29 LIM TECK MENG AND SONS, LIM PENG JIN AND LIM PENG CHEONG

Flagship: Scientex Bhd Net worth: RM2.34bil THANKS to the growing demand for packaging products, the net worth of Scientex’s founding family saw a big jump last year.

Lim Teck Meng ( pic), 80, and his sons, Lim Peng Jin, 50, and Lim Peng Cheong, 55, saw their wealth increase by about 36.1% to RM2.34bil last year.

But they fell two spots to 29th on Malaysia’s top-40 richest list in 2017 from the 27th position in 2016.

The Lim family owns a 55.9% stake in Scientex, which is principally involved in industrial and consumer packaging, automotive interior, green energy products and property development businesses. The group’s packaging division is now among the top-three producers of packaging materials in the world.

Scientex’s market capitalisation last year rose to RM4.19bil from RM3.24bil in 2016, as the company’s share price grew 31.7% to RM8.66 as at end-2017 against RM6.58 at the end of 2016.

The group’s new stretch film manufacturing facility in Phoenix, Arizona, in the United States is expected to be commissioned by the first quarter of 2018. This plant is expected to play a pivotal and strategic role in the future, as the group explores markets in the Americas with its close proximity to its customers and source of raw materials.

As for its property division, Scientex has been acquiring strategic land that can be transformed into a township development.

Scientex’s focus is on affordable housing.

The group is expected to launch its affordable housing project in the Melaka Durian Tunggal land this year.

Last year, it completed the acquisition of 65.3 acres in Rawang. The group is looking to develop afforable homes to meet the pent-up demand in Rawang and the Klang Valley.