Corporate digest

Top Glove Corporation

Malaysian medical glove-maker Top Glove Corporation said on Friday that the verification of its labour practices - for the purpose of lifting a detention order imposed on it by United States authorities - has been completed.

The report by an independent consultant is expected to be available within 10 days, and will be submitted to the office of the US Customs and Border Protection.

In July, US authorities had placed a detention order on imports of Top Glove's products due to alleged forced-labour practices. On Aug 10, Top Glove began part remediation for the recruitment fees amounting to RM4.4 million (S$1.43 million) to 9,204 of its migrant workers, who had joined before the company's implementation of a zero-cost recruitment policy. The total remediation fee to be paid is estimated at RM53 million, subject to finalisation with the US authorities.

BH Global Corporation

Mainboard-listed BH Global Corporation has applied to exit the Singapore Exchange's financial watch list, the company announced on Friday after the market close.

It had earlier satisfied one of two conditions for exiting the watch list - that of recording consolidated pre-tax profit for the most recently completed financial year. This earned it an extension of time to fulfil the other condition: Achieving an average daily market capitalisation of at least S$40 million over the preceding six months. The company has until June 4, 2021, to successfully exit the watch list.

Yorkshine Holdings

Yorkshine Holdings will be delisted from the Singapore Exchange's Mainboard from 9am on Sept 28, the tin-plate manufacturer said in a clarification on on Friday, following its notification of its delisting the day before.

Trading in its shares has been suspended since Aug 3, 2017. In its delisting notification, Yorkshine said that it was not presently able to provide a reasonable exit offer to shareholders.

"The board is of the view that the group would not be able to realise the full value of its assets if it were to undertake a voluntary liquidation and/or sell off its assets, especially in the current depressed economic climate resulting from the Covid-19 pandemic," it said.