The company, whose shares are traded in Kuala Lumpur and Singapore, will issue up to 793.5 million shares, down from 1.49 billion announced in February, it said in a filing on Thursday. The fundraising target stands reduced to RM4.22 billion from RM7.77 billion ringgit previously, according to the filing.

The revision comes despite the resurgence in Covid cases in some parts of the world that’s improved the outlook for producers of medical gloves. Top Glove’s shares are up 24% this month and were among the top gainers on Malaysia’s main index on Thursday along with peers Supermax Corp and Hartalega Holdings Bhd.

Top Glove, which is seeking a listing in Hong Kong to bolster its profile with overseas investors, was one of Asia’s hottest pandemic trades for 2020 before the rollouts of vaccines around the world dimmed their appeal.

Pressure on the company deepened in late March when the US Customs and Border Protection ordered personnel at US ports of entry to seize gloves made in Malaysia over allegations of forced labour.

Top Glove earlier this month said it is working with the US authorities to resolve the issues to help lift the ban.

Top Glove in February said the Hong Kong exchange listing will allow direct participation by new private and institutional investors in North Asia. The reduction in the issuance will minimise dilution to existing shareholders, according to the filing on Thursday.