Top Glove’s strong ratings reflect its global market leadership

Top Glove’s strong ratings reflect its global market leadership

Shah Alam, Monday, 11 April 2022 — Top Glove says its strong ratings reflect its global market leadership position in glove manufacturing.

It adds that it’s very strong cash flow generation and liquidity position relative to its financial obligations, which the Company has maintained amidst a challenging business environment.

Today, Top Glove Corporation Bhd is pleased to announce that it has 2022 maintained its corporate credit rating of “AA+”, awarded by the MARC in year 2021.

Concurrently, Top Glove successfully maintained its 2021 rating of “AA-IS(CG)” with a stable outlook in relation to its special purpose vehicle, TG Excellence Bhd’s Perpetual Sukuk Wakalah Programme.

MARC Ratings notes that Top Glove’s already robust balance sheet has been further strengthened with a sharp increase in equity base to RM6.9 billion as at 1st Half of FY2022 (FY2019: RM2.6 billion). Its adjusted debt-to-equity (DE) was strong at 0.20x and in a net cash position. The Company’s capital structure will remain strong in the foreseeable future.

Lim on corporate credit ratings

Mr Lim Cheong Guan, Executive Director of Top Glove, says: “We are extremely pleased to have MARC, a highly reputable ratings provider, affirm its strong ratings for Top Glove. This is surely a testament of their confidence in our company’s promising long term prospects and the capabilities of the leadership team.

About Top Glove

Top Glove Corporation Bhd is listed on the Bursa Malaysia Stock Exchange Main Board and Singapore Exchange Mainboard.

It is also one of the component stocks of the MSCI Global Standard Index, FTSE Bursa Malaysia KLCI Index, FBM Top 100 Index, FBM Emas Index, FBM Hijrah Syariah Index, FBM Emas Syariah Index and the Dow Jones Sustainability Indices (DJSI) for Emerging Markets.

A Forbes Global 2000 company, Top Glove is currently the world’s largest manufacturer of gloves with an established corporate culture and good business direction of producing consistently high quality, cost efficient gloves. Top Glove has over 2,000 customers worldwide and exports to more than 195 countries.

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