KUALA LUMPUR (Oct 30): Top Glove Corp Bhd executive director Lim Cheong Guan is estimated to have pocketed a total of RM7.1 million from sales of shares in the glove maker since June, thanks to the meteoric rise of the company’s share price.

The latest filing to Bursa Malaysia shows that Lim sold 200,000 Top Glove shares at RM8.79 on Monday (Oct 26) and 30,000 at RM8.98 the following day. The two transactions would have earned him RM2.03 million.

Last month, Lim also disposed of some shares. He sold 300,000 shares at RM8.05, 50,000 shares at RM8.06 and 30,000 shares at RM8.09. These add up to total proceeds of RM3.06 million.

The share sales came after he subscribed for 300,000 shares via the Employee Share Option Scheme (ESOS) at RM1.63 per share, according to the bourse filing.

On top of that, the executive director also made RM2.02 million in June from the disposal of his shares in Top Glove, according to filings to Bursa.

Lim is now left with 927,800 Top Glove shares, or a 0.011% stake in the group.

Shares of Top Glove fell 21 sen or 2.39% today to close at RM8.57 per share with a market capitalisation of RM69.79 billion.

Based on today’s closing of RM8.57, the block of shares that Lim has in hand is valued at RM7.9 million. Meanwhile, his boss Tan Sri Lim Wee Chai’s 25.68% stake is worth RM17.9 billion at market value.

Year to date, the counter has rocketed more than five times its value from the start of the year at RM1.57 per share, reaching its peak at RM9.60 on Oct 19.

Top Glove recorded its best-ever quarterly net profit at RM1.29 billion in the fourth quarter ended Aug 31, 2020 (4QFY20), which is almost 18 times the RM74.17 million posted last year.

Earnings per share surged to 15.95 sen versus 0.97 sen previously, the group’s filing with the local bourse showed.

Quarterly revenue surged 161.5% to RM3.11 billion from RM1.19 billion in 4QFY19.

For the financial year ended Aug 31, FY20, net profit leapt 412% to RM1.87 billion, from RM364.68 million last year, while revenue expanded 50.7% to RM7.24 billion, from RM4.8 billion.