Latitude, Poh Huat hit by protest in Vietnam

PETALING JAYA: Two local companies, namely Latitude Tree Holdings Bhd and Poh Huat Resources Holdings Bhd's business operations in Vietnam have been affected by the anti-China protest there.
Latitude told Bursa Malaysia, rioters had entered the premise and factory of its subsidiary Latitude Tree Vietnam Joint Stock Company (LTV), which is located in the Vietnam Singapore Industrial Park. Another subsidiary RK Resources Co Ltd, is not affected as at to-date.
Latitude said the main office building of LTV had been vandalised, ransacked and looted by the rioters, with some important data, permits, licenses and documents destroyed or burnt.
"The rioters attempted to burn LTV's factory but the fire was put out by LTV's workers," said Latitude, adding that the production facilities were not affected although all factory workers were forced to go on strike by the rioters at the moment.
LTV has temporarily stopped its factory operations since Tuesday afternoon until further notice. Due to the on-going riot situation, Latitude is unable to ascertain when the production can be resumed, but is monitoring the situation closely.
Latitude is also unable to ascertain the damages and its financial impact as nobody is allowed to enter the factory due to safety reasons.
It stressed that all factory buildings, machinery, inventories, office equipment, furniture fittings and ancillary installations are insured against the risk of rioting.
Meanwhile, Poh Huat also said that anti-China protest had forced the temporary closure of its factories.
It said protests had affected the operations and factory buildings belonging to its major subsidiary Poh Huat Furniture Industries Vietnam Joint-Stock Company, which is located in Binh Duong and Dong Nai Provinces.
Poh Huat said the anti-China protest had started on May 13 at around noon time and protestors partially damaged the front gates and ground floor of the office buildings in both locations.
"However, all our machinery are not affected. We have temporarily stopped our factory operations until further notice," it said.
Poh Huat also stressed that the damage to the assets of Poh Huat Vietnam is minimum.
"We are now assessing the operational and financial impact arising there from. An appropriate announcement will be made once these have been ascertained," it added.