KUALA LUMPUR (March 3): Abrdn PLC (formerly known as Aberdeen Asset Management PLC) has emerged as a substantial shareholder of Kossan Rubber Industries Bhd, after acquiring a 5.074% stake in the glove maker.

Abrdn bought the stake, comprising 129.46 million shares, on Wednesday (March 1), making it Kossan Rubber's third-largest shareholder after Kossan Holdings (M) Sdn Bhd (48.77% stake) and the Employees Provident Fund (5.4%).

The transaction price of the acquired stake was not disclosed in Kossan Rubber’s bourse filing on Friday.

Kossan Rubber’s share price, which has fallen 39.55% over the past year, settled up two sen at RM1.07 on Friday. At this price, the group is valued at RM2.74 billion. It is currently trading at a price-earnings ratio of 17.43 times, offering a dividend yield of 2.34%.

The glove maker’s net profit for the year ended Dec 31, 2022 (FY2022) tumbled to RM156.6 million from RM2.86 billion a year earlier, as revenue fell 65% to RM2.32 billion from RM6.63 billion.

Abrdn had previously surfaced as a substantial shareholder in CTOS Digital Bhd, with a 5.238% stake. It raised its stake in the credit reporting group to 5.268% stake after buying 469,200 more shares on Wednesday.

CTOS closed at RM1.37 on Friday, with a market value of RM3.16 billion.