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 is aimed at supporting its ongoing transformation and is offered purely on a voluntary basis.

Group chief executive officer 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.

Smith 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 that customer experience will not be impacted by the VSS.

It also said the company has prepared a transition programme that will provide the support to employees who opt for the VSS, including coaching and skills upgrading training. – Bernama, July 28, 2023.