Top Glove Revises Down Funds to Be Raised in Hong Kong Listing

By Chester Tay

Top Glove Corp. Bhd said Thursday that it is downsizing its listing in Hong Kong further after taking into account a fall in the company's share price.

Top Glove is revising proceeds to be raised from the listing to 2.27 billion ringgit ($546.5 million) from the MYR4.22 billion targeted in April.

This is the second revision in less than a year. The group, which is the world's largest glove maker, initially sought to raise as much as MYR7.77 billion in February. Most of the funds are earmarked for capacity expansion.

However, the company's shares succumbed to selling pressures this year due to a bleak outlook for glove prices as the world recovers from the Covid-19 pandemic and rising supply from China.

Shares in Top Glove, which have fallen 58% since beginning of the year, last closed 2.6% lower at MYR2.59.

Write to Chester Tay at [e-mail]

(END) Dow Jones Newswires

10-28-21 0741ET