Avarga to Axe Loss-Making Paper Mill Operations

MT Newswires

2024/12/02

Avarga (SGX:U09) has decided to cease paper manufacturing operations carried out by its wholly owned subsidiary, UPP Pulp & Paper (M) after Dec. 31, a filing with the Singapore Exchange said on Friday.

The company said its paper mill division recorded pre-tax losses in the financial years ended Dec. 31, 2022 and Dec. 31, 2023, as well as the six months ended June 30, 2024.

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