EVENING 5: Five things you need to know today theedgemarkets.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theedgemarkets.com Daily Mail and Mail on Sunday newspapers.
Close watch on IPI, Top Glove
THE industrial production index (IPI) and manufacturing sales are expected to be announced on Friday.
Economists said the IPI for January is expected to be down from December 2020.
Malaysia’s IPI grew 1.7% in December, compared to the same month of the previous year. For the full year, IPI shrank 4.2% from a year earlier, its first contraction since 2009. is expected to announce its financial results for the second quarter ended Feb 28 tomorrow.
Analysts expect Top Glove to report RM2.4bil in net income and a revenue of RM5.5bil in the second quarter.
They expect the average selling price (ASP) of rubber gloves to remain robust. It reported a net profit of RM2.37bil on a revenue of RM4.75bil in the first quarter ended Nov 30,2020. Separately, Top Glove aims to raise up to RM7.77bil in an initial public offering on the Stock Exchange of Hong Kong Ltd.
HONG KONG/SINGAPORE/KUALA LUMPUR: Malaysia's Top Glove Corp Bhd is betting that pandemic-induced sales can provide enough fuel for its $1.9 billion Hong Kong listing to break through the headwind of U.S. sanctions and the prospect of slower growth as vaccinations become widespread.
The unknown pace of vaccination programmes mean the world's largest medical gloves maker could command a higher price for its stock.. Read more at straitstimes.com.
Top Glove eyes new expansions with Hong Kong listing
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KUALA LUMPUR Top Glove Corp. has filed an application to the Securities Commission of Malaysia concerning a proposed listing in Hong Kong.
The proposed listing will support the company s business growth, geographic expansion and strategic investment plans, the gloves maker said March 3.
Under the proposed dual primary listing on the Stock Exchange of Hong Kong (HKEX), Top Glove would undertake a global offering reportedly valued at $1.9 billion of its shares.
Top Glove will maintain its primary listing on the Bursa Securities Malaysia and its secondary listing on the Singapore Exchange Securities Trading Ltd.