KUALA LUMPUR (Feb 3): Tan Sri Koon Yew Yin, a pioneering figure in Malaysia’s construction and investment landscape and a co-founder of some of the nation’s most influential infrastructure companies, passed away on Monday at the age of 93.
Born in 1933 into a modest family in Kuala Lumpur, Koon was one of 12 siblings raised by a father who operated a coffin-making business. He received his early education at St John’s Institution before earning a diploma in civil engineering from the Technical College, now known as Universiti Teknologi Malaysia.
Koon began his professional journey with the Public Works Department during the early years of Malaya’s independence, contributing to the country’s foundational infrastructure development. In 1967, he took a decisive step into the private sector by co-establishing Mudajaya Construction Sdn Bhd and Gamuda Sdn Bhd with three partners—companies that would later shape Malaysia’s highways, tunnels, and urban development.
In 1983, IGB Construction Sdn Bhd, Jurutama Construction Sdn Bhd and Mudajaya Construction merged to form IJM Corporation Bhd. The group was listed on Bursa Malaysia five years later with a market capitalisation of RM66 million. Today, IJM has grown into a diversified conglomerate valued at close to RM10 billion, with strong exposure to infrastructure, construction, and property development across Malaysia, including key commercial property markets in Kuala Lumpur and Selangor.
Gamuda, meanwhile, has evolved into Malaysia’s largest construction company by revenue, with a market value of approximately RM25 billion and a significant footprint in urban infrastructure projects that support commercial property growth in KL and industrial corridors across Selangor.
Koon stepped away from corporate life in 1983 following a serious heart condition and redirected his focus towards investing. His investment philosophy was shaped by the 1983–84 Hong Kong stock market crash, triggered by uncertainty surrounding the territory’s future. While many investors exited the market, Koon adopted a contrarian strategy—buying undervalued assets during periods of fear.
Starting with RM200,000 in cash, he accumulated shares in depressed counters such as Hong Kong Realty and Trust Ltd, later realising gains exceeding 200%. He subsequently reinvested into blue-chip stocks including HSBC, steadily building his capital base. His success eventually enabled him to acquire a 46% stake in Kaiser Stock and Shares Ltd, a Hong Kong-based stockbroking firm.
Koon later became widely known for his outspoken investment commentary. Writing under his initials “KYY”, he was a prolific contributor on the i3 investment portal and his personal website, where he shared candid views on market cycles, corporate governance, and valuation discipline. His blog posts, which began as early as 2016 and continued into late 2025 and early 2026, earned him both loyal followers and vocal critics.
He was also open about his investment setbacks, including substantial losses from margin financing in KSL Holdings Bhd, a property developer he believed was undervalued, as well as the forced sale of his JAKS Resources Bhd shares to meet margin calls—lessons he often cited when cautioning investors.
Koon’s long career included contentious episodes. He was among the founders of Beh Minerals Sdn Bhd, which held a 35% stake in Asian Rare Earth Sdn Bhd, a joint venture involved in extracting rare earth yttrium in Bukit Merah, Perak. The operation resulted in severe radioactive contamination, triggering widespread protests and government intervention. The incident led to reported fatalities, health complications, and environmental damage affecting the local community.
Following years of legal proceedings, the Japanese partner agreed to a RM10 million settlement to be channelled exclusively into charitable causes, leading to the establishment of Yayasan Teratai in Ipoh.
Despite the controversies, Koon remained deeply committed to philanthropy, particularly in education. He provided scholarships and made substantial donations to institutions of higher learning, including an annual RM1 million student grant to Universiti Tunku Abdul Rahman. He consistently emphasised education as a critical pathway to social mobility and national progress.
Koon’s influence extended beyond construction and investing. His work helped lay the groundwork for Malaysia’s modern infrastructure ecosystem, supporting long-term growth in sectors such as industrial land in Selangor, office space in Kuala Lumpur, and integrated township developments that continue to drive demand for commercial and industrial property across the Klang Valley.
China