OTHERS Temporary Suspension of Operations due to the Malaysian Government's 3rd Movement Control Order (MCO 3.0)
|MALAYSIA SMELTING CORPORATION BERHAD|
Temporary Suspension of Operations due to the Malaysian Government's 3rd Movement Control Order (MCO 3.0)
The Board of Directors of Malaysia Smelting Corporation Berhad (“MSC” or “the Company”) wishes to announce that in adherence to the enforcement of the full Movement Control Order 3.0 implemented by the Malaysian Government to fight the Covid-19 pandemic, the Company has temporarily suspended its tin mining and smelting operations from 4th June 2021 until 14th June 2021.
The Government has announced that further phases of lockdown will be implemented, if required. It is not known if further restrictions may be imposed in future phases of the lockdown.
During this period, companies that are deemed “essential services” by the Government are allowed to operate with limited operating parameters. As a key supplier to the global tin supply-chain, the Company has appealed to the relevant Government agencies to be allowed to operate at 60% workforce capacity in adherence to the Standard Operating Procedures (SOPs) set by the Ministry of International Trade and Industry.
The temporary suspension of operations pursuant to the MCO 3.0 is expected to have an impact on the Company’s operations and financial performance for the financial year ending 31 December 2021. At this juncture, the Company is unable to ascertain the extent of the impact.
MSC has also issued a notice of force majeure to its customers as the disruption in production will lead to a slowdown in the Company’s scheduled delivery of tin metal. Pursuant to this, all contractual obligations are immediately suspended. The Company will notify the customers of the termination or cessation of the force majeure notice as soon as we are able to resume the level of operations that will enable MSC to meet its contractual obligations.
Appropriate updates will be furnished in due course as and when the need arises.
This announcement is dated 9 June 2021.
|Company Name||MALAYSIA SMELTING CORPORATION BERHAD|
|Date Announced||09 Jun 2021|
|Category||General Announcement for PLC|