Press Metal receives RM70mil in insurance claims

The Press Metal Plant at Samalaju Industrial Park in Bintulu.

KUALA LUMPUR: Press Metal Bhd, whose 80% owned subsidiary Press Metal Bintulu Sdn Bhd suffered a fire incident at its smelting plant at Sarawak’s Samalaju Industrial Park last May, has received total interim claim of RM70mil from the insurer.

The country’s largest integrated aluminium producer told Bursa Malaysia that it had on Tuesday received the second interim claim of RM50mil from MSIG Insurance (M) Bhd, bringing the total to-date to RM70mil.

The latest statement and previous statements on the fire incident did not say how much claim payment is expected in total.

In the incident on Sunday, May 12, 2015, a few smelting pots were damaged.

The Samalaju smelting plant resumed full operations during the fourth quarter of last year.
 
Press Metal exports aluminium products to over 30 countries.

Press Metal shares fell 1 sen to close at RM2.62 on Wednesday. Its shares sank to a low of RM1.44 in August last year following the disruption to its production -- which led to a revenue drop -- but then began to climb again.