Hyflux founder among world's richest eco-pioneers

Olivia Lum is 84th on green rich list, and only Singaporean
Amresh Gunasingham, Straits Times 14 Mar 09;
EVEN though water treatment firm Hyflux has taken a beating on the stock market recently, founder Olivia Lum has emerged as the only Singaporean to get a place on the UK Sunday Times' first global green rich list this year.

Ms Lum, whose net worth is $500 million, was ranked 84th in the report published early this month. She is the sole representative from this region.

The list comprises 100 tycoons worth £200 million (S$430 million) or more, who have put money into green technology or environmental causes. In total, the 100 individuals possess a combined wealth of nearly £267 billion.

The list is dominated by 35 Americans and 17 Chinese tycoons, and includes some of the world's wealthiest financiers and entrepreneurs.

At the top are investor Warren Buffett and Microsoft founder Bill Gates - worth £27 billion and £26 billion respectively, according to the report - who regularly swop places at the top of Forbes magazine's annual list of world billionaires.

Both were noted for investing their wealth in alternative energy sources such as wind power, electric cars and biofuels.

The report noted that while American money was 'chasing smarter and greener technologies', the 17 Chinese tycoons who made the top 100 were 'focused on mass production of green technologies'.

Only one Asian, the Indian manufacturing mogul Mukesh Ambani who is worth £15 billion, made the top 10. He was noted for his investments in life sciences.

'The enthusiasm among the world's wealthiest for investments in areas as diverse as electric cars, solar power and geothermal energy is unaffected by the recession,' the report said.

On the selection of Ms Lum, it said that Hyflux's technological strength enabled it to 'identify niche applications in several sectors beyond water'.

'The company has made giant strides into the field of clean energy in environmental applications, such as the recycling of used oil and the processing of bio-ethanol,' noted the report.

In a phone interview with The Straits Times from Shanghai, Ms Lum said she was pleased to be recognised for having contributed to environmental causes.

'Hyflux is not just a job for me...It is my passion.

'When I started the company, it was with the firm conviction that the world would soon reach a stage when there was no clean water left to survive,' said the former chemist who started the company in 1989 with $14,000.

She also expressed her 'surprise' at being the only representative from the region on the list.

'I would have thought there were others in it,' she said.

Ms Lum, who is known for her down-to-earth nature, added: 'There are many other people out there who have done a lot more than me. They just do not get the recognition.'

The company, which last month reported a 79 per cent rise in full-year net profit to $59.04 million, has contracts to operate and maintain water treatment plants in China and is also building two desalination facilities in Algeria.

In total, it has 16 operational plants, an increase from 11 in 2007.

Hyflux's stock, which traded at $1.47 yesterday, has plunged 60.38 per cent since hitting a high of $3.71 in May last year. Despite this, the report said Ms Lum's wealth, based on the value of her 'stake and share sales' in the company, swelled to just under $500 million.

Mr Howard Shaw, executive director of the Singapore Environment Council, lauded her for the recognition.

'For many years, she has been at the forefront of driving both R&D and the commercialisation of technologies that address some of the world's most serious environmental threats,' he said.

As Singapore strives to be a world leader in the development of clean energy sources, her recognition can inspire many others here to step forward, he added.

Green rich list: Top 10
Straits Times 14 Mar 09;

THE Green List comprises 100 tycoons worth at least £200 million (S$430 million) or more, who have put money into green technology or environmental causes. The ranking below is based on each individual's overall wealth.

1. Mr Warren Buffett (Investments), US - £27b

2. Mr Bill Gates (Software), US - £26b

3. Mr Ingvar Kamprad (Retailing), Sweden - £22b

4. Mr Marcel Brenninkmeijer (Inherited), Holland - £19b

5. Mr Mukesh Ambani (Manufacturing), India - £15b

6. Mr Michael Bloomberg (Media), US - £14.4b

7. Mr Michael Otto (Retail), Germany - £13.2b

8. Mr Paul Allen (Software), US - £11.5b

9. Mr Donald Bren (Real Estate), US - £8.2b

10. Mr Sergey Brin and Mr Larry Page (Technology), US - £7.5b

Source: The UK Sunday Times