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    HARTA   MYL5168OO009

HARTALEGA HOLDINGS BERHAD

(HARTA)
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Hartalega : Malaysia's Top Glove suspends Selangor operations over enhanced lockdown

07/07/2021 | 08:46am EDT
FILE PHOTO: A worker leaves a Top Glove factory after his shift in Klang, Malaysia

KUALA LUMPUR (Reuters) - Malaysia's Top Glove Corp Bhd has suspended operations of its factories in the state of Selangor due to a two-week enhanced lockdown in the country, the firm said on Wednesday.

"Top Glove wishes to inform that its medical glove factories in Klang will not be operating temporarily, in compliance with the EMCO (Enhanced Movement Control Order) directive," Top Glove said in an emailed response to Reuters.

The world's largest maker of medical gloves said it was awaiting clarification from the authorities.

The Ministry of International Trade and Industry said in a statement that critical sectors that support production of healthcare products, food and beverages as well as the global supply chains were allowed to operate in the areas under enhanced movement restrictions.

It did not specify if glove-makers were allowed to resume operations.

More than half of Top Glove's factories are located in Klang in Selangor.

Malaysia last week imposed tighter restrictions on movement, businesses and factories in the capital Kuala Lumpur and neighbouring Selangor state until July 16 to combat a surge in new coronavirus infections.

"The company looks forward to safely resuming operations at the appropriate time," Top Glove said.

Smaller rival Hartalega Holdings, key manufacturer of nitrile gloves for hospitals, in a statement to Reuters said the shutdown of its manufacturing facilities will have a significant impact on both the local and international healthcare value chain.

(Reporting by Liz Lee, additional reporting by Mei Mei Chu; Editing by Martin Petty)

By Liz Lee


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HARTALEGA HOLDINGS BERHAD 0.00% 5.53 End-of-day quote.-54.45%
TOP GLOVE CORPORATION BHD. -2.91% 2.67 End-of-day quote.-56.37%
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Financials
Sales 2022 8 773 M 2 096 M 2 096 M
Net income 2022 3 914 M 935 M 935 M
Net cash 2022 3 295 M 787 M 787 M
P/E ratio 2022 4,73x
Yield 2022 12,4%
Capitalization 18 899 M 4 511 M 4 514 M
EV / Sales 2022 1,78x
EV / Sales 2023 2,64x
Nbr of Employees 8 548
Free-Float 36,1%
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Number of Analysts 18
Last Close Price 5,53 MYR
Average target price 8,24 MYR
Spread / Average Target 49,0%
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Managers and Directors
Mun Leong Kuan Chief Executive Officer & Executive Director
Kean Wooi Loh Chief Financial Officer
Kam Hon Kuan Executive Chairman
Wah Choon Leang General Manager-Information Technology
Mei Ling Cheah Deputy General Manager-Research & Development