Broadway Industrial Group has announced that it has suspended its operations in Shenzhen, China, following a directive from the local government that all non-essential manufacturing operations in the city had to be closed for a week due to Covid-19.
According to the group, it is currently closely monitoring the situation in Shenzhen and engaging with the relevant stakeholders.
Prior to this, the group had already put in place a Covid-19 response and contingency plan across its manufacturing operations since the outbreak of the pandemic in early 2020.
In view of the measures, the temporary suspension of the group’s operations in Shenzhen is not expected to have a material impact on its financial position.
The group’s manufacturing operations in Thailand, Wuxi and Chongqing remain fully operational.
As at 9.32am, shares in Broadway Industrial Group are trading 0.3 cents higher or 1.53% up at 19.9 cents.
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Update
In an update on March 20, the group says it has resumed about 85% of its operations in Shenzhen as at March 19, after the local government announced that all non-essential manufacturing operations may be resumed on March 19 for factories and employees located in the Pingshan area. The earlier directive on resuming full operations on March 21 remains unchanged. In line with the local government’s latest directive.
Photo: Bloomberg
