Peter Lim

Peter Lim (born 1953) is a Singaporean business magnate, entrepreneur, philanthropist and investor.

Peter Lim
林榮福
Peter Lim in 2016
Born1953
Singapore
CitizenshipSingaporean
EducationUniversity of Western Australia
OccupationBusinessman, Investor[1]
Net worthUS$2 billion
(August 2020)
Spouse(s)
Cherie Lim
(
m. 2003)
Children2

Early life

The son of a fishmonger[2], Lim and his six siblings grew up in a two-bedroom government flat in the Bukit Ho Swee public housing estate. Lim completed his secondary school education at the Raffles Institution. After National Service, he went to Perth to study at the University of Western Australia. To fund his university education, Lim worked part-time doing odd jobs as a taxi driver, cook and waiter. He graduated with a degree in accounting and finance and first worked as an accountant.

Early career

In the early 1990s, Lim invested about US$10 million in a start-up palm-oil company, Wilmar.[3] Back then, the Indonesian currency fell from 2,500 rupiah against the US dollar (the exchange rate when he invested in Wilmar) to 16,000 rupiah. Due to the riots and instability in Indonesia at that time, there was no way of cashing out the assets. Stability was gradually restored in a few years. Businessman Robert Kuok decided to inject his Malaysian palm oil operations into Wilmar in 2007. In response to a 2006 FDA ruling mandating the labelling of trans fatty acids on the Nutrition Facts label, food manufacturers began eliminating trans fats from their products and began substituting them with palm oil. Imports to the United States alone increased by nearly 60%. The increased use of biofuels, during the period of high oil prices also contributed to demand.[4] In 2010, Lim cashed out at the peak of commodity prices and sold his Wilmar shares for US$1.5 billion.

Known as the “Remisier King” due to his success in stocks, Lim explains that while there was an element of luck, it was also because he created a role for himself as a “one man merchant bank” in the M&A space in Indonesia in the late 80s. He became indispensable to both retail and high net worth investors.

Lim quit the brokerage business in 1996 and became a private investor. He was able to escape the 1998 Asian Financial Crisis as he had liquidated most of his stocks and was holding cash.

Philanthropy

In June 2010 the Singapore Olympic Foundation (SOF) set up the SOF-Peter Lim Scholarship with a S$10 million donation from Lim. The gift is the single largest donation in Singapore from an individual towards sports development.[5] The recipients are typically students who come from financially challenged backgrounds and have demonstrated a potential to excel in their respective sports.[6] In 2019, Lim further pledged to continue supporting young local athletes for another 10 years from 2021 to 2030 by donating another S$10 million to the SOF-Peter Lim Scholarship.[7] Since the inception of the scholarship, 2642 student-athletes have received scholarships amounting to $7.2 million.[7]

Lim further committed a separate $20 million to start a new community project focused on helping children from less privileged backgrounds, with the aim of helping them reach their potential.[7]

In 2014, Lim also endowed Nanyang Technological University with S$3 million to fund a professorship in peace studies at the S. Rajaratnam School of International Studies to protect and promote harmony in Singapore.[8]

gollark: Quite poßibly.
gollark: Or java → OOP → OOP obviously good and not bad.
gollark: It's probably because java → enterprise → obviously good?
gollark: First one probably depends, Java one... unfortunately yes, apparently?
gollark: Based on looking slightly at university courses, this is not in fact true.

References
  1. Jetley, Neerja. "How Singapore Billionaire Peter Lim Makes Money From Thin Air". Forbes. Archived from the original on 26 January 2018. Retrieved 8 September 2017.
  2. Hee, Jolene (5 June 2015). "8 Wise Lessons on Wealth That Singapore's Self-Made Tycoon Peter Lim Can Teach Us". Vulcan Post. Retrieved 7 October 2016.
  4. Citation error. See inline comment how to fix.
  5. hermesauto (1 June 2018). "Almost $800,000 doled out in this year's SOF-Peter Lim Scholarship for 269 student-athletes". The Straits Times. Archived from the original on 19 August 2019. Retrieved 19 August 2019.
  6. "Lim commits further $10 million to support Singapore Olympic Foundation". www.insidethegames.biz. 6 July 2019. Archived from the original on 19 August 2019. Retrieved 19 August 2019.
  7. hermesauto (3 July 2019). "Billionaire Peter Lim donates another $10 million to Singapore Olympic Foundation for scholarship". The Straits Times. Archived from the original on 4 July 2019. Retrieved 19 August 2019.
  8. "Peter Lim donates S$3m to NTU for peace studies professorship". TODAYonline. 10 June 2014. Archived from the original on 19 August 2019. Retrieved 19 August 2019.
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