• Malaysia stock market and companies daily report (September 28, 2015)

    - GPA Holdings’ subsidiaries, GP Autobat, GPA Plastic Industries and GPA Technologies, plan to shut down their respective manufacturing operations in 4Q15, following years of losses.

    - The decision comes as the firm does not expect its manufacturing operations to turn around in near future, based on existing market conditions as well as the high manufacturing costs primarily due to lack of economies of scale.

    - Following that, the group will focus on expanding its business in the distribution and trading of imported maintenance-free automotive batteries, using its own brands.

    GPA Holdings expects the proposed cessation of its manufacturing business to affect its performance for the financial year ending 31 March 2016 (FY16) with the impairment loss on plant and machinery and the retrenchment cost to be incurred. However, the company is optimistic that overall operating results will start improving in FY17.

    Contributed by Shares Investment
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