KUALA LUMPUR – Top Glove Corporation Bhd is expected to be listed on the Stock Exchange of Hong Kong Ltd (HKEX) by May or June this year, the exact time depending on factors such as the HKEX’s vetting process, approval from relevant authorities, and market conditions.
On February 26, Top Glove announced its plan to undertake a dual primary listing exercise on the main board of HKEX to raise up to RM7.7 billion; of which RM4.61 billion will be used to expand its production capacity and for the development of a data-driven manufacturing system.
Describing the listing plan as timely, executive director Lim Cheong Guan shrugged off concerns over earnings and dividend dilution of existing shares for the glovemaker’s shareholders.
“The group has seen strong profits in the past few quarters, and the earnings per share and dividend per share dilution will be mitigated via the strong profits and intended dividend payout for Q2 (second quarter) to Q4 for the financial year ended August 31, 2021,” he said.
Lim said this during the company’s virtual briefing on the results of Q2 of the financial year ended February 28, today. – Bernama, March 9, 2021
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