KUALA LUMPUR: Malaysian billionaire and the founder of YTL Corporation Tan Sri Yeoh Tiong Lay has passed away at age 87, according to local media reports on Wednesday (Oct 18).

Yeoh leaves behind his wife Chen Kairong and seven children.

He founded YTL in 1955 as a small construction company. YTL has since become Malaysia's largest conglomerate with businesses in sectors such as utilities, cement manufacturing, hotels and property development.

The group owns PowerSeraya, Singapore's second-largest power plant, and co-owns the Eastern & Oriental Express, the luxury train that runs from Singapore to Thailand. It also owns the Ritz-Carlton in Kuala Lumpur.

According to Forbes, Yeoh has a net worth of US$2 billion making him the seventh richest person in Malaysia. All of his children are involved in the business and his eldest son, Tan Sri Francis Yeoh, is the managing director of YTL Corporation, said Forbes.