Top Glove's US$1 bln HK listing stalls, in latest blow from U.S. import ban

HONG KONG: Top Glove Corporation's plan to list in Hong Kong and raise up to $1 billion has been delayed as the world's largest rubber glove maker seeks to resolve a U.S. import ban on its products, sources with direct knowledge of the matter said.

The delay is another setback to the Malaysian company from a ban on imports on its products imposed in July by the U.S. Customs and Border Protection (CBP) citing forced labour practices. That ban has taken the shine off Top Glove, which otherwise posted a record profit in its latest quarter due to booming demand driven by the COVID-19 pandemic.