Copyright Forbes
Malaysian tycoon Tiong Hiew King, who built a Chinese-language media conglomerate with operations in Malaysia and Hong Kong, has passed away at the age of 91. Tiong “passed away peacefully,” his Media Chinese International Ltd. said in a statement late Tuesday. “The board expresses deepest sorrow and regret and wishes to show its gratitude,” the Kuala Lumpur-listed company added. The tycoon formed Media Chinese International in 2007 when he backed the merger of Malaysia’s Sin Chew Media and Nanyang Press Holdings and Hong Kong’s Ming Pao Enterprise to cater to Chinese readers in Southeast Asia, China and North America. Following the merger, the group publishes four daily newspapers in Malaysia including Sin Chew Daily, China Press, Nanyang Siang Pau and Guang Ming Daily. With a readership of about 6.8 million people, the Malaysian publications account for 70% of the country's Chinese newspaper business. His Ming Pao Daily News serves Hong Kong’s over 7.5 million residents and Chinese migrants in Canada. With a net worth of $820 million, Tiong and his family are among the wealthiest in Malaysia. He was born in humble beginnings and once worked as a rubber tapper. He and his brothers started Rimbunan Hijau Group, as a timber company in 1975. It has since expanded into energy, palm oil plantations, property development and telecommunications. Tiong had forestry operations in 16 countries and was also the owner of New Zealand’s Oregon Group, which builds residential properties and hotels, harvests salmon and manufactures plastic containers. He is survived by his three children.
