KUALA LUMPUR: Australian Securities Exchange (ASX) listed VIP Gloves Ltd, which has a production plant in Beranang, Selangor, mulls a dual listing either in Malaysia or Hong Kong.
It said in a statement on Friday it was looking into this possility after Hong Kong's Silver Max Asia Pacific Labuan Ltd acquired a 30% stake in the company on Nov 11.
VIP Gloves manufactures nitrile gloves which are mostly used in industrial and healthcare facilities.
The company is an original equipment manufacturer for a number of big rubber players in Malaysia.
Its founder Chen Wee Min said said Silver Max's investment “has put us in a fantastic position where we have a healthy cashflow 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.”
Chen, who is an executive director, said VIP was doubling its production capacity to 90 million pieces of gloves a month, from 56 million pieces. All the products are manufactured on OEM basis.
“Once our expansion plans are in place, we are looking for a dual listing for the droup. 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.
VIP Ltd's share price closed at 3.9 cents on the ASX on Friday.
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