How demand for medical gloves made Malaysia’s new billionaires
- Coronavirus pandemic has transformed Southeast Asia into a hotspot for manufacturing protective gear
- However, some experts say Malaysian glovemakers could yet be at risk should countries such as China expand their production
It’s been a good year for glove companies and their founders. Malaysia, a country that produces about 65 per cent of the world’s supply for rubber gloves, now counts at least four billionaires whose fortunes were made in the industry, including two new ones this year alone.
Thai Kim Sim of Supermax was the latest to join the club, with a net worth estimated at about US$1 billion at the stock high earlier this month, according to the Bloomberg Billionaires Index.
“It has become a new norm to wear gloves for various purposes, including medical and retail, and the high usage will benefit their makers in the long term,” said Walter Aw, an analyst at CGS-CIMB Research. “Supermax is a very interesting story. It does its own brand manufacturing, while others are mainly suppliers.”
Thai founded Supermax with his wife in 1987, starting it as a business trading latex gloves before venturing into manufacturing in 1989. It became the first manufacturer to come up with its own glove label, Supermax, in response to the government’s call to brand Malaysian products. The company now exports to more than 160 countries and meets 12 per cent of the global demand for latex examination gloves, according to its website.
