Another local company will make a name for itself on the world stage.
Top Glove Corp Bhd has received approval from shareholders for a plan to list in Hong Kong which is expected to be implemented by the first quarter of next year.
In a statement issued by the glove manufacturing company, the general meeting with shareholders passed a resolution supporting the listing on the Hong Kong Stock Exchange (HKEx) and added that the next step was to seek approval from HKEx.
Last October, Top Glove reduced for the second time the amount it targeted to derive from its Hong Kong listing to HK $ 3.68 billion or US $ 473 million and it was down from a quarter of its initial target.
According to sources, the company could raise about HK $ 4.24 billion if the overall option is fully implemented.
Top Glove initially planned to raise US $ 1.9 billion but nearly halved its target in April.
Top Glove said it was raising capital for its business growth, geographic expansion, strategic investments, active mergers and acquisitions, automation, machine facilities and upgrades as well as strengthening environmental, social and corporate governance practices and initiatives.
The listing plan was delayed because it had been subjected to a year -long import ban by U.S. Customs (US) on forced labor allegations before it was withdrawn in September after a review showed Top Glove had addressed all indications of forced labor.
