KUALA LUMPUR (Dec 20): Shares in Tomypak Holdings Bhd fell to 30 sen after shedding as much as 20 sen or 40% on Monday (Dec 20), following the group's announcement that a fire had broken out at its factory warehouse in Johor during the weekend.

The stock was suspended for one hour on Monday (Dec 20) from 9am to 10am and opened 19.5 sen or 39% lower at 30.5 sen before paring losses to close 14.5 sen or 29% lower at 35.5 sen at Bursa's noon break.

It saw 7.15 million shares changing hands, 13 times its 200-day trading average volume of 549,777 shares.

At 35.5 sen, the flexible packaging materials provider is valued at RM153.05 million.

In a Bursa Malaysia filing on Sunday (Dec 19), the group said a fire had started at its factory warehouse in Senai, Johor Bahru, at 12.30pm on Sunday (Dec 19), and had spread to the entire Senai manufacturing plant of its wholly-owned subsidiary Tomypak Flexible Packaging Sdn Bhd.

“As at 10pm Sunday, Bomba was still working to contain the fire. Bomba and insurance representatives will start their investigation as soon as the situation is under control.

“The company has yet to ascertain the full financial and operational impact and consequences of the fire. All the assets are adequately covered by insurance including insurance coverage for property and equipment damage, stock in trade, business interruption and consequential losses.

“Fortunately, there were no human casualties. The board will make further announcements whenever there is new development as well as any significant financial impact on the insurance claim,” it revealed.

According to the group’s website, Tomypak is one the leading converters for flexible packaging materials in Malaysia.

The stock has fallen by 51.37% from a high of 78.5 sen registered on Jan 19, 2021.