SINGAPORE (Oct 29): Wong Cheong Chee, 70, has been in the auto components manufacturing and distribution industry for the last three decades. Among his notable accomplishments is the co-founding of Malaysia-listed Paragon Union, which makes and distributes noise, vibration and harshness (NVH) interior and insulator trims for cars, among other things.
In 1996, he resigned as Paragon director to join his ex-colleague Abdul Razak Montel, who had co-founded a rival business, Menang Nusantara (MNSB), in 1995, to become its director. Wong became a majority shareholder of MNSB in 1999 and ceased to be a major shareholder of Paragon in 2000, although he still holds 70 Paragon shares.
Today, MNSB has evolved to become MeGroup. Wong is its executive chairman and CEO; Abdul Razak is its head of sales and manufacturing. The company is seeking to list on the Catalist board of the Singapore Exchange by offering 16.5 million new shares, or 13.9% of the enlarged share capital of 118.5 million shares. The offer price of 23 cents a share implies a valuation of 7.9 times earnings for FY2018 ended March 31, and a market capitalisation of $27.3 million.