Top Glove shares slip further on news of possible charges

Kuala Lumpur: Top Glove Corporation Bhd’s shares slipped more than five per cent or 38 sen to RM6.74 at 4 pm Tuesday, reducing its market capitalisation to RM55.33 billion.

About 55.5 million shares changed hands. 

Earlier, it was reported that Top Glove was among the companies facing charges for violating the Workers’ Minimum Standards of Housing and Amenities Act 1990 (Act 466).

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Sixty-three charges involving several companies and employers, including the glove maker, have been referred to the deputy public prosecutor’s office for further action.

These companies are expected to face charges under Act 446.

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In addition, the Enhanced Movement Control Order at Top Glove’s workers’ hostel in Klang, which was scheduled to have ended Monday, has been extended to Dec 14.