Friday 29 Mar 2024
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KUALA LUMPUR (Jan 16): Notion Vtec Bhd has been offered a final amount of RM22.22 million from its insurer AXA Affin General Insurance Bhd for the business interruption loss settlement in relation to a fire incident that occurred in its facility in 2017.

This is on top of the RM159.37 million claim offered by AXA Affin for fire damage to building, machinery and stocks, which was settled in November 2018.

Out of the RM22.22 million payment, Notion Vtech has received RM10 million in August 2019, leaving the balance RM12.22 million outstanding.

“The board will make further announcement when the balance is paid by the Insurer and evaluate whether to pursue further on the business interruption claim,” said Notion Vtec.

The fire incident occurred in Notion Vtec’s main manufacturing plant in Klang on Oct 20, 2017, which affected over 552 computer numeric control machines and unfinished goods.

In a separate announcement, Notion VTec has proposed to undertake a bonus issue on the basis of one bonus share for every two shares held in the company.

As at Dec 31, 2019, the group has 33.06 million outstanding warrants convertible to one Notion VTec share each, with maturity date on March 13, 2023, as well as 7.36 million options under its employees’ share option scheme.

Shares of Notion Vtec rose two sen or 1.98%  to close at RM1.03, giving the group a market capitalisation of RM345.9 million.

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