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Shares of Sri Trang Gloves Thailand (STGT), one of the leading rubber glove producers, rose 2.82 per cent to 45.50 baht on Wednesday after it announced an approval from regulators to list on Singapore Exchange Limited (SGX-ST).
STGT trades had a transaction value of 551 million baht as of 10:42 am as one of the market gainers despite a broader dive after a long weekend, while its parent firm, Sri Trang Argo (STA), rose 2.65 per cent to 48.50 baht.
The glove maker said it received a letter of conditional eligibility-to-list from the SGX-ST regarding the proposal for a secondary listing on Monday, according to the statement uploaded to the Stock Exchange of Thailand on Wednesday.
STGT notified the market in November that it was preparing to list in Singapore.
“An introductory document containing details of the proposed secondary listing is targeted to be published on May 7 on SGX-ST” prior to the listing process, said Thanawan Sa-ngiamsak, the chief financial officer.
For the quarterly results, STGT is expected to report a strong net profit of the first quarter at 10.2 billion baht given surging demand for rubber gloves amid the ongoing Covid-19 outbreak in many countries, according to Asia Plus Securities.