Key StanChart shareholder dies
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StanChart director Peter Wong announces the bank's 2003 results in Hong Kong last week.
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(CNN) -- Singapore tycoon Khoo Teck Puat, the largest shareholder in Britain's Standard Chartered Bank, has died at the age of 86.
Khoo suffered a heart attack and died Saturday night in a Singapore hospital, according to an obituary that appeared in Singapore's Sunday Times newspaper.
Khoo, born in Malaysia in 1917, was the founder of Malayan Banking Corp. in 1960 and the owner of the Goodwood group of hotels, including the Goodwood Park, York and Ladyhill hotels in Singapore and the Royal Garden Hotel in London.
He also controlled Hotel Malaysia Ltd and investment company Central Properties.
Khoo was best known for his 13.5 percent stake in Standard Chartered. Along with two other financiers, he helped defend the bank from a takeover attempt by Lloyds Bank in 1986.
Standard Chartered, which operates extensively in Asia and the Middle East, announced its 2003 results in Hong Kong last week. It said it made a pretax profit of $1.542 billion, up 22 percent on the previous year.
At Friday's closing price of 924.5 pence in London, Khoo's stake in Standard Chartered was worth $2.71 billion.
He is survived by 14 children from two wives (both deceased) and numerous grandchildren, according to the obituary in the Sunday Times.
