Samurai 2k Aerosol cuts cost amid Covid-19 pandemic

AEROSOL coating specialist Samurai 2K Aerosol Limited on Thursday said its executives have taken a voluntary reduction of up to 50 per cent of pay, as part of cost-control measures amid the novel coronavirus pandemic.

For three months starting May, its executive directors have taken a 50 per cent voluntary pay cut for three months, while non-executive directors and independent directors will take a voluntary reduction of 30 per cent in fees. Its executive officer and managers will also take a voluntary reduction of 30 per cent in salary.

Additionally, any employee who is absent from work will be considered as taking no-pay leave.

The company said in a statement that employees will also be requested to continue their employment with the group and increase working hours to complete the backlog orders placed by customers before Malaysia's movement control order was implemented, as well as to meet all challenges that the company might be facing during these period.

All these measures are subjected to an extension, if necessary, the company said.

Samurai 2K Aerosol shares closed flat at S$0.70 on Wednesday.