PETALING JAYA: Billionaire Tan Sri Yeoh Tiong Lay (pic), founder of YTL Corporation Bhd, passed away peacefully at age 87.

The family is expected to make an announcement at 5pm.

Yeoh founded YTL in 1955 as a small construction company. The company has since become Malaysia's largest conglomerate with interest in technology, hotels, utilities, construction, and property management.

According to Forbes, Yeoh has a net worth of US$2bil (RM8.2bil) making him the seventh richest person in Malaysia.

He leaves behind his wife Puan Sri Tan Kai Yong and seven children, among them Tan Sri Francis Yeoh who is now at the helm of the company.