Malaysia’s ‘condom king’ Goh Siang lands in Forbes’ list of 50 richest Malaysians in number 48. Goh Siang is senior executive director of Karex Bhd., the world’s largest condom manufacturer. With a net worth of US$205 million, he is one of five new names on the list.
According to Forbes, Karex shares soared 36% during the past year. Goh Siang’s father, Huang Chiat, started the company in 1988. It churns out nearly 4.5 billion pieces a year and recently acquired Medical-Latex, which was its first customer.
Three bosses of rubber glove companies also made the list.
With a net worth US$570 million, Lim Kuang Sia of Kossan Rubber Industries climbs to 25th place from being 34th place last year.
According to Forbes, the chemical engineer started by making rubber bearings for boats. Today Kossan Rubber Industries is one of the world’s largest glovemakers, churning out 16 billion pairs of disposable gloves a year. A rising share price pushed the market cap past the billion-dollar mark.
Top Glove’s Lim Wee Chai is in 22nd place this year from last year’s 41st place. His net worth this year is US$570 million The company holds 20% of the world market for rubber gloves. Lim Wee Chai said the company would need to fire 300 foreign workers because of the government’s recently announced tax increase on non-Malaysian employees.
Kuan Kam Hon of Hartalega Holdings is the highest placer from the rubber industry at 11th place and a net worth of US$1.1 billion. Kuan Kam Hon breaks into the billionaire ranks for the first time. The company, founded in 1988, is the world’s largest and fastest maker of nitrile gloves, which it exports to 40 countries.