Yoong Onn works on recovery for fire-hit Singapore subsidiary

KUALA LUMPUR: Yoong Onn Corp Bhd is actively working on a recovery plan for its 60%-owned subsidiary, T.C. Homeplus Pte Ltd (TCH), in Singapore, following the recent fire at its factory and warehouse.

In a filing with Bursa Malaysia, Yoong Onn said the company aims to resume operations as soon as possible and will provide updates at the appropriate time.

“TCH has insurance coverage of up to approximately RM18mil for content and property damage, RM5mil for stock in trade and approximately RM15mil for business interruption up to 6 months.

“The company will be working closely with the insurance adjuster in this respect. Once access to the site is allowed, the company will be able to provide a more accurate assessment of the extent of damage and loss estimate,” Yoong Onn said.

The fire, which broke out around 12pm on May 9, was contained by approximately 4pm the same day.

The Singapore Civil Defence Force (SCDF) has launched an investigation, and the insurer and adjuster team are prepared to assist the company.

However, due to concerns over unstable structures, personnel are not permitted to enter the premises until SCDF gives clearance.