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

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.