Top Glove boss intends to deal shares during closed period prior to 2Q result

KUALA LUMPUR (Feb 9): Top Glove Bhd’s executive chairman Tan Sri Dr Lim Wee Chai intends to deal in the shares of the group during the closed period prior to the release of its financial results for the second quarter ended Feb 28, 2021, according to the filing with Bursa Malaysia.

Lim currently holds a collective 34.87% stake in the group.

While Lim intends to deal his Top Glove shares, his staff have also exercised their employee stock option scheme (ESOS) at exercise prices substantially below the current market price.

In a bourse filing, the rubber glove manufacturer said there are an additional 397,000 Top Glove shares listed as a result of the exercise of ESOS.

The exercise price of the ESOS was in the range between RM1.57 and RM4.25. The exercise prices are a discount of between 31% and 75% of Top Glove’s closing price today at RM6.20.

This would collectively raise RM850,540 if all the options are exercised. Top Glove said the ESOS exercise will collectively raise its share capital to RM1.827 billion.

Meanwhile, the group said in another separate filing that the Employees Provident Fund (EPF) has disposed of 287,600 shares on Feb 5. EPF’s stake in the company now stands at 5.53%, it said.

Top Glove’s share price has come off from its recent height of RM7 to close at RM6.20.