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KUALA LUMPUR (Nov 17): Top Glove Corp Bhd, whose shares continued under sell pressure today, continues its share buyback spree with another RM 69.91 million worth of purchased shares, marking the sixth day of Back-to-back trading that has been clearing its own shares this month.
In a bag presentation, the glove maker said it bought 10.16 million shares in its last purchase today, between RM6.52 and RM7 each. This raised its net cumulative outstanding own shares to 105.41 million shares, equivalent to a 1.29% stake.
Top Glove has spent RM419.28 million this month to buy 55.55 million of its own shares, in addition to the RM355 million it spent for the same purpose in September.
This means that you have spent around RM 774.28 million on share buybacks alone, which is more than three times the net profit of RM 227.11 million that you made in the first six months of the financial year ending 31 August 2020 (1HFY20).
Shares of Top Glove plunged approximately 15% to RM6.15 today following news that the government placed the workers’ dormitory in Klang under the Enhanced Movement Control Order (EMCO) for two weeks, starting today. , which is expected to affect more than 13,000 of its 21,000-strong workforce.
The group later clarified that EMCO only affected about 5,700 workers. The stock eventually trimmed some of its losses to close at RM7, still down 2.78% or 20 sen, after 180.21 million shares were realized. The day before, when the EMCO news broke, the stock lost 7.46% or 58 sen to close at RM 7.20.
The current price of its shares gives the group a market capitalization of RM56.79 billion. So far this year, the stock is still up more than 350% from when it was trading at RM 1.57.
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