“The new board of directors recognises the potential of the global glove market and the importance of setting WRP Asia Pacific on the right course. It has drawn up a detailed plan for the reorganisation of the company to revive its operations and return it to profitability, ” it said.
Thomas Philip Advocates and Solicitors, the legal firm acting on behalf of the current BoD, had arranged for an emergency shareholders' injection by TAEL Partners, a private equity fund, of RM3.25mil.
It said the injection was to enable the interim liquidators to pay salaries to workers and executives during the temporary suspension of business operations.
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