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KUALA LUMPUR (September 11): Top Glove Corp Bhd has bought back more of its own shares on the open market, while its share price recovered today after a recent sharp drop.
The world’s largest manufacturer of rubber gloves announced on the stock exchange that it has repurchased 13.42 million shares, with prices ranging between RM6.20 and RM8 each. The stock, which experienced a strong rebound today, reached an intraday high of RM8.03.
The latest share buyback brought the group’s total number of treasury shares to 31.72 million, which is equivalent to a 0.39% stake.
Today’s purchase cost Top Glove RM99.9 million. This means that the group has spent almost RM210 million to buy back its own shares in the last three days.
Top Glove’s cash balance stood at RM 347.8 million as of May 31, while its investment values amounted to RM 1.45 billion. The group’s cash supply is expected to have grown substantially given the high demand for rubber gloves and a higher average sale price due to the Covid-19 pandemic.
Top Glove shares closed RM1.31 or 20.31% higher at RM7.76 today, after trading volume surged to 226.35 million, the highest seen since July 2018.
The stock is down 17.3% from its all-time high of RM 9.38 (after adjusting for the bonus issue). Still, it has recovered 395% to date.
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