Top Glove starts Singapore trading on firm note

Singapore

BURSA Malaysia-listed Top Glove, which made its trading debut on the Singapore Exchange (SGX) on Tuesday via a secondary listing, ended the day on a firm note.

The mainboard counter, which started trading at S$1.62, rose to a high of S$1.655 at mid-afternoon and closed at S$1.635. More than half a million shares changed hands. The stock, whose primary listing is in Malaysia, closed trading there on Monday at RM4.80 (S$1.585).

The listing has not raised proceeds as no new shares were issued. To facilitate trading activity, Top Glove will issue S$20 million of shares on SGX in the next 12 months. While it "doesn't need to raise funding at present, as we are in a net cash position", Top Glove is thinking of the longer term shoul…