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New Straits Times
3 days ago
- Business
- New Straits Times
From a RM250 salary to Malaysia's Top 50 richest list
JOHOR BARU: A modest RM250 monthly salary selling cars marked the beginning of Lim Han Weng's career, decades before his name joined the ranks of Malaysia's 50 richest. Then, Lim was just a Kedah lad trying to land a job with his high school certification, as he knew his results would not secure his passage to university. So, the best next option, was to get a job, - any job in fact. Lim applied for a series of vacancies advertised, including to be a steward with the national airline company. But all he got was a string of job rejection letters to his name. Today, at 73, Lim is the founder of Causeway Link—the iconic yellow buses that ferry thousands across the Johor-Singapore border. But his rise to the top did not come from privilege. His first break came when he landed a job at Wearne Brothers, earning RM250 a month selling cars. The company operated in Singapore and later expanded into Malaya, with dealerships for various premium brands. Lim had to pitch high-end models to small-town buyers who mostly preferred Japanese cars. His sales target: two cars a month. The tycoon said meeting the target taught him discipline, perseverance, and mostl importantly the art of selling. He later joined Lori Malaysia, a logistics company that sent him around the country before assigning him to its Johor branch—a turning point in his life. "A driver told me… Johor is where the money can be made, given its proximity to Singapore, and he was right. I stayed," the tycoon told a Singapore-based publication. By 1984, he and his wife Bah Kim Lian launched Yinson Transport, a small trucking business moving goods across the border. That venture would morph into Yinson Holdings - a global energy logistics giant and a major player in offshore oil and gas supplies. In 1996, Yinson was listed on Bursa Malaysia but Lim didn't stop there. He diversified into renewables, marine support, and later electric vehicle charging. In Singapore, he founded Liannex Corporation in 1993, expanding into marine logistics, port operations, and construction supplies. Earlier this year, Liannex acquired Icon Offshore and rebranded it as Lianson Fleet Group. By June 2, its market value had soared past RM670 million. But what cemented his legacy for ordinary Malaysians was the launch of Causeway Link in 2003. Spotting a need among cross-border commuters, Lim built the service from scratch. "There were so many hurdles - permits, finance, manpower. But we pushed through," he was quoted by Singapore's the Straits Times. The company was listed this year as HI Mobility, with expansion plans into smart transport systems. Despite a reported family fortune of US$480 million (RM2.3 billion), Lim remains directly involved in operations, even answering WhatsApp messages from angry passengers or the Johor Menteri Besar Datuk Onn Hafiz Ghazi, himself. His son, Lim Chern Chuen, now CEO of HI Mobility, admitted: "It's hard for him to retire. Our dinner chats are mostly work-related. For him, business is also joy." Lim's children - Chern Yuan (Yinson), Chern Wooi (Lianson), and Chern Fang alongside Chern Chuen (HI Mobility), now run the family's public-listed portfolio. Lim raised them independently, sending them to Australia under age 10. "No helpers, no mollycoddling. Let them survive. If parents keep feeding them, they'll never learn to stand up." He's still involved in business deals, particularly in Indonesia. "My kids don't speak the language, so I handle it. If you retire, your brain will rust," he said. A firm believer in entrepreneurship, Lim often encourages others to strike out. "Some bankers I've dealt with are now business owners. I told them, take the risk."
