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UnUsUaL Limited implements pay cut and other moves to conserve cash reserves amid virus crisis
CONCERT promoter UnUsUaL Limited said on Wednesday that it will implement a pay cut of 10 to 20 per cent across its group in a bid to conserve its cash reserves, given the impact of Covid-19 on its business.
With imposed travel restrictions and social-distancing measures in place, a number of UnUsUaL's concerts and events have been postponed. But the firm said that its pipeline of concerts and events are set to resume when the virus outbreak has been contained due to its "long-standing relationships" with its partners, the artistes and their management companies.
It will also implement immediate cuts to all discretionary expenses and is negotiating revised payment terms on existing commitments.
"We are complying with all applicable regulations and directives in our operations, and are also taking necessary short-term measures internally to safeguard the health and safety of our employees and the general public," said UnUsUaL.
Its shares closed up 6.9 per cent to S$0.12 on Wednesday.