With that kind of explosive exponential capital growth, you do not even need to be distracted at all by any anxiety provoking thoughts of paltry dividends
KUALA LUMPUR (Dec 3): The Employees Provident Fund (EPF) is continuing its selling spree in Top Glove Corp Bhd disposing of another 12.83 million shares on Nov 30 after selling 5.84 million shares on Nov 27.
The retirement fund earlier sold 10 million Top Glove shares on Nov 26.
It started to trim its stake in the world's largest rubber glove maker towards the end of November, just two months after it re-emerged as a substantial shareholder on Sept 21 with a 5.05% stake which it later then raised to 6.64% or 534.31 million shares as of Nov 20.
Since then the fund has been trimming its stake in Top Glove every single day. Following the latest disposal announced in a filing today, the EPF is now left with 466.16 million shares or a 5.83% stake in the glove manufacturer.
However, there was no filing at the time of writing to show that Top Glove had bought back its shares today, after two consecutive days of share buybacks by the company amounting to a total of RM160.8 million.
Top Glove had been buying back its shares since September, a noticeable trend that has now resulted in the company having forked out a whopping RM1.28 billion. In September it spent RM354.74 million whereas in November it spent RM802.55 million.
Top Glove’s share price today recovered from yesterday’s losses which took a dip after the Human Resources Ministry said it had opened 19 investigation papers into six subsidiaries of Top Glove. The Ministry said enforcement operations found that the firms did not comply with the minimum standards for workers housing and amenities.
The stock, which has skyrocketed from RM1.55 earlier in the year thanks to Covid-19-driven demand for gloves, closed 10 sen higher at RM6.78, giving it a market capitalisation of RM55.57 billion.
SHAH ALAM (Dec 3): A dormitory where Top Glove workers were reported to have scaled a fence to leave the premises is said to be still within the area under the Enhanced Movement Control Order (EMCO).
Selangor Police ‘Op COVID-19’ special spokesman, ACP Muhammad Yazid Muhammad Yew said the workers climbed the fence to purchase necessities at a nearby house that was converted into a grocery store, adding that the premises was also in the EMCO area.
“The incident isn’t an issue because the grocery store is within the EMCO area,” he said at a news conference today.
He said the Klang Municipal Council had taken action against the grocery store owner for operating without a licence.
Muhammad Yazid also urged the public not to panic over the incident as security in the EMCO area was still under control.
On a separate incident, police confirmed receiving a report from Top Glove yesterday on a viral video allegedly showing the authorities assaulting a company worker.
“The case is still being investigated under Section 324 of the Penal Code,” he said.
The EMCO at the Top Glove workers’ dormitory that took effect on Nov 17 has been extended till Dec 14 following a rise in COVID-19 positive cases involving the Teratai cluster.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
WealthSoWonderful
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Posted by WealthSoWonderful > 2020-12-03 18:35 | Report Abuse
So, not a few guys need to be learning from them smart wise Bangla dudes, it seems