YTL Group founder dies at age 88
Singapore
PROMINENT businessman and founder of the YTL Group Yeoh Tiong Lay has died at age 88, his family announced on Wednesday.
In a statement, his eldest son and managing director of YTL Corp, Francis Yeoh Sock Ping, said: "We are greatly saddened by the loss of my beloved father and founder of the YTL Group.
"Under his illustrious leadership, the YTL Group expanded from its base in Malaysia to encompass operations and projects across the globe.
"The growth and development of the YTL Group was always rooted in our chairman's determination to build a strong, responsible and sustainable company for the benefit of his family, employees, business partners and the wider community, and this is his legacy. His work ethic was exemplary and his humility is testimony to the great man and leader that he was. We will miss him greatly."
The cause of death was not disclosed.
The Star, a Malaysian newspaper, reported that the patriarch - who was also executive chairman of YTL Corporation Berhad and YTL Power International Berhad - turned the company into a multinational corporation with the help of his children.
The group started out as a construction company in Kuala Selangor in 1955, and grew to become an integrated infrastructure developer with operations in areas such as property development and investment, hotel development and management (including restaurant operations), and Internet-based education solutions and services.
Mr Yeoh also held positions in several organisations and was as well-known for his philanthropy.
He was appointed to the board of directors of YTL Corp on June 24, 1984 and took on the post of executive chairman about half a year later.
He was conferred the title of Doctor of Engineering by Heriot-Watt University in Edinburgh in 1988.
In 2008, he was conferred the prestigious Order of the Rising Sun by the Emperor of Japan, in recognition of his contributions towards the economic cooperation and friendship between Japan and Malaysia.
As a philanthropist, he devoted much of his time to causes, with those in education especially close to his heart, as his wife, Tan Kai Yong, was a teacher.
He chaired the board of governors of his alma mater, Hin Hua High School Klang, and spearheaded its transformation into one of the top independent Chinese secondary schools in the country.
The YTL Group has a stake in Starhill Global Real Estate Investment Trust, which is listed on the mainboard of the Singapore Exchange.
YTL Corp is among the 30 largest companies listed on the main market of Bursa Malaysia Securities Berhad, forming one of the component companies of the FTSE Bursa Malaysia KLCI of the FTSE Bursa Malaysia KLCI.
YTL Corp has also had a secondary listing on the Tokyo Stock Exchange since 1996. Together with its listed entities in Malaysia, it has a combined market capitalisation of RM27.6 billion as at Sept 30, 2017, The Star reported.
Company secretary Ho Say Keng described him as "an advocate of hard work, perseverance and integrity, not just for his family, but for those around him. He treated his employees as his extended family and is recognised for his love, humility and compassion".
Mr Yeoh is survived by his wife, seven children, 27 grandchildren and five great-grandchildren.
