Top Glove's billionaire founder buys stake in education firm

[KUALA LUMPUR] Lim Wee Chai, founder and executive chairman of the world's largest rubber glove producer Top Glove has emerged as a minority shareholder in Malaysian private education group Minda Global. The shares of Minda Global soared.

"This is a private investment, separate from the Top Glove Group," Mr Lim said by email. "I have always been passionate about education as it is instrumental in enabling people, organisations and nations to advance".

Minda didn't respond to requests for comment on the transaction; its shares surged as much as 50 per cent to 18 sen, the highest since April 2018.

Mr Lim bought the shares in a recent placement and holds less than 5 per cent of the Cyberjaya-based company, according to people with knowledge of the matter, who asked not be identified as the information is private.

Mr Lim is Top Glove's largest shareholder with a 33.6 per cent stake that's valued at US$3.3 billion.

BLOOMBERG