The recent passing of two of Malaysia’s wealthiest patriarchs has now placed their respective families under the leadership of the second generation. Chen Lip Keong, the billionaire founder of NagaCorp, passed away at the age of 76 in December 2023. However, before his death, he had already set up a family trust to transfer the controlling stake in NagaCorp. In 2022, he handed over the reins to his three sons, with Yiy Fon, 42, taking on the role of group CEO.
The pandemic dealt a blow to the gambling industry but the return of high rollers has helped boost profits for NagaCorp. Despite this, the company has decided to delay the expansion of its NagaWorld casino resort in Phnom Penh from 2025 to 2029 due to geopolitical and inflationary concerns. As a result, NagaCorp shares have fallen by 42% in the past year. However, the second generation of the Chen family is now at the helm to navigate these challenges and steer the company forward.
A similar transition of power occurred at Westports Holdings after the death of cofounder G. Gnanalingam in July at the age of 78. His son, Ruben Emir, 47, has taken over as the executive chairman and group managing director of the ports operator. In 2023, Westports posted record revenue of 2.15 billion ringgit ($459 million) on the back of booming container traffic, which has further boosted the family’s fortune to $1.6 billion.
The passing of these billionaire patriarchs has brought about a new era of leadership for their respective family businesses in Malaysia. The younger generation is now tasked with upholding and expanding upon the legacies left by their fathers. With the support of family trusts and experienced siblings, Yiy Fon and Ruben Emir are leading NagaCorp and Westports Holdings into the future amidst challenging market conditions.
Despite facing setbacks such as delays in expansion and share price declines, both NagaCorp and Westports Holdings are leveraging their strengths to capitalize on new opportunities. The resilience of these family businesses is evident in their ability to adapt and innovate in response to changing circumstances. As they navigate the complexities of the current business landscape, the second generation leaders are focused on driving growth and sustainability for the long-term success of their companies.
The wealth and influence of Malaysia’s richest families continue to shape the economic landscape of the country. The passing of torches to the second generation marks a significant milestone in the evolution of these businesses. With a combination of tradition and innovation, Yiy Fon and Ruben Emir are positioned to build upon the foundations laid by their fathers and steer their respective companies towards continued success in the years to come.
