HONG KONG: Top Glove Corp Bhd’s plan to list in Hong Kong to raise up to US$1 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, which is already listed in Kuala Lumpur and Singapore, flagged in late April that 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.
However, the deal has stalled as the company awaits indications from US Customs and Border Protection (CBP) on whether the import ban would be lifted anytime soon, the sources said.
Top Glove did not respond to a request for comment. The sources could not be named as the information has yet to be made public.