Shares in Top Glove up on proposed secondary listing

KUALA LUMPUR: Shares in Top Glove rose following news that it intends to seek a secondary listing on the Singapore Stock Exchange. 

At 10.48am, its shares rose 13 sen or 2.44% to RM5.45, coming down slightly from its earlier intra-day high of RM5.47, with 2.5 million shares done.

Analysts were mainly neutral on Top Glove’s move as a secondary listing would have no fundamental impact on its prospects. A secondary listing would however provide foreign investors further access to the company.

Top Glove announced on Monday that it is seeking a secondary listing on the SGX, which will not involve issuing any new shares. 

Executive chairman Tan Sri Lim Wee Chai is the major shareholder with a 29.53% direct stake and an 8.27% indirect stake.

Bursa Malaysia would remain as Top Glove’s primary stock exchange. Top Glove said the proposed secondary listing could enhance its investor reach and diversify its investor base, as well as allow direct participation by investors in Singapore.