Avarga Limited (SG:U09) has released an update.
Avarga Limited has announced the closure of its paper manufacturing operations by the end of 2024, as the business has been unprofitable despite restructuring efforts. The decision comes after consistent financial losses and a challenging market environment in Malaysia. This move is part of the company’s strategy to focus on more profitable ventures, ensuring an orderly shutdown while fulfilling obligations to employees and stakeholders.
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