An electronic manufacturer based at Mosta, DI Limited, closed its doors yesterday, laying off about 20 employees due to problems of insolvency.

A management spokesman explained when contacted that the company had dried up of funds, leaving management with no option but to discharge workers.

DI's insolvency problems have nothing to do with the credit crunch, which has led to a rise in unemployment as companies worldwide were forced to downsize as their operational costs increased.

DI's financial hardship reached critical levels in October 2007 when it filed for special recovery proceedings. The company had occupied a building at the Mosta Technopark where it manufactured and marketed electronic point of sales terminals, electronic purse terminals and associated software.

The management spokesman said that a slim hope for the company's recovery existed as there was "a very small chance" that investment could breathe life back into the company. He emphasised that the company's management was doing all it could to secure the investment. However, this was entirely up to third-party investors, which were completely outside the management's control.

If the investment materialised, the workers discharged will be offered their old jobs back, the spokesman said.