Bangladesh's entrepreneur Muhammed Aziz Khan, chairman of Summit Group, was named as the 42nd richest man in Singapore in the Forbes' list for 2022.
The list of Singapore's top 50 richest persons
His net worth was $1 billion as of July 9, said Forbes on its website. Forbes on Thursday published the list of Singapore’s 50 richest people for 2022.
According to Forbes’ report, Summit has interests in power, ports, fiber optics and real estate. In 2019, Khan sold a 22% stake in Summit Power International to Japan’s JERA for $330 million, which valued the company at $1.5 billion.
His daughter, Ayesha, runs Summit Power International.
Khan, a 67-year-old entrepreneur, is one of the pioneers in the power industry of Bangladesh with more than 40 years of experience.
Summit Group is one of the leading private sector conglomerates of Bangladesh, comprising more than 20 business units. It has interests in power, ports, fibre optics, real estate and liquefied natural gas.
A Singapore permanent resident, Khan ventured into businesses in 1973, at a time when there was hardly any track record of the country producing successful entrepreneurs.
But in the course of the last four decades, Khan has gone on to cement his name among the country's most illustrious businessmen.
He set up Summit Industrial and Mercantile Corporation in 1985, aiming to develop the country's infrastructure.
Today, Summit's subsidiaries are the country's first private sector power generator, a port owner and operator, and provider of information communication connectivity via fibre optic.
Set up in 1997, the SPI is the largest independent power producer in the country.
Summit set up the country's first private off-dock port facility, Ocean Containers Ltd, now known as Summit Alliance Ports Ltd, which handles about 30 percent of the country's export volume and about 10 percent of the country's import volume, according to Summit Power Ltd's audit report of 2016-17.
Summit Communications, the first company to lay a nationwide telecommunication transmission network, covers 70 percent of Bangladesh and connects Bangladesh to India and Myanmar through terrestrial fibre optics.
Summit Group employs more than 5,000 people.
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