Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Malaysia
  4. BURSA MALAYSIA
  5. Top Glove Corporation Bhd.
  6. News
  7. Summary
    TOPGLOV   MYL7113OO003

TOP GLOVE CORPORATION BHD.

(TOPGLOV)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Top Glove Bhd : U.S. seizes Malaysia's Top Glove shipment on forced labor concerns

05/05/2021 | 03:04am EDT
FILE PHOTO: A worker works at a production line in Top Glove factory in Shah Alam

KUALA LUMPUR, May 5 (Reuters) - The U.S. Customs and Border Protection (CBP) said on Wednesday it seized a shipment of disposable gloves from Malaysia's Top Glove Corp Bhd estimated to be worth $518,000, on indications they were made by forced labor.

The U.S. agency did not give a date for the seizure of the 3.97 million nitrile gloves, which comes after it detained imports from two of Top Glove's subsidiaries last July, saying it had found reasonable suspicion of forced labor.

In March, the CBP said it had sufficient information to determine the use of forced labor and directed U.S. ports to seize all disposable gloves originating in Top Glove factories in Malaysia.

Top Glove said last week it had resolved all indicators of forced labor at its operations, citing a verification report by the ethical trade consultancy it hired.

"The U.S. CBP is currently reviewing our submission on the back of the company having remediated the 11 International Labour Organization's forced labor indicators," Top Glove said on Wednesday in a stock exchange filing, adding that it continues to work closely with the U.S. agency.

Top Glove was not immediately available to comment further on the latest seizure. The CPB was also not immediately available.

The manufacturer has said it expects the U.S. import ban to have only a minimal impact on its sales from Malaysia.

CBP said in a statement on Wednesday it had found indicators including debt bondage, excessive overtime, abusive working and living conditions, and retention of identity documents.

"CBP continues to facilitate the importation of legitimate PPE needed for the COVID-19 pandemic while ensuring that the PPE is authorized and safe for use," said Diann Rodriguez, Area Port Director-Cleveland, referring to personal protective equipment. (Reporting by Liz Lee; Editing by Richard Pullin)


© Reuters 2021
All news about TOP GLOVE CORPORATION BHD.
03:46aTOP GLOVE BHD  : Issues New Shares Under Employee Stock Option Scheme
MT
05/05TOP GLOVE BHD  : hopes to resolve U.S. seizure of its rubber gloves
AQ
05/05TOP GLOVE BHD  : Says Working Closely With US Regulator to Resolve Withhold Rele..
MT
05/05TOP GLOVE BHD  : U.S. seizes Malaysia's Top Glove shipment on forced labor conce..
RE
05/05Top Glove's Submission to Lift Export Ban Still Under Review
DJ
05/04TOP GLOVE BHD  : U.S. Customs seizes Malaysia's Top Glove shipment following for..
RE
04/27TOP GLOVE BHD  : Resolves International Forced Labor Indicators
MT
04/26TOP GLOVE BHD  : Malaysia's Top Glove says it has resolved all indicators of for..
RE
04/23TOP GLOVE BHD  : U.S. Customs And Border Protection Steps Up Enforcement Activit..
AQ
04/22TOP GLOVE BHD  : Malaysia's Top Glove halves HK listing size to $1 billion, cite..
RE
More news
Financials
Sales 2021 21 501 M 5 224 M 5 224 M
Net income 2021 10 246 M 2 489 M 2 489 M
Net cash 2021 2 825 M 686 M 686 M
P/E ratio 2021 4,17x
Yield 2021 15,5%
Capitalization 41 463 M 10 069 M 10 074 M
EV / Sales 2021 1,80x
EV / Sales 2022 2,64x
Nbr of Employees 21 000
Free-Float 56,2%
Chart TOP GLOVE CORPORATION BHD.
Duration : Period :
Top Glove Corporation Bhd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TOP GLOVE CORPORATION BHD.
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 6,40 MYR
Last Close Price 5,18 MYR
Spread / Highest target 89,2%
Spread / Average Target 23,5%
Spread / Lowest Target -32,4%
EPS Revisions
Managers and Directors
NameTitle
Kim Meow Lee Chief Executive Officer, Executive Director & MD
Say Keong Liew Senior General Manager-Finance
Wee-Chai Lim Executive Chairman
Kian Guan Tan General Manager-Information Technology
Chong Ban Wong Chief Operating Officer
Sector and Competitors