Straits Times
3 days ago
- Business
- Straits Times
Causeway Link: How a Malaysian family built the company behind the yellow ‘smiley' buses and takes it public
Malaysian businessman Lim Han Weng and his son Lim Chern Chuen have built the company behind the Causeway Link buses into a multimillion-dollar business. ST PHOTO: SHINTARO TAY SINGAPORE – The bright yellow Causeway Link (CW) buses that move thousands of people across Johor and Singapore daily are known for the smiley faces plastered on their facade, but their origin story wasn't quite as cheery. Back in the early 2000s, Malaysian businessman Lim Han Weng frequently commuted across the Causeway to oversee his trucking and bus assembly businesses on both sides. He would sometimes join long, snaking queues of exhausted commuters at Kranji MRT station in the evening, waiting for hours for the non-air-conditioned SBS Transit service 170 buses to get them home to Johor. A former car salesman turned logistics entrepreneur, Mr Lim, who is also a Singapore permanent resident, saw both a business opportunity and a pressing problem. Determined to ease commuter woes, he approached the Malaysian authorities and managed to secure a licence to offer cross-border rides – but only up till the Causeway. Then in 2002, he went to Singapore's Land Transport Authority (LTA) armed with photos of winding queues and first-hand accounts from frustrated commuters to make his case. But it took more than a year of persistent lobbying, including meetings with then Transport Minister Yeo Cheow Tong and then Trade and Industry Minister George Yeo, and a promise to LTA that he would not use 'broken buses' in Singapore to finally receive the licence. That made his company, Handal Indah, the first Malaysian operator approved to run cross-border bus rides. In March 2025, this same company that started with a small fleet of CW buses two decades ago went public on Bursa Malaysia as HI Mobility. Its initial public offering (IPO) saw strong investor interest, with the public tranche oversubscribed 6.6 times. Its market capitalisation stood at around RM630 million (S$192 million) as at June 2. 'Back then, we were not thinking of IPOs or making money. It's about helping people,' Mr Lim, 73, recalled during an interview with The Straits Times at his Kranji Green office. He was joined by his son, HI Mobility chief executive Lim Chern Chuen. 'A lot of successful businessmen don't want to be in this business because it is capital intensive. You won't make much money because the fare is government-regulated. Dealing with drivers can also be problematic,' he added. Mr Lim also launched bus services within Johor out of a sense of public service. He recalled a journalist who, irked by chronic delays for local buses that made him late for work, pestered him to step in. What finally moved him was a news article the journalist shared – about a student who arrived for an exam two hours late because the bus never showed up on time. 'By hook or by crook, we need to help them,' Mr Lim said. A younger Mr Lim Han Weng posing in front of his fleet after securing the licence in 2003 to run cross-border bus rides under the Causeway Link brand. ST PHOTO: JAMES JACKSON CROUCHER Early hurdles First, he had to overcome bankers' scepticism about the profitability of a public transport venture. This was even though Mr Lim is no stranger to the transportation business. He had built up cross-border trucking company Yinson Transport, the first business he co-founded with his wife in 1984. After he diversified into marine logistics – supplying offshore support vessels to oil and gas companies – he took the company public as Yinson Holdings in 1996 and spun off the less profitable trucking arm in the process. Yinson Holdings, now a global energy infrastructure and technology company, had a market capitalisation of more than RM6 billion as at June 2. Yet even for this self-made tycoon, securing loans was not straightforward. His banker demanded guarantees and imposed higher interest rates. 'I scolded the banker,' Mr Lim said in jest – but in the end, he got the financing he needed. The next challenge? Finding drivers. Mr Lim recalled having to scour rural Felda settlements and shopping malls to recruit jobless youth. Training a licensed bus driver typically costs around RM5,000 and takes five or six months, he said, but retaining them was tough. Singapore's SBS Transit and SMRT regularly host job fairs in Johor hotels, enticing drivers with free meals and attractive salaries in Singapore dollars. 'That's why we have to train many drivers. Some stay with us. Those who want to make more money will leave to work in Singapore, but they sacrifice in terms of sleep,' Mr Lim said. He also showed a thoughtful side as a boss. When asked why he added smiley faces on the bus decals, he said it was his way to pacify passengers who complained that his drivers were not smiling. In Europe, it is common for drivers to greet passengers with a smile, he said. 