Malaysia-headquartered Top Glove Corporation Bhd, the world’s largest rubber glove manufacturer, in conjunction with its secondary listing, made its trading debut on the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST) today.
The company has undertaken this exercise with the aim of adding and creating value for its shareholders and stakeholders.
The secondary listing is also expected to enhance Top Glove’s investor reach and diversify its investor base, enabling the company to tap on a new platform for potential future fundraising. It also serves to enhance the visibility of the company’s profile among international investors, analysts and media.
Said Top Glove’s Executive Chairman, Tan Sri Dr Lim Wee Chai, “Enhancing shareholder value is a foremost priority on our corporate agenda and we are always looking for ways to do this, one of which is through our secondary listing on SGX.”
“We are especially proud to be associated with an advanced and efficient country like Singapore. Aside from giving us access to the Singapore market, we view it as an opportunity for us to upgrade our quality, image and branding in the global arena,” Lim added.
The listing allows all existing ordinary Top Glove shares listed and quoted on the Main Market of Bursa Malaysia, to be listed and quoted on the Mainboard of the SGX-ST by way of introduction.
Bursa Malaysia (Malaysian Stock Exchange) will remain the primary stock exchange on which the Top Glove shares are listed.
Pursuant to this exercise, a shareholder with Top Glove Shares listed and quoted on the Main Market of Bursa Securities will be able to transfer such shares to the Mainboard of the SGX-ST and vice versa.
The secondary listing does not involve any issuance of new Top Glove shares. However, to create liquidity and trading activity, Tan Sri Dr Lim and his associates have undertaken to sell up to approximately SGD20 million worth of their shares in the open market on the SGX-ST over the next twelve months.
“This is an exciting day and a milestone for Top Glove. With a listing status in Malaysia and Singapore, we expect to enjoy enhanced profiling, access to funding and growth potential, which will benefit our company and ultimately our shareholders on both sides of the causeway,” Lim concluded.
Top Glove is currently the world’s largest rubber glove manufacturer with over 2,000 customers worldwide and exports to more than 195 countries.
