Top Glove commits to special dividend of 20%

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KUALA LUMPUR: Top Glove Corporation Bhd, which has recorded supernormal profits due to demand surge caused by th3 Covid-19 pandemic, announced on Monday it has committed to a special dividend of 20%.

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In a press statement on Monday, the world’s largest glove maker said the special dividend was in addition to its existing dividend policy of a 50% dividend payout ratio on its profit after tax and minority interests for the second, third and fourth quarters of financial year 2021.

At 3.47pm, it was trading at RM5.65, down 47 sen with nearly 320 million shares done.

It hit an early low of RM5.23.

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The FBM KLCI was down 18.90 points or 1.16% to 1,608.32. Turnover was 6.04 billion shares valued at RM4.85bil.

Decliners hammered advancers 1,000 to 289 while 307 counters were unchanged.

Top Glove and other glove makers fell sharply in early trade, triggered by the upliftment of the temporary suspension of regulated short selling (RSS) by the Securities Commission (SC) and Bursa Malaysia Bhd.

In a statement issued on Dec 16, the SC and Bursa Malaysia said: “The suspension of RSS, scheduled to expire on Dec 31,2020, will be uplifted on Jan 1,2021, to facilitate investors’ risk management and revive securities borrowing and lending (SBL) activities, which is an integral capital market function to promote product development and market making activities.”-The Star

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