Top Glove Corporation Bhd
(Company No. 199801018294 [474423-X])
Top Glove Media Contact:
+603-3362 3098 Ext 2228
+6016 668 8336
+603-3362 3098 Ext 2260
+6012 355 8666
PRESS RELEASEFor Immediate Release
TOP GLOVE SHAREHOLDERS APPROVE PROPOSED RESOLUTIONS AT EGM IN SUPPORT OF TOP GLOVE’S HKEX LISTING PLAN
Shah Alam, Wednesday, 8 December 2021 At the Extraordinary General Meeting (EGM) of Top Glove Corporation Bhd (“Top Glove” or “the Group” or “the Company”) held today, shareholders approved all resolutions recommended by the Board, in support of the Company’s dual primary listing on the Stock Exchange of Hong Kong (HKEX).
The 2 resolutions approved during the EGM pertained to the following:
Resolution 1: Proposed Issuance of new shares up to 793,500,000 new Top Glove shares, which included an additional 103,500,000 new Top Glove shares which may be issued under the Over allotment Option if exercised in full.
Resolution 2: Proposed Constitution amendments to facilitate the Proposed Dual Primary Listing in order to align the Constitution with the provisions of the relevant laws, listing rules and regulations in Hong Kong.
With this, the Top Glove’s listing application will 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's proposed dual primary listing on Main Board of HKEX will create an expanded global platform, enabling the Group to raise an estimated RM2.2 billion in capital for business growth; geographic expansion; strategic investments; accretive M&As; R&D, digitalisation, automation and IT initiatives to upgrade facilities and machines; as well as enhancing Environmental, Social and Governance practices and initiatives. Upon completion of this exercise, Top Glove shares will be fungible among the three stock exchanges it is listed on, namely Bursa Securities, SGX-ST and HKEX, which is a highly liquid and active market. More details are available in the announcement which has been posted at the link below:
Top Glove’s Managing Director, Dato’ Lee Kim Meow said, “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.”
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