By 1996 both Azmi and his companies were cash-rich. But then he became convinced that the Malaysian economy was overheating and he began selling. Azmi also sold his personal stakes in other companies for undisclosed sums. But the economy kept humming along. Worse still, when RHB acquired another bank to become the third-largest in the country its share price jumped to 23 ringgit.
Nothing is more damaging to personal conviction than a seller's remorse.
I suspect it changed my mindset. By early 1997, the company had a market capitalization of 4 billion ringgit, up from 27 million ringgit when Azmi had taken it over a decade earlier. One analyst estimates that Azmi invested more than 250 million ringgit of his personal money on the island. Now he hopes the Splash project will wash away what's left of the pain brought on by the crisis. Already Azmi's characteristic confidence and aplomb have returned.