23. LIM TECK MENG AND FAMILY Flagship: Scientex Bhd Net worth: RM2.47bil

THANKS to rising profits, the net worth of industrial stretch film producer Scientex’s founding family increased by some 6% last year, pushing them up six rungs from a year earlier.

Lim Teck Meng, 81, and his sons, Lim Peng Jin, 51, and Lim Peng Cheong, 56, saw their wealth increasing to RM2.47bil in 2018, as the firm reported the strongest performance in its history for both its fourth quarter and full year ended July 31, 2018.

Also involved in the property sector, Scientex saw its net profit rising 13.3% to RM289.8mil, while revenue rose 9.3% to RM2.63bil for the full year of 2018.

In November 2018, Scientex said it would launch a mandatory general offer (MGO) for Daibochi Bhd to expand its flexible packaging business after proposing to acquire a controlling 42.41% stake for RM222.5mil in a share swap.

This merger will enable Scientex to offer an integrated range of products to a larger client base and enhance its capabilities in the flexible packaging business through synergistic and complementary products to better serve a global clientele, the company said.

Daibochi is a leading flexible packaging provider in the South-East Asian region, with manufacturing plants in Malaysia and Myanmar.

It provides high-barrier laminated flexible packaging for reputable clientele comprising mainly multinational corporations in the food and beverage, fast moving consumer goods and specialty sectors.

Scientex’s products are currently exported to more than 60 countries globally, covering most of the industrialised nations.

Within the property space, it has projects spread over 3,000 acres in Peninsular Malaysia.