Two new billionaires have emerged in Malaysia amid Covid-19 due to the surge in demand for rubber gloves.
According to the Bloomberg Billionaire Index, Datuk Seri Stanley Thai KIm Sim of Supermax Corp was the latest Malaysian listed as billionaire with an estimated net worth RM 4.2 billion. Next is Kossan Rubber Industries’ Tan Sri Lim Kuang Sia who’s now worth USD 1.1 billion.
A surge in demand for protective gear as in latex gloves due to the Covid-19 outbreak have benefited the rubber industries. With a fivefold jump, both companies ascent have been particularly notable this year. Besides, it turned Malaysia into a hotspot for creating billionaire in the sector as well as making Malaysia as the world’s top producer of rubber gloves.
Datuk Seri Stanley Thai Kim Sim of Supermax Corp
Supermax Corp which manufacturers and exports latex gloves to over 160 countries has see a five-fold increase in profit. The company declared that it meets 12% of the global demand for latex examination gloves.
Supermax was founded in 1987 together with his wife
Supermax does it own brand manufacturing while others are mainly suppliers. Founded in 1987 with Thai’s wife, it became the first manufacturer to come up with its own glove label, Supermax.
Thai and his family member own 38% of Supermax
According to the company’s fillings, Thai and his family members own 38% of Supermax
Thai Kim Sim is the group managing director of Supermax, one of the largest rubber glove makers in the world.
He has been a member of Supermax’s board since June 2000.
He was the trustee of the Malaysian Rubber Glove Manufacturers Association (2013-2016)
He sat on the board of the Malaysian Rubber Export Promotion Council from 2010 to 2015 and was trustee of the Malaysian Rubber Glove Manufacturers Association from 2013 to 2016.
Tan Sri Lim Kuang Sia of Kossan Rubber Industries
Kosan Rubber Industries whose primary business in in glove manufacturing followed by technical rubber and cleanroom manufacturing expertise has their stock double in 2020.
Tan Sri Lim Kuang Sia is a chemical engineer
He graduated with a Bachelor of Science (Chemistry) degree from Nanyang University in Singapore, a post-graduate Diploma in Chemical Engineering from University College, University of London and a Master in Chemical Engineering from Imperial College, University of London.
He started by making rubber bearings for boats
Besides Kossan, Tan Sri Lim is the founder and a Trustee in Yayasan Kossan, a public company limited by guarantee.
Top Glove also has accumulated tripled profit this year
They’re not the only Malaysian companies that have been enjoying the profit during the pandemic. In fact, Top Glove Corp, the world’s biggest maker of latex gloves has more than tripled this year. The net worth of Tan Sri Lim Wee Chai, the founder has ballooned to RM 10.69 million.
The company reported their sales reaching an all-time high for three months during Malaysia’s Movement Control Order (MCO) with a 366% rise in net income at RM 346 million.