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MarketScreener Homepage  >  Equities  >  BURSA MALAYSIA  >  Hartalega Holdings    HARTA   MYL5168OO009

HARTALEGA HOLDINGS

(HARTA)
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Malaysia's Top Glove compensates migrant workers after U.S. Customs ban

08/10/2020 | 05:18am EST
FILE PHOTO: Labour issues prompt U.S. bar on imports of Malaysia's Top Glove

Malaysia's Top Glove Corporation said on Monday it had begun making remediation payments to migrant workers who were employed by the world's largest medical glove maker before 2019, when it put in place ethical recruitment practices.

The United States is a major market for medical gloves, which have seen huge demand as a result of the COVID-19 pandemic, and last month the U.S. Customs and Border Protection (CBP) placed a detention order on imports from two of Top Glove's subsidiaries.

Such action is normally taken by the CBP against companies suspected of using forced labour. Foreign workers are often charged a fee by employment agents to land jobs in Malaysia, a debt they then work to pay off.

Top Glove said in a stock exchange statement that it had made the first remediation payment of 4.4 million ringgit ($1 million).

"The total remediation fee to be paid is estimated at 53 million ringgit, subject to finalisation with the U.S. Customs and Border Protection (CBP)," it said, adding that it "continues to actively engage with the U.S. CBP towards resolving the Withhold Release Order (WRO) expeditiously".

It had earlier said it had made progress in engagement with the CBP and hoped to resolve the matter this month.

Smaller rival Hartalega Holdings earlier said that from the fourth quarter it will reimburse up to a total of 40 million ringgit in recruitment fees previously paid by migrant workers to employment agents.

Another rival Supermax Corporation said its net profit for the quarter ended June 30 had risen from 15.06 million ringgit to 399.62 million ringgit.

It said this was its "best quarterly financial performance" and had been driven by an exponential rise in demand for gloves and an increase in production capacity, which it plans to almost double by the end of 2022.

($1 = 4.1930 ringgit)

(Reporting by Liz Lee; Editing by Alexander Smith)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
HARTALEGA HOLDINGS -0.55% 14.4 End-of-day quote.162.77%
SUPERMAX CORPORATION 6.81% 9.1 End-of-day quote.1,209.35%
TOP GLOVE CORPORATION BHD. 1.86% 7.12 End-of-day quote.354.47%
All news about HARTALEGA HOLDINGS
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11/17New Malaysia curbs to affect quarter of Top Glove workers; shares slump
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11/16New Malaysia curbs to affect quarter of Top Glove workers; shares slump
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11/06Malaysia's Four Biggest Glove Makers Commit MYR400 Million to Battle Covid-19
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11/06Malaysia's major medical glove companies commit $97 million to help fight COV..
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10/27HARTALEGA : Second-Quarter Net Profit Soared on Pandemic-Driven Glove Demand
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09/09HARTALEGA : Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - MR KUAN KAM ..
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More news
Financials
Sales 2021 6 339 M 1 554 M 1 554 M
Net income 2021 2 529 M 620 M 620 M
Net cash 2021 412 M 101 M 101 M
P/E ratio 2021 20,2x
Yield 2021 3,02%
Capitalization 49 660 M 12 190 M 12 178 M
EV / Sales 2021 7,77x
EV / Sales 2022 5,84x
Nbr of Employees 8 800
Free-Float 37,3%
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Technical analysis trends HARTALEGA HOLDINGS
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 19
Average target price 22,76 MYR
Last Close Price 14,46 MYR
Spread / Highest target 87,4%
Spread / Average Target 57,4%
Spread / Lowest Target 10,8%
EPS Revisions
Managers
NameTitle
Mun Leong Kuan Managing Director & Executive Director
Kam Hon Kuan Executive Chairman
Eu Jin Kuan Chief Operating Officer
Kean Wooi Loh Chief Financial Officer
Wah Choon Leang General Manager-Information Technology
Sector and Competitors
1st jan.Capitalization (M$)
HARTALEGA HOLDINGS162.77%12 139
COLOPLAST A/S12.73%31 802
TELEFLEX INCORPORATED-1.43%17 823
TOP GLOVE CORPORATION BHD.354.47%14 045
SHANDONG WEIGAO GROUP MEDICAL POLYMER COMPANY LIMITED71.73%9 357
SUPERMAX CORPORATION1,209.35%5 738