Codan reassures market regarding Malaysian developments

Following the Malaysian Government’s announcement of a suspension of all non-essential services from 18 March 2020 through to 31 March 2020, Codan Communications has released a statement to the Australian Securities Exchange stating that “This will impact our outsourced manufacturing provider ...” but that the two-week closure “... will not impact our ability to supply product over this period.”

“Consistent with the first half, the Codan group has continued to see strong sales through to March 2020. The business continues to have a strong balance sheet, with in excess of $65 million net cash,” the statement said.

“Since the initial outbreak of COVID-19 we have taken steps to prioritise the health and safety of our employees by implementing working-from-home measures, suspending all business-related travel, prohibiting non-critical external visitors and closely monitoring and adhering to Government guidelines.”

Image credit: ©stock.adobe.com/au/K Stocker