- VIP Gloves (VIP) shares were up over 200 per cent this morning after the company has been considered an essential service by the Malaysian Government
- VIP Gloves says its order book is fully committed until December 2020
- These orders represent the production of approximately 100, 40-foot shipping containers of nitrile gloves, with each container holding up to four million gloves
- Malaysia is the world’s largest manufacturer of disposable gloves, with more than 60 per cent of global production
- The company’s Malaysian plant is operating 24 hour days
- VIP Gloves is currently up 123 per cent on the market today, selling shares for 7.8¢ each
VIP Gloves (VIP) shares were up over 200 per cent this morning after the company has been considered an essential service by the Malaysian Government.
Glove production is in full swing at the manufacturing plant as it is operating 24 hours a day, seven days a week.
VIP Gloves says its order book is fully committed until December 2020. These orders represent the production of approximately 100, 40-foot shipping containers of nitrile gloves, with each container holding up to four million gloves.
Malaysia is the world’s largest manufacturer of disposable gloves, with more than 60 per cent of global production.
Two new production lines
The company’s two new production lines have been affected by the supplier re-alignment and fine-tuning problems. Since both new lines are under warranty, operations can only start after the adjustments are completed.
However, the suppliers fall under the non-essential workers and VIP Gloves will have to wait until April 28, when the restrictions are over.
VIP Gloves is currently up 123 per cent on the market today, selling shares for 7.8¢ each at 2:35 pm AEST.