Wang-Zheng estimates initial RM20mil loss from fire at Rawang factory, warehouse
In a response to a query from Bursa Malaysia, the company, which is involved in the manufacturing, processing and distribution of fibre-based products, said the actual losses at CCI have yet to be determined.
"The company is unable to determine the actual losses to be incurred by CCI and from the occurrence, as discussions with our insurance providers to quantify the financial impact are still ongoing.
"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 RM20 million, arising from the loss of plant, machinery and inventories, prior to insurance claim from the fire incident," it added.
Wang Zheng announced earlier this week that the incident occurred at CCI's factory in Rawang, Selangor, in the morning on June 30 (Monday).
It said the management had lodged a report with the police and the insurance company on the incident.
"As the Fire and Rescure Department operations are ongoing and investigations into the cause of the fire are under way, the operations at the factory and warehouse have been halted and closed.
"Our staff in CCI have been re-located to other factories of our subsidiary companies," it said.
Wang-Zheng said a further announcement will be made on the actual losses incurred by the company upon completion of the investigation and assessment by the company's internal team, insurance provider and relevant authorities.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysian Reserve
3 hours ago
- Malaysian Reserve
China is set to cancel part of EU summit in latest strain
THE Chinese government intends to cancel part of a two-day summit with European Union leaders planned for later this month, in the latest sign of the tensions between Brussels and Beijing. The second day of the summit in China is set to be canceled at Beijing's request, according to people with knowledge of the planning, who asked not to be named discussing private information. Those plans could change by the time they're finalized, one of the people said. Originally, European Commission President Ursula Von der Leyen and European Council President Antonio Costa had planned to meet President Xi Jinping and Premier Li Qiang in Beijing on July 24 and then travel to Hefei in central China on July 25 for a business summit. The meeting will now just be one day in Beijing. Xi is trying to position himself as a more reliable partner than President Donald Trump, who is alienating US allies over issues from tariffs to defense. But relations between Brussels and Beijing have also become more strained by longstanding disagreements over the war in Ukraine and Chinese industrial policy. Adding to the tensions is an increasingly unbalanced trading relationship compounded by China's recent export controls on rare earth magnets, which have hit European industries hard. The two sides had already canceled the flagship EU-China High-Level Economic and Trade Dialogue and a digital forum, Bloomberg reported last month. That economic meeting would typically lay the groundwork for the leaders' summit, but was called off by the EU due to a lack of progress on trade. The series of ongoing disagreements has challenged the relationship. When the EU imposed tariffs on Chinese electric vehicles last year, China launched anti-dumping probes into European brandy, dairy and pork, with the brandy probe due to end this Sunday. China's Foreign Ministry didn't immediately respond to a request for comment. The cancellation comes as Chinese Foreign Minister Wang Yi tours Europe for meetings in Brussels, Germany and France. German Foreign Minister Johann Wadephul criticized China over its recent export restrictions on rare earths. 'Unfortunately our companies are currently facing one-sided and not very transparent export restrictions for rare earths,' Wadephul said after a meeting with Wang Thursday evening in Berlin. 'This uncertainty is damaging our trade relations and also damaging China's image in Germany as a reliable trading partner overall,' Wadephul added, and called for 'fair and reciprocal' trade relations between the two countries. Wang, who spoke alongside Wadephul, insisted rare earths were 'dual-use goods' that needed to be controlled. 'This is part of our sovereignty,' he added. The fact of the shortened EU summit was not mentioned at the press conference. Before, European foreign policy chief Kaja Kallas told Wang that it was important to rebalance the economic relationship and end 'distortive practices' including the restrictions on rare earths exports, according to a readout from Wednesday. She also urged China to end support for Russia's military-industrial complex and back a full and unconditional ceasefire in Ukraine. At the meeting, Wang said that the two sides should regard each other as partners, not rivals, and should properly handle differences through communication, according to a Chinese statement. Beijing is worried that the EU will agree a trade deal with the US that could damage Chinese interests. Chinese officials are particularly concerned that the EU might sign up to provisions similar to those in the UK's deal with the US, which included commitments around supply chain security, export controls and ownership rules in sectors like steel. The shortened summit is unexpected. The EU Chamber of Commerce in China was inviting members to sign up for the meetings in Hefei in an email Thursday morning, Beijing time. –BLOOMBERG
The Star
4 hours ago
- The Star
Econpile wins contracts worth RM58mil
The contracts are expected to contribute positively to the revenue and earnings of the company from the financial year ending June 30, 2026. PETALING JAYA: Econpile Holdings Bhd , through its wholly-owned subsidiary Econpile (M) Sdn Bhd, has bagged two separate contracts from LFE Engineering Sdn Bhd and LFE Innovative Sdn Bhd for a combined sum of RM57.95mil. In a filing with Bursa Malaysia, the construction firm said the contracts were in relation to the construction services and the supply and delivery of material for the design and build of alteration, underpinning, and strengthening works for the proposed development of Oasis Ara, at Ara Damansara, Selangor. Econpile clinched the construction services contract worth RM27.99mil from LFE Engineering, as well as the material supply and delivery contract worth RM29.96mil from LFE Innovative. The contract period of the awards is 21 months from June 30, 2025, and are expected to contribute positively to the revenue and earnings of the company from the financial year ending June 30, 2026.
The Star
14 hours ago
- The Star
Econpile wins RM58mil contracts for Oasis Ara project in Selangor
PETALING JAYA: Econpile Holdings Bhd , through its wholly-owned subsidiary Econpile (M) Sdn Bhd, has bagged two separate contracts from LFE Engineering Sdn Bhd and LFE Innovative Sdn Bhd for a combined sum of RM57.95mil. In a filing with Bursa Malaysia, the construction firm said the contracts are in relation to the construction services and the supply and delivery of material for the design and build of alteration, underpinning, and strengthening works for the proposed development of Oasis Ara, at Ara Damansara, Selangor. Econpile clinched the construction services contract worth RM27.99mil from LFE Engineering, as well as the material supply and delivery contract worth RM29.96mil from LFE Innovative. The contract period of both awards is 21 months from June 30, 2025, and are expected to contribute positively to the revenue and earnings of the company from the financial year ending June 30, 2026 onwards.
