March 26, 2020 / 3:01 PM / 13 days ago

BRIEF-Hulamin Ltd Starts Orderly Shutting Down Of Ops

March 26 (Reuters) - Hulamin Ltd:

* IMPACT OF COVID-19 ON OPERATIONS

* IN RECENT MONTHS, MANY PROACTIVE COST REDUCTION MEASURES HAVE BEEN IMPLEMENTED TO IMPROVE BUSINESS COMPETITIVENESS

* COMMENCED ORDERLY SHUTTING DOWN OF OPERATIONS

* PUT ON HOLD ALL UNCOMMITTED CAPITAL EXPENDITURE, TERMINATED METAL PROCUREMENT, ELIMINATED VARIABLE COSTS

* COST SAVINGS INCLUDE REDUCTION IN EMPLOYMENT OF AROUND 250 PEOPLE AS WELL AS REDUCTION IN SUPPLIES, GOODS AND SERVICES FROM LOCAL COMMUNITIE

* REDUCED FIXED COSTS WHERE POSSIBLE SO AS TO PRESERVE AND PROTECT OUR CASH FLOW AND BALANCE SHEET

* EXPEDITING SHIPMENT OF INVENTORY TO CUSTOMERS PRIOR TO SAFELY CLOSING OPERATION FOR THIS 21-DAY PERIOD. Source text for Eikon: Further company coverage:

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