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 Malaysian firm, which is already listed in Kuala Lumpur and Singapore, flagged in late April it would sell 793.5 million shares in the listing, half what the company proposed in its application to the Hong Kong Stock Exchange in February.
However, the deal has stalled as the company awaits indications from U.S. Customs and Border Protection (CBP) on whether an imports ban would be lifted any time soon, the sources told Reuters.
Potential investors questioned Top Glove and its advisers on the sanctions during preliminary briefings ahead of the listing, they said.
Top Glove had hoped to complete the listing by the end of the second quarter in 2021, the sources said.
Top Glove did not respond to a request for comment. The sources could not be named as the information was not yet made public.
U.S. Customs prohibited the import of Top Glove products last year, saying it had found reasonable evidence at the company's production facilities across Malaysia indicative of forced labour practices.
Customs said in March it had found evidence of multiple forced labour indicators in Top Glove's production process, including debt bondage, excessive overtime, abusive working and living conditions, and retention of identity documents, and directed its officials to seize goods from the manufacturer.
EARNINGS FORECASTS
The North American market accounts for 22% of Top Glove's total sales volume, according to its latest accounts.
Analysts had largely kept their earnings forecasts for the company intact and said diversion of trade to other markets could cushion the impact of sales loss in the U.S. market, as the pandemic continued.
CBP, in an emailed response to Reuters, said the length of the review process varies with the individual facts and circumstances of each case.
"CBP will not modify or revoke a Forced Labor Finding until it has information that all indicators of forced labor identified by the agency have been fully remediated and it is demonstrated that forced labor is no longer being used to produce the goods targeted," it said.
Top Glove said in April it has resolved all indicators of forced labour in its operations and that this had been verified by the London-based ethical trade consultant Impactt Limited.
The company has argued a Hong Kong listing is not urgent as it has 2.36 billion ringgit ($573.09 million) cash on its balance sheet, the sources said.
Instead, a listing is being pursued to diversify the firm's shareholder base and take advantage of the increased liquidity in Hong Kong's markets compared to Kuala Lumpur and Singapore, one of the sources added.
Reuters
Tue Jun 01 2021
![Top Glove's $1 billion Hong Kong listing delayed amid U.S. ban imbroglio - Sources Top Glove's $1 billion Hong Kong listing delayed amid U.S. ban imbroglio - Sources](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2021-05/81621310590_TopGlove.jpg)
Top Glove said in April it has resolved all indicators of forced labour in its operations and that this had been verified by the London-based ethical trade consultant Impactt Limited. Image via Top Glove
AWANI Borneo [16/07/2024] – SUKMA 2024 | Sentiasa berwaspada | Pintu sempadan
AWANI Borneo Selasa, 16 Julai 2024 bersama Fauzi Zin.
- SUKMA 2024 : Nasib acara takraw wanita diketahui Khamis ini.
- Ribut petir diramal di Sabah, Bomba saran penduduk berhati-hati.
- Urusan imigresen di sempadan, Malaysia-Brunei adakan rundingan.
- SUKMA 2024 : Nasib acara takraw wanita diketahui Khamis ini.
- Ribut petir diramal di Sabah, Bomba saran penduduk berhati-hati.
- Urusan imigresen di sempadan, Malaysia-Brunei adakan rundingan.
![Hukuman penjara bapa lakukan serangan seksual ke atas 3 anak perempuan dikurangkan Hukuman penjara bapa lakukan serangan seksual ke atas 3 anak perempuan dikurangkan](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-04/51714453013_courtgavelmahkam.jpg)
Hukuman penjara bapa lakukan serangan seksual ke atas 3 anak perempuan dikurangkan
Dalam penghakimannya, Che Mohd Ruzima berkata perayu gagal membuktikan bahawa Mahkamah Sesyen terkhilaf dalam memutuskan kes itu.
Malaysia-Brunei adakan rundingan mudahkan urusan Imigresen
Malaysia dan Brunei akan mengadakan rundingan bagi memudahkan proses keluar masuk rakyat kedua-dua negara.
![Pan-gon mahu kekal hubungan baik dengan Malaysia Pan-gon mahu kekal hubungan baik dengan Malaysia](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-07/81721124936_KimPanGon.jpg)
Pan-gon mahu kekal hubungan baik dengan Malaysia
Bekas ketua jurulatih Harimau Malaya Kim Pan-gon mahu mengekalkan hubungan baik dengan skuad itu biarpun tidak lagi bersama.
Kos pampasan tanah fasa 1B proses Projek LPB Sabah RM1.2 bilion - Alexander
Anggaran kos pengambilan balik tanah bagi keseluruhan Fasa 1B proses pengambilan tanah dan penilaian pampasan tanah bagi Projek Lebuh Raya Pan Borneo Sabah (LPB Sabah) berjumlah RM1.2 bilion.
Sentiasa berhati-hati, ribut petir diramal berlaku di Sabah
Orang ramai khususnya yang tinggal di kawasan berisiko di Sabah disaran agar bersiap siaga terutama dari segi perubahan cuaca yang tidak menentu yang seterusnya akan mengakibatkan bencana banjir dan pokok tumbang.
Nasib acara sepak takraw wanita diketahui Khamis ini
Nasib acara sepak takraw wanita berpasukan dalam Sukan Malaysia (SUKMA) edisi ke-21 di Sarawak akan ditentukan dalam Mesyuarat Jawatankuasa SUKMA Peringkat Kebangsaan pada Khamis ini.
JPBM Sabah serah jentera khas buat pasukan sukarela
Jabatan Bomba dan Penyelamat Malaysia (JBPM) negeri Sabah sedang dalam perancangan untuk menyerahkan jentera khas, iaitu Volunter Fire Rescue Tender (VFRT) untuk Pasukan Bomba Sukarela (PBS) di Sabah.
