11 TAN SRI YEOH TIONG LAY

Flagship: YTL Corp Bhd Net worth: RM9.22bil THE late Yeoh, who passed away in October last year at the age of 88, is ranked 11th among Malaysia’s top40 richest people in 2017.

With just a secondary school education, Yeoh built his business empire and founded one of Malaysia’s largest conglomerates, YTL Corp.

The group has interests in various business segments, spanning over power and water, technology, cement and property, among others.

YTL Corp surprised the market last year after clinching the construction contract for the GemasJohor Baru double-track rail project. Given its inactive status in the local rail scene since its Express Rail Link development back in 1996, the news came as a positive surprise.

It has been reported that YTL Corp is also eyeing the Kuala Lumpur-Singapore high-speed rail development, which is slated to commence operations in 2026.

Analysts are positive on the group’s renewed interest in the rail segment, which will further elevate its order book.

This will likely be positive for YTL Corp’s construction division, which has delivered dismal revenue and earnings in the past few years, according to MIDF Research.

The company’s construction division has mainly been boosted by its own pipeline of property development and infrastructure works within the group’s other core activities.

YTL Corp derives most of its earnings from its utilities business in Malaysia, Singapore, Indonesia, Australia and the UK that collectively account for two-thirds of its revenue.

Its Paka Power Station saw the commencement of supply from September last year under a new power purchase agreement.

YTL Corp also owns a listed utility arm on Bursa Malaysia, YTL Power International Bhd.

The group’s cement manufacturing business, the second-largest revenue contributor, has been affected by competitive pricing and lower demand for cement domestically.

The cement business was privatised six years ago in a move to consolidate its business structure to offer better value to shareholders.

YTL Corp’s hospitality arm, YTL Hotels & Properties Sdn Bhd, continued to expand its footprint in Asia last year.

The company partnered with Marriott International Inc to roll out four new hotels – two of which will be in Kuala Lumpur and another two in Niseko Village, Hokkaido, Japan.

YTL Hotels and Marriott International have worked together in five to six countries.

The Yeoh family, which was led by patriarch Yeoh, owns a 52.7% stake in YTL Corp. Yeoh handed over the reins to Tan Sri Francis Yeoh in 1978.