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KUALA LUMPUR (July 18): Tek Seng Holdings Bhd said today its 50.69%-owned subsidiary TS Solartech Sdn Bhd has decided to temporarily stop its photovoltaic (PV) production activities in Penang in the third quarter of this year.
Tek Seng said the continuing tense competition in the solar industry coupled by the eroded prices of the solar cells due to excess inventory in the supply chain had posted a very tough and challenging operating environment for TS Solartech.