Top Glove’s Lim Wee Chai buys 2.8 million shares as share price dips below 90 sen

Top Glove’s Lim Wee Chai buys 2.8 million shares as share price dips below 90 sen
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KUALA LUMPUR (Aug 15): Top Glove Corp Bhd Executive Chairman Tan Sri Dr Lim Wee Chai has bought two blocks of 2.8 million shares in the rubber glove company for RM2.31 million.

According to its filing with Bursa Malaysia on Monday (Aug 15), Lim acquired 1.3 million shares last Friday (Aug 12) for 85.592 sen per share, and another 1.5 million shares on Monday for 79.5 sen per share.

This increased his direct stake to 27.627% from 27.592% on July 15. On top of that, he holds an 8.495% indirect stake in the company.

The share prices of rubber glove manufacturers, including Top Glove, have been on a declining trend as the positive effects of the Covid-19 pandemic on glove demand are easing.

Top Glove, which has lost 66.74% year to date, settled 7.02% or six sen lower to 79.5 sen on Monday — a level not seen since March 2017. At 79.5 sen, the stock is valued at RM6.49 billion.

For the nine months ended May 31, 2022, Top Glove’s cumulative net profit plunged 96.03% year-on-year to RM288.56 million from RM7.27 billion, while revenue dropped 68.5% to RM4.5 billion from RM14.29 billion a year earlier.

Lee Weng Khuen