Making of Malaysia Inc.
A 25-Year Review of the Securities
Industry of Malaysia & Singapore

By Ranjit Gill
June 2003
ASEAN Academic Press
ISBN: 1901919455
267 pages, Illustrated, 5 " x 8 "
$36.50 Paper Original


It is now almost two decades since the publication of this pioneering study of the history of the securities industry in Malaysia, yet it still remains one of the very few studies of its kind to examine the wide-ranging forces that shaped those formative years. Others have taken a narrower focus, looking at the contributions of particular businessmen or political leaders, but this study is as yet unsurpassed in terms of its breadth of coverage and the ease at which the narrative integrates a wide range of seemingly unrelated events into a seamless whole.

In this book, learn about the tenacious spirit of Lim Goh Tong of Genting Bhd (whose persistence led to the establishment of Malaysia's only casino) and the way the ambitions of Khoo Teck Puat led to the formation of Malayan Banking, as well as many other stories of hardship and success so easily forgotten by current commentators. This book looks at the mercurial Chang Ming Thien of Faber Merlin, the resourceful Loy Hean Heong of MBF Holdings and the humble Loh Boon Siew of Boon Siew Motors.

It also takes a look at the increasing politicization of the Malaysian economy in the 1970s and early 1980s, describing the rise of the early Bumiputera entrepreneurs and hinting at the controversies that seemed just over the horizon as local businessmen began to realize the advantages to be gained by associating themselves with political figures. This book is a review of some of these developments as well as other significant corporate changes in Malaysia and Singapore from 1960 to 1985.

It discusses the formal establishment of the Malaysian Stock exchange in 1960, its subsequent dissolution after Singapore's exit from the newly established Federation of Malaysia in 1965 and the shattering effects of the market crashes in 1973 and 1981. Those still smarting from the stock market crash of 1997 and 1998 may well draw lessons from the account of the crash of 1973 and subsequent corporate fallout and the bull run of 1981. The circumstances then were different, there are fascinating parallels that have yet to be fully explored by serious researchers.

Economic History

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