4 June 2021: Malaysia’s richest tycoons see 14% wealth rebound; Herd immunity by December

Forbes Malaysia Rich List: Robert Kuok stays top, AirAsia’s Fernandes falls out of Top 50

The wealth of the 50 richest people in the 2021 Forbes Malaysia Rich List rebounded 14% to nearly US$90 billion (RM371 billion) this year, up from US$79 billion a year ago. Forbes revealed that after declining for two years and the 5.6% GDP contraction in 2020, Malaysia was expected to get back on track this year despite grappling with a surge of Covid-19 cases. Forbes attributed the reversal in fortunes to Malaysia’s dominant position as the medical glove maker to the world as global demand for such protective gear increased tenfolds. Malaysian exports of rubber gloves doubled, boosting the wealth of the nation’s largest producers. Five of them feature among the 50 richest, with two, Kuan Kam Hon (No. 7, US$3.8 billion) of Hartalega Holdings and Lim Wee Chai (No. 8, US$3.5 billion) of Top Glove, ranked in the top ten. Robert Kuok, a business magnate who presides over a property and commodities empire, remains at the top of the list with a net worth of US$12.2 billion. He is also the oldest member of the list, at the prime age of 97. Quek Leng Chan, second-generation head of the privately held Hong Leong group, remains at number two with US$9.6 billion. Forbes added that the pandemic also took its toll on 19 listees, whose fortunes have fallen. “Among the hardest hit were casino moguls Chen Lip Keong (No. 9, US$3.4 billion) and Lim Kok Thay (No. 11, US$2.55 billion). Seven from last year’s list dropped out, notably the AirAsia duo, Tony Fernandes and Kamarudin Meranun, as the ongoing pandemic dimmed hopes of a revival in travel,” it said. (Malay Mail)

We can hit herd immunity by December, says Adham

Malaysia has ordered enough vaccines to cover 109% of its population who qualify for inoculation, with the aim of achieving herd immunity against Covid-19 by December, says Health Minister Datuk Seri Dr Adham Baba. With steady and fast deliveries of all three approved vaccines – from Pfizer-BioNTech, Sinovac and AstraZeneca – starting this month, the nation would be able to inoculate 80% of its population by December, he added. Dr Adham said that in June and July, the vaccine supply is expected to increase with more deliveries and thus the government has made preparations to speed up the National Covid-19 Immunisation Programme. Among the measures being taken are adding more vaccine dispensing centres (PPVs) nationwide and introducing new types of PPV such as mega centres, drive-throughs and mobile vaccination units. “We have ordered vaccines enough for 109% of the population who are eligible for vaccination, as a standby. This was done after calculating the number of people above 18 years old and those suitable to receive the vaccination. If we can get the vaccines delivered before December, we can achieve herd immunity,” he said. (The Star)

LBS eyes local, foreign investors for Melaka Waterfront Economic Zone

LBS Bina Group Bhd is eyeing potential collaborations with both local and foreign investors in the region to invest and develop part of the Melaka Waterfront Economic Zone (M-WEZ) using their respective experiences and capital in areas such as port, oil and gas as well as industrial. The company is open to investors from China, Japan, South Korea, Hong Kong and other countries via several exercises but not limited to Request for Information and Interest (RFII) to invest and develop part of the M-WEZ. LBS indirect subsidiary Leaptec Engineering Sdn Bhd has signed a reclamation and development agreement with the Melaka government in April for the reclamation and development of an industrial hub with port facilities in Tanjung Bruas, Melaka Tengah. The reclamation works would definitely enhance the economy, boosting Melaka’s tourism, create jobs opportunities and strengthen the bilateral relationship with investment countries. Executive chairman Tan Sri Lim Hock San said LBS planned 16 launches with an estimated GDV of RM2.65 billion in 2021. (The Star)

DBKL: Free Covid-19 screening test for PPR, public housing area residents from Saturday

Residents in three public housing areas (PA) and people’s housing projects (PPR) supervised by Kuala Lumpur City Hall (DBKL) have been offered to undergo Covid-19 screening tests for free from Saturday. The three areas involved are PA Seri Sabah 3A and PA Seri Sabah 3B as well as PA Seri Pulau Pinang, which are all in Cheras and PA Seri Kota in Bandar Tun Razak. “The screening method is by RTK (Rapid Test Kit Antigen) and is limited to 300 residents a day. Residents in the affected areas are advised to come down early on the relevant date to avoid over-crowding. This screening is done voluntarily for those aged two and above. Children need to be accompanied by their guardians,” according to the Facebook post by DBKL. The programme in collaboration with the Federal Territories Foundation and the Ministry of Federal Territories is part of DBKL’s initiative in helping the government curb Covid-19 and it will be continued in other DBKL-supervised PAs and PPRs as scheduled. (Malay Mail)

SMK Convent Bukit Nanas drops lawsuit, as land lease officially extended for 60 years

The operator of 122-year-old school SMK Convent Bukit Nanas (CBN) has officially discontinued its lawsuit against the Federal Territories Land and Mines Office (PTGWP), after the latter officially wrote to extend the land lease for the school for another 60 years. “We have received the official letter from PTG to extend the lease. Accordingly we have filed notice of discontinuance yesterday for the legal proceeding,” said Damien Chan, the lawyer acting for the school board’s representative Lady Superior of the Society of Saint Maur. This would officially conclude the school’s four-year bid to have the land lease extended ahead of its expiry in September 2021. Amid calls from the public and the school’s alumnae to allow the historic school to remain on the land, the Prime Minister’s Office on April 22 announced that the government had agreed to extend the land lease for SMK Convent Bukit Nanas — located on government land in Section 49, Jalan Bukit Nanas, Kuala Lumpur — for 60 years, in light of the importance of its contribution to the nation’s education since 1899. (Malay Mail)