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    VS   MYL6963OO002

V.S. INDUSTRY BERHAD

(VS)
  Report
End-of-day quote BURSA MALAYSIA  -  2022-06-26
0.9950 MYR   -2.45%
12:22aVS Industry's Profit, Revenue Slump in Fiscal Q3
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06/24V.S. Industry Berhad Announces Third Interim Dividend for the Financial Year Ending July 31, 2022, Payable on 29 July 2022
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06/24V.S. Industry Berhad Reports Earnings Results for the Third Quarter and Nine Months Ended April 30, 2022
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Malaysia's VS Industry hires PwC Consulting to review labour practices

02/11/2022 | 02:12am EDT

KUALA LUMPUR, Feb 11 (Reuters) - Malaysian manufacturer VS Industry Bhd has appointed PwC Consulting to independently review its labour practices for migrant workers, it said on Friday.

Malaysian makers of items from medical gloves to palm oil have increasingly drawn scrutiny over accusations that they abuse foreign workers, who form a significant part of the manufacturing workforce.

VS Industry, a provider of electronics manufacturing services, said the third-party review would be based on 11 indicators of forced labour set out by the International Labour Organization (ILO).

"The scope of PwC Consulting appointment also extends to providing a workshop to (the) board and management to increase knowledge and awareness of forced labour issues and risk management," it said in a stock exchange filing.

PwC Consulting did not immediately respond to a request for comment.

In December, the Malaysian government charged the firm's rival ATA IMS, which supplies British high-end home appliance maker Dyson, with four violations of labour law on accommodation for workers.

Dyson had terminated contracts with ATA after an independent audit of its labour practices and accusations by a whistleblower.

VS Industry said the review aims to identify, understand and close the gaps specifically for labour practices under a government-initiated worker recalibration programme, and would be supported by an independent labour rights consultant.

The Malaysian government programme allows employers in industries such as construction, manufacturing, plantation, agriculture and services to legally employ undocumented foreign workers or holders of expired long-term visit passes. (Reporting by Liz Lee; Editing by Clarence Fernandez)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ATA CREATIVITY GLOBAL 0.93% 1.09 Delayed Quote.0.89%
V.S. INDUSTRY BERHAD -2.45% 0.995 End-of-day quote.-27.37%
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Financials
Sales 2022 4 320 M 981 M 981 M
Net income 2022 190 M 43,1 M 43,1 M
Net cash 2022 302 M 68,5 M 68,5 M
P/E ratio 2022 21,0x
Yield 2022 2,30%
Capitalization 3 808 M 864 M 864 M
EV / Sales 2022 0,81x
EV / Sales 2023 0,67x
Nbr of Employees 8 430
Free-Float 66,0%
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Mean consensus BUY
Number of Analysts 10
Last Close Price 1,00 MYR
Average target price 1,22 MYR
Spread / Average Target 22,4%
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Managers and Directors
Sem Yam Gan Managing Director & Executive Director
Kim Ling Beh Executive Chairman
Tai Pew Diong Independent Non-Executive Director
Pui Suang Tan Independent Non-Executive Director
Lik Sean Chang Independent Non-Executive Director
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