Malaysia’s Top Glove plans to raise $1.9b via HK listing

Malaysia’s Top Glove Corp plans to raise about HK$14.95 billion ($1.93 billion) through a secondary listing in Hong Kong, as the world’s top disposable medical glove maker seeks to cash in on strong performance during the pandemic-driven demand boom.

The Kuala Lumpur-listed company floated the idea to seek a listing on the Hong Kong stock exchange in September, after its profit soared more than 17-times for the quarter ended August last year.

Top Glove said in a statement on Friday it will issue up to 1.50 billion shares, but determine the issue price at a later date and maintain its existing primary listing on the main market of Bursa Securities Malaysia.

“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,” Executive Chairman Lim Wee Chai said.

The company, which has been mired by scrutiny over its lack of COVID-19 mitigation efforts after more than 5,000 workers tested positive, said a portion of the proceeds from the offering will be invested in its environmental, social and corporate governance initiatives.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.