Top Glove Mulls Hong Kong Listing
From Gina Lee
Investing.com - Malaysia's Top Glove Corp. (KL: TPGC), the world's largest manufacturer of rubber gloves, is reportedly considering a listing on the Hong Kong Stock Exchange that should raise more than $ 1 billion.
Top Glove Singapore (SI: TOPG) shares rose 1.39% to 2.910 SGD ($ 2.15) by 12:37 ET (4:37 GMT). The company's shares are also listed on the Kuala Lumpur Stock Exchange.
The company is reportedly consulting with advisors on the potential Hong Kong listing, which Bloomberg data suggests would be the largest ever conducted by a Malaysian company in Hong Kong.
The ongoing deliberations with his unspecified financial advisors about the listing mean details, including their size, may increase and last anywhere from six to nine months depending on feedback received, CEO Lim Wee Chai said during a briefing in September.
Top Glove declined to comment prior to official announcements, and the company has yet to apply for listing.
The company posted record earnings of MYR 1.29 billion ($ 311.49 million) in the fourth quarter of fiscal year as the COVID-19 raised expectations for "new highs" for the coming year and the ongoing COVID-19 Pandemic demand for medical protective equipment continued to increase.
Demand has caused Top Glove's Malaysian stocks to rise more than 460% in 2020. The country's benchmark index fell 3.7% in 2020, putting the company way ahead of the trend.
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