|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's range||4.7700 - 4.9200|
|52-week range||4.2700 - 29.9500|
|Beta (5Y monthly)||-0.12|
|PE ratio (TTM)||5.85|
|Forward dividend & yield||0.51 (9.70%)|
|Ex-dividend date||22 Mar 2021|
|1y target est||N/A|
(Bloomberg) -- Shares of the world’s largest rubber glove maker rose to a two-month high after the company cut its share sale in Hong Kong by nearly half of its earlier target, a move analysts said will minimize earnings dilution.Top Glove Corp. climbed as much as 2.5% in Kuala Lumpur Friday, the highest since Feb. 23. The company, whose shares also trade in Singapore, will issue up to 793.5 million shares, down from 1.49 billion announced in February, it said in a filing on Thursday. The fundraising target stands reduced to 4.22 billion ringgit ($1 billion) from 7.77 billion ringgit previously, according to the filing.“We believe this move will be taken positively by investors,” Megat Fais, an analyst at Citigroup Inc., said in a report. “Whilst the HK listing was made known a while ago, the quantum of the fundraising surprised negatively especially considering the supercycle that the gloves sector is currently undergoing.”A resurgence in Covid cases in some parts of the world is improving the outlook for producers of medical gloves. Top Glove’s shares are up 26% this month and were among the top gainers on Malaysia’s main index on Thursday along with peers Supermax Corp. and Hartalega Holdings Bhd.Top Glove, which is seeking a listing in Hong Kong to bolster its profile with overseas investors, was one of Asia’s hottest pandemic trades for 2020 before the rollouts of vaccines around the world dimmed their appeal.READ: Glove Makers Rise Amid Virus Resurgence and Kossan’s 1Q EarningsPressure on the company deepened in late March when the U.S. Customs and Border Protection ordered personnel at U.S. ports of entry to seize gloves made in Malaysia over allegations of forced labor. Top Glove earlier this month said it is working with the U.S. authorities to resolve the issues to help lift the ban.Top Glove in February said the Hong Kong exchange listing will allow direct participation by new private and institutional investors in North Asia. The reduction in the issuance will minimize dilution to existing shareholders, according to the filing Thursday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Malaysia's Top Glove said on Thursday its glove production has been affected because of a U.S. ban on its products over allegations they are made with forced labour. A "certain percentage" of Malaysian production has been affected because of the ban, but the impact will be temporary, Top Glove chairman Lim Wee Chai said on a call with reporters. The company also said it has stopped all shipments to the United States from Malaysia and that it was working "expeditiously" to resolve forced labour issues.
The U.S. Customs has found forced labour practices in Top Glove Corp Bhd's production of disposable gloves and directed its ports to seize goods from the manufacturer, it said on Monday. In a statement overnight, U.S. Customs and Border Protection (CBP) said it has sufficient information to determine labour abuses at the world's largest medical glove maker. CBP issued an order in July last year that barred imports from two of Top Glove's subsidiaries on suspicion of labour abuses.