Coronavirus: Mindray’s Li Xiting eyes Top 3 spot among medical device makers as Covid-19 made him Singapore’s richest man illustration by Lau Ka-kuen
When the World Health Organization (WHO) declared the coronavirus outbreak a global pandemic in March 2020, hospital directors in the United States and Europe knew exactly where they should look to replenish their supply of medical ventilators: Shenzhen Mindray Bio-Medical Electronics.
Mindray s septuagenarian founder Li Xiting remembered receiving one phone call after another from ambassadors and diplomatic missions in China, all wanting him to supply medical devices, the very thing that represents his company s raison d Etre, as the home-grown alternative to General Electric, Koninklijke Philips, Siemens and other imported brands.
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Singapore paint tycoon Goh Cheng Liang has increased his company s fortune by US$8 billion (S$10.7 billion) after it gained control of Japan s biggest paint maker, Nippon Paints Holdings.
Goh is the founder of Wuthelam Holdings, a paint and coatings maker. It is currently run by his son, Goh Hup Jin.
According to
Bloomberg, Wuthelam Holdings is now worth US$24 billion (S$32.1 billion).
The Gohs now have a 58 per cent stake in Nippon Paint Holdings. The deal, which was valued at US$12 billion (S$16 billion), was completed in January 2021.
Previously, Wuthelam Holdings and Nippon Paint operated joint ventures in several countries, including China, India, Malaysia, Singapore, South Korea and Thailand.