'But we don't have this culture here. How to get drivers to smile every day?' While Mr Lim and his wife remain the majority shareholders of HI Mobility, they have handed over day-to-day operations to two of their children. Their son Lim Chern Chuen, 44, came on board as strategy and planning director in 2007 after stints at Accenture and KPMG in Australia, and was appointed CEO in 2024. Their daughter Lim Chern Fang, a Singaporean, joined the company in 2003 and now serves as its chief marketing officer. Mr Lim Chern Chuen has served as HI Mobility's CEO since 2024. ST PHOTO: SHINTARO TAY In FY2024, HI Mobility achieved RM207.7 million in revenue, with scheduled bus services – including cross-border, intercity and intracity routes – making up 91.8 per cent of earnings. The rest came from its chartered bus services, repair and maintenance services, and advertising space rental on the buses. Surviving Covid-19 Mr Lim said the bus passenger business has always been cash-flow positive despite a thin margin – after paying taxes to both governments. But its resilience was severely tested during Covid-19 – when revenue crashed to almost zero overnight following border closures and Malaysia's movement control order in 2020. Causeway Link was authorised to offer cross-border rides under the Vaccinated Travel Lane scheme from late 2021. ST PHOTO: LIM YAOHUI Although the company was later allowed to run cross-border trips under the Vaccinated Travel Lane scheme in late 2021, passenger numbers and routes were very limited. In those two challenging years, the company suffered losses exceeding RM30 million, Mr Lim said, and he had to inject personal funds to keep it afloat. No retrenchments were made but everyone took a pay cut, Mr Lim Chern Chuen said. Some drivers were redeployed to help with goods delivery for merchants, while others took the chance to upskill. The key lesson learnt was the need to diversify operations, and to stay agile enough to ride on new opportunities, he added. After the pandemic ended, the company had to raise ticket prices to recoup some losses, but cross-border rides remain fairly affordable. Trips from Kranji MRT station to Johor Bahru Customs are priced at $2.60, while departures from Newton Circus and Queen Street Bus Terminal cost $4.60 and $4.80, respectively. Return trips from Johor Bahru are charged the equivalent amounts in ringgit. Revenue from the cross-border segment surged from RM4 million in FY2022 to RM122 million in FY2024, making it the largest revenue contributor, accounting for 58.9 per cent of total earnings. Commuters queueing outside Kranji MRT station to board the Causeway Link bus to Johor Bahru during the evening peak hour. ST PHOTO: BRIAN TEO Ridership on cross-border buses reached close to 16 million passengers in FY2024, far exceeding pre-pandemic levels. For this financial year, passengers departing from Singapore are expected to contribute almost 49 per cent of HI Mobility's revenue, according to its IPO prospectus. Revenue from the intra-city segment also jumped from RM19.6 million in FY2022 to RM65.9 million in FY2024. Many of such government-contracted intra-city bus services in Johor, Melaka and the Klang Valley are now run under a gross-cost contracting model, where the company receives a fixed fee for providing punctual, reliable services without bearing revenue risks. Mr Lim Chern Chuen said this arrangement has helped improve the company's profit margins. Opportunities and risks Mr Lim Chern Chuen said that while workers who commute daily across the border remain a key segment, the revenue growth in recent years has also been driven by more recreational travellers from Singapore taking advantage of the favourable exchange rate to shop and enjoy services in Johor. The introduction of QR code immigration clearance also eased bottlenecks at the border, which encouraged more people to make day trips, he added. He believes that when more businesses move to the Johor-Singapore Special Economic Zone in the future, another substantial customer segment will be unlocked – business travellers who have to shuttle between their offices on both sides regularly. The opening of the Johor Bahru-Singapore Rapid Transit System (RTS) Link in end-2026, however, is acknowledged as a risk factor in HI Mobility's prospectus. But Mr Lim Chern Chuen is optimistic as it could also result in a bigger pie as people switch from driving across, easing congestion and making day trips more attractive. 'Even though the RTS could be seen as being cannibalising in some ways, we think there are a lot more opportunities,' he said. One opportunity lies in offering more supplementary bus services to ferry RTS passengers to and from the Woodlands North and Bukit Chagar terminals. He also believes that as more travellers switch to the light rail instead of driving, traffic congestion on the Causeway and Second Link will ease, which could improve commuters' experience on the CW buses and attract more riders. 