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A fifth billionaire emerges from Malaysia's glove-making industry

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[NEW YORK] 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. Read more at The Business Times.

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 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 and slipped another 2.2 per cent by 9.25am in Singapore on Monday.

Riverstone peers Top Glove and Hartalega Holdings 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 glove industry's rise to global dominance has created a huge need for foreign workers, leading to controversy over their treatment. The US last month barred imports of the products from two Top Glove units due to"reasonable evidence of forced labour".

Riverstone has an annual production capacity of about nine billion gloves, according to its latest annual report. Its profit more than doubled to RM137.5 million for the first half of the year.

 

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