Global Trade

Shareholders of Top Glove have approved a $473 million Hong Kong plan

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Top Glove Corp, a Malaysian glove manufacturer, has received shareholder approval for its bid to list in Hong Kong, and said on Wednesday that it expects to finish the process in the first quarter of next year.

The business said in a statement that an extraordinary general meeting of shareholders passed motions supporting its dual primary listing on the Hong Kong Stock Exchange (HKEX), and that the next step was to seek HKEX clearance.

“The proposed listing is expected to be completed by the first quarter of 2022,” the world’s largest manufacturer of medical gloves said.

Top Glove cut the amount it wants to raise from the Hong Kong IPO for the second time in October, to HK$3.68 billion ($473 million), or less than a fifth of its original target.

If the over-allotment option is fully exercised, the business might raise around HK$4.24 billion, according to the company. Top Glove had hoped to raise $1.9 billion at first, but in April, the goal was practically halved.

Top Glove said it needed the money to fund business expansion, geographic expansion, strategic investments, accretive M&As, automation, facility and machine upgrades, and ESG practices and initiatives.

Story by : Norvisi Mawunyegah