Latest news with #CarefeelCottonIndustries(M)SdnBhd
The Star
a day ago
- Business
- The Star
Wang-Zheng estimates RM20mil provisional loss from Rawang factory fire
PETALING JAYA: Wang-Zheng Bhd estimates a provisional loss of approximately RM20mil from the fire that had broken out at the factory and warehouse of its wholly-owned subsidiary, Carefeel Cotton Industries (M) Sdn Bhd (CCI). 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.'
New Straits Times
a day ago
- Business
- New Straits Times
Wang-Zheng estimates initial RM20mil loss from fire at Rawang factory, warehouse
KUALA LUMPUR: Wang-Zheng Bhd has estimated a provisional loss of around RM20 million following a fire at the factory and warehouse of its wholly owned Carefeel Cotton Industries (M) Sdn Bhd (CCI). 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.
