leadf
logo-loader
viewVIP Gloves Ltd

VIP Gloves gains new substantial shareholder in Malaysian incorporated company Endless Earnings

VIP Gloves' nitrile gloves are allergy-free, puncture-resistant, have good barrier protection and are suitable in medical and high-risk tasks

VIP Gloves Ltd - VIP Gloves gains new substantial shareholder in Malaysian incorporated company Endless Earnings Sdn Bhd
VIP Gloves is a large Malaysian-based manufacturer of nitrile gloves

VIP Gloves Ltd (ASX:VIP) has gained a new substantial shareholder in Endless Earnings Sdn Bhd following the purchase of 45,634,862 shares.

The $442,256 cash purchase on June 24 sees Endless Earnings now holding a 6.12% stake in the nitrile gloves producer.

Plans to boost production capacity

VIP plans to boost production capacity by up to 60% with the installation of four additional new production lines over the next 18 months to meet the strong demand for nitrile gloves on the back of the prolonged global COVID-19 pandemic.

As part of its plans, the company raised $2.3 million to part-finance the installation of the initial two new nitrile glove production lines at its factory premises in Selangor, Malaysia.

All outstanding engineering works on the new lines have been completed and the two lines are fully commissioned, with maximum production capacity expected over the next two months.

These two new lines will increase annual glove production by around 40% to 620 million pieces when operating at full capacity.

Quick facts: VIP Gloves Ltd

Price: 0.077 AUD

ASX:VIP
Market: ASX
Market Cap: $57.42 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of VIP Gloves Ltd named herein, including the promotion by the Company of VIP Gloves Ltd in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

VIP Gloves Ltd sees 'tremendous growth potential'

VIP Gloves Ltd's (ASX:VIP) Sebastian Chang tells Proactive's Andrew Scott he expects the increase in revenue from nitrile glove production to continue into the financial year 2021. He says the revenue growth is attributed to higher average selling prices (ASP) of gloves, which is expected to...

2 weeks, 2 days ago

2 min read