Became a billionaire thanks to making gloves during the epidemic season 3
Malaysia – the country that produces about 65% of the world’s rubber gloves – currently has at least 4 billionaires in this industry.
Soaring global demand due to the pandemic has pushed up shares of protective gear makers, helping Malaysia have more super-rich people.
`Wearing gloves to do everything has become normal, whether in the medical industry or retail. High usage will benefit companies in the long term,` said Walter Aw – analyst at CGS-CIMB
Thai Kim Sim – founder of Supermax Corp.
Thai founded Supermax with his wife in 1987, initially as a glove business.
Thai and his family own 38% of Supermax.
Global demand for rubber gloves could increase 11% to 330 billion pieces this year.
Malaysia became a glove manufacturing powerhouse in the 1980s, when demand skyrocketed due to the AIDS epidemic.
Ngaofi Supermax, Top Glove’s shares increased more than 3 times this year, also raising founder Lim Wee Chai’s assets to 2.5 billion USD.
Hartalega and Kossan Rubber shares have also doubled this year.
While most analysts are optimistic about Supermax stock, some say Malaysian companies will face competition as more countries, such as China, increase production.
Kenanga Research analyst Raymond Choo Ping Khoon said Supermax will continue to do well, not only because of `high demand and low supply`, but also because the company `has meticulously planned to increase production.`
