Global Invacom Appoints Receiver for North American Units

MT Newswires07-11

Global Invacom (SGX:QS9) has appointed a receiver to wind up its North American subsidiaries, Raven Antenna Systems and Satellite Acquisition Corp., according to a Thursday filing on the Singapore Exchange.

This decision, part of a strategic review initiated in the third quarter of FY2022, aims to streamline operations and cut costs.

Facing significant demand reductions and supply chain challenges, the company decided to cease the loss-making operations of Raven. B. Riley Advisory Services has been appointed as the receiver, with the North Carolina State Court's approval effective July 10.

Shares of Global Invacom were down 2.6% in recent trade.

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