Friday, November 6, 2020

Relax, The Situation In The Top Glove Is Still Under Control!

 The share price of Top Glove Corporation Bhd was allegedly up during the initial trading session, with an increase of one sen to RM8.31 despite reports that 17 of its employees had confirmed positive Covid-19.

In addition, at 11.00 am, a total of 16.20 million shares were exchanged.

According to Top Glove, the number of employees who have been tested positive for Covid-19 since January 2020, is less than 0.1% of its total workforce of 21,000 people, and they do not experience any symptoms or fever.

Meanwhile, CGS-CIMB Research said that they expect a minimum impact on the forecast for earnings per share in 2021-2023 Top Glove, pending further developments on the news.

However, the company did not predict a worsening situation such as the increase in Covid-19 cases among employees. If this happens, there is a possibility that there will be disruption to the company's operations in Klang, Selangor

In addition, the research center said that they estimate the total Top Glove capacity plant in Klang contributes up to 50% of the group's total current production capacity of 90 billion pieces a year.

Meanwhile, Top Glove is receiving higher demand for gloves due to the outbreak of the Covid-19 pandemic, given its position as the largest glove maker in the world.