'If we can reduce the travel time, many more people will travel. There's just so much latent demand,' he said. Preparing for the future To tackle driver shortage, the Lim family has invested in autonomous vehicle (AV) technology through another business, Yinson GreenTech. For example, they are backing a Singapore-based AV technology start-up, which has been running an autonomous bus at Ngee Ann Polytechnic – albeit with a safety driver on board. While replacing gig drivers with AVs is often politically sensitive, for public transport – where there is a genuine labour crunch – this could be a 'perfect starting point', Mr Lim Chern Chuen said. HI Mobility has been adding electric buses to its fleet to align with Malaysia's energy transition targets. PHOTO: HI MOBILITY Looking ahead, Mr Lim Chern Chuen said he will grow the fleet size from 683 buses pre-IPO to around 800 in the near term. The company has also been adding electric buses to its fleet to align with Malaysia's energy transition targets. Beyond transportation, the Lim family is investing in electric vehicle (EV) infrastructure. They operate a large EV charging network under two brands, chargEV and DC Handal. They have also been awarded a government contract to manufacture and distribute standardised number plates, which are equipped with RFID (radio frequency identification) technology and anti-cloning holograms, for zero-emission vehicles in Malaysia. To improve first- and last-mile connectivity, they piloted a demand-responsive ride-sharing service called Kumpool in Johor and the Klang Valley. The app allows bus passengers to book affordable van rides to take them home from the bus stops on the trunk roads. While these ventures remain private for now, they could eventually be folded under HI Mobility as the business scales, said the Lims. This will help them diversify beyond bus services and unlock greater value for shareholders. As to whether the company will raise ticket prices further to fatten its profits and boost share prices, Mr Lim Chern Chuen said keeping bus journeys affordable remains his priority. It is a principle deeply rooted in his father's founding mission, and one that continues to guide his decisions, and gives his passengers a reason to smile as brightly as the smiley faces on the buses. Cheong Poh Kwan is Assistant Business Editor at The Straits Times. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
06-05-2025
- Business
- Business Times
Malaysia's HI Mobility banks on Johor-Singapore boom to drive growth
[KUALA LUMPUR] Malaysian bus operator HI Mobility – a company that went public two months ago – is accelerating its push to get more people on buses, especially along the lucrative and often congested Malaysia-Singapore corridor. Chief executive officer Lim Chern Chuen views public transport as a crucial solution to issues in Malaysia, Singapore and other parts of South-east Asia: traffic gridlock, rising fuel costs, and the increasing need for affordable and sustainable mobility. Fresh off a RM116 million (S$35.3 million) initial public offering in March, the Johor-based bus operator is scaling up operations across Johor Bahru, Melaka, Klang Valley and Singapore as it capitalises on renewed commuter demand. For the financial year ending Jan 31, 2025, the company reported a 31 per cent jump in net profit to RM43.8 million, while revenue climbed 22 per cent to RM77.9 million. As of Monday (May 5), HI Mobility's market capitalisation stood at RM650 million, with its shares trading at RM1.30. 'Rising living costs, subsidy reforms and traffic congestion are driving more people toward public transport,' Lim told The Business Times in an interview at Kuala Lumpur. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up HI Mobility, through its wholly-owned subsidiary Handal Indah, currently manages a fleet of 638 buses across 124 routes in Malaysia and Singapore, and these numbers are set to grow. Betting big on cross-border traffic More than 300,000 people cross the Johor-Singapore Causeway daily, making it one of the busiest land crossings in the world. PHOTO: BT FILE Central to HI Mobility's growth strategy is its commanding presence on the Causeway, which is one of the world's busiest border crossings. The company operates 150 licensed buses that ferry thousands of commuters and tourists daily between Johor Bahru and Singapore. 'Volume has clearly picked up. On long weekends like Good Friday, we see traffic rise by at least 30 per cent compared to a normal day,' said Lim. 'The trend of individuals arriving in Johor a day before long weekends and extending their stay to explore various locations signals a shift in travel behaviour that favours mass transit.' In 2024, HI Mobility transported nearly 16 million passengers across the Causeway, contributing RM63.5 million to group revenue or 53 per cent of its total top line. That number is projected to climb to RM122.2 million in 2025, comprising nearly 60 per cent of revenue, according to the company's estimates. But Lim says the strategy isn't just about scale. HI Mobility is evolving into a mobility solutions provider – developing better connectivity, tourist-friendly routes, and last-mile links that tie into broader regional travel trends. 'There's a growing ecosystem in Johor built around tourist demand, such as medical and healthcare, leisure and entertainment, retail, and F&B. We want to make these places more accessible,' he said. The company is collaborating with local councils to improve traffic flow and add new pick-up and drop-off points. The upcoming Johor Bahru-Singapore RTS Link, due to open in 2026, will further reshape cross-border dynamics, he added. With an estimated 350,000 to 500,000 people crossing the border daily, HI Mobility sees opportunity in feeding passengers into and out of the RTS system. 'With congestion reduced by RTS, we can redeploy buses more efficiently and increase frequencies. It helps us serve even more destinations,' said Lim. Regional vision While Johor-Singapore remains its stronghold, HI Mobility is open to potential opportunities for new cross-border services, such as Thailand and Brunei. 'But the volume has to make sense,' Lim cautioned. 