Top Glove plans to list in Hong Kong

TOP Glove Corporation Bhd said it planned to list in Hong Kong within six to nine months after “supernormal” demand for disposable gloves during the Covid -19 pandemic saw its quarterly profit skyrocket to a company record, Reuters reported yesterday.

According to Reuters, executive chairman Lim Wee Chai said that the company was in talks with bankers about the Hong Kong deal.

Top Glove is currently listed in Malaysia and Singapore.

“It’s only a plan and we are talking to the bankers to see which is the most suitable method to go for listing in Hong Kong,” Lim was quoted as saying in a virtual briefing.

“As a whole we are a global company, we must expand our company to a bigger market so that we are visible in the world market.”

Top Glove yesterday announced highest-ever quarterly net profit of RM1.29 bil, for its fourth quarter which ended on Aug 31, 2020.

The company said it foresaw glove demand to grow 25% next year from the 20% this year, and 15% post-pandemic.

Meanwhile, the Edge reported that Top Glove expected to resolve the detention order imposed by the US Customs on its subsidiaries by the end of this year.

The group, the Edge said, was still engaging with the US Customs and Border Protection (CBP) to lift the Withhold Release Order (WRO) that was imposed in mid-July, following allegations of forced labour, and that the matter was progressing well.

Subscribe and get top news delivered to your Inbox everyday for FREE