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Article: APLI to shut down 2 factories

Article from:
New Straits Times
Article date:
December 10, 2008
Author:
Copyright

Ooi Tee Ching
New Straits Times
12-10-2008
APLI to shut down 2 factories
Byline: Ooi Tee Ching
Edition: Main/Lifestyle
Section: Business Times
Type: Company

LOSS-making rubber glovemaker, APL Industries Bhd (APLI) said it will shut down two of its three factories to cut losses as banks could not finance its required additional working capital.

"Currently, we are running below 50 per cent. We have to downsize because of limited capital," said executive chairman and chief executive officer Datuk Seri Stanley Thai Kim Sim.
Thai said APLI was not granted adequate credit facilities because of its PN17 status. Companies that are of PN17 status are in fragile financial health.

"We only have working ...

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