'What makes Johor-Singapore so compelling is the sheer scale of movement and business activity.' Still, once the company enters a new city or region, Lim said growth often comes organically through last-mile partnerships and B2B deals. Domestic expansion HI Mobility chief executive officer Lim Chern Chuen said: "Rising living costs, subsidy reforms and traffic congestion are driving more people toward public transport.' HI MOBILITY While the Johor-Singapore corridor remains HI Mobility's cash cow for now, the company is deepening its footprint in Malaysia through government partnerships. In April, it secured a RM134.9 million contract under a scheme to operate intra-city buses in Johor Bahru. The two-year deal, awarded by Malaysia's Land Public Transport Agency, will further entrench its operations in Johor Bahru. 'It's about improving reliability and cutting wait times,' said Lim. 'If people know the bus will arrive on time and offer a comfortable ride, they are more likely to use it regularly.' Beyond public contracts, HI Mobility is working with malls, business parks and local councils to design custom shuttle services to offer solutions in areas underserved by conventional routes. 'One of our biggest successes started as a private shuttle for Singaporean shoppers going to KSL Mall (in Johor Bahru),' Lim said, noting that the service has become so popular that it has been integrated into the main network. These B2B partnerships give HI Mobility faster rollouts and more flexibility than traditional route tenders. It also opens the door to broader mobility solutions, including charter services and corporate fleets, said Lim. HI Mobility is also eyeing adjacent business lines such as fleet maintenance, tech integration, and predictive analytics, especially as the take-up rate for electric vehicles (EVs) increases. Accelerating the EV shift Another major investment area for HI Mobility is fleet electrification. The company has placed orders for 55 new buses, including 10 EVs. While EVs require higher upfront investments, Lim said the long-term cost savings from lower fuel and maintenance expenses make them smart bets. 'The move is in line with Malaysia's sustainability goals. By starting early, it allows us to build expertise, lower infrastructure costs and future-proof our operations,' he said. Malaysia's National Energy Transition Roadmap sets ambitious targets for EV adoption in public transport, aiming for 15 per cent of total industry volume by 2030 and 80 per cent by 2050. 'It's no longer just about driving a bus. You need to manage charging times, forecast electricity rates and automate maintenance,' said Lim. To further enhance operational efficiency and ensure sustainable operations, the company's internal tech division is prioritising data integration, real-time monitoring, and operational optimisation. These tools, he added, may be packaged and offered to other operators, positioning HI Mobility not only as a transit provider but as a mobility tech firm too. 'Public transport is no longer a backup plan. It's becoming the backbone of modern cities, and we want to be at the heart of that transformation,' said Lim.
Forbes
30-03-2025
- Automotive
- Forbes
Tycoon Lim Han Weng's HI Mobility Jumps Amid Booming Malaysia-Singapore Passenger Traffic
Shares of bus operator HI Mobility—controlled by Malaysian oil and gas tycoon Lim Han Weng—surged on its trading debut amid optimism passenger traffic between Singapore and Malaysia will increase with the establishment of a special economic zone near their border. HI Mobility's Causeway Link is among the biggest bus operators shuttling passengers across the Singapore-Malaysia causeway, considered the world's busiest land border where more than 300,000 people pass through the two countries' immigration checkpoints daily. The company raised 115.9 million ringgit ($26.3 million) from its IPO, comprising 95 million new shares (equivalent to about 19% of the company's enlarged issued shares) at 1.22 ringgit each. HI Mobility closed at 1.33 ringgit on its first trading day, up 9 % from its IPO price. HI Mobility's revenue rose 73% to 207.7 million ringgit in 2024 from the previous year, with nearly half of the revenue coming from Singapore. The company operates 155 buses on the causeway, comprising about a quarter of the group's fleet. It also operates in Kuala Lumpur and the nearby states of Malacca and Selangor. 'The overarching more business-friendly policies under the special economic zone will create new and additional travel demand,' Lim Chern Chuen, executive director and CEO of HI Mobility, said via text message in response to Forbes Asia's queries. Proceeds from the IPO will help fund the company's fleet expansion, comprising the purchase of 55 new buses, of which 10 will be electric buses, as well as buildout of the company's electric vehicle charging infrastructure. HI Mobility is one of the businesses cofounded by Chern Chuen's parents—Lim Han Weng and wife Bah Kim Lian. The couple also cofounded Yinson Holdings in 1984 as a transport and trading business. It has since grown to become one of the world's largest oil and gas services companies. In 2020, it diversified into renewable energy and now has solar plants in India and Peru. With a net worth of $405 million, the family ranked no. 45 in Forbes Asia's list of Malaysia's richest that was published in April last year.
