KUALA LUMPUR July 26 - Take a drive in Cyberjaya and the then Multimedia Super Corridor, one can see the cluster of ICT firms encamped into the development.
Mooted by former Prime Minister Tun Dr Mahathir Mohamad, the all encompassing information, communications and technology (ICT) hub was modelled after the Sillicon Valley in the US.
Who did Mahathir had in mind to realise this pipe dream? Tan Sri Mustapha Kamal Abu Bakar of course.
Mustapha was the master developer of Cyberjaya via his vehicle Setia Haruman and its surrounding areas and was responsible in providing the amenities for global ICT firms which set up their operations in Malaysia.
Emkay Group spreads it's wings
At the time, Mustapha was already a rising property star in Selangor and Perak.
The former assistant district officer in Selangor built his Emkay brand to build affordable homes.
Mustapha was also instrumental behind the formation of listed entity MK Land Holdings Berhad.
Together with his privately-held concern the Emkay Group of companies, Mustapha gradually built his business empire in a world dominated by non-Bumiputera property tycoons.
Mustapha played a vital role in bolstering the country's ICT aspirations by laying out the foundations of the MSC (now Multimedia Development Corp).
Without a doubt, MK Land and Emkay grew by leaps and bounds to become one of the country's top medium-sized property firms.
What's next for the firms?
With the passing of Mustapha yesterday, naturally questions linger on the minds of investors.
What is to become of the Emkay Group now that he has passed?
For the past several years, Mustapha had been ill for quite some time. He had long since passed the batons of power down to his children.
Mustapha had trained his children well and it is now up to them to steer the company to further heights.
On whether they can do it or not, more of their leadership, capabilities and entrepreneurial skills will be demonstrated in the years ahead.
MK Land to continue disposing land?
It is unclear on what MK Land plans to do next.
One of Mustapha's children sits on the board of the firm.
MK Land still has some 4,000 acres of good land situated in strategic locations which could bring it good income.
Newsreports said MK Land plans to unlock value by selling some of it's landbank.
MK Land should be in good hands as most of it's senior management team still serving the company were friends of Mustapha and they could continue with Mustapha's legacy.
Share Emkay with the rakyat by listing it
Perhaps the new management of Emkay post-Mustapha could consider sharing it's profits with the rakyat by listing the firm on Bursa Malaysia.
Undeniably, the Emkay of today is not the Emkay of old under the charismatic Mustapha who was sought after by the media for his candid views.
Perhaps by going for the initial public offering, the Emkay group of companies can bring back it's luster and share with the rakyat it's corporate governance and corporate social responsibility.
By engaging with the rakyat, Emkay's businesses could flourish even more and it's affordable homes could sell like hot cakes.
History has shown that many family-owned business empires collapsed once the patriach or matriach passes on.
The Emkay group must make sure that such a fate will not befall on the company and continue with Mustapha's legacy. - DagangNews.com
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