Source : MALAYSIAN BUSINESS

THIS London University-trained medical doctor first carne into the media limelight in April last year when, in a corporate buyout exercise, he made a mandatory offer for the remaining 304.2 million shares in MBf Holdings Bhd (MBfH), or 53.35%, which he did not own.

Today, via his interests in Top Private Ltd, Nadin Holdings Sdn Bhd and Impact Action Sdn Bhd, Tan Sri Dr Ninian Mogan Lourdenadin controls 71.84% of MBfH. By not invoking the provisions of Section 34 of the Securities Commission Act, 1993 to compulsorily acquire any outstanding offer shares for which acceptances had not been received, Ninian had maintained the listing status of the company.

Mogan, 53, was appointed join-CEO of MBfH on Oct 18, 2002 and a director on Aug 25, 2003. He was redesignated CEO and group CEO effective Feb 20, 2004 and Aug 24, 2006, respectively.

When he took over the company in 2002, the strategy was to sell off unproductive and loss-making assets while expanding subsidiaries that were productive and profitable. That strategy, he said, has not changed.

His ongoing desire is for MBfH to regain its footing through a strategy of focused growth and acquisitions in core areas.

Mogan is also the principal shareholder and CEO of the Nadin group of companies, which invests in retail, property and medical services (notably under the Lourdes brand) across Europe and Asia. He is also the People's Progressive Party economic adviser.

MBfH is currently involved in various businesses including credit card operations, trading and manufacturing, financial services, property, and plantation. While it operates principally in Malaysia, it has substantial business exposure in Fiji and Papua New Guinea (PNG).

Like many other companies, the group was a casualty of the Asian Financial Crisis in 1997/98. Owing to its over-geared position, the company had to embark on a major restructuring exercise. The initiatives enabled MBfH to enjoy substantive debt waivers, which helped alleviate its financial stress.

After a four-year trading suspension, the company was re-listed on Bursa Malaysia on June 9, 2003. The company's restructuring exercise was also officially completed the same month.

MBfH's key subsidiary in the card and payment services division is MBf Cards, which has traditionally been the largest profit contributor and is expected to remain so in the future.

The group's trading and manufacturing segment is primarily represented by the trading and manufacturing business of WR Carpenters (WRC), which is held through 97.6 %-owned MBf Carpenters.

WRC has a very diverse range of businesses in the Fiji Islands and PNG, which include retailing and merchandising, distribution of new vehicles and heavy machinery, operation of service stations, trading in hardware, building materials and electronic products, and property operations.

Its financial services division houses the rest of the company's financial services other than card and payment, and these include the finance arm of the trading and motor division in Fiji; MBf Factors, which is a factoring company in Thailand; and MBf Bank, a small bank in Tonga.

Under the property and hospitality division, the key subsidiaries and assets are Alamanda Development Bhd, which is the developer of a 1,603ha site in Kulim; Melawati Recreation Bhd, which owns and runs a 28,000 sq m clubhouse in Kuala Lumpur; and the company's 476-unit apartment in Georgia, USA that is being leased out. This business segment has however been a significant drag on the company's performance over the last several years.

As for its plantation division, the assets are WRC's tea, coffee and coconut plantations and coconut oil mill operations in PNG.

MBFH's recent lQO7 financial results were boosted by a large non-operating gain of RM18.9 million, arising from the disposal of shares overseas, waiver of debts and interests on settlement of bank loans, and negative goodwill.

Without the non-operating item, the annualized net profit actually fell 28% behind expectations, says Standard & Poor's, which tracks the company. Still, the group is expected to be very much profitable over the course of the year, supported by its credit card operation and income from its overseas operations.