Top Glove's share price slide further after failing in its bid to freeze Adventa's assets

PETALING JAYA: Top Glove Corp Bhd’s share price fell further this morning after the Kuala Lumpur High Court dismissed its ex-parte interim injunction order.

At 10.50am, its share price was 1.62% or 16 sen lower at RM9.73 with 3.07 million shares traded, making it one of the top losers on the bourse this morning. Yesterday, the counter fell 0.1% or 1 sen to close at RM9.89 on 28.79 million shares done.

The Kuala Lumpur High Court dismissed Top Glove’s ex-parte interim injunction order restraining Adventa Capital Pte Ltd, ACPL Sdn Bhd as well as Aspion Sdn Bhd directors Low Chin Guan and Wong Chin Toh from disposing of their assets in Malaysia.

The injunction order arose after Top Glove discovered fraudulent misrepresentations by Low and Wong in the acquisition of Aspion, resulting in its price tag being overstated by RM640.5 million. The RM1.37 billion deal was just completed two months ago.