Top Glove shareholders approve $473-million Hong Kong listing plan

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Top Glove shareholders o.k.  $473-million Hong Kong listing plan © Reuters. FILE PHOTO: Top Glove logo is pictured extracurricular a mill successful Klang, Malaysia December 10, 2020. REUTERS/Lim Huey Teng/File Photo

KUALA LUMPUR (Reuters) - Malaysian mitt shaper Top Glove Corp has won shareholders' support for its program to database successful Hong Kong, saying connected Wednesday it expected to implicit the workout by the archetypal 4th of adjacent year.

In a statement, the institution said an bonzer wide gathering of shareholders approved resolutions backing its dual superior listing connected the Stock Exchange of Hong Kong (HKEX), adding that the adjacent measurement was to question support from the HKEX.

"The projected listing is expected to beryllium completed by the archetypal 4th of 2022," the world's largest shaper of aesculapian gloves said.

In October, Top Glove slashed for a 2nd clip the magnitude it aims to rise from the Hong Kong listing to HK$3.68 cardinal ($473 million), oregon little than a 4th of its archetypal target.

The institution could rise astir HK$4.24 cardinal if the over-allotment enactment is afloat exercised, it said. Top Glove initially planned to rise $1.9 cardinal but astir halved the people successful April.

Top Glove said it was raising superior for concern growth, geographic expansion, strategical investments, accretive M&As, automation, facilities and machines upgrades arsenic good arsenic strengthening ESG practices and initiatives.

Its listing program was implicit a conflict to resoluteness a year-long import prohibition by the U.S. Customs implicit accusations of forced labour. The prohibition was lifted successful September aft a reappraisal showed Top Glove addressed each indicators of forced labour.

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