Astro undertakes VSS to improve finances, cut expenses

astro channels

Astro Malaysia Holdings Bhd will be undertaking a voluntary separation scheme (VSS) to allow the company to focus on core business activities and improve financial performance by simplifying the organisation, streamlining operations and reducing operating expenses.

In a filing with Bursa Malaysia today, the integrated consumer media entertainment company said the VSS aimed to support its ongoing transformation and is offered purely on a voluntary basis.

Group CEO Euan Smith said the media and entertainment industry is currently operating in an environment that is experiencing an “unprecedented rate of disruption”.

Therefore, he said industry players are required to reinvent and adapt swiftly to remain profitable and relevant in this new reality.

“In an increasingly borderless and digital world, competition is relentless, especially in a challenging economic landscape,” he said.

He said Astro continued to be proactive to reinvigorate the company to strengthen its position in the market and adapt to a fast-changing business environment.

Notwithstanding this exercise, Astro said it is putting in place measures to ensure customer experience would not be impacted by the VSS.

Additionally, it added that Astro has also put in place a transition programme that would provide the right support to employees who opt for the VSS, including coaching and skills upgrading training programmes.

The group’s shares fell half-a-sen or 0.9% to 53 sen, giving it a market capitalisation of RM2.76 billion.


MARKETING Magazine is not responsible for the content of external sites.

The APPIES is an annual event that presents a rare opportunity for creative, media, digital and marketing agencies or brands to present their best campaigns to the industry.

This is the only event where Live Presentations meets Live Judging.

Similar to TED Talks, The APPIES is the chance for great presenters with outstanding work to show it off to some of the industry’s most important industry leaders.

This year’s winners will receive Gold, Silver or Bronze trophies for 21 categories, and 6 special Best of Best categories (red trophies) that require no submissions!

Campaign entries must have run between June 2023 to May 2024

Submissions Deadline
30th June 2024

APPIES Festival – Judging & Presentations
11th – 12th July 2024 (Malaysia)

 

Download Event PDF
Submit Entries Here




Subscribe to our Telegram channel for the latest updates in the marketing and advertising scene