UMS Holdings Penang factory to remain closed till March 31

PRECISION engineering firm UMS Holdings said on Monday that its factory in Penang will remain closed till March 31, in compliance with Malaysia's ongoing movement control order.

This is because the group has not received approval from the Ministry of International Trade & Industry to continue operating during the restriction period.

Meanwhile, its production facilities in Singapore will remain operational; the group's factory in California will be closed to comply with the California state's stay-at-home order issued on March 19. The resumption of operations will be subject to further government directives, said UMS.

It also noted that the temporary halt is not expected to have any "significant" material financial impact on the group, and that the group will continue to monitor the Covid-19 situation and keep shareholders informed of material developments.

UMS shares closed at S$0.57 on Monday, down 0.06 cent or 9.6 per cent.