Kuala Lumpur – Top Glove Corp. Bhd has filed an application to the Securities Commission Malaysia concerning a proposed listing in Hong Kong, the company announced 3 March
The proposed listing will support the company's business-growth, geographic expansion and strategic investment plans, said the 'world's largest' gloves maker.
Under the proposed ‘dual primary listing’ on the Stock Exchange of Hong Kong (HKEX), Top Glove is to 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.
The listing in Hong Kong will help the group to raise capital for business growth, geographic expansion, and strategic investments and acquisitions, explained Tan Sri Dr Lim Wee Chai, executive chairman of Top Glove.
“Top Glove has swiftly responded to heightened demand by our customers worldwide for our quality gloves and personal protective equipment,” according to Tan.
The aim, he said, is “to increase our production capacity, upgrade our facilities, and invest in new technologies to improve our offering and response-time for our customers around the world.
“[This] will help to further strengthen our position as the world’s largest manufacturer of gloves and to enhance stakeholders’ long-term value.”
Top Glove is “pursuing technology-driven improvement initiatives [to raise] quality, efficiency, and innovation across production processes, digital and data analysis systems, and product range,” added Dato’ Lee Kim Meow, managing director of Top Glove.
With 21,000 employees, Top Glove currently has 47 manufacturing operations: 41 in Malaysia, four in Thailand and one each in China and Vietnam. The set-up includes 765 glove production lines with a combined capacity of 93 billion pieces per annum.
The manufacturing units comprise 36 glove factories, two latex concentrate plants, three chemical factories, one glove-former factory, two packaging material plants, one dental dam factory, one condom factory and one face mask factory.