TOP Glove Corporation’s plan to list in Hong Kong and raise up to US$1 billion has been delayed as the world’s largest rubber-glove maker seeks to resolve a US import ban on its products, said sources with direct knowledge of the matter.

The delay is another setback to the Malaysian company from a ban on imports on its products imposed in July by the US Customs and Border Protection (CBP) citing forced labour practices. That ban has taken the shine off Top Glove, which otherwise posted a record profit in its latest quarter due to booming demand driven by the Covid-19 pandemic.

Top Glove, which is already listed in Kuala Lumpur and Singapore, flagged in April it would sell 793.5 million shares in the listing, half what it proposed in its application to the Hong Kong bourse in February.