Astro Malaysia Holdings Bhd will be undertaking a voluntary separation scheme (VSS) for staff given the challenging overall economic landscape.
Astro said the move would allow the group to further simplify organisation, enhance operational efficiency and reduce annual operating expenses.
Malaysia’s biggest direct broadcast satellite pay-TV service provider said the scheme was offered purely on a voluntary basis, and had 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 media and entertainment industry is currently operating in an environment that is experiencing an unprecedented rate of disruption. Industry players are required to reinvent and adapt swiftly to remain relevant in this new reality,” it said in a statement today.
Chief Executive Officer Designate Henry Tan said competition was relentless in an increasingly borderless and digital world.
“Astro continues to be proactive to reinvigorate the group to strengthen its position in the market and remain relevant in the years ahead,” he said.
On Bursa Malaysia today, Astro’s share price closed two sen lower at RM1.36 with 6.85 million shares changing hands.