KUALA LUMPUR, Feb 26 — Top Glove Corporation Bhd (Top Glove) aims to raise up to RM7.77 billion in an initial public offering (IPO) on The Stock Exchange of Hong Kong Ltd (HKEX).
Under its proposed dual primary listing, it will issue up to 1.495 billion new shares at an issue price to be determined at a later date, the group said in a filing with Bursa Malaysia today.
In a press statement, the world’s largest glove manufacturer said it had submitted an application for the primary listing of its shares on the HKEX’s Main Board.
Top Glove added that it would maintain its existing primary listing on the Main Market of Bursa Securities Malaysia and the secondary listing on the Main Board of Singapore Exchange Securities Trading Ltd (SGX-ST).
On completion of the proposed exercise, Top Glove shares would be listed and traded on Bursa Securities, SGX-ST, and HKEX and all such shares would be fungible/transferable among these three stock exchanges.
Executive chairman Tan Sri Dr Lim Wee Chai said 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,” he said.
Meanwhile, managing director Datuk Lee Kim Meow said Top Glove was dedicated to pursue technology driven improvement initiatives which emphasised on increasing quality, efficiency, and innovation across its 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,” he said.
He said a portion of the net proceeds 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 would depend on the number of new Top Glove shares to be issued and the final issue price of Top Glove’s new shares pursuant to the proposed dual primary listing, he said.
— Bernama
