SGX quizzes impact of Panasonic’s Malaysia exit on CFM Holdings
CLEANROOM equipments supplier CFM Holdings will likely lose an anchor customer along with Panasonic’s announcement that it will cease operations in Malaysia.
Following the announcement on Monday (Jun 5), the Singapore Exchange Securities Trading (SGX-ST) sought to determine the likely impact on the Catalist-listed company.
Asked how significant the customer’s contributions are to its revenue, the group said on Friday it has not received any notice from Panasonic Manufacturing Malaysia (PM) as to whether it will be affected.
“PM has not informed the group of any impact on existing contracts. As such, the group is unable to quantify if there will be any impact on its operations or financial performance, or at all,” it stated.
The group also clarified that PM is a subsidiary of the larger Panasonic brand in Malaysia, and that it has dealings with other Panasonic subsidiaries.
Asked to disclose the projected financial impact, CFM noted once again that it came to know of the closure from news publications. It added that the group is not aware of whether the factories it is currently a supplier of will be closing.
“(The group) is unable to comment on the financial impact to the group as of the date of this announcement,” it said.
CFM added that it is unable to comment on its plans moving forward for the same reason.
The group, meanwhile, noted that it has other key customers in Malaysia.
Shares of CFM closed 1.1 per cent or S$0.001 lower at S$0.094 on Friday.
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