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Top Glove applies for dual primary listing on Hong Kong Stock Exchange

26 Feb 2021 / 18:55 H.

PETALING JAYA: Top Glove Corp Bhd has proposed a dual primary listing to list on the Main Board of The Stock Exchange of Hong Kong (HKEX).

Top Glove will maintain its existing primary listing on the Main Market of Bursa Securities Malaysia and its existing secondary listing on the Main Board of Singapore Exchange Securities Trading Limited (SGX-ST).

Top Glove executive chairman Tan Sri Dr Lim Wee Chai said during these extraordinary times, Top Glove has swiftly responded to heightened demand by customers worldwide for its quality gloves and personal protective equipment (PPE).

“A dual primary listing in Hong Kong would create an expanded global platform that can enable the group to raise capital for business growth, geographic expansion, and strategic investments and acquisitions. We aim to increase our production capacity, upgrade our facilities, and invest in new technologies to improve our offering and response time for our customers around the world, which will help to further strengthen our position as the world’s largest manufacturer of gloves and to enhance stakeholders’ long term value.”

Managing director Datuk Lee Kim Meow said it is dedicated to pursuing technology driven improvement initiatives which emphasise on increasing quality, efficiency, and innovation across Top Glove’s production processes, digital and data analysis systems, and product range. An additional primary listing can provide the group with an expanded platform to finance and accelerate these initiatives.

A portion of the net proceeds raised from the proposed dual primary listing would be invested in Top Glove’s environmental, social and corporate governance practices and initiatives. The actual amount of proceeds to be raised from the proposed dual primary listing will depend on the number of new Top Glove shares to be issued and the final issue price of the new Top Glove shares.

Subject to completion of the proposed dual primary listing, Top Glove shares will be listed and traded on Bursa Securities, SGX-ST, and HKEX and all such shares will be fungible/transferable among these three stock exchanges. Details regarding the process to transfer shares among these three stock exchanges and the fees payable will be provided in due course.

The exercise is conditional upon, among other things, the approvals from the shareholders of Top Glove and from Securities Commission Malaysia, Bursa Securities, and the Listing Committee of the HKEX.

China International Capital Corporation is the sole sponsor for the proposed dual primary listing in Hong Kong while Hong Leong Investment Bank Bhd is the principal adviser for the proposed dual primary listing in Malaysia.

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