Taking stock: Malaysia's Rashid Hussain; at a crossroads

Article Abstract:

Malaysian tycoon Tan Sri Abdul Rashid Hussain is seeking to diversify his activities out of the increasingly profitable but volatile stockbroking business. He has close ties to many politically powerful figures, and some of his early major deals worked only with the help of such men as Tun Daim Zainuddin, then finance minister. Rashid was for many years a partner with Chua Ma Yu, who recently left on apparently amicable terms. Rashid is getting more involved in his banking and property-development activities, as well as overseas brokering.

Securities Brokerage, Stock Brokerage, Management, Stockbrokers, Hussain, Rashid, Rashid Hussain Bhd.

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Missteps in Malaysia...

Article Abstract:

Peregrine has met with some problems in attempts to expand beyond Hong Kong. The most notable case was a 30% stake taken in 1991 in a joint venture with stockbroker Tong Kooi Ong in Malaysia which Peregrine eventually backed out of. Peregrine's minority interest in this venture left Peregrine chairman Philip Tose unable to control decision-making at the local level and allowed Ong to deal directly with foreign clients. Peregrine sold its stake in the joint venture in 1994.

Securities Dealers, Investment Banking and Securities Dealing, Investments, International trade, Securities industry, Tong Kooi Ong, Peregrine Securities

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