Top Glove Shares Up On Plan For Factory In Turkey

KUALA LUMPUR, Dec 31 (Bernama) – Shares of Top Glove Corporation Bhd traded higher following news that the rubber glove manufacturer may expand its business in Turkey. The company, according to founder Lim Wee Chai, planned to set up a factory in the republic, which currently imports 70 per cent of its demand for the product from Top Glove. Turkey is the fourth largest importer of gloves after the United States, Japan and Brazil. "We are seriously planning to set up a factory in Turkey. “It will help create between 500 and 1,000 jobs, and on top of my mind is the opportunity to employ the Syrian refugees as well as Turkish citizens," Lim was reported as saying to the Malaysian media during a three-day mission to deliver humanitarian relief aid to Syrian refugees. He added that the Turkish operation would also boost the company's presence in Europe. At 11.08 am Monday, shares of Top Glove rose two sen to RM5.68 with 625,900 shares transacted. -- BERNAMA