SIBU: Media and timber tycoon Tan Sri Tiong Hiew King passed away peacefully on Tuesday (Nov 11), according to a news report.
Sin Chew Daily said Tiong, 90, breathed his last at 11 am.
Tiong was the executive chairman of Rimbunan Hijau and the honorary chairman of Sin Chew Daily.
Tiong and his family were on the Forbes list of Malaysia's 50 Richest in April this year, placing 25th with an estimated net worth of US$820mil (RM3.4bil).
He was born in 1935 to a poor family in Sibu. Coming from modest beginnings, he worked as a rubber tapper and clerk.
He graduated from Chung Cheng Primary School in Sibu and subsequently from Methodist High School and Sacred Heart High School.
He had no access to formal higher education but pursued correspondence courses from Australia, gradually expanding his knowledge while working to support his family.
Tiong began his working life at his uncle's timber company, which laid the foundation for his future.
In 1975, he founded the Rimbunan Hijau Group, starting with timber operations.
Today, the group is a diversified multinational with operations in Malaysia and across numerous countries, including Singapore, Indonesia, Cambodia, Hong Kong, Japan, South Korea, Papua New Guinea, Australia, Russia, the Congo, Equatorial Guinea, Gabon, Guyana, Canada, and the United States.
He also had investments in Qinzhou, Shanghai, Harbin and Guangzhou in China.
Other than timber exports and timber processing, his business expanded to media and publishing, agriculture (oil palm plantations and mills), oil and gas, mining, aquaculture, reforestation, finance, information technology, trading and property development.
In 2010, he received the Malaysia Business Leadership Award 2010 Lifetime Achievement Award from the Kuala Lumpur Malay Chamber of Commerce in recognition of his entrepreneurship achievements and contribution to the country.
There are four publicly listed companies under the group in Malaysia, namely Subur Tiasa Holdings Bhd
, Jaya Tiasa Holdings Bhd, Rimbunan Sawit Bhd, and Media Chinese International Limited.
