Malaysia’s Top Glove’s HK listing delayed by US ban: Report

World’s largest rubber glove maker’s products were banned by the US on concerns of forced and bonded labour, Reuters said.

Top Glove Corporation’s plan to list in Hong Kong and raise up to $1bn has been delayed as the world’s largest rubber glove maker seeks to resolve a US 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 that 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 US Customs and Border Protection (CBP) on whether an imports ban would be lifted any time soon, the sources told Reuters.