Keppel Corp, one of the world’s largest offshore rig builders, says it plans to help suppliers who might be suffering due to the coronavirus.
The Singapore-listed company said it “recognises the challenging environment faced by many small and medium size enterprises (SMEs) as a result of Covid-19.”
Keppel said it works with a network of about 3,000 SMEs in Singapore and will help to improve cashflow for SMEs by improving payment terms.
“With immediate effect, and for a period of six months, the group commits to pay all SME suppliers within one week upon the approval of invoices, regardless of the credit terms provided by the suppliers,” Keppel said.
The company, one of Singapore’s largest conglomerates, said further details will be communicated to its SME suppliers directly.
Keppel also confirmed that the virus outbreak has had some impact on its operations, including its international supply chain, but it gave no further details.
“Since the start of the Covid-19 outbreak, Keppel has put in place measures to ensure business continuity,” it said.
“These include split teams, temperature screening and regular updates to staff on measures to minimise the spreading of Covid-19.”
Separately, the company announced that its senior managers and staff were putting their hands in their pockets to help raise SGD 4.2m ($2.9m) for those impacted by the coronavirus in Singapore.
“The package will be funded by voluntary contributions from the Keppel Group’s directors, senior management and staff, with dollar-for-dollar matching contributions from Keppel Corp,” the company confirmed.
Dr Lee Boon Yang, chairman of Keppel Corp, said, “As one of the largest homegrown companies in Singapore, Keppel will do what we can to strengthen national resilience in the fight against Covid-19.
“Through this package, we will provide support to the communities most affected by the pandemic, including healthcare workers and patients, lower income families, as well as SMEs.”
