Not so long ago, Forbes’ 35th annual list of billionaires for 2021, 4 Malaysian people were seen. They are the Tan brothers from MR DIY Group (M) Bhd, Tan Sri G. Gnanalingam from Westports Holdings Bhdand Tan Eng Kee from Greatech Technology Bhd.
The Tan brothers, Tan Yu Yeh and Tan Yu Wei, are estimated net worth of $ 1.8 billion, or $ 1.1 billion, while Tan Sri G. Gnanalingama costs $ 1.7 billion and Tan Eng Kee’s $ 1.1 billion.
These Malaysians today have not grown out of nowhere to become their billionaire, so here is a review of how they grew up in the ranks to become newly recognized billionaires.
Although both Tan brothers today play an important role in Mr DIY, a local retail home maintenance chain, it was actually established Tan Yu Yeh, older brother, 2005. Currently, the independent executive director and executive vice president is Mr. DIY.
Tan Yu Yeh graduated from the University of Malaya in 1996 with a degree in physics. He then worked for a year as an engineer at Komag USA in Malaysia, and before 2009 he worked as a remisser at Inter-Pacific Securities.
In July 2005 opened the first Mr DIY store in Jalan Tuank Abdul Rahman, and today his brand has grown to over 700 outlets across the country, serving over 80 million customers annually.
Tan’s younger brother, Yu Wei, was director at De Little Chinatown, a Chinese products wholesaler before joining the Mr DIY team in 2011.
He graduated from Sains University in Malaysia in 1998 with a degree in management (honorary) and later worked as a production supervisor at Solectron Corp. (USA) in Malaysia for two years. When he joined Mr. Do It Yourself, he was in charge of the Group’s logistics and procurement department.
Together they quickly raised a do-it-yourself gentleman and easy and efficient expansion is attributed to their investment in the POS system.
From theirs financial emphasis, Mr. Do It Yourself is recording profit growth from 2017 to 2020. The company is in 2020 debuted in the main market of the Stock Exchange in Malaysia as the largest IPO in the country in the year, with a market capitalization of 10 billion RM, and the IPO raised approximately 1.5 billion RM from both institutional and retail investors. Their stocks it also climbed to as much as 9.4% on the first day of trading.
Although the pandemic affected them, they managed to maintain resistance to a V-shaped recovery in May and June 2020, with total revenue higher by 11.9% compared to the period before COVID-19 in January and February 2020.
From 2018 to 2020, Mr. DIY is consistent becomes as the winner at the national level of the World Branding Awards as a retailer in the home decorating category. Last year, they also received the Best Practice Award from Frost & Sullivan for the Retail Retail Market Leadership Award in Malaysia.
Tan Sri G. Gnanalingam
Westports Holdings Sdn Bhd, a multi-cargo port operator, is chaired by Tan Sri G. Gnanalingam who co-founder with Ahmayuddin bin Ahmad in 1990. It began in September 1994 when the Klang Port Authority (PKA) handed over the port to them to operate under a 30-year concession.
Prior to Westport, he spent the first 16 years at the Malayan Tobacco Company and was known to be Marketing Wizard. He later left the company to start his own company, G-Team Consultancy, where his most significant achievement was an increase in RTM’s advertising revenue from 60 million to 380 million.
Westports owns 80% market share in Port Klang’s container traffic, and Port Klang is our country the largest and most important port of the 8 other federal-administered ports we have. Malaysian ports handled almost 40% of the total cargo in 2018, Tan Sri G. Gnanalingam was uniform appointed Transport man in 2001 by our Ministry of Transport.
Today, Westports stand out as the world 12. busiest port of the world’s top 50 container ports. Was listed in the main market of the Stock Exchange in Malaysia in October 2013 and should have raise RM 2 billion However, this list was not intended to raise funds for the company, but for just that to improve its profile for the placement of its services and the establishment of liquidity for its shares.
Last year, Westports invested Capital expenditures amounted to KM 323 million, and net profit recorded a jump of 10.7% to RM 654.48 million RM590.89 million in 2019, thanks to higher revenue of RM 1.77 billion earlier. They also recorded a 30% increase in net profit for Q4 2020, thanks to higher container revenue and lower operating costs.
Tan Eng Kee
The billionaire’s new entries of the year seem to be dominated by Tans, and this billionaire is the CEO of Greatech Technology, which manufactures factory automation equipment. Their customers include electric vehicle manufacturers, solar energy manufacturers and semiconductor manufacturing companies. Some of their customers include Fortune 500 companies.
When Eng Kee was 16, he worked part-time in a bakery after school to earn extra income for his family. He obtained a certificate in mechanical engineering from the Polytechnic of Sultan Abdul Halim Mu’adzam Shah, Kedah in 1991.
Prior to Greatech, he worked as a precision planner and then as sales executive at Prodelcon, a precision tool company, two years after certification. After that job, he established Greatech in 1997 with a school friend, Khor Lean Heng, who today serves as the company’s CEO.
In June 2019, Greatech debuted in the ACE market of Bursa in Malaysia. It is listed on the market capitalization of RM 381.86 million, and previously managed to collect RM 73.05 million from its IPO. Today the company has 8 factories at the top of testing facilities in the US, which is one of the largest markets.
They saw it last year jump net profit from almost 68% year on year to 91.16 million RM in their FG20 with a share price increase of 267%, mostly due to increased demand for their production line systems from the electric vehicle energy storage (EV) industry.
- You can learn more about Forbes ’35th annual list of billionaires here.
- You can read more articles related to Forbes that we have covered here.
Credit for featured images: Tan Yu Yeh, NSTP / Tan Sri G Gnanalingam / Tan Eng Kee