Top Glove Corporation has announced that shareholders have approved all resolutions pertaining to the company’s dual primary listing on the Stock Exchange of Hong Kong (HKEX) at an extraordinary general meeting (EGM) held on Dec 8.
The resolutions approved during the EGM include the proposed issuance of up to 793.5 million new Top Glova shares, which includes an additional 103.5 million new shares that may be issued under the over allotment option if exercised in full.
Shareholders also approved the proposed amendments to the company’s constitution to facilitate the dual primary listing.
According to Top Glove, the company’s listing application will now progress to the next stage, for the approval of HKEX. The proposed listing is expected to be completed by the first quarter of 2022, barring unforeseen circumstances and subject to the relevant approvals being obtained.
Top Glove expects the proposed dual primary listing on the Main Board of HKEX to enable the group to raise an estimated RM2.2 billion ($710 million) in capital.
“We look forward to our listing on HKEX, which will create more value for our shareholders, elevate our standards of corporate governance and enhance global branding, along with the visibility of the company’s profile among international stakeholders,” says Top Glove’s managing director, Lee Kim Meow.
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As at 2.51pm, shares in Top Glove are down 1 cent or 1.24% lower at 79.5 cents.
