Should investors cheer Top Glove's scaled-back capital-raising exercise?
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TOP Glove Corporation said last week that it will nearly halve the amount of capital it plans to raise in conjunction with its listing in Hong Kong.
In a filing on April 22, the Malaysia-based company said the revision takes into consideration the best interests of its existing shareholders by minimising the dilution they will face.
Top Glove now plans to issue up to 793.5 million new shares, to raise as much as HK$7.94 billion (S$1.35 billion). This implies an issue price of HK$10 per share (or S$1.70), unchanged from previously.
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