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1) Summary of Questions from EGM
Aug to Sept- ASP increased 20-40% depending the type of gloves
TG allocating 30% for spot orders
Target to resolve CBP detention issue by the end of August
Expect to pay a final dividend which will be higher
Average TP from the analyst is 31.13
Average PAT expectation from all analyst is 1.4b
Windfall tax was debated on Parliament yesterday. For now there is no intention to implement the windfall tax.
KUALA LUMPUR (April 30): The US Customs and Border Protection (US CBP) has yet to lift its withhold release order (WRO) against Top Glove Corp Bhd's products as the authorities are still reviewing the glove manufacturer’s submission on recent clarification over the resolution of the 11 International Labour Organization (ILO) indicators of forced labour.
When contacted by The Edge, Top Glove reaffirmed that independent international UK consultant Impactt Ltd had verified that the group had resolved the 11 ILO indicators of forced labour.
“The US CBP is presently reviewing our submission.
“We continue to work closely with the US CBP towards the expeditious resolution and revocation of the WRO, and remain hopeful that the WRO will be lifted,” said Top Glove in an email reply to The Edge.
To recap, in late March this year, the US CBP announced that it had directed personnel at all US ports of entry to begin seizing disposable gloves produced in Malaysia by Top Glove.
The directive came after the CBP Office of Trade, in consultation with the secretary of the Treasury, published forced labour findings against disposable gloves produced by Top Glove, in which the US CBP said it had sufficient information to believe Top Glove uses forced labour in production of disposable gloves.
Subsequently, earlier this week, in a filing with Bursa Malaysia, Top Glove clarified that it had resolved all 11 ILO indicators of forced labour, and stated its assurance to stakeholders of its continued efforts to improve the welfare of its employees.
“Top Glove remains committed to [being] the best company that it can become, ensuring high-quality welfare, health, safety, working conditions and living accommodation of its 21,000-strong workforce,” it stressed.
According to a statement issued separately by the glove maker, the 11 ILO issues are:
abuse of vulnerability
retention of identity documents
restriction of movement
excessive overtime
abusive working and living conditions
deception
isolation
debt bondage
withholding of wages
physical and sexual violence, and
intimidation
At the noon break today, shares in Top Glove settled eight sen or 1.41% lower at RM5.59, valuing the glove manufacturer at RM45.87 billion.
With reference to CNA article published on 5 May 2021 entitled “US Customs seizes Malaysia's Top Glove shipment following forced labour finding”, the Board of Directors wishes to inform that the Company continues to work closely with the U.S. CBP towards the expeditious resolution and revocation / modification of the Withhold Release Order (WRO) / Finding.
U.S. CBP is currently reviewing Top Glove’s submission on the back of the Company having remediated the 11 International Labour Organization’s (ILO) forced labour indicators.
The Company’s resolution of the 11 ILO forced labour indicators had earlier been verified by independent international UK consultant, Impactt Ltd, in its report dated 22 April 2021. Please refer to the attachment.
KUALA LUMPUR (May 13): The US Customs and Border Protection (CBP) officers at the Port of Kansas City Missouri has seized a shipment of 4.68 million disposable gloves made by a subsidiary of Top Glove Corp Bhd.
In a statement, the CBP said the estimated value of the shipment was US$690,000.
The Board of Directors wishes to inform that the Company will be releasing its third quarter financial results for the period ended 31 May 2021 on Wednesday, 9 June 2021.
Probably ah hui and sifu TP 30 hide in cave or jungle....internet coverage area may not have signals... Wait after Glove back to TP 4.20 or TP30... Probably they will come out in FB live and feedback your message.. Sure they still need time ro prove it first... No worry and wait and see TP4. 20.later..