Yoong Onn faces RM30mil loss from Singapore subsidiary fire
In a filing with Bursa Malaysia, the home linen and bedding accessories retailer said the loss arose from the damage to property, plant and equipment inventories.
'The aforesaid amount is subject to further verification and finalisation with the insurer and adjuster team.
'As stated in the previous announcement dated May 13, 2025, T.C. Homeplus has insurance coverage of RM23mil for property damage and stock in trade and RM15mil for business interruption of up to six months.
Yoong Onn said it will make further announcements when there are new developments on the financial impact and the insurance claims.
The fire broke out on May 9 at a two-storey industrial building on Tampines Street 92 in the afternoon.
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