KESM Industries halts production in China amid partial Covid-19 lockdown

KESM Industries halts production in China amid partial Covid-19 lockdown
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KUALA LUMPUR (Jan 14): Independent burn-in and test service provider KESM Industries Bhd said its plant in China under KESM Industries (Tianjin) Co Ltd has stopped production to observe lockdown regulations imposed by the government there following the discovery of Covid-19 cases.

This follows the imposition of a partial lockdown in Tianjin, according to KESM in a bourse filing on Friday.

"We are uncertain of the duration and extent of the virus spread in Tianjin. As such, the company is unable to immediately assess the exact impact of this recent event to the financial results for the second quarter ending Jan 31, 2022.

"Further announcements will be made when there is new development," the company added.

KESM shares fell 48 sen or 3.88% to close at RM11.88, giving it a market capitalisation of RM511.01 million. The stock has dropped 31.33% from RM17.30 in the past one year.

Tan Choe Choe