4 Malaysians Added To Forbes Billionaires 2021 List & Their Achievements
Not too long ago, Forbes’ 35th annual Billionaire List for 2021 saw 4 new Malaysian faces added. They are brothers Tan from MR DIY Group (M) Bhd, Tan Sri G. Gnanalingam from Westports Holdings Bhd and Tan Eng Kee from Greatech Technology Bhd.
Tan brothers Tan Yu Yeh and Tan Yu Wei have an estimated net worth of $ 1.8 billion and $ 1.1 billion respectively, while Tan Sri G. Gnanalingam’s is $ 1.7 billion. and that of Tan Eng Kee of $ 1.1 billion.
These Malaysians didn’t reach their billionaire status today out of nowhere, so here’s a look back at how they rose through the ranks to become newly recognized billionaires.
The Tan brothers
While the two Tan brothers today play an important role in Mr DIY, a local home improvement retail chain, it was actually founded by Tan Yu Yeh, the older brother, in 2005. He is currently a director. non-independent executive and executive vice-president. by Mr DIY.
Tan Yu Yeh graduated from the University of Malaysia in 1996 with a Bachelor of Science in Physics. He then worked as an engineer at Komag USA in Malaysia for a year before working as an introducing broker at Inter-Pacific Securities until 2009.
In July 2005, he opened the first Mr DIY store in Jalan Tuanku Abdul Rahman and today his brand has grown to over 700 outlets nationwide, serving over 80 million customers per year.
Younger brother Tan, Yu Wei was a manager at De Little Chinatown, a Chinese product wholesaler before joining the Mr DIY team in 2011.
He graduated from Universiti Sains Malaysia in 1998 with a bachelor’s degree in management (with distinction) and then worked as a production supervisor at Solectron Corp. (United States) in Malaysia for 2 years. When he joined Mr DIY, he was in charge of the Group’s logistics and purchasing services.
Together they made Mr DIY grow quickly, and easy and efficient expansion was attributed to their investment in a point of sale system.
Based on their financial highlights, Mr. DIY saw an increase in profits from 2017 to 2020. In 2020, the company debuted in the main market of Bursa Malaysia as the country’s largest IPO for the year, with a market capitalization of RM 10 billion, and the IPO exercise raised around RM 1.5 billion from institutional and retail investors. Their shares also climbed to 9.4% on the first day of trading.
Although the pandemic affected them, they were able to maintain their resilience with a V-shaped recovery in May and June 2020 with overall revenue 11.9% higher than in the pre-COVID-19 period of January and February 2020.
From 2018 to 2020, Mr DIY has consistently emerged as the winner of the nationwide World Branding Awards as a retailer in the Home Improvement category. Last year, they also received the Frost & Sullivan Best Practice Award for Malaysia’s Retail Market Leadership Award.
Tan Sri G. Gnanalingam
Westports Holdings Sdn Bhd, a multi-cargo port operator, is chaired by Tan Sri G. Gnanalingam who co-founded it with Ahmayuddin bin Ahmad in 1990. It was launched in September 1994 when the Port Klang Authority (PKA) ceded the Harbor. it is up to them to operate under a 30-year concession.
Tan Sri G. Gnanalingam graduated from the University of Malaysia in 1968 with a Bachelor of Arts degree and also has a Masters degree from Harvard Business School, which he attended in 1983.
Prior to Westports, he spent the first 16 years with the Malayan Tobacco Company and was known to be a “marketing magician”. He then left the company to form his own company, G-Team Consultancy, where his most notable achievement was to increase RTM’s advertising revenue from RM 60 million to RM 380 million.
Westports holds 80% of the container traffic market share of Port Klang, and Port Klang is the largest and most important port in our country among the 8 other federally administered ports that we have. It handled nearly 40% of all cargo in Malaysian ports in 2018. Tan Sri G. Gnanalingam was even named Carrier of the Year in 2001 by our Department of Transport.
Today, Westports is the 12th busiest port in the world among the top 50 global container ports. It was listed on the main market of Bursa Malaysia in October 2013 and was expected to raise RM2 billion. However, this listing was not intended to raise funds for the company, but rather to improve its profile to market its services and establish the liquidity of its shares.
Last year, Westports invested RM323 million in capital expenditure and recorded a 10.7% increase in net profit to RM 654.48 million from RM 590.89 million in 2019, thanks to RM 1.97 billion higher revenues compared to 1.78 billion previously. They also saw their net profit increase by 30% for the fourth quarter of 2020, driven by higher container revenues and lower operational costs.
Tan Eng Kee
Looks like the billionaire new entrants of the year are dominated by Tans, and this billionaire is the CEO of Greatech Technology, which makes factory automation equipment. Their customers include electric vehicle manufacturers, solar power producers and semiconductor companies. Some of their clients include Fortune 500 companies.
When Eng Kee was 16, he worked part-time in an after-school bakery to provide additional income for his family. He obtained a certificate in Mechanical Engineering from Politeknik Sultan Abdul Halim Mu’adzam Shah, Kedah in 1991.
Before Greatech, he worked as a precision planner and then as sales manager at Prodelcon, a precision tooling company, for two years after his certification. After this job, he founded Greatech in 1997 with a school friend, Khor Lean Heng, who is now the company’s COO.
In June 2019, Greatech debuted in the ACE market of Bursa Malaysia. It was listed for a market cap of RM381.86 million and has successfully raised RM 73.05 million since its IPO. Today, the company has 8 factories above a testing facility in the United States, which is one of its largest markets.
Last year, they saw net profit jump nearly 68% year-on-year to RM 91.16 million in their 20 year period with the share price rising 267% mainly driven by demand. increased for its electric vehicle (EV) power line systems. storage industry.
They also won the Golden Eagle Award from Nanyang Siangpau in 2017 and 2018 and the Product Excellence Award in the Business Excellence Awards from Sinchew Daily in 2018.
- You can read more about Forbes’ 35th Annual Billionaire List here.
- You can read more Forbes related articles that we’ve covered here.
Featured Image Credit: Tan Yu Yeh, NSTP / Tan Sri G Gnanalingam / Tan Eng Kee
Our sincere thanks to