KUALA LUMPUR: Media Prima Bhd, which is reportedly planning a retrenchment, will ensure that all affected employees of its “restructuring” receive a fair and equitable compensation package governed by the law and respective union requirements.
The group said the compensation will be paid in full upon the fulfilment of all legal requirements.
“The group will also provide support to staff which includes job outplacement services and career counselling,“ Media Prima said in a statement.
The media group said it is embarking on the next phase of its “business transformation exercise”, including changing its business model and restructuring internally to enable the group to be future proofed and sustainable given the uncertain macroeconomic conditions and disruptive changes in the global and local media sector.
“The restructuring exercise is expected to be completed by the first quarter of 2020.”
It said the global media landscape continues to change at a rapid pace and scale, requiring media companies to review and disrupt its own business model to remain sustainable and successful.
“Moving forward, the group will continue to focus on bringing value to its employees, customers, shareholders and stakeholders at large.”
In the first six months ended June 30, 2019, Media Prima posted a net loss of RM49.23 million compared with a net profit of RM10.13 million in the same period last year, while revenue fell 14% to RM535.87 million from RM623.04 million.
source https://www.thesundaily.my/business/media-prima-assures-fair-compensation-for-affected-employees-KX1563590
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