Media Prima shares continue to decline following retrenchment announcement
Last update: 04/11/2019
KUALA LUMPUR, Nov 4 -- Media Prima Bhd stocks continued to decline in morning trade as the media conglomorate plans on a second round of retrenchment.
On Friday, Media Prima Bhd had reassured all employees affected by its restructuring process that they would receive a fair and equitable compensation package.
In a statement, the group said the compensation package would be according to the law and union requirements, with everything to be paid in full upon the fulfilment of all legal requirements.
The first round of staff rationalisation was in November last year when the group gave 190 employees three months' notice of its intention to retrench them, while offering a mutual separation scheme (MSS) to 43 others.
At 10.30am, the stock had declined one sen to 34.5 sen with 361,100 shares traded.