FACB Industries' executive president Chen Lip Keong, 7th richest man in Malaysia, passes away


The late Tan Sri Dr. Chen Lip Keong - File pic

KUALA LUMPUR: FACB Industries Incorporated Bhd has announced the demise of its executive president Tan Sri Dr Chen Lip Keong.

In a filing with Bursa Malaysia, FACB said Chen passed away on Dec 8.

“On behalf of all the employees of the group, the board expresses its deepest sorrow over the death of Chen and conveys its condolences to his family.

“The board acknowledges him for his invaluable contributions and leadership over his 29 years with the group and will always be remembered,” FACB said.

“The group has an experienced and dedicated management team and the board therefore remains confident with the management's abilities to lead and achieve the group's initiatives and plans,” it added.

Separately, NagaCorp Ltd announced the re-designation of Chen Yiy Fon, an executive director of the company, with effect from Dec 10, 2023, as the new chief executive officer following the demise of Chen.

NagaCorp said Yiy Fon is a son of Chen and has previously served as the chief executive officer — operations of the company since April 5, 2022.

"The company will continue the group’s business operations by adhering to the business strategies laid down by the board. The board is of the view that the passing away of Chen will not have any material impact on the operations of the group," NagaCorp said.

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FACB , Chen Lip Keong , NagaCorp

   

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