David Teoh, chairman of the newly merged TPG Soul Group, said some of the telco’s functions were being moved to New South Wales, with other functions being performed off shore. Teoh said: “Soul has paid all employee entitlements and issued all termination notices as the law required.”
“The TPG Soul Group is a profitable participant in the Australian telecommunications industry. We are initiating and driving changes to the operations of the group to improve the business for our customers, our staff and our shareholders,” claimed Teoh.
According to Teoh, the group achieved Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of $7 million from the full month’s combined April results of TPG and Soul. The group also holds cash reserves in excess of $20 million.
Soul has also been assisting the Australian Workplace Ombudsman in connection with enquiries being made about a company called Soul Shop Pty Ltd, a former dealer of Soul.
“Any steps taken by Soul in connection with dealers have been taken under the terms of the contracts with those dealers,” said Teoh.
Soul reduces staff in WA
By Lilia Guan on Jun 2, 2008 3:08PM
Telecommunications provider Soul has disclosed to the ASX its decision to reduce the number of staff employed in its Western Australia office.