Top Glove’s billionaire founder buys stake in education company
KUALA LUMPUR (April 13): Tan Sri Dr Lim Wee Chai, founder and executive chairman of the world’s largest rubber glove producer Top Glove Corp Bhd, has emerged as a minority shareholder in Malaysian private education group Minda Global Bhd.
“This is a private investment, separate from the Top Glove Group,” Lim said by email.
“I have always been passionate about education as it is instrumental in enabling people, organizations and nations to advance.”
Minda didn’t respond to requests for comment on the transaction.
Lim bought the shares in a recent placement and holds less than 5% of the Cyberjaya-based company, according to people with knowledge of the matter, who asked not be identified as the information is private.
Lim is Top Glove’s largest shareholder with a 33.6% stake that’s valued at US$3.3 billion, data compiled by Bloomberg show.
Lim also owns a stake in a property developer Tropicana Corp Bhd, in which he is chairman.
Minda runs institutions including the University of Cyberjaya, Asia Metropolitan University and Asia Metropolitan International School, according to its annual report.
The University of Cyberjaya focuses on medical programs.
Minda shares have doubled this year and currently trade at 12 sen apiece.
SMR Education Sdn Bhd, controlled by Minda’s group managing director and chief executive officer Palaniappan Ramanathan Chettiar, is the largest shareholder with a 53.5% stake in Minda, according to Bloomberg data.