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KUALA LUMPUR (11 November): Top Glove Corp Bhd today repurchased another 8.91 million shares of the company, representing a 0.83% stake, for 69.9 million ringgit.
This is the second day in a row that the glove maker bought back its own shares, spending nearly RM 140 million on the buyback exercise over the two days.
The 8.91 million shares were purchased today at between RM7.71 and RM7.90 per share, according to the group’s presentation to Bursa Malaysia.
Yesterday’s buyback involved 8.94 million shares or a 0.72% stake purchased at a total cost of RM 69.9 million. It took place amid a significant drop in Top Glove’s share price, following Pfizer Inc’s announcement of a viable candidate for the Covid-19 vaccine.
Top Glove’s outstanding net treasury shares total 67.71 million units, following recent buybacks.
In September alone, the group had spent around RM355 million to buy back its shares in six transactions.
Meanwhile, the Employee Provident Fund bought 614,700 shares in Top Glove on November 6, raising its stake in the glove company to 6.045% or 491.37 million shares.
Shares of Top Glove closed up six sen or 0.77% at 7.86 yuan today, with a market capitalization of 63.94 billion ringgit. 61.14 million shares were traded.
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