Top Glove mulls raising more than $1bn from Hong Kong listing
World’s biggest rubber glove maker is working with advisers on the potential share sale
12 October 2020 - 09:36
byElffie Chew and Vinicy Chan
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Kuala Lumpur/Hong Kong — Top Glove, the world’s biggest rubber glove maker, is considering raising more than $1bn from a listing in Hong Kong, according to people with knowledge of the matter.
Top Glove, whose shares are traded in Kuala Lumpur and Singapore, is working with advisers on the potential share sale in Hong Kong, said the people, who asked not to be named as the information is private. At $1bn, Top Glove’s listing would be the biggest yet by a Malaysian company in Hong Kong.
Deliberations are ongoing and details of the offering including size could increase depending on investor feedback, the people said.
The company confirmed that it is evaluating a dual primary listing in Hong Kong, according to an exchange statement Monday, without providing details of the offering.
The proposed Hong Kong listing, if it proceeds, “will enable Top Glove to be present in a larger, more active and liquid stock exchange”, the company said. The listing will also diversify Top Glove’s investor base and provide a larger fundraising platform to support its growth, it said.
Top Glove is talking to bankers on how best to list in Hong Kong and the process will take six to nine months, executive chair Lim Wee Chai told reporters in a briefing in September. The company still expects “fresh highs” in the next year after reporting a record net income of 1.29-billion ringgit ($312m) in its fiscal fourth quarter.
Shares of Top Glove have surged more than 460% this year in Malaysia due to demand for medical protective gear amid the coronavirus pandemic, outperforming the country’s benchmark index, which has fallen about 4.4% in 2020.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Top Glove mulls raising more than $1bn from Hong Kong listing
World’s biggest rubber glove maker is working with advisers on the potential share sale
Kuala Lumpur/Hong Kong — Top Glove, the world’s biggest rubber glove maker, is considering raising more than $1bn from a listing in Hong Kong, according to people with knowledge of the matter.
Top Glove, whose shares are traded in Kuala Lumpur and Singapore, is working with advisers on the potential share sale in Hong Kong, said the people, who asked not to be named as the information is private. At $1bn, Top Glove’s listing would be the biggest yet by a Malaysian company in Hong Kong.
Deliberations are ongoing and details of the offering including size could increase depending on investor feedback, the people said.
The company confirmed that it is evaluating a dual primary listing in Hong Kong, according to an exchange statement Monday, without providing details of the offering.
The proposed Hong Kong listing, if it proceeds, “will enable Top Glove to be present in a larger, more active and liquid stock exchange”, the company said. The listing will also diversify Top Glove’s investor base and provide a larger fundraising platform to support its growth, it said.
Top Glove is talking to bankers on how best to list in Hong Kong and the process will take six to nine months, executive chair Lim Wee Chai told reporters in a briefing in September. The company still expects “fresh highs” in the next year after reporting a record net income of 1.29-billion ringgit ($312m) in its fiscal fourth quarter.
Shares of Top Glove have surged more than 460% this year in Malaysia due to demand for medical protective gear amid the coronavirus pandemic, outperforming the country’s benchmark index, which has fallen about 4.4% in 2020.
Bloomberg
Shares of rubber glove makers outpace Tesla’s
Shortage of medical gloves to persist into 2021, says top supplier Malaysia
LOS ANGELES TIMES: Plastic pandemic in Covid era
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Related Articles
Malaysia to take glovemaker to court for not paying workers
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.