Sarawak akan pertahan pingat sukan Muay Thai edisi lalu
Skuad Sarawak akan berusaha mempertahankan masing-masing dua emas, perak dan gangsa dalam kejohanan SUKMA yang dimenangi dalam edisi lalu.
![Usaha pujuk Pan-gon tidak berhasil - Yusoff Mahadi Usaha pujuk Pan-gon tidak berhasil - Yusoff Mahadi](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-07/81721124841_TBFAM.jpg)
Usaha pujuk Pan-gon tidak berhasil - Yusoff Mahadi
FAM pernah berusaha memujuk Kim Pan-gon untuk terus mengemudi skuad Harimau Malaya hingga kontraknya tamat secara rasmi pada akhir tahun depan.
![Pemulihan sektor sarung tangan getah terus dibelenggu cabaran Pemulihan sektor sarung tangan getah terus dibelenggu cabaran](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2023-05/41683723195_TBCOVIDTOPGLOVE.jpg)
Pemulihan sektor sarung tangan getah terus dibelenggu cabaran
Pemulihan sektor sarung tangan getah terus dibelenggu cabaran
![Kerugian teras Top Glove diunjur susut kepada RM83 juta pada 4QFY23 - RHB Investment Kerugian teras Top Glove diunjur susut kepada RM83 juta pada 4QFY23 - RHB Investment](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2023-09/81695201577_TopGlove.jpg)
Kerugian teras Top Glove diunjur susut kepada RM83 juta pada 4QFY23 - RHB Investment
Pelanggan kumpulan itu akan kehabisan inventori menjelang separuh kedua 2024 dan ia akan mendorong kepada pesanan yang lebih konsisten.
![Sektor sarung tangan diunjur terus catat kerugian kesan saingan sengit pasaran Sektor sarung tangan diunjur terus catat kerugian kesan saingan sengit pasaran](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2023-05/41683723195_TBCOVIDTOPGLOVE.jpg)
Sektor sarung tangan diunjur terus catat kerugian kesan saingan sengit pasaran
Ketiga-tiga pembuat sarung tangan di bawah liputan mereka telah melaksanakan langkah rasionalisasi kapasiti seperti penutupan kilang dalam usaha untuk mengurangkan bekalan pasaran.
![Bursa Malaysia terus ditutup rendah susulan jualan berterusan Bursa Malaysia terus ditutup rendah susulan jualan berterusan](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2023-01/61673579892_BURSAMALAYSIA.jpg)
Bursa Malaysia terus ditutup rendah susulan jualan berterusan
Pada 5 petang, FTSE Bursa Malaysia KLCI (FBM KLCI) turun 4.66 mata atau 0.32 peratus kepada 1,424.89 daripada 1,429.55 ketika ditutup semalam.
![Top Glove jangka harga jualan purata sarung tangan terus susut Top Glove jangka harga jualan purata sarung tangan terus susut](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2022-12/71671005970_towerTopGlove.jpg)
Top Glove jangka harga jualan purata sarung tangan terus susut
Lim menyatakan bahawa penurunan dalam ASP sarung tangan semakin perlahan, menunjukkan bahawa aliran menurun tidak akan berterusan selama-lamanya.
![Top Glove catat kerugian bersih RM168.24 juta pada suku pertama Top Glove catat kerugian bersih RM168.24 juta pada suku pertama](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2022-12/71671005970_towerTopGlove.jpg)
Top Glove catat kerugian bersih RM168.24 juta pada suku pertama
Hasil Top Glove juga merosot kepada RM632.53 juta daripada RM1.61 bilion sebelumnya.
![Penurunan harga saham punca Top Glove, Hartalega terkeluar daripada komponen utama FBM KLCI Penurunan harga saham punca Top Glove, Hartalega terkeluar daripada komponen utama FBM KLCI](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2021-01/51611564063_FBREAKINDUSTRICOVID.jpg)
Penurunan harga saham punca Top Glove, Hartalega terkeluar daripada komponen utama FBM KLCI
Isu lebihan bekalan dalam industri sarung tangan getah telah mempengaruhi harga saham kedua-dua syarikat berkenaan.
![Top Glove, Hartalega kemungkinan 'hilang' kedudukan utama dalam KLCI Top Glove, Hartalega kemungkinan 'hilang' kedudukan utama dalam KLCI](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2022-09/41662483105_FBREAKINDUSTRICOVID.jpg)
Top Glove, Hartalega kemungkinan 'hilang' kedudukan utama dalam KLCI
Sektor sarung tangan getah dijangka terus berdepan tekanan ASP, yang diburukkan lagi dengan kos operasi lebih tinggi.
![Pendapatan suku ketiga Top Glove susut susulan normalisasi permintaan, purata harga jualan Pendapatan suku ketiga Top Glove susut susulan normalisasi permintaan, purata harga jualan](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2022-06/71654767849_TBTOPGLOVE.jpg)
Pendapatan suku ketiga Top Glove susut susulan normalisasi permintaan, purata harga jualan
Keuntungan bersih Top Glove Corp Bhd susut kepada RM15.29 juta pada suku ketiga berakhir 31 Mei, 2022 berbanding RM2.04 bilion pada tahun sebelumnya.
![Perang Rusia-Ukraine beri kesan minimum ke atas jualan Top Glove Perang Rusia-Ukraine beri kesan minimum ke atas jualan Top Glove](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2020-09/71600348437_TopGlove.jpg)
Perang Rusia-Ukraine beri kesan minimum ke atas jualan Top Glove
Pengerusi Eksekutif, Tan Sri Lim Wee Chai berkata secara dasarnya, langkah mitigasi yang perlu telah dilaksanakan pihaknya.