Southeast Asia just minted its second paint billionaire

SINGAPORE (Feb 14): Surging stocks for coatings companies worldwide have created Southeast Asia’s second paint company billionaire.

Prachak Tangkaravakoon founded closely held TOA Group in 1957 and saw the company’s value surpass US$1 billion ($1.4 billion) as the falling cost of raw materials boosted margins, raising the value of paint companies globally. Together with his stake in a Thai sugar factory, Prachak has a net worth of US$1.4 billion, according to the Bloomberg Billionaires Index.

A spokeswoman for TOA declined to comment on the billionaire’s net worth or make Prachak available for an interview.

---

Related Stories

• Xi, Putin score wins as more Asia leaders aim to join BRICS
• Global economy: glass half full or half empty?
• Asian currencies can withstand a rampant US dollar

---