Ms. Gloria Lee, originally known as Woo Sau Yin, was laid to rest following a private funeral last Friday, marking the end of a remarkable journey in Singapore’s stock market.
Despite her quiet passing at the age of 97, Ms. Lee’s legacy stands tall as the founder of the stock brokerage firm Kim Eng Holdings, which ultimately became part of Malaysia’s Maybank in 2011.
Her unassuming end contrasts with her pioneering career, especially considering the male-dominated landscape she navigated. Originally an air stewardess who transitioned into a housewife, Ms. Lee recounted in a 1998 interview how she entered the brokerage industry on the advice of her doctor, who urged her to avoid sun exposure and reduce her golf outings.
“I went into stockbroking to escape the sun,” she humorously remarked.
Her journey began in the trading room of the now-defunct Robert Wee & Co in the late 1960s.
In 1972, Ms. Lee etched her name into history by becoming the first woman to purchase a seat at the stock exchange, investing $700,000, a combination of her savings and bank loans. She christened her brokerage firm “Kim Eng,” with “Kim” paying tribute to her late husband, Dennis Lee Kim Yew, and “Eng” derived from a family friend’s name.
Dennis Lee Kim Yew, her husband, was a founding partner at the law firm Lee & Lee and the younger brother of Singapore’s founding prime minister, Lee Kuan Yew.
Kim Eng achieved another milestone by becoming Singapore’s first publicly listed broker in 1990. During its initial public offering, the company garnered an astounding $23 billion in subscriptions for an offering that amounted to $29.3 million.
Over time, Kim Eng expanded its operations from Singapore and Malaysia to encompass Thailand, the Philippines, Indonesia, Vietnam, and India, solidifying its position as a prominent name in the stockbroking industry across the region.
Ms. Lee made the decision to step down from her roles as chairman and director of Kim Eng Holdings in 2008, at the age of 82, passing the leadership baton to her son, Ronald Ooi Thean Yat.
Subsequently, Maybank acquired Kim Eng for a notable sum of US$1.4 billion (S$1.9 billion), marking a significant chapter in the company’s history.
