TOPGLOV (7113): TOP GLOVE CORP BHD buys Top Glove shares for first time in three months as price dips below RM3
KUALA LUMPUR (Sept 30): Top Glove Corp Bhd executive chairman Tan Sri Dr Lim Wee Chai has bought shares in the company for the first time in about three months last Thursday (Sept 23) when he acquired three million shares for RM2.6647 each after the rubber glove manufacturer’s share price closed down below RM3 on Sept 20 as investors weighed the glove industry’s outlook against Covid-19 vaccination progress.
Rubber glove has been a crucial personal protective equipment to fight the spread of the pandemic which began in early 2000. However, global Covid-19 vaccination progress has led to expectation of less demand for gloves in anticipation that the spread of the pandemic will be curbed.
Such Covid-19 vaccination sentiment has led to a drop in share prices of glove manufacturers including Top Glove as investors weighed the impact of falling average selling prices (ASPs) of gloves on these companies' financials.
According to Top Glove’s filing with Bursa Malaysia on Friday (Sept 24), Lim’s direct shareholding in Top Glove rose to 26.964% comprising 2.16 billion shares after he bought the three million shares last Thursday.
Lim also owned then an indirect stake of 8.495% comprising 680.19 million shares in Top Glove, the company’s filing showed.
Last Thursday's transaction was Lim’s first reported share buy in Top Glove in about three months since June 25 and June 30 when he bought one million shares each on those days, according to Top Glove’s Bursa filing on June 30.
For the June 25 transaction, the filing showed that Lim bought one million Top Glove shares at RM4.35 each while the one million shares acquired on June 30 were transacted at RM4.17 each.
http://www.theedgemarkets.com/article/lim-wee-chai-buys-top-glove-shares-first-time-three-months-price-dips-below-rm3
