Minho unit gets RM563,715 insurance claim due to timber complex’s fire incident

Minho unit gets RM563,715 insurance claim due to timber complex’s fire incident
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KUALA LUMPUR (July 6): Minho (M) Bhd said today that its wholly-owned subsidiary Lionvest Corp (Pahang) Sdn Bhd had received an insurance claim totalling RM563,714.50, from CHUBB Insurance Malaysia Bhd, as the final and full settlement of the claim settlement due to a fire incident at its timber complex.

In a bourse filing today, Minho said the fire incident occurred on Sept 10, 2019 at the timber complex in Bandar Tun Abdul Razak, Jengka, Pahang belonging to Lionvest.

Minho said CHUBB Insurace made the payment last Friday to Lionvest.

To recap, the fire incident only affected one block of the three-storey office building located within the timber complex, Minho said in a filing with Bursa Malaysia on Sept 10 last year.

The group noted that the incident did not affect the processing and manufacturing capabilities of the company.

According to Minho’s website, the group’s diversified businesses include kiln-drying services, export of processed timber products, and property development.

At the noon break, shares in Minho were half a sen or 2.08% higher at 24.5 sen, bringing the market capitalisation of the group to RM84.26 million. It saw some 345,000 shares traded.