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

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.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

5th billionaire emerges from Malaysia's glove-making industry- but boom may fadeKUALA LUMPUR (BLOOMBERG) - 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 straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

A fifth billionaire emerges from Malaysia’s glove-making industry. But the bloom may fadeWong Teek Son, who co-founded Riverstone Holdings Ltd. in the 1980s after working as a research chemist, last month became the fifth billionaire in Malaysia from manufacturing gloves.
Source: YahooSG - 🏆 3. / 71 Read more »

SMEs in events industry face tough road aheadTHE small and medium-sized enterprises (SMEs) that form a large part of Singapore's event industry have had little choice but to adapt or fold as the pandemic wreaked havoc on the sector over the past six months. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »