Miyoshi reports loss of major project in Philippines

COMPONENTS manufacturer Miyoshi Limited announced that it has received a notice from a customer that it will delist its registered activity with the Philippines Economic Zone effective from Nov 30, 2021.

The reason of the discontinuing project is mainly due to the business directive of the customer to consolidate its production line. The registered activity is currently located in Manila, the Philippines.

The customer is the Catalist-listed group's major revenue contributor. Based on preliminary assessment, the discontinuing project is one-off and will affect about 18.4 per cent of revenue from the subsidiary in the Philippines. The impact on the consolidated net tangible assets and consolidated earnings per share of the group for the next financial year is estimated to be about 1.2 per cent and 48.5 per cent respectively.

Miyoshi's shares closed at 3.7 Singapore cents on Wednesday, down 0.1 Singapore cent or 2.63 per cent.