Top Glove mulls dual listing on Hong Kong bourse

MALAYSIAN glove maker Top Glove on Monday announced it is evaluating a dual primary listing on the Hong Kong bourse.

The world's largest glove manufacturer is already listed in Singapore and Malaysia. Bloomberg earlier reported that the glove maker might raise more than US$1 billion from its listing in Hong Kong.

Top Glove said the proposed listing on Hong Kong Exchanges and Clearing (HKEX), if undertaken, will enable the company "to be present in a larger, more active and liquid stock exchange".

It will also enlarge and diversify its investor base as well as provide an alternate and large fundraising platform to support the company's future growth strategy, Top Glove added.

The proposed HKEX listing will be subject to approvals from the relevant authorities in Malaysia, Singapore, Hong Kong and other applicable jurisdictions, as well as shareholders' approval.

Top Glove said it will disseminate any material information in relation to the potential listing to the public via bourse filings on Bursa Malaysia and the Singapore Exchange.

Separately, Maybank Kim Eng last week wrote in a note that Top Glove might be under the spotlight now for environmental, social and governance risks, but such risks should fall over the years.

Shares of Top Glove have jumped by at least five times in Malaysia, reflecting investors' bullishness over demand for medical protective gear amid a health crisis. The stock has comfortably outperformed both benchmark indices in Singapore and Malaysia.

Top Glove requested a trading halt during the midday break on Monday, and lifted it before the afternoon session began. As at 1.04pm, its shares in Singapore were trading at S$2.91, up S$0.04 or 1.4 per cent.

The Malaysia-listed counter gained RM0.12 or 1.4 per cent to RM8.93 as at 12.29pm.

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