Top Glove proposes one-for-one bonus issue

KUALA LUMPUR: Top Glove Corp Bhd has proposed a one-for-one bonus issue at a yet-to-be determined entitlement date, which will see up to 1.28 billion bonus shares issued to shareholders of the company. 

“We have always been committed to adding and creating value for our shareholders, and the proposed one-for-one bonus issue will enable us to reward our loyal shareholders.

“This will also enable us to increase the number of shares in issue, which is expected to create more liquidity and marketability for Top Glove shares”, said Tan Sri Dr Lim Wee Chai, executive chairman of Top Glove.

Top Glove last embarked on a one-for-one bonus issue in early 2016, when its share priced had reached about RM14, it said in a press statement.

The latex glove manufacturer has seen a 34% increase in its share price since the start of the year as investors reacted positively to its acquisition of surgical glove producer Aspion Sdn Bhd.

At midday break on Friday, the stock was trading four sen or 0.39% higher at RM10.24 with 2.29 million shares changing hands.