Top Glove removes executive director Low Chin Guan

The 20-year contract secured by its unit Metro Parking Management Philippines Inc would also include the construction of an additional 208-bays of steel deck parking structure in MBP - a bustling business hub in the affluent suburb near Alabang Town Centre, one of Metro Manila

KUALA LUMPUR: Shareholders of Top Glove Corp Bhd has approved a resolution removing Low Chin Guan as director of the company with immediate effect.

Low was made a director of Top Glove following the company's acquisition of Aspion Sdn Bhd from him in April 2018.

Upon discovery of irregularities in Aspion's accounts post-acquisition, investigations indicated that the purchase consideration for Aspion had been overstated.

At the EGM today, shareholders also approved the company's one-for-one bonus share issue, which entailed up to 1.28 billion new ordinary shares in the company.

Executive chairman Tan Sri Dr Lim Wee Chai noted that the proposed bonus issue would increase the number of shares held by the rubber glove maker's shareholders, while maintaining their percentage of equity interest in the company.

“It will also potentially improve the trading liquidity and marketability of Top Glove shares, inviting greater participation from a broader range of investors,” he said in a statement today.

Lim said the company decided to offer the bonus issue to reward the shareholders for their loyalty and support, and since its initial public offering 17 years ago, Top Glove had paid out a total of RM1.25bil in dividends, with total shareholder return of around 9,000%.


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