PETALING JAYA: Teng Yew Huat, a pioneer of the supermarket industry, passed away at the age of 68. He had guided the family’s Teng minimarkets into the billion-dollar Giant and Jaya Grocer chains, with Ace Hardware being a part of the family business.
Adelene Foo, CEO of Jaya Grocer, said in a brief statement how deeply the passing of Yew Huat affected both the industry and the Jaya Grocer team. “He served as our company’s inspiration and main driver for growth and success.”
As per FMT, no reason for the death was given.n However, Foo did mention that a memorial service is in the works. The Edge stated that Yew Huat was 68 years old.
The Teng family’s history in retail groceries dates back to 1944, when their patriarch, Teng Sek How, opened a miscellaneous store on Jalan Sentul in Kuala Lumpur.
Many years later, his sons Francis and Yew Huat would establish Teng minimarkets, which developed into the Giant hypermarket chain, which opened its first location in Kelana Jaya, Selangor, in 1982, and the Teng Minimarket Centre (TMC) in Bangsar, Kuala Lumpur.
In 1999, Hong Kong-based Dairy Farm International—now known as the DFI Retail Group—purchased both TMC and the Giant chain.
The Jaya Grocer and Ace Hardware chains were also established by the Teng brothers.
Francis holds a 97% share in Megah Inovatif Sdn Bhd, the company that runs the RM2-store Noko, and 22% of Ace Hardware through Giant Ace Sdn Bhd.
Additionally, the Jaya Grocer chain was acquired by Grab Holdings Ltd. in December 2021.
Yew Huat repurchased a portion of the firm that had been sold to a Singaporean company in 2016, just 17 days before Grab made the acquisition public.
