Muristek
Top Glove to take more time for HK stock exchange listing due to current market condition
A view of the Top Glove factory in Meru, Klang. ― Picture by Yusof Mat Isa
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KUALA LUMPUR, March 8 — Top Glove Corporation Bhd has decided to take more time to pursue listing on Hong Kong Stock Exchange (HKEX) due to the changing developments in the industry and current equity market conditions.
“We are not in a hurry. Our decision is always for the long term benefit of the company and our stakeholders,” the glove manufacturer said in a statement today.
On Dec 8, 2021, Top Glove said it expected the proposed listing on HKEX to be completed in the first quarter of 2022.
It has proposed the issuance of up to 793.5 million new shares, including an additional 103.5 million new Top Glove shares that may be issued under the over allotment option if exercised in full, and constitution amendments to facilitate the proposed dual primary listing in order to align the constitution with the provisions of the relevant laws, listing rules and regulations in Hong Kong.
The Asian shares trading have been volatile for the past few days, tracking the negative lead from Wall Street amid the persistent Ukraine-Russia geopolitical and inflationary concern.
At 4.30pm, Top Gloves’ share price was traded eight sen lower at RM1.82 with 17.65 million shares changing hands. — Bernama