Malaysian glovemaker Top Glove’s application for a proposed listing on the Hong Kong Exchange has officially lapsed.
The company is currently listed in Bursa Malaysia, with a secondary listing on the SGX.
In an announcement, Top Glove says it will “evaluate its future capital requirements and make the necessary announcement in due course.”
Earlier on March 8, Reuters reported that the glovemaker postponed a plan to raise US$347 million in a Hong Kong listing due to elevated market uncertainty after Russia's invasion of Ukraine.
The Reuters report quoted managing director Lee Kim Meow, who said, "Due to the changing developments in the industry and the current equity market conditions, we have decided to give ourselves more time to pursue this exercise in Hong Kong,"
The next day, Top Glove announced that it will continue to monitor the market conditions and pursue the Hong Kong listing exercise “at the appropriate time”.
See also: Goodwill Entertainment launches IPO at 20 cents per share
“The company's decisions are always for the long term benefit of the company and its stakeholders,” it added.
Shares of Top Glove on the SGX closed at 53.5 cents on Apr 28, 0.5 cent lower or down 0.93% compared to its previous close.
