IQ Group Closes Subsidiary's Manufacturing Facility

MT Newswires Live08-06

IQ Group (KLSE:IQGROUP) completed the closure of the manufacturing operations of its unit, IQ Group, on Tuesday, marking the completion of a restructuring exercise first announced in May, according to a Thursday filing with Bursa Malaysia.

The company said the manufacturing shutdown was completed on schedule and follows its earlier announcements on May 4 and May 6.

IQ Group decided to close the unit's manufacturing operations after completing its final production batch, citing a sharp decline in manufacturing volumes over the past three years as customers shifted sourcing to China and the impact of US tariffs rendered production in Malaysia commercially unviable.

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