 29 and 30, and therefore, market participants will be closely watching to see whether the US Federal Reserve (Fed) will cut the Fed Fund Rate. "Next week, there are not many data points to look at other than some comments from the Fed officials; thus, the market will be adopting a wait-and-see stance,' he added. Meanwhile, Kenanga Investment Bank Bhd said the ringgit remains supported by improving domestic fundamentals, rising foreign direct investment inflows, and infrastructure catalysts such as the resumption of the Mass Rapid Transit 3 project. "We expect US dollar-ringgit to range between RM4.23 to RM4.25 per US dollar in the near term,' it said in a note today. On a Friday-to-Friday basis, the ringgit ended the week better against the greenback, closing at 4.2410/2455 as compared with 4.2475/2525 previously. The local note also traded higher against a basket of major currencies. The ringgit appreciated vis-à-vis the Japanese yen to 2.8517/8549 from 2.8893/8929, and strengthened against the British pound to 5.6999/7060 from 5.7524/7592 last Friday. It also rose versus the euro to 4.9336/9388 from 4.9679/9737 at the end of last week. Against ASEAN currencies, the ringgit traded mostly higher. The local note firmed against the Singapore dollar to 3.3027/3065 from 3.3186/3228, strengthened versus the Indonesian rupiah to 260.2/260.6 from 261.8/262.3 previously, and improved against the Philippine peso to 7.41/7.43 from 7.52/7.53 last Friday. However, it weakened versus the Thai baht to 13.3027/3065 from 13.0668/0886. - Bernama
New Straits Times
2 hours ago
- New Straits Times
OCM endowment fund set to boost Malaysian sports
KUALA LUMPUR: The Olympic Council of Malaysia (OCM) is looking to establish a National Sports Endowment Fund to boost funding for Malaysian sports. OCM president Tan Sri Norza Zakaria said Malaysian sports can no longer expect the government to fund sporting initiatives and must look for more support from the corporate sector. OCM held their first executive council meeting for the 2025-2029 term in Bukit Kiara today (July 19). "The executive council unanimously approved the proposal to establish a National Sports Endowment Fund to serve as a long-term investment platform," said Norza during a press conference here today. "The fund will draw contributions from the private sector which includes corporations, foundations and individuals who wish to provide assistance to national sports associations, athletes and coaches. "The fund is also to help sports that require hand-holding, sports which find it hard to secure sponsorship. "But to attract these contributors, we need to provide them incentives (such as tax incentives). We will need to come up with these incentives and propose them to the government for approval. "There must be clarity when it comes to incentives, only then will the private sector come. Without clarity, it will not be easy to entice them." Norza added that the management of the fund will be free of political interference. "The fund must be run by professionals and be free of political interference. We will have a board of trustees," said Norza. "We hope to get this fund up and running by the end of the year, or by the first quarter of next year at the latest." OCM has also set up a committee - dubbed the Olympic House Project Steering Committee - to oversee the construction of their new headquarters in Bukit Jalil. The committee is led by OCM secretary-general Datuk Nasir Ali with Squash Racquets Association of Malaysia (SRAM) president Gerard Monteiro as deputy chairperson. Datuk Amarjit Singh Gill (cycling), Datuk Awalan Abdul Aziz (lawn bowls) and Akhramsyah Sanusi (chess) will serve as committee members. "This committee will oversee the entire project to ensure that we get a new facility that is worth RM93 million (and not get shortchanged) and to also make sure that the entire process is transparent," added Norza. The new OCM headquarters will be built on a 5.38 acre plot - leased from the government - by Malaysian Resources Corporation Berhad (MRCB), funded via a land swap deal with the latter. MRCB will in exchange take the 0.73 hectare plot of land - valued at RM93 million - along Jalan Hang Jebat, Kuala Lumpur where OCM's current headquarters, completed in 1991, are situated. OCM has also set up various standing committees to oversee different sectors for the 2025-2029 term. OCM Standing Committees for 2025-2029 term: Selection, membership, media (all chaired by Tan Sri Norza Zakaria), marketing and sponsorship, winter sports (both Datuk Nur Azmi Ahmad), East Malaysia (Azizul Annuar Adenan), general purpose and awards (Datuk Sumali Reduan), museum, hall of fame and welfare (Datuk Iruan Zulkefli), gender equity (Nurul Huda Abdullah), building and facilities (Datuk Dr Chong Kim Fatt), relocation of OCM headquarters task force (Datuk Nasir Ali), finance (Datuk Ahmad Feisal Ahmad Tajuddin), education and training (Moira Tan), medical and anti-doping (Datuk Dr S.S Cheema), legal advisory, rules and discipline (Datuk Seri Firuz Jaffril)
The Star
2 hours ago
- The Star
Pakistan bans new hotel construction around tourist lakes
The Gilgit-Baltistan region in Pakistan is a top tourist destination and boasts about 13,000 glaciers. - Photo: AFP GILGIT, (Pakistan): Pakistan will ban for five years the construction of new hotels around picturesque lakes in the north that attract tens of thousands of tourists each year, a government agency said. Unregulated construction of hotels and guest houses in Gilgit-Baltistan – which boasts around 13,000 glaciers, more than any other country on earth outside the polar regions – has sparked major concerns about environmental degradation. The natural beauty of the region has made it a top tourist destination, with towering peaks looming over the Old Silk Road, and a highway transporting tourists between cherry orchards, glaciers and ice-blue lakes. However, construction has surged in recent years, led by companies from outside the region, straining water and power resources, and increasing waste. 'If we let them construct hotels at such pace, there will be a forest of concrete,' Khadim Hussain, a senior official at the Gilgit-Baltistan Environmental Protection Authority, told AFP news agency on Friday (July 18). 'People don't visit here to see concrete; people come here to enjoy natural beauty,' he added. In June, a foreign tourist posted a video on Instagram – which quickly went viral – alleging wastewater was being discharged by a hotel into Lake Attabad, which serves as a freshwater source for Hunza. The next day, the authorities fined the hotel more than US$5,000 (S$6,400). Asif Sakhi, a political activist and resident of the Hunza Valley, welcomed the ban. 'We have noticed rapid changes in the name of tourism and development,' he said, adding that hotel construction was 'destroying our natural lakes and rivers'. Shah Nawaz, a hotel manager and local resident of the valley, also praised the ban, saying he believes 'protecting the environment and natural beauty is everyone's responsibility'. - AFP
