KUALA LUMPUR: Precision component maker Notion VTec, whose main manufacturing plant in Klang caught fire on Oct 2, 2017, has received RM15mil as an advance payment for its claim.
It said on Friday the payment was made to its unit Notion Venture Sdn Bhd as the insurers’ probe into the loss or damage to building, machinery and stocks by the fire continue.
“The board will make further announcement whenever there is new development as well as any significant financial impact on the insurance claim,” it said.
The company had previously said it had insurance coverage of RM350mil for property damage and RM217mil for business interruption of up to 18 months.
Folowing the fire, NotionVTec had stated it was acquiring new factory space and ordering additional computer numeric control machines (CNCs) to try to make up for the production loss due to the fire.
The group, whose main manufacturing plant in Klang caught fire on Oct 20 that affected more than 552 CNCs and work-in-progress goods, has ordered more than 290 CNCs worth about RM75mil.
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