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    SIMEPLT   MYL5285OO001

SIME DARBY PLANTATION BERHAD

(SIMEPLT)
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End-of-day quote BURSA MALAYSIA  -  05-16
5.240 MYR   +2.34%
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U.S. bans Malaysian glove maker YTY imports over suspected forced labor

01/29/2022 | 08:28pm EDT

KUALA LUMPUR, Jan 29 (Reuters) - The U.S. customs agency has banned imports from Malaysian disposable glove maker YTY Industry Holdings Sdn Bhd (YTY Group) over suspected forced labor practices, the seventh such ban on a Malaysian company in two years.

The U.S. Customs and Border Protection (CBP) said on Friday it took the action "based on information that reasonably indicates the use of forced labor in YTY Group's manufacturing operations."

Malaysian factories, including some of the world's major suppliers of palm oil and medical gloves, have come under increased scrutiny over suspected abuse of foreign workers, a significant part of the country's manufacturing workforce.

YTY Group said it was "surprised and disappointed" by the ban, as it had made demonstrable progress since 2019 in improving its social compliance policies, particularly in its treatment of migrant workers.

The group said it had submitted an update to the CBP this month, informing that it had met compliance targets on all 11 International Labour Organization (ILO) indicators of forced labor.

"Despite the position the CBP has taken, we will redouble our efforts to engage with them ... to not only demonstrate that our manufacturing operations are devoid of any and all forced labor practices, but to reaffirm ongoing social compliance advancements," YTY Chief Executive Vikram Hora said in a statement late Saturday.

CBP said it had identified seven of the ILO indicators during its investigation into YTY Group, including debt bondage, abusive working and living conditions, and excessive overtime.

The agency also determined on Friday that Malaysian palm oil producer Sime Darby https://www.reuters.com/world/asia-pacific/us-says-sufficient-evidence-forced-labor-malaysias-sime-darby-plantation-2022-01-28 Plantation Bhd uses forced labor in their operations and that the company's goods were subject to seizure.

Effective Friday, the agency will detain goods made in Malaysia by YTY Group and its units YTY Industry Sdn Bhd, Green Prospect Sdn Bhd and GP Lumut at all U.S. ports of entry.

(Reporting by Rozanna Latiff; Editing by William Mallard and Richard Chang)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CRUDE PALM OIL 0.00% 1422.75 End-of-day quote.28.98%
LONDON BRENT OIL -0.99% 111.67 Delayed Quote.44.70%
SIME DARBY BERHAD -2.14% 2.29 End-of-day quote.-1.29%
SIME DARBY PLANTATION BERHAD 2.34% 5.24 End-of-day quote.39.36%
WTI -1.14% 112.396 Delayed Quote.51.27%
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Financials
Sales 2022 21 078 M 4 812 M 4 812 M
Net income 2022 2 740 M 625 M 625 M
Net Debt 2022 5 115 M 1 168 M 1 168 M
P/E ratio 2022 13,5x
Yield 2022 4,01%
Capitalization 36 100 M 8 241 M 8 241 M
EV / Sales 2022 1,96x
EV / Sales 2023 2,12x
Nbr of Employees 80 000
Free-Float 29,4%
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 5,24 MYR
Average target price 5,67 MYR
Spread / Average Target 8,28%
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Managers and Directors
Mohamad Helmy bin Othman Basha Group Managing Director & Director
Renaka Ramachandran Chief Financial Officer
Najmuddin bin Khas Non-Independent Non-Executive Chairman
Harikrishna Kulaveerasingam Chief Research & Development Officer
Adi Wara Abdul Razak Chief Operations Services Officer
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