[ad_1]
KUALA LUMPUR, January 15 – Tan Eng Kee never imagined he would become a billionaire after losing his father at 13, but he was now the last member of the country exclusive club courtesy of his company, the Greatech Technology roster in 2019.
Forbes reported today that Greatech, which produces industrial automation equipment for a variety of different manufacturers, saw its shares rise 330 percent last year, propelling Tan into the billionaires’ club with a net worth of just over $ 1 billion. US dollars (4.04 billion ringgit). .
“I never dreamed of becoming a billionaire,” he said. Forbes.
“I was not expecting this at all. I have a simple life: I come to the office; I do my job and go home. Nothing changes because of this, “he said. Forbes.
After the death of his father, a taxi driver, Tan began working at the age of 16 in a bakery.
He then obtained a certificate in mechanical engineering in 1991 and went on to work as a production planner for a precision tool company. Two years later he borrowed RM10,000 from his mother to establish Greatech (M) Sdn Bhd.
In 1995, he recruited his schoolmate Khor Lean Heng, the company’s current COO, to join him.
That company went bankrupt in 2001, but the duo founded Greatech Integration to produce semi-automated and automated equipment for the consumer electronics industry. Greatech expanded into the semiconductor industry in 2002 and into the solar sector in 2010.
According to Forbes, sales for the nine months ended September 30, 2020 increased 17 percent to Ringgit 184.78 million, while net profit increased 64 percent to Ringgit 59.338 million.
The company was reaping huge profits as demand for electric vehicles and solar power increased.
“Renewable energy and electric vehicles are all the rage now,” Tan said.
Greatech manufactures automated equipment for production lines for medical device manufacturers, renewable energy producers and semiconductor companies.
Despite the pandemic, Tan said Forbes that its eight factories are in operation and that the company, of which more than 50 percent are from abroad, is better than ever.
“Our business is getting stronger,” says Tan, who is preparing for further growth.
Greatech is expected to continue growing after it expanded its capacity with a newly assembled plant in Batu Kawan while planning to open several offices in Illinois and Arizona in the United States.
Tan is also optimistic about the prospects for his company.
“We will benefit from the importance given to ESG (environmental, social and governance) as companies move towards achieving zero carbon status,” he said. Forbes.
