Semiconductor producer Integrated Microelectronics Inc. said Monday it suspended operations in Shenzhen, China over the recent spike in COVID-19 cases.
IMI said in a disclosure to the stock exchange it implemented work suspension in its Shenzhen facilities in compliance with China government’s directive that all non-essential activities be halted until March 20, 2022 or until further notice.
IMI’s Shenzhen facilities contribute about 10 percent to the company’s total revenues. “Local management teams are coordinating with government agencies to safeguard the health and welfare of all its IMI employees. Close coordination with affected customers and government units concerned is ongoing to help mitigate its negative impact on the business,” IMI said.
The share price of IMI fell 0.35 percent Monday to close at P8.47.
