KUALA LUMPUR (May 17): Top Glove Corp Bhd has gotten the green light from the Securities Commission Malaysia (SC) for its proposed secondary listing on the Main Board of the Singapore Stock Exchange (SGX-ST).

In a filing with Bursa Malaysia today, Top Glove said the SC, via its letter dated May 17, approved the proposed secondary listing, subject to the secondary listing of and quotation for the entire issued share capital of Top Glove on SGX-ST being fully fungible (exchangeable).

Top Glove had announced in March this year of its intention to seek a secondary listing of its existing shares, which are currently listed on the Main Market of Bursa Malaysia, on SGX-ST.

Top Glove had said the proposed secondary listing "is expected to enhance Top Glove's investor reach and diversify its investor base, as well as allow direct participation by investors in Singapore in the equity of Top Glove".

With the proposed secondary listing, it enables Top Glove to tap into a new platform for potential future fundraising, as well as merger and acquisition exercises.

The proposals are conditional upon approvals from the SC for the proposed secondary listing, the SGX-ST for the eligibility-to-list on the main board of SGX-ST, the shareholders of Top Glove for the proposed amendments to the Articles of Association, and other relevant authorities if required.

On May 9,2016, Top Glove told the exchange that they had gotten the approval of the SGX-ST to submit Section B of the Listing Admissions Pack to the Singaporean regulator.

Top Glove shares closed up 4 sen (0.8% ) to RM5.02 today, for a market capitalisation of RM6.3 billion.