Kia Lim receives RM1.5m in insurance claim

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KUALA LUMPUR (Sept 13): Johor-based Kia Lim Bhd has received RM1.48 million from RHB Insurance Bhd, as a settlement to its claim over a fire incident that had affected its factory in February.

"The said total settlement will be recognised as 'other income' in the quarterly result for the quarter [ending] Sept 30, 2017," the loss-making clay brick manufacturer said in a filing with Bursa Malaysia today.

In a previous filing, Kia Lim said the fire had occurred at one of its factories on Feb 10.

Currently, 75% of Kia Lim's total production output is catering for the domestic markets such as Johor, Melaka, Kuala Lumpur and Selangor, while the remaining 25% is shipped overseas.

Listed since May 1996, shares in Kia Lim closed unchanged at 31 sen each today, giving the group a market capitalisation of RM19.2 million.