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Blaupunkt Malaysia will be looking to end its operations in Penang after close to just three years since it first announced expansion plans, the New Straits Times reports. The English-language tabloid has stated that the German electronics equipment manufacturer will begin a “voluntary” wind up of its wholly-owned subsidiary. A provisional liquidator has been appointed since.

The publication has learnt that the company has had meetings with creditors earlier this week. During said meeting, it was disclosed that two of its directors had declared to the Companies Commission of Malaysia (SSM) that the company can no longer continue operating due to its “inability to pay its debts.”

At its manufacturing facility in Bukit Tengah, Penang, it is understood that a total of around 300 employees are stationed there – that company has yet to issue an official statement regarding the fate of its workforce. Automotive clients of Blaupunkt Malaysia include Proton, Volkswagen, Audi, General Motors, Ford and Tata.

Additionally, the report states that a check on Blaupunkt Malaysia’s financial records for the 2014 fiscal year ending December 31 indicates a revenue of RM88 million and profits totalling RM881,296. Non-current assets have been valued at RM21.8 million while current assets have been marked at RM64.9 million. Non-current liabilities are totalled at RM928,159 while the company possesses RM52.5 million in current liabilities.

Aside from that, one of Blaupunkt Malaysia’s creditors, Nippon Express, is understood to be seeking a court order to detain Blaupunkt goods on lien. Also, Nippon Express is seeking a court directive to prevent Blaupunkt Malaysia’s liquidator from disposing said goods to third parties. Nippon Express is expected to have its case heard at the Penang High Court on October 27.