June 24, 2020 / 1:37 AM / 11 days ago

BRIEF-Vip Gloves Says Two New Glove Production Lines To Increase Annual Glove Production By About 40%

June 24 (Reuters) - VIP Gloves Ltd:

* TWO NEW NITRILE GLOVE PRODUCTION LINES WILL INCREASE ANNUAL GLOVE PRODUCTION BY ABOUT 40% TO 620 MILLION PIECES

* PROPOSING TO INSTALL UP TO FOUR ADDITIONAL NEW GLOVE PRODUCTION LINES OVER NEXT 18 MONTHS

* EXPANSION OF FOUR NEW LINES WOULD INCREASE PRODUCTION CAPACITY BY UP TO 60%

* OUTSTANDING ENGINEERING WORKS ON NITRILE GLOVE PRODUCTION LINES IN MALAYSIA COMPLETED

* TOTAL EXPENDITURE FOR LINE EXPANSION ANTICIPATED TO BE A$6.5 MILLION

* TO RAISE A$2.3 MILLION TO PARTLY FINANCE CAPITAL EXPENDITURE FOR INITIAL TWO NEW GLOVES PRODUCTION LINES

* ORDINARY SHARES FOR RAISING ISSUED AT $0.03 PER SHARE

* ADOPTED EQUITY INCENTIVE PLAN WITH ISSUANCE OF TOTAL OF 38 MILLION OPTIONS AND 80 MILLION PERFORMANCE RIGHTS Source text nASX5F3NM4 Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below