Malaysian personal protective equipment (PPE) maker Top Glove has won shareholders’ approval for its initial public offering in Hong Kong, saying on Wednesday it expected to complete the listing by the first quarter of next year.
In a statement, the company said an extraordinary general meeting of shareholders approved resolutions backing its dual primary listing on the Hong Kong stock exchange, adding that the next step was to seek approval from the HKEX.
“The proposed listing is expected to be completed by the first quarter of 2022,” the world’s largest manufacturer of medical gloves said.
In an October filing, Top Glove slashed for a second time the amount it aims to raise from the Hong Kong listing to HK$3.68 billion ($473 million), or less than a quarter of its initial target.
Primary Listing Sought
The company has been listed on the Bursa Malaysia since 2001 and SGX since 2016. It is seeking a primary listing on the main board in Hong Kong and could raise about HK$4.24 billion if the over-allotment option is fully exercised, it said.
Top Glove shares in Kuala Lumpur dipped 1.6% on Wednesday, while its Singapore stocks slid 1.2%.
The company said it was raising capital for business growth, geographic expansion, strategic investments, mergers and acquisitions, automation and facilities and machines upgrades as well as strengthening ESG practices and initiatives.
Its listing plan was delayed over a struggle to resolve a year-long import ban by the US Customs over accusations of forced labour. The ban was lifted in September after a review showed Top Glove addressed all indicators.
- Reuters, with George Russell