Tuesday, 01 Jun 2021 01:37 PM MYT
Top Glove 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. Reuters pic
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HONG KONG, June 1 Top Glove Corporation’s plan to list in Hong Kong and raise up to US$1 billion (RM4.12 billion) has been delayed as the world’s largest rubber glove maker seeks to resolve a US import ban on its products, sources with direct knowledge of the matter said.
Top Glove s $1 billion HK listing stalls, in latest blow from U.S. import ban -sources
By Scott Murdoch, Liz Lee and Anshuman Daga
Reuters
HONG KONG (Reuters) -Top Glove Corporation s plan to list in Hong Kong and 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 delay is another setback to the Malaysian company from a ban on imports on its products imposed in July by the U.S. Customs and Border Protection (CBP) citing forced labour practices. That ban has taken the shine off Top Glove, which otherwise posted a record profit in its latest quarter due to booming demand driven by the COVID-19 pandemic.
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.