PETALING JAYA: Australian-listed VIP Gloves Ltd is exploring the possibility of a dual listing in Malaysia or Hong Kong with the emergence of a new shareholder, Hong Kong’s Silver Max Asia Pacific Labuan Ltd, earlier this week.
VIP Gloves founder Chen Wee Min said the investment from Silver Max has placed it in a healthy cashflow position to fund its plans for growth.
“We are delighted to work with our new strategic partner to shape an exciting future of the group,” he said in a statement.
Chen said VIP Gloves is increasing its production capacity to 90 million pieces of gloves per month, from the current capacity of 56 million pieces of gloves per month, with all of its products manufactured on original equipment manufacturer (OEM) basis.
Once the group’s expansion plans are in place, it is looking for a dual listing.
“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,” said Chen.
VIP Gloves is primarily involved in the manufacturing of nitrile gloves, supplying the product for a number of big rubber players in Malaysia on an OEM basis with a production plant in Beranang, Selangor.
