Monday, June 21, 2021

Glove giant Top Glove applies for Hong Kong listing

Top Glove hopes the listing will enable it to raise capital for its global business growth, as well as worldwide expansion and strategic investments.

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Rubber glove giant Top Glove Corporation has submitted an application to be listed on the Hong Kong Stock Exchange (HKEX), with a plan to undertake a global offering of its shares under the Proposed Dual Primary Listing.

Top Glove, which is already listed on the Malaysia and Singapore bourses, said it hoped the listing would enable it to raise capital for its global business growth, as well as worldwide expansion and strategic investments.

“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,” Top Glove chairman Lim Wee Chai said.

Top Glove is currently the world’s largest manufacturer of gloves, producing some 93 billion pieces every year.

With more than 20,000 employees worldwide, it has over 2,000 customers and exports to more than 195 countries.

Top Glove is among those whose profits multiplied by billions of ringgit in the wake of the Covid-19 pandemic.

Its profits jumped to RM2.38 billion in three months ending November 2020 from RM111 million in the same period the previous year. This was on the back of RM4.76 billion in revenue.

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