Top Glove announces special dividend of 20%
KUALA LUMPUR (Jan 4): Top Glove Corp Bhd announced that it has committed to a special dividend of 20% on top of its existing dividend policy of a 50% payout ratio on profit after tax and minority interests (PATAMI) for the second quarter to fourth quarter of the financial year ending Aug 31, 2021 (FY21), it said in a filing with Bursa Malaysia today.
The move is in recognition of its good profits and strong cash flow, as well as to reward its shareholders, said the glove maker.
It said the total 70% dividend payout ratio on PATAMI will commence from the second quarter ending Feb 28, 2021.
theedgemarkets.com reported on Oct 7, 2020 that UOB Kay Hian Research had said a special dividend for Top Glove was possible as the company moved away from its existing semi-annual payout scheme.
Analyst Philip Wong reportedly said should there be any special dividend, it would likely be for the third quarter of FY21.
As at 2.51pm, shares in Top Glove fell six sen or 9.8% to RM5.52, valuing the company at RM45.27 billion.