Bangladeshi businessman and Summit Group Chairman Muhammed Aziz Khan ranks 34th among 50 richest people in Singapore with $910 million net worth, according to a 2018 list published by the Forbes.
The list was published on July 25 using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.
Khan, 63, has interests in power, ports, fibre optics and real estate. A Singapore permanent resident, Khan is planning to list Summit Power International on the Singapore exchange.
His daughter, Ayesha Aziz Khan, runs Summit Power International, a Singapore-based company that now holds assets of at least 17 power plants in Bangladesh with total generating capacity exceeding 1,644 megawatts.
According to bdnews24.com, Summit Power was originally established in Bangladesh as its first independent power producer in 1997.
Summit reflected 21 per cent of Bangladesh’s total private installed capacity and 9 per cent of total installed capacity as of 2017, according to the company’s website.
Unlike Forbes’s billionaire rankings, this list includes family fortunes, including those shared among extended families such as that of Hong Leong Group’s Executive Chairman Kwek Leng Beng and his cousins.
Net worth is based on stock prices and exchange rates as of the close of markets on Jul 13. Private companies were valued based on similar companies that are publicly traded.
Singapore’s top 50 richest collectively recorded double-digit gains; their combined wealth is up 11 percent to close to $116 billion.
There are three newcomers to the 2018 list, and Khan is one of them. The other two are Gordon Tang of property firm SingHaiyi Group and online gaming whiz Forrest Li, who listed his firm Sea on the NYSE in October.
Khan started Summit as a trading firm but went on to focus on infrastructure. His source of wealth is power and self-made, Forbes mentioned in its report.
Khan is the son of an army officer and the younger brother of former commerce and aviation minister Faruk Khan who is a member of the ruling Awami League’s presidium.