Grand Banks Operations Remain Halted

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Grand Banks Yachts said it would continue to pause operations at its Pasir Gudang, Malaysia, manufacturing facility in compliance with the government’s extension of restrictions to curb to spread of Covid-19.

The original Movement Control Order, slated to end on June 7, was further extended through June 28. Production has been halted since June 1.

2_GrandBanks_DSC_6172 - Credits Grand Banks

“The Group’s manufacturing yard will continue to suspend operations until the Order is lifted,” said CEO Mark Richards in a statement. “The Board will continue to monitor the situation and will make the appropriate announcement(s) if there are material developments on this matter.”

Grand Banks said the prolonged closure will likely impact its financials for its fiscal 4th quarter, which ends on June 30. 

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