Malaysia's 7th richest man Tan Sri Chen Lip Keong passed away

His death was announced by Hong Kong-listed NagaCorp Ltd and Bursa Malaysia-listed FACB Industries Incorporated Bhd (FACB) today.

Chen was the founder and senior chief executive officer (CEO) of the NagaCorp group and the executive president of FACB.

NagaCorp said Chen had established a solid foundation for the group with more than 28 years of steady growth, and his entrepreneurial, business and managerial experiences were instrumental to the group's success.

"Under Chen's visionary leadership, the group has been achieving remarkable growth and development after years of careful navigation of the business and skillful and strategic management.

"On behalf of all employees of the group, the board would like to express its deepest sorrow on Chen's passing and convey its deepest condolences to his family," it said in a statement published on the company's website today.

NagaCorp also announced the re-designation of Chen's son, Chen Yiy Fon -- an executive director of the company -- as the new group CEO, effective Dec 10, 2023,

Yiy Fon has previously served as the operations CEO since April 5, 2022, it said.

FACB also conveyed its condolences to Chen's family in a separate filing with Bursa Malaysia to announce Chen's passing.

"On behalf of all the employees of the group, the board expresses its deepest sorrow over Chen's passing and conveys its condolences to his family.

"The board acknowledges his invaluable contributions and leadership over his 29 years with the group," it said.

According to Forbes' Malaysia's 50 richest list announced on May 31, 2023, Chen was the seventh richest man in the country with a wealth or net worth of US$2.8 billion (US$1= RM4.675).