Top Glove rebounds 5.9% after heavy selling pressure yesterday
10 Jul 2018 / 12:16 H.
PETALING JAYA: Top Glove Corp Bhd's share price rebounded as much as 54 sen or 5.9% this morning after a heavy sell-off yesterday.
At 12.08pm, the stock was trading at RM9.65, up 52 sen or 5.7% on 28.84 million shares done.
Yesterday, the glove maker revealed that it had overpaid RM640.5 million for the acquisition of Aspion Sdn Bhd.
It is currently suing the vendor Adventa Capital Pte Ltd on alleged fraudulent misrepresentations in the Aspion deal. The claim amount of RM714.9 million in the legal proceedings consists of the overstatement of assets and the overvaluation.