Top Glove

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Top Glove Corporation Bhd
Publicly traded company
Traded asMYX: 7113
ISINMYL7113OO003
IndustryRubber
Founded1991
FounderLim Wee-Chai
HeadquartersSetia Alam, Malaysia
Number of locations
44 (as at March 2020)
Key people
Tan Sri Dr Lim Wee-Chai, Executive Chairman

Dato Lee Kim Meow, Managing Director

Mr Lim Cheong Guan, Executive Director
ProductsRubber gloves
Production output
73.8 billion pieces (as at 30 March 2020)
Number of employees
18,000
Websitewww.topglove.com

Top Glove Corporation Bhd (MYX: 7113) is a Malaysian rubber glove manufacturer. The company owns and operates 44 manufacturing facilities in Malaysia, Thailand, and China. It also has marketing offices in these countries as well as the United States, Germany, and Brazil.[1]

History[edit]

The company was founded in Malaysia in 1991 by Tan Sri Dr Lim Wee Chai, as a business venture of 1 factory, 1 glove production line and 100 staff. Top Glove has since emerged as the world's largest manufacturer of gloves, commanding 26% of the world market share. Top Glove aspires to increase its global market share to 30% by end 2020 and become a Fortune Global 500 company by 2040. It is also aggressively expanding its business scope and on the lookout for M&A opportunities in similar and related industries.[2]

  • Number of production lines: 700 lines as of 30 March 2020
  • Countries of export: 195 countries
  • Number of customers: 2,000

Top Glove was listed on the Bursa Saham Kuala Lumpur in 2001, and within a span of slightly more than a year, Top Glove Corporation Bhd's listing was promoted from the Second Board to the Main Board of the Kuala Lumpur Stock Exchange on May 16, 2002. On 28 June 2016, Top Glove was also listed on the Mainboard of the Singapore Exchange. As at 19 March 2020, Top Glove had a shareholder fund of RM2.6 billion and an annual turnover of about RM2.4 billion.

Top Glove's paid up capital stood at RM797.4 million as of March 2020 while its market capitalisation was RM16.5 billion as at 31 March 2020.

Top Glove is also one of the component stocks of the MSCI Global Standard Index, FTSE Bursa Malaysia KLCI Index, FBM 100 Index, FBM Emas Index, FBM Hijrah Syariah Index, FBM Emas Syariah Index, and FTSE4Good Bursa Malaysia Index, and the Dow Jones Sustainability Index (DJSI) for Emerging Markets.

The company collaborates closely with Government agencies and Ministries to keep itself abreast of the latest developments in rubber research technology.[citation needed]

In April 2018, Top Glove concluded its acquisition of leading surgical glovemaker, Aspion Sdn Bhd, its biggest M&A to date, which will see Top Glove emerging the world's largest surgical glove manufacturer.[3]

Entrance to Top Glove Tower

Top Glove Foundation[edit]

The Top Glove Foundation was established in 2009 by Tan Sri Dr Lim Wee Chai,[4] and his wife, Puan Sri Tong Siew Bee. An initial endowment of RM 1 million was used to start the foundation. As at July 2019, the couple have donated around $10 million to the foundation's causes[5] including a donation of $70,000 in 2015 to create a chair for the Top Glove Professor of Chemistry at Universiti Tunku Abdul Rahman.[6][7] In 2017 Lim was listed among Forbes Asia's Heroes of Philanthropy due to his activity as chairman of the foundation.[8]

Mission[edit]

The foundation focuses on three main areas of charitable work: community projects that help the needy through donations and sponsorships; educational scholarships and funding programs; and environmental community projects authorized and prescribed by the Malaysian government.[9]

Top Glove Scholarships are offered to students pursuing a full-time undergraduate or postgraduate degree in the fields of engineering, chemistry, law, polymer sciences, medicine and dentistry.[10]

Scholarship recipients are required to work for Top Glove for four years after completing their degree or alternatively need to repay the scholarship funds in the amount of double the scholarship value.[11]

Allegations of forced labor[edit]

In 2018 The Guardian reported of migrant workers being allegedly subjected to forced labour, forced overtime, debt bondage, withheld wages and passport confiscation.[12] The company denies allegations and since improved its labour initiatives, which include the introduction of a zero cost recruitment policy.[13]

References[edit]

  1. ^ http://www.topglove.com.my/index.php/contact-us
  2. ^ http://www.topglove.com.my/index.php/about-us
  3. ^ "Not all gloom and doom for Top Glove - Business News | The Star Online". www.thestar.com.my. Retrieved 28 October 2018.
  4. ^ Editorial, Reuters. "Stock Quotes & Company News | Reuters.com". U.S. Retrieved 17 October 2018.
  5. ^ "Top Glove's Lim listed among Forbes Asia's 2017 Heroes of Philanthropy". The Edge Markets. 29 June 2017. Retrieved 17 October 2018.
  6. ^ Koppisch, John. "Asia's 2017 Heroes Of Philanthropy". Forbes. Retrieved 17 October 2018.
  7. ^ "Universiti Tunku Abdul Rahman". www.utar.edu.my. Retrieved 17 October 2018.
  8. ^ Koppisch, John. "Asia's 2017 Heroes Of Philanthropy". Forbes. Retrieved 17 October 2018.
  9. ^ "The World's Largest Manufacturer of Gloves". www.topglove.com. Retrieved 17 October 2018.
  10. ^ "Top Glove Foundation Degree Scholarship in Malaysia, 2017". Scholarship Positions 2018 2019. 8 August 2017. Retrieved 17 October 2018.
  11. ^ "Top Glove Scholarship 2018". afterschool.my. Retrieved 17 October 2018.
  12. ^ NHS rubber gloves made in Malaysian factories accused of forced labour The Guardian, 2018
  13. ^ "Top Glove denies forced labour allegations". The Edge Markets. 14 December 2018. Retrieved 11 February 2019.

External links[edit]