Media Prima dips 2.82% on staff rationalisation plan

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KUALA LUMPUR (Nov 4): Shares in Media Prima Bhd fell 2.82% at mid-morning today after the group said on Friday (Nov 1) it is embarking on a second round of staff rationalisation, with the group pledging a fair and equitable compensation package for all affected employees.

At 10.16am, Media Prima fell 1 sen to 34.5 sen for a market capitalisation of RM382.67 million.

The announcement confirmed theedgemarkets.com's report earlier on Friday that the group was mulling over a staff rationalisation exercise.

In November last year, Media Prima's subsidiary Sistem Televisyen Malaysia Bhd, which operates free-to-air television station TV3, gave 190 employees three months' notice of its intention to retrench them, while offering a mutual separation scheme to 43 others.