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Top Glove downgraded by Maybank as acquisition hits a snag

PC Lee
PC Lee7/11/2018 11:53 AM GMT+08  • 2 min read
Top Glove downgraded by Maybank as acquisition hits a snag
SINGAPORE (July 11): Maybank Kim Eng is downgrading Top Glove to “hold” from “buy” given the uncertainties surrounding its Aspion acquisition.
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SINGAPORE (July 11): Maybank Kim Eng is downgrading Top Glove to “hold” from “buy” given the uncertainties surrounding its Aspion acquisition.

Top Glove plunges 70 cents on alleged $240 mil overstatement of Aspion acquisition

Top Glove has taken legal action against the vendors of Aspion. It is claiming for a sum of not less than MYR715 million ($241.3 million), alleging a “conspiracy to defraud Top Glove” and “fraudulent misrepresentations made by Low Chin Guan and Wong Chin Toh, which resulted in Top Glove agreeing to purchase Aspion”.

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