The Malaysia International Trade and Exhibition Centre (MITEC) will temporarily hibernate its operations following the unprecedented impact of the pandemic on the business events industry.
The current restricted movements, cancellation of business events, and borders closed to international travel have drastically impacted the global economy including Malaysia.
MITEC which secured 65 percent of its business for 2020 has had its financial performance severely impacted due to the pandemic. The venue forecasted a significant financial loss for 2020 even after taking into account the various cost reduction measures and decided to hibernate its operations from December 2020 to minimise the operating loss for the venue.
“This is not a decision that was made lightly, as we did everything in our power to support a safe and sustainable reopening of our venue after the MCO was lifted in July 2020,” said Gunther Beissel, Chief Executive Officer of MITEC.
MITEC is assessing its staffing needs based on future bookings and the local business environment while continuing to monitor the situation and will react accordingly as market conditions improve.
“To this effect, MITEC is implementing a transition strategy which includes the retrenchment of 90 employees. As part of our commitment to our clients, stakeholders, and service providers. MITEC is ensuring the sustainability of the business by retaining a core team of 9 employees,” Beissel explained.