Many-time Philippines' Richest Man and retail tycoon Henry Sy Sr. has passed away today, SM Malls confirmed in a statement.
He was 94.
"With deep sadness, I would like to inform the group that our beloved Chairman Tatang, Mr. Henry Sy Sr, passed away peacefully in his sleep early Saturday morning. Please pray for the eternal repose of his soul," Steven Tan, SM Supermalls COO, said in a statement.
Born to a poor family in Ankhue Village, Jinjiang City Fujian, Province of China Henry T. Chi Sieng Sy Sr., was a Chinese-Filipino business magnate, investor, and philanthropist.
He was involved in the industries of real estate, hospitality, banking, mining, education, and health care. He was responsible for the establishment of SM Malls, anchored by Shoemart Department Store and Supermarket.
He was the founder of SM Prime Holdings, the holding corporation for all his business interests in his vast business empire.
The 94-year-old founder of the SM group was also named by Forbes as the country's richest man with an estimated net worth of $19 billion.
Known as "Tatang" to all his SM Foundation Scholars, the self-made tycoon founded SM Foundation’s college scholarship program in 1993. It started with 100 scholars in its first year.
It now has almost 4,000 scholars who will surely miss their generous benefactor. –PPD