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MarketScreener Homepage  >  Equities  >  BURSA MALAYSIA  >  Top Glove Corporation Bhd.    TOPGLOV   MYL7113OO003

TOP GLOVE CORPORATION BHD.

(TOPGLOV)
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Top Glove Bhd : Malaysia has inspected, will monitor rubber manufacturers' labour law compliance

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10/17/2020 | 08:43am EDT
FILE PHOTO: Newly-made gloves are pictured inside Top Glove factory in Shah Alam

KUALA LUMPUR (Reuters) - Malaysia has inspected and will continue to monitor rubber manufacturing companies after the country's rubber glove production came under U.S. scrutiny for alleged forced labour practices, its Human Resources Ministry said on Saturday.

In a statement, the ministry said it had carried out enforcement activities on errant companies, and would continue to monitor and take action against employers failing to adhere to national labour laws and legislation.

The ministry was responding to the U.S. Department of Labor's inclusion of Malaysia-made rubber gloves on a list of goods produced by forced labour last month.

The move came after shipments from the world's largest glove maker, Malaysia's Top Glove Corp Bhd were banned by the U.S. Customs and Border Protection in July over allegations of forced labour.

Working on lifting the ban, Top Glove said last week it had raised remediation payments to migrant workers for recruitment fees to 136 million ringgit.

The ministry said it had met with the Malaysian Rubber Glove Manufacturers Association and other rubber manufacturing companies to discuss the U.S. ban, and set up a task force to ensure policy compliance, including when hiring foreign workers.

"(The ministry) does not condone and tolerate any act of forced labour as well as compromise towards non-compliance of any practice amounting to forced labour," it said.

(Reporting by Liz Lee; Editing by Kirsten Donovan)


Stocks mentioned in the article
ChangeLast1st jan.
TOP GLOVE CORPORATION BHD. -1.25% 9.48 End-of-day quote.505.11%
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Financials
Sales 2020 7 444 M 1 795 M 1 795 M
Net income 2020 1 474 M 355 M 355 M
Net Debt 2020 1 692 M 408 M 408 M
P/E ratio 2020 51,0x
Yield 2020 1,11%
Capitalization 77 196 M 18 641 M 18 615 M
EV / Sales 2020 10,6x
EV / Sales 2021 3,91x
Nbr of Employees 21 000
Free-Float 58,4%
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Technical analysis trends TOP GLOVE CORPORATION BHD.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 21
Average target price 10,56 MYR
Last Close Price 9,48 MYR
Spread / Highest target 70,9%
Spread / Average Target 11,3%
Spread / Lowest Target -43,0%
EPS Revisions
Managers
NameTitle
Kim Meow Lee Managing Director & Director
Wee-Chai Lim Executive Chairman
Say Keong Liew Senior General Manager-Finance
Han Boon Lim Senior Independent Non-Executive Director
Siew Bee Tong Non-Independent Non-Executive Director
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