He is survived by his wife, Tan Kai Yong, and seven children, including Francis Yeoh, who now helms the company.
Tiong Lay founded YTL, a small construction company, in 1955. It has since become one of Malaysia’s largest conglomerates involved in utilities, hotels and property development.
Forbes named Tiong Lay the seventh richest person in Malaysia this year with a net worth of US$2 billion (RM8.2 billion).
Meanwhile, The Star Online reported the family as saying that they were saddened by the loss of the head of their family.
“We are four generations that have had the privilege of enjoying his presence for 88 years and he will be truly missed,” his family members said in a statement.
Those wishing to pay their last respects can do so tomorrow from 7pm onwards at 2 Lorong Buloh Perindu 1, Damansara Heights, 59000 Kuala Lumpur.
The funeral, The Star Online reported will be held on Sunday at 10am, with the cortege departing for the Nilai Memorial Park at noon.