The untimely demise of two billionaire patriarchs in Malaysia in 2023 has resulted in the second generation taking over their family businesses. Chen Lip Keong, founder of NagaCorp, transferred control of the company to a family trust before his death at the age of 76. His son, Yiy Fon, now serves as the group CEO, overseeing the operations of the casino operator.
Despite the return of high rollers post-pandemic, NagaCorp faced challenges and had to delay the expansion of its NagaWorld casino resort in Phnom Penh to 2029 due to geopolitical and inflationary concerns. This decision led to a decrease in NagaCorp’s shares by 42% in the last year. However, the family remains focused on navigating these challenges and continuing the legacy of the late patriarch.
On the other hand, at Westports Holdings, the passing of cofounder G. Gnanalingam led to his son, Ruben Emir, taking over as executive chairman and group managing director. Under Ruben’s leadership, Westports saw record revenue of 2.15 billion ringgit in 2023, driven by booming container traffic. This success has significantly increased the family’s fortune to $1.6 billion.
The second generation leaders of these two prominent Malaysian families are now tasked with upholding and expanding their family businesses while continuing the legacy of their late patriarchs. Both NagaCorp and Westports Holdings have faced their own set of challenges in the past year, but the new leaders are determined to address these issues and steer their companies towards growth and sustainability.
Despite facing setbacks and market challenges, the families behind NagaCorp and Westports Holdings remain committed to driving their businesses forward and ensuring long-term success. As they navigate the changing business landscape and evolving market conditions, the second generation leaders are focused on building upon the foundations laid by their predecessors and securing the future of their family businesses.
Overall, the succession of leadership within these two prominent Malaysian families signals a new chapter in their respective business journeys. With the second generation now at the helm, NagaCorp and Westports Holdings are set to embark on a new era of growth, innovation, and development as they strive to maintain their positions as key players in the Malaysian business landscape and beyond.
