malaysia\'s richest 2019: stretch wrap sees big growth for scientex
The story is part of Forbes\'s report on the richest 2019 people in Malaysia. See full coverage here. When Lin joined Malaysia Headquartered in Scientex, it has 80 subsidiaries in 1991, many of which are barely profitable and operate from car- Seat covers on palm oil plantations. Lim, 51, said: \"There is no way to run a company . \". Fast forward to today: shandacks celebrated their 50 th anniversary last year with a record 0. 29 billion ringgit profit ($70 million) Income is 2. Ringgit 6 billion The company has stripped most of its subsidiaries, focusing on property and packaging, mainly stretch packaging. It now aims to more than double its stretch packaging production capacity over the next decade, from 1 million tons today to 455,000 tons. Lim\'s father, Lim Teck Meng, founded Scientex in 1968 at a small rental factory in Singapore, which borders Singapore. Only 40 workers make PVC leather seat covers for customers such as GM, Honda, Nissan and proton. The richest 2019 people in Malaysia: Infrastructure- In 2017, the 81-year-old elder Lin, who was no longer a major shareholder of Sunda science, transferred most of his shares to Peng Jin and his brother Peng Chang Executive director of the company. Brothers ranked first. Ranked 30 on the Forbes Malaysia rich list, with a total net worth of $0. 64 billion. Scientex shares listed in Malaysia have risen by about 30% over the past two years to about 9 ringgit. After earning a degree in chemical engineering from Japan\'s prestigious University of Tokyo, Peng Jin joined the Shanda science group as the group\'s executive director. His first move was to stop the low-margin car business and invest in higher business. Growth in industrial and consumer packaging. Scientex started with corrugated boxes and launched its packaging business in 1994. Three years later, Lim began to shift to stretch film packaging (commonly known as stretch packaging. Today, sandakax claims to be Asia\'s largest maker of stretch packaging. In 1995, Yamada kikes transformed palm oil plantations in Johor, southern Malaysia, into affordable housing. Scientex has built more than 17,000 housing units in the past 20 years, and plans to use its land bank in Malaysia to build another 33,000 housing units in the next 10 years. Lim said that increasing the production of stretch packaging will help support him to double Scientex\'s revenue by 2028 to reach the target of 10 billion ringgit. “Cash- \"Flow generation provides us with the opportunity to invest more and grow more,\" he said . \". -- Correction: March 28, 2019. Earlier versions of this article mistakenly named Scientex\'s main product stretch wrap. It also cites the goal of housing construction that Shanda science is not correct.