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UF to cease operation

Union Footwear Plc (UF), a 51.23-per cent owned subsidiary of Saha Union Plc (SUC), announced on Wednesday to shut down its operation due to the tougher competition in international market and the baht appreciation.

"The company will gradually slowdown the production until it fulfills the existing orders within this year (2007). At present, there is still no plan for the company to engage in any other businesses. However the companies will be obliged to pay employees wages and the compensation according to the relevant law," the company said.

To facilitate the operation shutdown, Saha Union will launch a tender offer for the remaining shares at a price of Bt3.29 each to delist its shares from the stock Exchange of Thailand.

-- The Nation

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UF to cease operation

Union Footwear Plc (UF), a 51.23-per cent owned subsidiary of Saha Union Plc (SUC), announced on Wednesday to shut down its operation due to the tougher competition in international market and the baht appreciation.

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