UK-based but Singapore-listed satellite company Global Invacom Group (SGX:QS9
) has been alerted on July 7 regarding a suspected theft of both its own and customer-owned components valued at approximately US$700,000 ($903,000) at cost, from its sub-contract manufacturer’s facilities in the Philippines.
According to Global Invacom, the sub-contract manufacturer lodged a police report on July 9 and it is currently conducting a review of any gaps in the security arrangements at its premises and will report the findings in due course.
Meanwhile, Global Invacom says that it is taking steps to further secure its existing inventory as a matter of precaution during this time.
At the current juncture, Global Invacom claims that no conclusion has been reached regarding responsibility for the incident. “We note that the matter remains under active investigation, and all relevant facts and circumstances are still being reviewed,” the company adds.
Based on the current available information, Global Invacom’s board does not expect the incident to have a material impact on its financial position or financial performance for FY2026 ended Dec 31.
Notwithstanding this, Global Invacom is in contact with the impacted stakeholders on issues arising from this incident and will seek professional advice, where necessary.
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Shares of Global Invacom closed 0.1 cent higher, or 2.08% up at 4.9 cents on July 10.
