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China Taisan to replace products with quality issues
CHINA Taisan Technology Group Holdings has agreed to replace products with "quality issues" or issue discounts for them, following customers' complaints about its new products last year.
"As has been previously disclosed, these affected products amount to approximately 6,270 tonnes and form a significant portion of the 6,573 tonnes products which have been delivered during the financial year ending Dec 31, 2014," the group said on Friday.
The firm has been manufacturing replacement products since November 2014, and is expected to complete its "one-to-one goods exchange exercise" sometime in April 2015.
"The company will bear the production cost of the replacement products but is expected to recover some of the aforesaid cost from the sale of the affected products at a discount. The company is in the midst of finalising the impact to the group's financial position for FY2014 and will keep shareholders updated on this matter," China Taisan said.
The group's counter last traded at 3.3 Singapore cents on Wednesday.