KUALA LUMPUR (Reuters): US Customs and Border Protection (CBP) has seized a shipment of 3.97 million nitrile disposable gloves from Malaysia s Top Glove Corp Bhd estimated to be worth US$518,000 (RM2.13mil), on indications they were made by forced labour, it said Wednesday (May 5).
CBP on March 29 issued a forced labour finding based on evidence of multiple forced labour indicators in the world s largest medical glove maker s production process.
It had initially banned products from two of Top Glove s subsidiaries last July, but extended the ban to all of the manufacturer s products made in Malaysia in March.
The indicators included debt bondage, excessive overtime, abusive working and living conditions, and retention of identity documents, the CBP said in a statement.
The US Customs and Border Protection (CBP) seized a shipment of disposable gloves from Malaysia s Top Glove Corp Bhd estimated to be worth $US518,000 (approx $NZ724,000), on indications they were made by forced labour, the agency said on Wednesday.
Photo: AFP
It did not give a date for the seizure of the 3.97 million nitrile gloves, which comes after it detained imports from two of Top Glove s subsidiaries last July, saying it had found reasonable suspicion of forced labour.
In March, the CBP said it had sufficient information to determine the use of forced labour and directed US ports to seize all disposable gloves originating in Top Glove factories in Malaysia.
3 Min Read
HONG KONG, April 23 (Reuters) - Malaysia’s Top Glove Corp Bhd, the world’s largest medical gloves maker, has slashed the size of its Hong Kong listing by nearly half to about $1 billion, citing shareholder dilution concerns.
In a statement to the Malaysian bourse late on Thursday, Top Glove said it now plans to issue 793.5 million shares in the deal, down from the 1.495 billion flagged when it published its initial documents to the Hong Kong Stock Exchange in February.
That will bring the size down to $889.11 million from the earlier planned $1.9 billion. An overallotment option exists which, if exercised, could take the proposed deal value to $1.02 billion.
Malaysia’s Top Glove cuts HK-listing size by almost half
April 23, 2021
Malaysia’s Top Glove Corp Bhd has slashed the amount it planned to raise from its proposed listing of new shares in Hong Kong by almost half, as the appetite for glove counters could be affected by the rollout of the COVID-19 vaccine worldwide.
The world’s biggest glove company said in a regulatory filing on Thursday it will reduce the number of new shares to be sold to investors in Hong Kong to 793.5 million compared with 1.495 billion shares it originally planned in February.
The revision of the number of new Top Glove shares proposed to be issued takes into consideration the best interest of the existing shareholders,” the company said in the filing.
4 Min Read
KUALA LUMPUR (Reuters) - Top Glove Corp Bhd said an independent consultant has found there is “no longer” any indication of systemic forced labour at the world’s largest medical glove maker after it took steps to address U.S. allegations of such practices.
FILE PHOTO: General view of a Top Glove factory in Klang, Malaysia December 10, 2020. REUTERS/Lim Huey Teng
The firm announced the findings on Tuesday as it posted a fourth consecutive quarter of record profit - benefiting from soaring demand for its gloves during the COVID-19 pandemic - and revealed it aimed to list shares in Hong Kong in May or June.