‘It looks like this listing application has an expired date.’
Top Glove Corp Bhd's ambition to be listed on the exchange in Hong Kong, China was seen as unfulfilled when the initial public offering (IPO) application was found to have expired.
According to sources, Top Glove previously planned to generate US $ 347 million or RM1.51 billion through listing on the Hong Kong exchange.
However, the plan has been delayed twice due to the uncertainty of the situation during the war between Russia and Ukraine.
Unknowingly the date of the application had expired and Top Glove did not show any new indication to resubmit the application.
Through the company’s official statement, they will assess its future capital requirements and make the necessary announcements in the near future.
For the record, Top Glove's previous listing application had expired in August 2021 due to several factors that forced the company to postpone its plans.
The delay factor is to give space to the company to resolve the issue of import ban by the United States (US) on allegations of forced labor practices.
U.S. Customs lifted the ban imposed in September after completing an investigation.
Later, the rubber glove manufacturer took advantage of the booming demand during the Covid-19 hit by strengthening its listing in Kuala Lumpur and in Singapore.
Related to that, Top Glove has been eyeing the opportunity to enter the Hong Kong market with plans to raise $ 1.9 billion.
However, the value has been reduced due to concerns over labor issues.
