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.