By Chester Tay
Malaysia's Top Glove Corp. said it has reduced its planned Hong Kong equity raising to 4.17 billion ringgit ($1.01 billion) from MYR7.70 billion.
Top Glove said the smaller fund raising for a listing in Hong Kong takes into consideration the "best interest" of existing shareholders by minimizing dilution to their shareholdings.
New share issuance will be reduced to 793.5 million shares from 1.5 billion shares, the glove maker said Thursday.
The reduced share sale comes two months after the group filed an application for a primary listing on Hong Kong's stock exchange.
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(END) Dow Jones Newswires
April 22, 2021 20:38 ET (00:38 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.