PETALING JAYA: Top Glove Corp Bhd, which is seeking a listing on the Hong Kong Stock Exchange, says it needs more time to pursue the exercise.

       In a statement yesterday, the glove maker said it is not in any hurry to do so.

       “Due to the changing developments in the industry and the current equity market conditions, we have decided to give ourselves more time to pursue this exercise in Hong Kong.

       “We are not in a hurry. Our decision is always for the long-term benefit of the company and our stakeholders,” it said.

       The statement is in response to news that the group had postponed its plan to raise US$347mil (RM1.45bil) via a Hong Kong listing, as Russia’s invasion of Ukraine weighs on investor sentiment and heightens market volatility.

       Citing a person with direct knowledge of the matter, Reuters reported yesterday that the company had planned the Hong Kong listing to broaden its investor base.

       “The source could not be named as the information has not yet been made public. Top Glove did not immediately respond to Reuters request for comment.

       “The rubber glove producer had initially aimed to raise US$1bil (RM4.18bil) in the Hong Kong listing, which would have been a dual primary, but has scaled down the size of the deal over the past year,” it reported.

       Reuters said Top Glove received shareholder approval in December to issue up to 793.5 million new shares, which at the current price of RM1.83 would have raised about US$347mil (RM1.45bil).

       “It had planned to launch the deal in February but volatile financial markets at the time prompted the company to put the transaction on hold,” the source said.

       “The invasion has increased volatility over the past two weeks. Russia calls its actions in Ukraine a “special operation”. Top Glove’s Kuala Lumpur-listed stock has fallen 29.3% so far this year.” — Agencies