KUALA LUMPUR, Oct 10 — Top Glove Corporation Bhd has secured shareholders’ approval for its one-for-one bonus share issue, which entailed up to 1.28 billion new ordinary shares in the company.

Executive Chairman Tan Sri Lim Wee Chai noted that the proposed bonus issue would increase the number of shares held by the rubber glove maker’s shareholders, while maintaining their percentage of equity interest in the company.

"It will also potentially improve the trading liquidity and marketability of Top Glove shares, inviting greater participation from a broader range of investors,” he said in a statement today.

The company held its extraordinary general meeting today.

Lim said the company decided to offer the bonus issue to reward the shareholders for their loyalty and support, and since its initial public offering 17 years ago, Top Glove had paid out a total of RM1.25 billion in dividends, with total shareholder return of around 9,000 per cent.

Also at the EGM today, the shareholders approved a resolution removing Low Chin Guan as director of the company with immediate effect.

Low was made a director of Top Glove following the company’s acquisition of Aspion Sdn Bhd from him in April 2018.

Upon discovery of irregularities in Aspion’s accounts post-acquisition, investigations indicated that the purchase consideration for Aspion had been overstated. — Bernama