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KUALA LUMPUR, June 2 — Top Glove Corporation Bhd remained committed to the proposed Initial Public Offering (IPO) in Hong Kong.
In a filing with Bursa Malaysia today, it said where appropriate, material developments regarding this matter will be announced on the relevant stock exchanges.
The company was clarifying reports relating to the delay in the company’s Hong Kong IPO.
A news report yesterday stated that Top Glove’s plan to list in Hong Kong and raise up to US$1 billion (US$1 = RM4.13) had been delayed as the world’s biggest rubber glove maker planned to resolve a US import ban.
The article further stated that the delay is another setback for Top Glove from a ban on imports on its products imposed in July by the US Customs and Border Protection (CBP) on claims of forced labour practices.
“That ban has taken the shine off Top Glove, which otherwise registered a record profit in its latest quarter due to robust demand driven by the Covid-19 pandemic,” the report said. — Bernama