KUALA LUMPUR (July 22): Kumpulan Wang Persaraan Diperbadankan (KWAP) ceased to be the substantial shareholder of Top Glove Corporation Bhd after disposing of a total of 1.18 million shares or a 0.19% stake on the open market.

In a filing to the Bursa Malaysia today, Top Glove (fundamental: 2.5; valuation: 1.1) said that KWAP disposed of two blocks of shares totaling 205,500 shares. Of this, 179,500 shares were disposed of by KWAP's fund manager and 26,000 shares were disposed of by KWAP in open market on July 13.

Following the disposal, KWAP had 31.68 million shares in the glove maker, translating to a direct and indirect stake of 4.302% and 0.82%, respectively.

In a separate filing, KWAP disposed of another two blocks of shares, totaling 977,600 and ceased to be the substantial shareholder on July 14.

Upon completion of the disposals, KWAP owns a total of 30.7 million shares representing 4.97% equity in the company.

Top Glove closed 12 sen or 1.54% lower at RM7.67 today, giving it a market capitalisation of RM4.73 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)