TOPGLOV 7113 TOP GLOVE CORPORATION BH boss forks out RM3.56 mil for 5.5 million more shares in the glovemaker

 TOPGLOV 7113 TOP GLOVE CORPORATION BH boss forks out RM3.56 mil for 5.5 million more shares in the glovemaker

KUALA LUMPUR (Oct 11): Top Glove Corp Bhd executive chairman Tan Sri Dr Lim Wee Chai has bought 5.5 million more shares in the glovemaker, raising his total interest to 2.91 billion shares or a 36.4% stake.

According to a filing on Tuesday (Oct 11), Lim acquired the 5.5 million shares via his TS Dr Lim WC (L) Foundation, raising his indirect interest in the group to 689.69 million shares or an 8.61% stake.

The glovemaker’s chairman acquired the shares in three separate blocks between Oct 6 and Tuesday.

Of the 5.5 million shares, 1.5 million shares were purchased for 67.8 sen apiece, followed by two million shares for 64.5 sen per share, and another two million for 62.5 sen each.

Based on back-of-the-envelope calculations, Lim paid a cumulative RM3.56 million for the 5.5 million shares.

As at Oct 3, the glovemaker’s chairman held a direct interest of 2.22 billion shares or a 27.79% stake, and an indirect interest of 684.19 million shares or an 8.55% stake.

Top Glove shares ended two sen or 3.1% lower at 62.5 sen on Tuesday, valuing the group at RM5.09 billion. Year-to-date, the glovemaker has fallen 75.87%, according to Bloomberg.

Top Glove, like other glovemakers, has seen its share price decline, in line with profits being impacted by the sharp fall in selling prices of rubber gloves as a result of industry oversupply, following the aggressive capacity ramp-up during Covid-19.

For the financial year ended Aug 31, 2022, Top Glove’s net profit plummeted 96.94% to RM235.97 million, from RM7.71 billion in the previous year, as revenue fell 65.94% to RM5.57 billion, from RM16.36 billion.

http://www.theedgemarkets.com/article/top-glove-boss-forks-out-rm356-mil-55-million-more-shares-glovemaker