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KUALA LUMPUR (September 10): Top Glove Corp Bhd spent almost RM100 million on share buybacks today.
In a bag presentation, the rubber glove maker said it bought 14.93 million shares in the group for between RM6.12 and RM7.40 for a total of RM99.93 million.
Yesterday, Top Glove also announced a share buyback of 1.39 million shares for RM9.995 million.
Following today’s purchase, the group said its net accumulated outstanding treasury shares have risen to 18.31 million, while its adjusted issued capital after cancellation is 8.13 billion shares.
Top Glove was Bursa Malaysia’s twelfth biggest loser today, and also the third most active stock.
It ended the trading day 9.79% or 70 sen below RM6.45, valuing the group at RM52.46 billion. 168.85 million shares were traded.
Today alone, Top Glove lost RM5.67 billion in market capitalization. Since August 27, its market capitalization has fallen by RM19.05 billion from RM71.5 billion.
In a separate exchange filing, Top Glove said it will release its financial results for the fourth quarter ending August 31, 2020 and the full financial year next Thursday.
For the nine months ended May 31, 2020, the group’s net profit doubled to RM575 million, from RM290.51 million in the previous corresponding nine months. Revenue increased 14.26% to RM4.13 billion from RM3.61 billion.
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