Share
KUALA LUMPUR (Feb 3): Koon Yew Yin, who co-founded Malaysia’s largest construction firms including Gamuda Bhd, passed away on Monday at the age of 93.
Born in 1933, Koon is one of the 12 children of a coffin shop owner. He studied at St John’s Institution in Kuala Lumpur and graduated with a diploma in civil engineering from the Technical College that is now known as Universiti Teknologi Malaysia.
He started his career as an engineer with the Public Works Department in the newly independent Malaya. In 1967, he established Mudajaya Construction Sdn Bhd and Gamuda Sdn Bhd together with three partners.
IGB Construction Sdn Bhd, Jurutama Construction Sdn Bhd and Mudajaya Construction Sdn Bhd merged in 1983 to become IJM Corporation Bhd, which was listed five years later with a market capitalisation of RM66 million. Today, IJM is worth nearly RM10 billion.
Gamuda, meanwhile, is Malaysia’s biggest construction firm by revenue with a market value of some RM25 billion.
Investing and blogging
Koon retired from corporate life in 1983 after suffering serious heart angina and turned his attention to investing.
He often recalled the 1983-84 Hong Kong stock market crash, triggered by fears of China reclaiming the territory. While many investors fled, Koon embraced contrarian investing — buying when others were fearful and selling when others rushed in.
Starting with RM200,000 in cash, he bought undervalued stocks such as Hong Kong Realty and Trust Ltd, which rebounded dramatically. He indicated making more than 200% profit on his initial shares before reinvesting the proceeds into higher-value counters like HSBC.
His capital eventually grew large enough to acquire a 46% stake in Kaiser Stock and Shares Ltd, a Hong Kong stockbroking company.
Koon has also written regularly about stock investments, market trends, and corporate governance on his personal website as well as on investment portal i3.
Known by his initials “KYY” among fans and detractors, Koon became a prolific blogger on i3 investment portal, posting views on stock investments, market trends, and corporate governance. His candid insights made him a familiar and sometimes controversial voice in Malaysia’s investment community.
He began blogging as early as February 2016, with posts ranging from personal reflections such as What makes me happy to detailed investment commentaries. His entries continued through late 2025 and early 2026.
He has admitted to losing considerable sums after using margin finance to buy shares in KSL Holdings Bhd, a property developer he considered undervalued, and how he was forced to sell his shares in JAKS Resources Bhd to meet margin calls.
Rare earth venture
Koon’s career was not without controversy.
He was one of the founders of Beh Minerals Sdn Bhd, which held a 35% stake in Asian Rare Earth Sdn Bhd, a joint venture with a Japanese company to extract rare earth yttrium in Bukit Merah, Perak.
However, the factory generated serious radioactive health damage and environmental pollution, sparking massive public protests that prompted the government to step in and halt its operations. There were seven deaths as a result of the pollution as well as birth defects and leukaemia cases reported within five years in a community of 11,000 people.
After a protracted legal battle, the Japanese partner agreed to settle for RM10 million on the condition that the compensation was only to be used for charity, resulting in the creation of Yayasan Teratai in Ipoh, Perak.
Koon has also established scholarships and contributed generously to universities, including RM1 million annual student grant to Universiti Tunku Abdul Rahman, driven by his belief that education was the key to uplifting society.
His philanthropy extended beyond financial support. Koon often spoke about the transformative power of education, urging young Malaysians to pursue knowledge as a means of empowerment. His commitment to education reflected his broader philosophy of social responsibility and fairness.
Unlock Malaysia’s shifting industrial map. Track where new housing is emerging as talents converge around I4.0 industrial parks across Peninsular Malaysia. Download the Industrial Special Report now.
