Citigroup <C.N>, China International Capital Corporation (CICC)
<3908.HK> and UBS <UBSG.S>, will manage the listing, said the
two sources, who have direct knowledge of the matter but can't
be named as the information is not yet public.
Another source, also declining to be named as the process is
private, said the world's largest glove maker could be more
ambitious and look to raise as much as $2 billion.
The company, which is already listed in Malaysia and Singapore,
in a filing to the Kuala Lumpur exchange on Monday said it is
evaluating a dual primary listing on Hong Kong's stock exchange.
The evaluation is at a preliminary stage and the structure has
not been finalised.
"(The proposed listing), if undertaken, will enable Top Glove to
be present in a larger, more active and liquid stock exchange,
enlarge and diversify its investor base, and also provide an
alternate and larger fund raising platform to support the
company's future growth strategy," it said.
Citigroup, CICC and UBS declined to comment.
Top Glove reported record quarterly profit last month, saying it
had seen "supernormal" demand for its disposable gloves during
the COVID-19 pandemic. It had said it was talking to bankers
about listing in Hong Kong within six to nine months.
(Reporting by Liz Lee in Kuala Lumpur and Scott Murdoch in Hong
Kong; Editing by Kirsten Donovan)
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