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Singapore company shuts Suzhou factory amid Wuhan virus spread, Companies & Markets News & Top Stories

SINGAPORE – Singapore-listed manufacturer Micro-Mechanics (Holdings) has temporarily closed its factory in Suzhou following directives from the local Chinese authority in response to the Wuhan virus outbreak in China.

It is the latest Singapore company this week to announce temporary closures or shorter operating hours for businesses in China.

Micro-Mechanics, which designs and manufactures precision tools and consumable parts for the semiconductor industry, said its Suzhou factory is expected to resume operations on Feb 10.

It said the plant serves only customers in China, so its closure is not expected to affect its customers in other markets as they will continue to be served by the group’s manufacturing operations in Singapore, Malaysia, the Philippines and the US.

Micro-Mechanics said sales to customers in China for its first financial quarter ended Sept 30, 2019, came to $4.7 million, accounting for around 30 per cent of group revenue.

The company said it is closely monitoring the situation and will keep shareholders informed of any material developments.

Shares of Micro-Mechanics were trading unchanged at $1.83 as of 1.25pm on Thursday.

On Wednesday morning, property giant CapitaLand said it has closed six of its malls in China – four in Wuhan, where the new coronavirus originated, and two in Xi’an – as directed by the respective local governments. Its remaining 45 malls across China continue to operate, but with shorter hours.

Straco Corporation said it has temporarily closed three attractions – Shanghai Ocean Aquarium, Underwater World Xiamen and Lixing Cable Car.

Dasin Retail Trust has reduced operating hours at five malls in China, while Sasseur Real Estate Investment Trust (Sasseur Reit) has shuttered its four outlet malls there.

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