EPF accumulates shares in Top Glove

EPF accumulates shares in Top Glove
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KUALA LUMPUR (May 5): The Employees Provident Fund (EPF) has re-emerged as Top Glove Corporation Bhd's substantial shareholder with a stakeholdings of 5.26%.

According to several filings on Bursa Malaysia, EPF was accumulating shares in the world's largest rubber glove maker since end of last month. EPF had ceased to be a substantial shareholder in Top Glove in March last year.

The filings revealed that EPF has picked up four million Top Glove shares from April 28 to May 3.

On April 28, the pension fund acquired two million shares, bumping its stake to 5.1% or 63.96 million shares.

Subsequently, it had on April 29 and May 3 purchased a total of two million shares, bringing its stake to 5.26% or 65.96 million shares.

Over the past one year, shares in Top Glove rose as much as RM4.36 or 168.3% to a high of RM6.95 on Jan 3 from a low of RM2.59 on June 2 last year, partially boosted by the weakening ringgit due to domestic political noise and plunging oil prices.

As oil prices showed signs of recovery early this year, the local note has recouped its lost ground. This has weighed down Top Glove's share performance.

Top Glove shed RM1.97 or 28.3% to close at RM4.98 today from its one-year high of RM6.95, with a market value RM6.24 billion.