Deep Dive

In 1984, Leisure Holidays was incorporated following the return of Loy Teik Ngan from Canada, where he was exposed to the timeshare model. The concept, based on prepaid holiday ownership, offered strong cash flow dynamics and scalable growth potential.

In 1987, the company began active operations by revitalising an abandoned project in Tanjung Tokong, Penang. Leveraging resources from MBf Group, founded by Loy Hean Heong, the Leisure Bay project was launched using a timeshare structure.

The model proved effective. Within five years, thousands of membership contracts were sold, demonstrating the viability of prepaid hospitality products in Malaysia.

In 1992, regulatory developments prompted structural changes. Leisure Holidays transitioned into a public company, meeting capital requirements of RM17.4 million to comply with new industry rules. During this period, the company became a core tourism arm within MBf Group, supporting the utilisation of hotel assets.

From 1992 to 1997, Loy Teik Ngan played a leading role in shaping the industry. As founding chairman of the Malaysian Holiday Timeshare Developers Federation, he helped establish governance standards and successfully advocated for the sector to be classified under tourism rather than property.

In 1997, the Asian financial crisis marked a turning point. The passing of Loy Hean Heong compounded the group’s challenges. MBf Group’s flagship financial arm, MBf Finance, was taken over and later integrated into AmBank Group.

Despite the loss of its financial backbone, Loy Teik Ngan retained control over the remaining operational businesses under MBf Corp.

In 2007, MBf Corp was delisted from Bursa Malaysia after failing to meet listing requirements. Over the next 15 years, the company remained private, focusing on financial restructuring. During this period, liquidity constraints limited shareholder exits, and dividends were largely absent.

From 2007 to 2022, Loy Teik Ngan gradually consolidated control through Leisure Holidays Holdings. This entity became the primary vehicle for increasing ownership in MBf Corp while quietly managing underlying assets.

At the same time, the family diversified into education, strengthening its long term positioning beyond tourism.

In 2023, a decisive restructuring was executed. Leisure Holidays Holdings, as the largest shareholder with a 39.94% stake, initiated a selective capital reduction exercise for MBf Corp.

The proposal offered RM0.095 per share to acquire the remaining 60.51% held by minority shareholders, amounting to RM16.21 million. Although TA Securities assessed the fair value at RM0.149 per share, minority shareholders overwhelmingly approved the proposal.

For many investors holding illiquid shares over an extended period, the offer represented the only viable exit mechanism.

In October 2023, the High Court approved the capital reduction, completing the privatisation process. This marked the end of a multi decade restructuring journey and the consolidation of ownership under the Loy family.

Following the exercise, Leisure Holidays effectively absorbed its former parent. A portfolio of resort assets, including properties in Gold Coast, Desaru, Penang, Langkawi, Cameron Highlands, Kuala Lumpur, and Port Dickson, was consolidated under private ownership.

In parallel, Loy Teik Ngan expanded his influence in education as Group Chief Executive of Taylor’s Education Group. Under this leadership, Taylor’s University achieved a global ranking of 253 in the QS World University Rankings 2026 and maintained its position as a leading private university in Southeast Asia.