MR DIY brothers debut on Forbes richest list 07 Apr 2021 / 23:55 H.
PETALING JAYA: This year’s Forbes world’s billionaire list saw the addition of MR DIY Group’s Tan Brothers, Westports Holdings Bhd’s Tan Sri G Gnanalingam and Greatech Technology Bhd co-founder and CEO Tan Eng Kee.
Brothers Tan Yu Yeh and Tan Yu Wei of MR DIY Group Bhd have an estimated net worth of US$1.8 billion (RM7.4 billion) and US$1.1 billion.
Malaysia’s largest home improvement retailer MR DIY (
pix) made its debut on the Main Market of Bursa Malaysia Securities in October last year. The initial public offering (IPO) was the largest on Bursa Malaysia since 2017 with a market capitalisation of RM10 billion. The IPO raised RM1.5 billion from both institutional and retail investors.
Despite the Covid-19 pandemic, the number of billionaires on Forbes’ 35th annual list of the world’s wealthiest exploded to an unprecedented 2,755 – 660 more than a year ago. Among the richest in the world are Jeff Bezos, the world’s richest for the fourth year running, worth US$177 billion, and Elon Musk, who rocketed into the number two spot with US$151 billion.
While the list includes some Malaysian mainstays such as Tan Sri Ananda Krishnan, Tan Sri Teh Hong Piow, Tan Sri Lim Kok Thay, Tan Sri Dr Jeffrey Cheah, Tan Sri Syed Mokhtar AlBukhary, and Top Glove Corp Bhd’s Tan Sri Dr Lim Wee Chai, to name a few, four Malaysians made their debut on the annual world’s billionaires list this year.
Forbes billionaires list this year.
Also new on the list is Greatech Technology Bhd co-founder and chief executive officer (CEO) Tan Eng Kee, with
Forbes estimating his wealth to be US$1.1 billion (about RM4.54 billion). The Penang-based company is a maker of factory automation equipment.
In
Forbes estimated Gnanalingam’s net worth to be about US$1.7 billion.
It also estimated MR DIY’s Yu Yeh’s net worth to be about US$1.8 billion and Yu Weh at about US$1.1 billion.
Forbes noted that the brothers’ wealth comes from their respective stakes in the home improvement retail chain.
MR DIY, listed in October last year, has had the largest initial public offering (IPO) on Bursa Malaysia since 2017, with a market capitalisation of RM10 billion, raising approximately RM1.5 billion from both institutional and retail investors.