PUTRAJAYA (Jan 9, 2014): Plantation and property tycoon Tan Sri Lee Shin Cheng, 74, who dubbed the day he announced the appointment of his sons as heads of his business empire " as a special day", believes that his children will a better job at growing the empire.

Shin Cheng announced yesterday, just under a week from the listing of IOI Properties, that his youngest son Lee Yeow Seng, 35, has been appointed CEO of IOI Properties, while Datuk Lee Yeow Chor, 47, his eldest son, will head IOI Corp.

The new appointments were announced by Shin Cheng himself, who is one of the richest business magnates in Malaysia, at a press briefing held in the group's hotel.

"I have been planning this succession for many years. I did not set any target for Yeow Chor and Yeow Seng, but I believe they can do better than me. As long as they do their job properly, I will be happy and satisfied," Shin Cheng told reporters after IOI Corp and IOI Properties' post-demerger media briefing here yesterday.

He was quick however to clarify that the appointments are not a prelude to his retirement from the corporate world. Shin Cheng will remain as the executive chairman in both IOI Corp and IOI Properties.

"I am still very healthy, strong and handsome, I can work for at least another ten years. IOI Corp and IOI Properties were both founded by me, I want to see them grow bigger and become even more successful companies," he said.

Further to that, Shin Cheng said his sons are allowed to make their own decisions, but he will continue to monitor and assist them closely.

"The final decision may not necessarily be made by myself. But if they are making wrong decision, I am still here to correct them," he said, proving that the move by Shin Cheng does not mean a complete cut from the apron strings.

"If they do their job properly and perform well, probably I will retire earlier and step down in three to five years later. But if they are not, then I will stay longer," he added.