Poh Huat shares down after fire at Muar plant

KUALA LUMPUR: Poh Huat Resources Bhd's share price fell in early Monday trade to a low of RM1.49 after the furniture company announced a fire broke out at one of its factories in Muar.

Trading was halted from 10.10am and resumed at 11.10am.

At 11.14am, it was trading five sen lower at RM1.52. There were 381,300 shares done at prices ranging from RM1.49 to RM1.54.

Poh Huat said there was a fire at one of the five factory buildings in Muar, belonging to Poh Huat Furniture Industries (M) Sdn Bhd (PHFI), the group’s main operating subsidiary in Malaysia.

The affected factory was at the Bukit Pasir Industrial Area, and comprises the loading and assembly areas. There were minimal impact in other production area in the building.

“The fire started at between 1am and 1.30am on Sunday and was put out at about 2.30am,” it said.

Other production facilities at the Bukit Pasir, Muar were not affected and production activities are running as normal.

“The estimate of the value of the destroyed areas are to be ascertained. All the assets, materials and finished goods are sufficiently insured.

“PHFI is now assessing the operational and financial impact arising from the incident including seeking alternative manufacturing/warehousing arrangement to mitigate the interruption caused by the fire,” it said.