We think that when a company spends over RM1 billion to buy back its shares within a very short period of time, it gives the impression of trying to influence the stock price — whether that is the intention or not.
Top Glove Corp spent RM772 million ($254 million) in the past two weeks alone (up to Nov 25) to buy back some 106 million shares. Added to the RM355 million spent in September, this brings the total amount spent on share buybacks to nearly RM1.13 billion in less than three months.
