Top Glove hits limit down in early trade, short selling suspended

PETALING JAYA: Short selling of Top Glove Corp Bhd has been suspended for the rest of the day today after its share price fell more than 15% limit following news that it is suing Adventa Capital Pte Ltd.
Top Glove has alleged a conspiracy to defraud the group as well as fraudulent misrepresentations made by Adventa Capital's directors in relation to the purchase of surgical gloves producer Aspion Sdn Bhd for RM1.37 billion.
Short selling activities will only be enabled tomorrow at 8.30am.
At 10.52am, Top Glove's share price tumbled 24.46% to RM9.14, with 23.47 million shares changing hands.
Top Glove and its wholly owned subsidiary Top Care Sdn Bhd have taken legal proceedings against Adventa Capital, ACPL Sdn Bhd, Low Chin Guan and Wong Chin Toh, claiming for a sum of not less than RM714.86 million.
The suits come two months after Top Glove completed the acquisition.
Meanwhile, Adventa Bhd this morning clarified that Adventa Capital Pte Ltd is not a subsidiary of Adventa.
"The board also wishes to further clarify that Adventa and its subsidiaries are not involved in the legal proceedings between Low and other parties," Adventa said.