YTL Corp founder Yeoh Tiong Lay dies

PETALING JAYA: YTL Corp Bhd’s founder and executive chairman Tan Sri Yeoh Tiong Lay passed away at age 87 today. He had been the group’s chairman since Jan 24, 1985.

Founded in 1955, YTL Corp and its listed entities in Malaysia (YTL Power International Bhd, YTL Land & Development Bhd, and YTL Hospitality REIT) had a combined market capitalisation of about RM27.6 billion as at Sept 30.

YTL Corp also has a stake in Singapore-listed Starhill Global REIT, which owns prime retail assets in Singapore, Malaysia, Japan, China and Australia.

The group’s core businesses comprise utilities, construction contracting, cement production, property development and investment, hotel development and management, e-commerce initiatives and internet-based education solutions and services.

Tiong Lay was ranked the seventh richest man in Malaysia with a net worth of US$2 billion (RM8.4 billion), according to Forbes magazine. He was accorded a Lifetime Achievement Award at the Asia Pacific Entrepreneurship Awards 2009 in recognition of his outstanding entrepreneurial achievements and contribution towards the development of the nation.

Tiong Lay’s son Tan Sri Francis Yeoh Sock Ping is YTL Corp managing director.