This article first appeared in The Edge Malaysia Weekly on May 26, 2025 - June 1, 2025

IN Cahya Mata Sarawak Bhd’s (KL:CMSB) annual report for FY2024, one name stood out in the company’s list of 30 largest shareholders as at March 24, 2025. Chew Chiaw Ann, who is the brother of group managing director of construction and property development company Ibraco Bhd (KL:IBRACO), Datuk Chew Chiaw Han, was listed as holding 1.42% or 15.25 million shares in CMSB. This is the first time he has emerged as a shareholder in the diversified group.

“Chiaw Han is a known corporate player in Sarawak and is very well-connected politically,” a source familiar with corporate developments in the state says. His brother Chiaw Aan is less known.

News of Chiaw Aan’s entry into CMSB has been making the rounds on investment forums since mid-May, and understandably so.

In Ibraco, Chiaw Han has an indirect 23.09% interest held via Hiap Ghee Seng Sdn Bhd and a direct 3.75% stake, making him its largest shareholder. Other notable shareholders in Ibraco include Datuk Ibrahim Baki who had a 4.42% stake as at April 2 this year.

Both CMSB and Ibraco shares have gained traction recently.

CMSB’s shares have gained 52% since April 9 to finish at RM1.22 last Thursday. The stock hit RM1.30 on May 15, its highest since mid-November last year. Ibraco, meanwhile, has risen close to 30% since May 9, to end trading last Thursday at RM1.18.

A possible reason for investor interest in the two Sarawak-based counters is the perception that Ibrahim is close to Premier Tan Sri Abang Johari Tun Openg. Ibrahim is the assemblyman for Satok and was recently appointed deputy minister of Utility (overseeing Sarawak Energy Bhd and state-owned oil and gas exploration firm Petroleum Sarawak Bhd). He is also vice-president of Parti Pesaka Bumiputera Bersatu. Ibrahim was on the board of national oil company Petroliam Nasional Bhd from August 2020 but has retired.

It is noteworthy that Abang Johari held the Satok state constituency for 20 years from 1981 before Ibrahim took over in 2021.

Ibrahim also has 4.89% interest in shipping and helicopter service provider Hubline Bhd (KL:HUBLINE). He was a director of the company from 1996 and was appointed executive chairman in November 2017, a position he held until his resignation in October 2020.

Hubline’s largest shareholders are group managing director Dennis Ling Li Kuang with 18.32%, and group executive president Datuk Richard Wee Liang Huat, who controls 18.08%. Wee is the son of the late Datuk Wee Hood Teck, who died in June 2005, and nephew of United Overseas Bank Ltd (UOB) founder Wee Cho Yaw, the Singaporean banker who passed away in February 2024. UOB, one of three Singapore banking groups, and has a strong presence in both Peninsular Malaysia and Sarawak.

While Chiaw Ann’s entry into CMSB remains unexplained, the two companies — CMSB and Ibraco — are both in construction. Since 2020, Ibraco’s businesses have evolved to include quarrying, ready-mix concrete and more recently pipes and fabricated mild steel components. CMSB, meanwhile, has over 35 companies involved in cement manufac turing, phosphate manufacturing, oil tools, green technology, construction materials, trading, construction, road maintenance, property development, financial services and telco infrastructure, among others.

While Chaw Han appears to be aligned with Abang Johari, Chiaw Aan is known to have ties to CMSB.

In the past, Chiaw Ann was said to be linked to Datuk Sri Mahmud Abu Bekir Taib, CMS’ deputy group chairman and non-independ ent, non-executive director. Mahmud is the son of the late Tun Abdul Taib Mahmud, who was chief minister of Sarawak for 33 years from 1981, and governor of the state from 2014 until his passing in January last year.

During Taib’s administration, CMSB benefited from its monopoly of cement manufacturing, which thrived during the state’s construction boom. Apart from that, it held majority control of telecom infrastructure outfit SACOFA Sdn Bhd and had other subsidiaries such as PPES Works (Sarawak) Sdn Bhd, which secured large contracts for road maintenance and construction in the state.

At present, the late Taib’s family collectively holds 24.12% of CMSB.

Majaharta Sdn Bhd, the private vehicle of Taib’s daughters Datuk Hanifah Hajar Taib-Alsree and Jamilah Hamidah Taib, has 12.54% interest in CMSB. Lejla Taib, Taib’s late wife, had 5.68% while his second wife Toh Puan Raghad Kurdi Taib holds 4.65%. Taib’s sons Datuk Seri Sulaiman Abdul Rahman Taib and Mahmud hold 0.63% and 0.41% respectively. Hanifah Hajar also has a direct 0.21% interest in CMSB.

The late Lejla originally controlled 10.33% of CMSB, but Taib allegedly transferred 4.65% to Raghad, a move that is being disputed and challenged by Sulaiman.

Other substantial shareholders in CMSB include pilgrim fund Lembaga Tabung Haji with 6.8% and Sarawak Economic Development Corporation with 5.67%.

Meanwhile, Sulaiman — who is CMSB’s managing director — and Mahmud have locked horns over control of the group.

A number of lawsuits have been filed. In one case, CMSB and its subsidiary Cahya Mata Intelligent Technologies Sdn Bhd initiated legal action against Mahmud and former CMSB chief information officer Karl Vink @ Khalid Abdullah, among others, for breach of trust and fiduciary duties in relation to a failed enterprise resource planning system that was part of the company’s digital transformation project.

Sulaiman, meanwhile, has filed an affidavit opposing older brother Mahmud’s originating summons in the Kuching High Court in March attempting to access accounting records and other documents of CMSB and five of its subsidiaries.

It is understood that some of Taib’s family members are willing to let go of their shareholding in CMSB and move on.

It is also known in corporate circles that the Sarawak government wants to strengthen its grip on CMSB, which has choice assets that are key to infrastructure development in the state, raising the question of whether Chaw Ann’s entry into the conglomerate is part of this plan or one to support Mahmud in his on-going feud. 

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