Home Business Markets Top Glove’s $1 billion Hong Kong listing delayed amid U.S. ban imbroglio

Top Glove’s $1 billion Hong Kong listing delayed amid U.S. ban imbroglio

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Top Glove’s $1 billion Hong Kong listing delayed amid U.S. ban imbroglio


© Reuters. FILE PHOTO: A worker inspects newly-made gloves at Top Glove factory in Shah Alam, Malaysia August 26, 2020. REUTERS/Lim Huey Teng

By Scott Murdoch, Liz Lee and Anshuman Daga

HONG KONG (Reuters) – Top Glove Corporation’s plan to list in Hong Kong to raise up to $1 billion has been delayed as the world’s largest rubber glove maker seeks to resolve a U.S. import ban on its products, sources with direct knowledge of the matter said.

The Malaysian firm, which is already listed in Kuala Lumpur and Singapore, flagged in late April it would sell 793.5 million shares in the listing, half what the company proposed in its application to the Hong Kong Stock Exchange in February.

However, the deal has stalled as the company awaits indications from U.S. Customs and Border Protection (CBP) on whether an imports ban would be lifted any time soon, the sources said.

Top Glove did not respond to a request for comment. The sources could not be named as the information was not yet made public.

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