Wang-Zheng estimates RM20mil provisional loss from Rawang factory fire
In a reply to a query from Bursa Malaysia, the company, which is principally engaged in manufacturing, processing and distribution of fibre-based products, said it is still unable to determine the actual losses to be incurred by CCI.
'From the occurrence of discussions with our insurance providers to quantify the financial impact, preliminary assessments suggest that any financial effects, including business disruption, will be mitigated through our existing insurance coverage.
'Based on information available at this time, the estimated provisional loss for this incident is approximately RM20mil, arising from the loss of plant, machinery and inventories, prior to insurance claim from the fire incident.
Wang Zheng announced earlier this week that the fire incident occurred at CCI's factory in Rawang, Selangor, in the morning on Monday, June 30.
'As the Fire and Rescue Department operations are ongoing and investigations into the cause of the fire are underway, the operations at the factory and warehouse have been halted and closed. Our staff in CCI have been relocated to other factories of our subsidiary companies.
'A further announcement will be made on the actual losses incurred by CCI and the group from the fire outbreak upon completion of the investigation and assessment by the company's internal team, insurance company and authorities concerned.'
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