Top Glove says its Hong Kong listing application has lapsed

KUALA LUMPUR (April 28): Top Glove Corp Bhd said its application for an initial public offering in Hong Kong lapsed on Thursday, the second time in a year that its listing plans have stalled.

Reuters reported in March that the world's largest medical glove maker postponed a plan to raise US$347 million (about RM1.51 billion) in a Hong Kong listing due to heightened market uncertainty after Russia's invasion of Ukraine.

In its statement on Thursday, Top Glove did not indicate if or when it would file another application.

"The company will evaluate its future capital requirements and to make the necessary announcement in due course," it said.

Top Glove's previous listing application had lapsed in August 2021 after the company delayed its plan in an effort to resolve a US import ban on its products over allegations that it used forced labour.

The ban was lifted in September after US Customs said a thorough review of evidence showed Top Glove had addressed all indications of forced labour.

The manufacturer, which benefited from demand for disposable medical gloves during the Covid-19 pandemic, has a primary listing in Kuala Lumpur and secondary in Singapore, and had planned the Hong Kong listing to broaden its investor base.

Top Glove initially planned to raise US$1.9 billion through the Hong Kong listing, but cut back due to labour concerns.