Not so long ago, four new Malaysian faces were added to Forbes' 35th Annual Billionaires List for 2021. They are the Tan brothers of MR DIY Group (M) Bhd, Tan Sri G. Gnanalingam of Westports Holdings Bhd and Tan Eng Kee of Greatech Technology Bhd.
The Tan brothers, Yu Yu Yeh and Tan Yu Wei have estimated net worths of $ 1.8 billion and $ 1.1 billion, respectively, while the value of Tan Sri G. Gnanaling is $ 1.7 billion and that of Tan Eng Kee is $ 1.1 billion.
These Malaysians didn't rise to billionaire status out of nowhere today. Here's a look back at how they grew into newly recognized billionaires.
The Tan Brothers
While both Tan brothers now play important roles in Mr DIY, a local home improvement retail chain, it was founded in 2005 by Tan Yu Yeh, the older brother. He is currently the non-independent Executive Director and Executive Vice Chairman of Mr DIY.
Tan Yu Yeh graduated from the University of Malaya in 1996 with a Bachelor of Science degree in physics. He then worked for a year as an engineer at Komag USA in Malaysia before working as a remisier at Inter-Pacific Securities until 2009.
In July 2005, he opened the first Mr DIY store in Jalan Tuanku Abdul Rahman. Today his brand has grown to over 700 stores across the country and serves over 80 million customers annually.
Tan younger brother Yu Wei was a director at De Little Chinatown, a wholesaler of Chinese products, before joining the Mr DIY team in 2011.
He graduated from Universiti Sains Malaysia in 1998 with a Bachelor of Management (Honors) and later worked for 2 years as production manager at Solectron Corp. (USA) in Malaysia. When he came to Mr DIY, he was responsible for the group's logistics and procurement departments.
Together they made Mr DIY grow quickly, and easy and efficient expansion was attributed to their investment in a POS system.
Due to her financial highs, Mr DIY saw profits grow from 2017 to 2020. In 2020, the company debuted in the main market of Bursa Malaysia as the country's largest IPO with a market capitalization of RM 10 billion, and the IPO raised around RM 1.5 billion from both institutional and retail investors. Their shares also rose 9.4% on the first day of trading.
While the pandemic affected them, they were able to maintain their resilience with a V-shaped recovery in May and June 2020 with total sales up 11.9% compared to the pre-COVID-19 period in January and February 2020.
From 2018 to 2020, Mr DIY established itself as a retailer in the home improvement category as the winner of the national level of the World Branding Awards. Last year they also received Frost & Sullivan's Best Practices Award for the Malaysia Home Improvement Retail Market Leadership Award.
Tan Sri G. Gnanalingam
Westports Holdings Sdn Bhd, a multi-cargo port operator, is led by Tan Sri G. Gnanalingam, who co-founded it in 1990 with Ahmayuddin bin Ahmad. It started in September 1994 when the Port Klang Authority (PKA) turned the port over to them to operate under a 30 year concession.
Tan Sri G. Gnanalingam graduated from the University of Malaya in 1968 with a Bachelor of Arts and also has a Masters 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 as a "Marketing Assistant". He later left the company to start his own company, G-Team Consultancy. His most notable achievement was to increase RTM's advertising revenue from RM 60 million to RM 380 million.
Westports owns 80% of Port Klang's container shipping market, and Port Klang is the largest and most important port in our country among the eight other federally administered ports we have. In 2018, almost 40% of all cargo was handled by Malaysian ports. Tan Sri G. Gnanalingam was named Transport Man of the Year by our Ministry of Transport in 2001.
Today Westports is the twelfth largest port in the world among the 50 largest container ports in the world. It was listed on the main market of Bursa Malaysia in October 2013 and should bring in RM 2 billion. However, this listing was not intended to raise funds for the company, but rather to raise its profile to market its services and create liquidity for its stocks.
Last year, Westports invested RM 323 million in investments and posted a 10.7% increase in net income to RM 654.48 million from RM 590.89 million in 2019 due to higher sales of RM 1.97 billion compared to 1.78 billion RM previously. Thanks to higher container revenues and lower operating costs, net profit increased by 30% in the fourth quarter of 2020.
Tan Eng Kee
It seems like the new billionaire entrants of the year are being dominated by Tans, and that billionaire is the CEO of Greatech Technology, which makes equipment for factory automation. Its customers include manufacturers of electric vehicles, solar energy producers and semiconductor companies. Fortune 500 companies are among their customers.
When Eng Kee was 16, he worked part-time in a bakery after school to bring extra income to his family. He received a certificate in mechanical engineering from Politeknik Sultan Abdul Halim Mu & # 39; adzam Shah, Kedah in 1991.
Before joining Greatech, two years after his certification, he worked as a precision planner and then as a sales manager at Prodelcon, a precision tools company. After this job, he founded Greatech in 1997 with a schoolmate, Khor Lean Heng, who is now the company's COO.
In June 2019, Greatech debuted in the Bursa Malaysia ACE market. The company was quoted for a market capitalization of 381.86 million RM and was previously able to raise 73.05 million RM from its IPO. Today the company has 8 factories on a test facility in the United States, one of the largest markets.
Last year they recorded a net profit jump of almost 68% year-on-year to RM 91.16 million in FY 20 with a 267% increase in the share price, mainly due to increased demand for production line systems from the energy of electric vehicles (EV) is storage industry.
They won Nanyang Siangpau's Golden Eagle Award in both 2017 and 2018 and the Product Excellence Award in Sinchew Daily 's Business Excellence Awards in 2018.
- For more information on Forbes' 35th Annual Billionaires List, please click here.
- More articles on Forbes can be found here.
Selected image source: Tan Yu Yeh, NSTP / Tan Sri G Gnanalingam / Tan Eng Kee