KUALA LUMPUR, Oct 22 — Supermax Corp Bhd expects a clearer financial impact in the second quarter of 2022 as the company works towards auditing the 11 Indicators of Forced Labour by independent auditors.
“We are currently in the midst of auditing the 11 Indicators of Forced Labour by an independent auditor. One of the subsidiaries have been audited last week and another subsidiary is in the midst of being audited by the independent auditor this week. “The most sensitive one was the Recruitment Fees and we have since remediated and paid back the recruitment fees to each foreign labour, including those who have returned to their home country whom we were able to trace.”
CGS-CIMB Securities Sdn Bhd, in a note, said it expects the audit report to be submitted in three to four months’ time, while CBP’s review may take another six to nine months. To recap, the company reiterates its “hold” call on the company with a lower target price of RM2.16 in tandem with its EPS cuts.