Malaysia's Top Glove plans to renew lapsed HK listing application

Top Glove said it has resolved any forced labour issues in its operations.
Top Glove said it has resolved any forced labour issues in its operations.PHOTO: REUTERS

KUALA LUMPU (REUTERS) - Malaysian glovemaker Top Glove Corp plans to renew its lapsed application to list in Hong Kong and pursue a dual primary listing, a stock market filing showed on Thursday.

Its plans were delayed, sources told Reuters in June, as Top Glove sought to resolve a US import ban on its products because of forced labour practices that had spooked investors and bankers.

Top Glove said it has resolved any forced labour issues in its operations and said in June that it has been waiting for US customs authorities to verify remedial action taken on workers' recruitment fees.

The world's largest glovemaker's stock market filing on Thursday said it "intends to renew the HKEX listing application as soon as practicable".

Top Glove, which is already listed in Kuala Lumpur and Singapore, announced in April that it would reduce the size of its proposed listing by nearly half to US$1 billion (S$1.4 billion).