The company, whose shares rocketed last year as the pandemic took hold, said it would pay out 70 percent of earnings for rest of its financial year, covering its second to fourth quarters, up from the 50 percent planned previously. However, Top Glove shares fell as much as 14.5 percent to their lowest since the end of June, with smaller rivals Hartalega Holdings and Kossan Rubber Industries dropping as much as 14.2 percent and 13.3 percent respectively. Ng said Top Glove's dividend was already considered attractive due to the higher profits anticipated, even without the extra payout. Glove makers have also come under scrutiny for their labour practices this year, with the US Customs and Border Protection imposing a ban on two Top Glove subsidiaries in July. Malaysian authorities recently stepped up inspections at glove manufacturing firms after COVID-19 outbreaks at Top Glove and Kossan Rubber.

Source: bd News24 January 04, 2021 12:45 UTC