BUSINESS

VIP GLOVES MULLS DUAL LISTING IN MALAYSIA OR HONG KONG

15/11/2019 09:19 PM

KUALA LUMPUR, Nov 15 -- Australian-listed VIP Gloves Ltd is exploring the possibility of a dual listing either in Malaysia or Hong Kong following the emergence of a new shareholder from Hong Kong -- Silver Max Asia Pacific Labuan Ltd on Nov 11, 2019. 

VIP Gloves has signed an investment agreement with Silver Max, making the latter one of the major shareholders in the group with a 30 per cent equity stake, the company said in a statement today.

VIP Gloves is involved primarily in the manufacturing of Nitrile gloves, a form of synthetic rubber that is mostly utilised in industrial and healthcare facilities.

The group supplies gloves on an original equipment manufacturer (OEM) basis for a number of big rubber players in Malaysia.

The production plant is located in Beranang, Selangor.

“This investment from Silver Max has put us in a fantastic position where we have a healthy cash flow to fund our plans for growth. We are delighted to work with our new strategic partner to shape a really exciting future of the company, ” its founder, Chen Wee Min said.

Chen said the company is doubling its production capacity to 90 million pieces of gloves per month from current 56 millions pieces of gloves per month.

All the products are manufactured on OEM basis. 

“Once our expansion plans are in place, we are looking for a dual listing for the group.

“The objective in undertaking a potential dual listing in either Malaysia or Hong Kong would be to enhance liquidity for the company’s shareholders and provide direct access to the respective country’s equity capital market,” Chen added.

-- BERNAMA


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