Career

He co-founded Offshore Equipment in 1976 to charter support vessels and barges for the oil and gas industry.

The family concern expanded over time, was renamed Miclyn Offshore and eventually sold to a financial institution in 2007.

Now his sights are set on the new line of business, which he will run with daughter Jocelyn, who is chief executive of the parent company M&L Offshore Investments.

Its portfolio has since grown to 11 hotels in eight cities worth about $1.4 billion, including two in Singapore – in Novena and Bencoolen – under the Ibis brand. Other hotels are in New Zealand, Australia and Japan. All the properties are operated by international operators like Sheraton and Hilton.

Mr.Kum made his first fortune in offshore vessels, then turned to hotels after selling part stake in his Australian-listed Miclyn Express Offshore during its 2007 IPO. Since 2009 he's acquired 11 hotels in Australia, Japan, New Zealand and Singapore. In April he scrapped plans to raise $360 million by listing his M&L Hospitality Trust, after it failed to get commitments from key investors. Says the estimate of his net worth is incorrect but won't provide details.