"Henry Sy... passed away peacefully in his sleep early Saturday morning. There are no further details at the moment," his SM group said in a statement to AFP
Henry Sy. Pic/AFP
Manila: The Philippines' wealthiest man Henry Sy, who rose from being a penniless Chinese immigrant to leading a multi-billion dollar business empire, died on Saturday, his conglomerate has announced.
The 94-year-old, from the Chinese city of Xiamen, founded the Philippines' largest shopping centre chain. He had a net worth of USD 19 billion as of Friday, according to Forbes.com magazine.
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"Henry Sy... passed away peacefully in his sleep early Saturday morning. There are no further details at the moment," his SM group said in a statement to AFP.
Sy put up his first shoe store in downtown Manila in 1956, a business which later grew into a diversified empire with interests in property, banking, mining, education, and health care among others.
In recent years he has turned over the day-to-day running of his businesses to his children although he remained chairman emeritus of SM Investments, one of the country's largest conglomerates.
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