Huationg Global's chairman, executive directors take 20% pay cut amid Covid-19

CATALIST-LISTED civil engineering firm Huationg Global on Wednesday night said its chairman and two executive directors have taken a voluntary pay cut of 20 per cent of their basic salary to help the group cope with the impact of the Covid-19 pandemic. 

The salary reduction of chairman Ng Hai Liong, as well as executive directors Patrick Ng and Vincent Ng took effect on April 1, 2020 and will be subject to further review as and when appropriate, the company said. 

Huationg Global also noted that most construction works for the group's ongoing projects will be suspended during the month-long "circuit-breaker" period.

The group has implemented business continuity plans, including work-from-home arrangements for certain key functions. 

However, there are employees who may be periodically required to attend to construction sites for the supervision of essential activities including vector controls, earth control and safety measures, Huationg Global said. 

Given the above arrangements, the company noted that there will be "significant disruptions" to its business and operations that may adversely impact the group's revenue and financial performance. 

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It added that it is not able to assess the actual extent of the financial impact at this juncture, but will closely monitor the coronavirus situation and provide further updates to shareholders as and when any material developments arise. 

Huationg Global provides civil engineering services for infrastructure projects and ancillary inland logistics support services, and also sells construction materials.

Its shares last traded at 8.4 Singapore cents on March 24.