General Update on Venture’s Operations in Malaysia

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Venture Corporation Limited would like to provide an update on the Group’s manufacturing operations in Malaysia.

On 28 May 2021, Malaysian Prime Minister Muhyiddin Yassin announced a nationwide lockdown (MCO 3.0), as COVID-19 infections in the country surged to record levels. There are three phases under the MCO 3.0, where only essential economic and service sectors listed by the National Security Council are allowed to operate during the first phase. The list does not include the manufacturing and manufacturing-related services (MRS) sectors, which falls under the Ministry of International Trade and Industry’s (MITI) purview.

On 30 May 2021, MITI separately issued a media release on their directives and a list of manufacturing and MRS sectors that are allowed to continue operations with a 60% workforce limit, from 1 June 2021 to 14 June 2021. Venture’s business activities and operations in Malaysia are classified under Item 8: Electrical and Electronics in the list.

As directed by MITI, manufacturing companies that are already registered with COVID-19 Intelligent Management System (CIMS) 3.0 are required to download the new MITI approval letter and where necessary, update their workers' list. In addition, workers in the manufacturing and MRS sectors will be required to present MITI's approval letter, together with their company-issued letter of employment or staff identification card, to the enforcement authorities to enable their movement to and from their work premises.

Venture would like to update that each of its legal entity in Malaysia has already downloaded the approval letter, submitted the latest workers’ list to MITI and received the necessary approvals under CIMS 3.0 to continue operations at a 60% workforce limit per site.

Furthermore, in May 2021, Venture’s business groups had anticipated the imposition of the 50-60% workforce limit per site. A taskforce comprising Venture’s business leaders, site General Managers and HR representatives held several conference calls in the recent weeks, to formulate mitigating action plans that will support the Group’s endeavour to fulfil customers’ committed orders while remaining in compliance with MITI’s directives. As such, Venture has averted most of the manpower issues and continue to operate at the 60% workforce limit seamlessly.

Additional precautions have been implemented at all sites to ensure the wellbeing of Venture’s employees. The Group will continue to monitor the developments closely and will provide relevant updates as and when required.