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Top Glove's executive director and EPF trim their stakes further
2-3 minutes

KUALA LUMPUR (Dec 14): Top Glove Corp Bhd, whose share price slid 8.7% to more than a five-month low of RM6.30 today, saw its executive director Lim Cheong Guan and Employees Provident Fund (EPF) dispose of more shares on the open market.

A filing with Bursa Malaysia revealed that Lim sold a total of 670,000 shares worth RM4.67 million between Dec 9 and 11.

He sold 50,000 shares at RM6.84 on Dec 9, 300,000 shares at RM7 on Dec 10 and another 320,000 shares at RM7.02 on the following day.

Prior to the latest transactions, Lim also sold some shares in October. He sold 200,00 shares at RM8.79 and 30,000 shares at RM8.98 on Oct 26 and 27, respectively.

He also disposed of 380,000 shares in the price range of between RM8.05 and RM8.09 in September, and 135,000 at RM14.94 (pre-bonus price) in June.

Lim is left with some 257,800 shares or a 0.003% stake in the world's largest rubber glove maker as at Dec 14.

A separate filing showed that EPF continued to trim its stake in Top Glove, disposing of 3.42 million more shares on Dec 9 after selling 12 million shares on Dec 8.

It started to trim its stake in the glove maker towards the end of November, just two months after it re-emerged as a substantial shareholder on Sept 21 with a 5.05% stake, which it later then raised to 6.63% or 534.31 million shares as of Nov 20.

Following the latest disposals, the provident fund's shareholding in Top Glove dropped to 430.24 million shares or a 5.37% stake.

Top Glove's share price has been on the downhill since the outbreak of Covid-19 at its worker dormitories. The stock sank 60 sen or 8.7% to RM6.30. Its market capitalisation stood at RM50.53 billion.

Still, the stock has gained 306% from the first trading day of the year when it traded at RM1.55.


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