Top Glove, the world’s biggest rubber-glove maker and one of the success stories of the pandemic, can once again sell its products in the US after an import ban imposed for allegations of forced labour was lifted.
US Customs and Border Protection dropped a ban it had issued on gloves made by the Malaysian company in March this year due to alleged use of convict, forced or indentured labour, the company said in a statement on Friday.
The news sent Top Glove shares up by as much as 10 per cent in early trading before falling back.
The lifting of the ban allows Top Glove to relaunch its proposed $1bn dual listings in Hong Kong, a plan that was derailed after the US banned imports.
The maker of personal protective equipment had been one of the world’s biggest corporate beneficiaries of the pandemic. In the 12 months to April, its share price surged more than 500 per cent, pushing up the fortune of Lim Wee Chai, Top Glove’s founder and chair, threefold to $3.5bn.
Its return to the US market, as concerns persist about the spread of the Delta variant, marks a major boost to the company. Top Glove said it “wishes to express its utmost appreciation” to the US Customs and Border Protection agency after it reversed the ban. “Top Glove remains committed to the health, safety and well being of its people,” the company said in a statement. Top Glove’s quarterly revenues increased 24-fold to their highest ever levels, the company said in early March. The same month, it was named Asia’s best employer by a Malaysian human resources magazine. “Top Glove cares: doing well by doing good,” ran one of its slogans at the time.
The original full article can be found at ft.com