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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 has petitioned against import ban, U.S. Customs says

07/30/2020 | 04:43am EST
FILE PHOTO: Drive-thru coronavirus disease (COVID-19) testing at a screening centre in Bahrain

Leading medical glove maker Top Glove Corporation has submitted information to prove it did not use forced labour, a U.S. Customs official said on Wednesday, following an import ban on the company.

The U.S. Customs and Border Protection (CBP) placed a detention order on imports from two subsidiaries of Top Glove two weeks ago, an action taken on firms suspected of operating with forced labour.

"Top Glove submitted an initial petition to CBP. CBP responded by identifying additional information needs. Dialogue between CBP and Top Glove is ongoing," the CBP said in an email to Reuters.

It said it could not specify a timeline for resolving the concerns and will not modify or revoke a "Withhold Release Order" until it receives proof that establishes the admissibility of the affected merchandise.

Banned importers have three months to submit proof, including a detailed statement demonstrating that the detained goods were not produced with forced labour, the CBP says.

Top Glove said in a bourse statement on Thursday that it has been "in cordial and constructive engagement" with the CBP since July 17.

"We have made good progress and look forward to arriving at an agreement on remediation within the month of August 2020, upon which we plan to commence remediation payments immediately," it said, referring to the remediation of workers' recruitment fees.

"Extensive reporting by non-governmental organisations and the media has documented the existence of forced labour in the rubber glove industry in Malaysia," CBP said, adding that it continues to receive and investigate allegations of forced labour in industries connected to U.S. supply chains.

The bar on Top Glove's units did not dampen investor appetite in the company, whose share price rose to historical highs in the week after the Customs' detention. Top Glove's shares have climbed 450% this year, driven by demand associated with the COVID-19 pandemic.

Share prices of other major glove producers, including Hartalega Holdings, Kossan Rubber Industries and Supermax Corporation have soared by 270%, 320% and 1,231% respectively year to date.

By Liz Lee


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
HARTALEGA HOLDINGS 2.09% 14.66 End-of-day quote.167.52%
KOSSAN RUBBER INDUSTRIES 3.65% 6.25 End-of-day quote.200.48%
SUPERMAX CORPORATION 6.31% 8.59 End-of-day quote.1,135.97%
TOP GLOVE CORPORATION BHD. 6.02% 7.05 End-of-day quote.350.00%
All news about TOP GLOVE CORPORATION BHD.
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11/24Top Glove warns on deliveries after virus outbreak shuts plants
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More news
Financials
Sales 2021 19 226 M 4 727 M 4 727 M
Net income 2021 8 541 M 2 100 M 2 100 M
Net cash 2021 2 142 M 527 M 527 M
P/E ratio 2021 6,55x
Yield 2021 7,80%
Capitalization 56 175 M 13 824 M 13 812 M
EV / Sales 2021 2,81x
EV / Sales 2022 4,16x
Nbr of Employees 21 000
Free-Float 57,6%
Chart TOP GLOVE CORPORATION BHD.
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Top Glove Corporation Bhd. Technical Analysis Chart | MarketScreener
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Technical analysis trends TOP GLOVE CORPORATION BHD.
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 9,86 MYR
Last Close Price 6,99 MYR
Spread / Highest target 129%
Spread / Average Target 41,1%
Spread / Lowest Target -22,7%
EPS Revisions
Managers
NameTitle
Kim Meow Lee Managing Director & Director
Wee-Chai Lim Executive Chairman
Chong Ban Wong Chief Operating Officer
Say Keong Liew Senior General Manager-Finance
Han Boon Lim Senior Independent Non-Executive Director
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