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KUALA LUMPUR (10 November): Top Glove Corp Bhd repurchased 8.94 million or 0.72% of its shares for RM69.90 million on the open market today, amid a significant drop in share price following Pfizer Inc’s announcement of a viable Covid-19. vaccine candidate.
In a filing with Bursa Malaysia, Top Glove said that the shares were bought between RM7.68 and RM7.93 per share.
Top Glove shares closed 68 sen or 8.02% lower at RM7.80 today, with a market capitalization of RM63.91 billion.
In addition to Top Glove, other rubber glove stocks also saw sharp drops after Pfizer said its experimental vaccine was more than 90% effective in preventing Covid-19, according to initial data from a large study.
Glove counters topped the losers list today, led by Hartalega Holdings Bhd (down 13.83% or RM2.52 to RM15.70) and Kossan Rubber Industries Bhd (down 92 sen or 12.27% to RM6.58) .
In third place was Supermax Corp Bhd (down 80 sen or 8.31% to RM8.8311, followed by Top Glove.
On September 11, Top Glove announced that it had spent RM99.9 million to buy back 13.42 million shares, with prices ranging from RM6.20 to RM8 each. At the time, Top Glove was estimated to have invested almost RM210 million to buy back its shares over a three-day period.
Since then, Top Glove has been observed to have spent an additional RM144.83 million on new share buybacks on the open market for the remainder of September.
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