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KUALA LUMPUR (September 17): Top Glove Corp Bhd plans to list in Hong Kong by 2021 to enhance the rubber glove maker’s investor reach and diversify its investor base.
Top Glove Chief Executive Officer Tan Sri Dr. Lim Wee Chai said Top Glove, which is already listed on the Malaysian and Singaporean exchanges, is expected to be listed on the Hong Kong Stock Exchange “in the next six to nine months. “
“Listing in Hong Kong is a good goal and a good direction. Entering a bigger market is good for Top Glove. As a global company, we need to expand into a larger market, so that the group is visible in the world market.
“We are talking to bankers to see what is the most appropriate method for listing in Hong Kong,” said Lim, speaking at a virtual press conference today in conjunction with Top Glove’s full-year and fourth-quarter finance announcement . .
The anticipated listing in Hong Kong is expected to create and add value to Top Glove’s business, according to Lim.
“Hong Kong is a big market and we are always looking for more added value in a bigger market.
“We also like to create demand for our company’s shares by going to larger markets. We always create value and demand for the company’s products and shares, ”said Lim.
Earlier today, Top Glove reported that its fourth quarter net profit increased substantially to RM1.29 billion from RM74.17 million a year earlier, as revenue more than doubled.
In a statement to Bursa Malaysia today, Top Glove said that revenue increased to RM3.11 billion in the fourth quarter ended August 31, 2020 (4QFY20) from RM1.19 billion.
For the full year, Top Glove said that fiscal year 20 cumulative net profit rose to RM1.87 billion from RM364.68 million a year earlier, while revenue was higher by RM7.24 billion versus RM4. 8 billion.
For 4QFY20, the company declared a dividend of 8.5 sen / share, bringing full-year dividends to 11.83 sen / share.
In Bursa today, Top Glove’s share price closed down 64 sen or 7.59% to RM7.79 at 5pm for a market value of RM63.4 billion. The stock saw some 199 million shares traded.
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