Rubber-Glove Maker Becomes Malaysia’s Second-Biggest Company
- Glove makers can become the biggest firms in Malaysia: Areca
- Shares in Top Glove Corp. have jumped 453% this year
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Top Glove Corp. has vaulted past Public Bank Bhd. to become the second most valuable stock on Malaysia’s equities benchmark, capping a dizzying rally by the rubber glove maker.
Shares in Top Glove, which ranked near the bottom of the FTSE Bursa Malaysia KLCI Index at the start of the year, closed Thursday with a market value of 70.4 billion ringgit ($16.5 billion), exceeding Public Bank’s 69.5 billion ringgit. The astonishing surge in Top Glove’s shares has closed the 63 billion ringgit gap at the beginning of 2020 between its market capitalization and that of Public Bank, the nation’s third largest lender by assets. Shares of both companies edged lower on Friday.