Top Glove gets nod for SGX secondary listing

A worker at production line on rubber-gloves at the Top Glove Corp. rubber-glove factory in Klang,

KUALA LUMPUR: Top Glove Corp Bhd has received the conditional approval of Singapore Exchange Securities Trading Ltd (SGX) for its proposed secondary listing on the SGX main board.

In a filing with Bursa Malaysia, the world’s largest rubber glovemaker said it had received a letter of conditional eligibility-to-list (ETL) from SGX on Thursday.

The ETL came with several conditions, among which are Top Glove needs to to maintain its primary listing on Bursa Malaysia and it must submit a written undertaking stating it would comply with requirements of the listing manual of SGX. 

Top Glove is also required to release all information and documents in English to SGX at the same time as they are released to Bursa Securities, as well as to inform SGX of any issues of additional securities in a class already listed on SGX and the decision of Bursa Securities.

Top Glove noted that the ETL was not an indication of the merits of the proposed secondary listing, the company, its subsidiaries and/or its shares. 

Top Glove said an introductory document containing details of the proposed secondary listing would be issued in Singapore, prior to the secondary listing of and quotation for all existing shares of the company on the main board.

Top Glove had announced its plan for a secondary listing on the main board of SGX in March. It subsequently obtained the approval of the Securities Commission Malaysia for the secondary listing.

Bursa Malaysia will remain as the primary stock exchange and will not involve in any issuance of new shares.

The company announced that it was exploring the sale of about S$20mil (RM59.4mil) worth of shares in the open market on SGX to create trading liquidity.

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.