KUALA LUMPUR: Tomypak Holdings Bhd
has accepted an offer for full insurance compensation payment of RM205mil from its lead insurer for material damage resulting from a fire outbreak at its manufacturing plant in Senai, Johor, in December 2021.
In a filing with Bursa Malaysia, the manufacturer of flexible packaging materials said its subsidiary, Tomypak Flexible Packaging Sdn Bhd, received the offer from Berjaya Sompo Insurance Bhd on April 11.
Taking into account two interim payments made by the insurer in 2022 totalling RM85mil, Berjaya Sompo will make a net payment of RM120mil to Tomypak from the final claim of RM205mil.
Moving forward, Tomypak said it would not proceed with the reinstatement of the Senai plant, but will focus on operations at the refurbished Tampoi plant as its main production site.
The company added that it would continue to work with the adjuster on the claim pertaining to business interruption loss (BIL).
The total amount insured for BIL under the Industrial All Risks Policy comes to RM80mil, with RM30mil in advance payments already received from insurers for the claim.
