Venture Corp to halt Shanghai operations temporarily, sees no significant impact to business

MAINBOARD-LISTED Venture Corporation V03 will temporarily halt its operations in Shanghai for a short period this week, after Shanghai's city government announced that the city will go through a two-phase lockdown for 9 days, starting with residents to the east of the Huangpu river.

In response to The Business Times' queries, the company said it will continue to monitor the situation closely as it evolves and that the safety and well-being of its employees remains its topmost priority. Its initial assessment of the lockdown suggests that there is no significant impact to the business.

According to its 2020 annual report, Venture Electronics (Shanghai), a wholly-owned subsidiary, trades and manufactures electronic and computer-related products. Another wholly-owned subsidiary, Shanghai GES Information Technology, provides electronic manufacturing services.

"Prior to the recent lockdowns, we have minimised disruptions to the business by working very closely with our customers, and providing food supplies and other essentials to our employees at our plants to continue to run our operations," the company added.

According to the company's spokesperson, 85 per cent of the company's employees in China are vaccinated and there have not been any infected cases detected as of Mar 28.

Additionally, the company has also set up task forces to deal with operation challenges by working with customers, suppliers, government agencies and industry associations.

Shares of Venture Corp rose 0.5 per cent on or S$0.09 to close at S$17.73 on Monday.

BT has reached out to other Singapore firms with a presence in Shanghai.

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