Top Glove, world’s biggest rubber glove maker, to reapply for Hong Kong listing after US ban over forced labour derailed previous attempt

Malaysian company says it will renew its application for a dual primary listing ‘as soon as practicable’

Originally targeting US$1.9 billion, the Malaysian firm said in June it would delay its Hong Kong stock sale after the US ban on its imported products

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Workers leave a Top Glove factory after their shifts in Klang, Malaysia. Photo: Reuters

Published: 1:57pm, 27 Aug 2021Updated: 10:46pm, 27 Aug 2021

The world’s biggest maker of rubber gloves said it will renew its application to list on the Hong Kong stock exchange after a US ban on its products forced it to delay its initial attempt to raise as much as US$1.9 billion.

Top Glove said in a filing to Bursa Malaysia on Thursday – the same day its application lapsed – that it will still push ahead with the dual primary listing in Hong Kong, but did not say when it would resubmit the application.

The company had said previously the listing would broaden its investor base, enabling it to reach new institutional investors including Chinese funds and wealth management investors.

Its plans for a Hong Kong flotation were derailed when the US banned imports of its disposable gloves, accusing it of forced labour practices.

“The company is still pursuing the proposed dual primary listing and intends to renew the Hong Kong Exchanges and Clearing (HKEX) listing application as soon as practicable,” it said in the filing to Bursa Malaysia on Thursday.

In February the Malaysian company proposed issuing 1.49 billion new shares to raise up to HK$14.95 billion (US$1.9 billion), although the issue price had not been at that time.