KUALA LUMPUR - Malaysia has long been a place where vast fortunes have been amassed over time. The Kuoks, Tehs and Queks are custodians of palm oil, property and banking empires that stretch back decades.
Glove companies were hammered last week when Russia's president said his nation had cleared the world's first Covid-19 vaccine for use, while Moderna Inc and Johnson & Johnson are among those reaching deals with governments to supply their shots. Riverstone slumped 13 per cent in its worst week since March.
Riverstone peers Top Glove Corp and Hartalega Holdings Bhd are now among the five most-valuable companies on Malaysia's equity benchmark index. Their shares have jumped more than 192 per cent this year, lifting the net worth of their billionaire founders, according to the Bloomberg Billionaires Index.
The world's largest glove producer said last week that while it's continuing discussions with the US, demand is picking up in many other countries where the outbreak is resurfacing.