Fifth billionaire emerges from Malaysia's glove manufacturing industry amid COVID

Wong Teek Son, one of founders of Riverstone Holdings Ltd, became fifth billionaire in Malaysia from manufacturing gloves. His current net worth is $1.2 billion as shares of his company rose almost six times from a low in March, thanks to growing demand for protective products because of coronavirus pandemic. On August 17, Riverstone shares dipped 13% in its worst week since March and slipped ar 2.2% in Singapore after Russian President Vlimir Putin declared y have world’s first coronavirus vaccine for use, while Moderna Inc and Johnson & Johnson are among those reaching deals with Russian government to supply vaccine shots. In month of June Supermax Corp's Thai Kim Sim also became a billionaire as his company's stock soared 394% this year. Companies making rubber Glove, Hartalega, and Kossan also gave three or billionaires.

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Malaysia is a leer in rubber gloves manufacturing. It manufactures around 65% of world’s supply of rubber gloves and according to an estimate by Plantation Industries and Commodities Ministry, exports will climb 45% this year. According to international media reports, Riverstone peers Top Glove Corp and Hartalega Holdings are w among five most valuable companies on Malaysia’s equity benchmark index. ir shares have jumped more than 192% this year, lifting net worth of ir billionaire founders. glove industry came into controversy last month when United States barred imports of products from two Top Glove units because of reasonable evidence of forced labor in units. On or hand world’s largest glove producer is in talks with United States to settle this matter.

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Malaysian Ecomy Shrinks

Coronavirus pandemic brought fortune for protective gear industry of Malaysia, but on or hand, Malaysia has reported a dip in ecomic growth and it contracted 17% in last quarter in its worst downturn since global financial crisis. central bank said real rate of annual growth was 16.5% in April-June quarter, down from a 2% contraction in first quarter of year. Business shutdowns, travel restrictions, and or measures to help contain outbreaks of new coronavirus took a heavy toll. central bank said, however, that key indicators such as exports, industrial output, and consumer spending began to bounce back in May as pandemic-related restrictions were eased. It is forecasting a contraction for full year of minus 3.5% to minus 5.5%. It expects ecomy to resume expansion in 2021, growing between 5.5% and 8%.

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