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Top Glove's share price falls on factory closure news; buys back more shares

Felicia Tan
Felicia Tan11/24/2020 07:56 PM GMT+08  • 1 min read
Top Glove's share price falls on factory closure news; buys back more shares
Top Glove shares quoted on the SGX ended the day at $2.25, down 14 cents; on the Bursa, it closed at RM6.80, down 55 sen.
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Top Glove has made yet another share buyback on Nov 24 as its share price continues to come off recent all-time-highs seen last month.

According to bourse filings, the company, which is quoted on both the Malaysia and Singapore stock exchanges, bought over 90 million shares in Bursa Malaysia at prices ranging from RM6.52 ($2.13) to RM7.93.

On Nov 23, the company bought 6.784 million shares at prices ranging from RM7.34 to RM7.43.

Top Glove shares quoted on the SGX ended the day at $2.25, down 14 cents; on the Bursa, it closed at RM6.80, down 55 sen, or 7.48%.

The company’s share price dropped following an announcement on Nov 23 that it will be temporarily closing 28 of its factories as 2,453 of its workers tested positive for Covid-19, said a Malaysian senior minister.

Top Glove, on Nov 23, filed a separate announcement via the SGX, stating that it has temporarily stopped production in 16 facilities in Meru, Klang.

The remaining 12 facilities have been operating at “much reduced capacities”.

The company added that it has completed testing of about 5,700 workers at its hostels and are committed to proceed with Kementerian Kesihatan Malaysian (KKM)’s recommended Covid-19 screening test of its remaining workers and staff at its Klang factories.

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