Tomypak Receives Second Interim Insurance Compensation Of RM40 Million From Berjaya Sompo

Tomypak which had its Senai plant catch fire back in 2021, announced its acceptance of an offer for first interim insurance compensation payment of RM75,000,000 from the Insurers and now confirms its wholly owned subsidiary, Tomypak Flexible Packaging Sdn Bhd had received a second interim compensation.

The company received and has accepted an offer for a second interim insurance compensation payment of RM25,000,000 for Material Damage and RM15,000,000 for Business Interruption Loss from the Lead Insurer, Berjaya Sompo Insurance Berhad on a without prejudice basis.

In line with the Company’s 6th Quarter results announcement, the amount of RM40,000,000 will be utilised by TFPSB to continue with Phase 1b of TFPSB’s Business Recovery Plan of sub-contracting orders received from customers to maintain confidence and retain existing customers and for Phase 2, which is for the setting up of a state-of-the-art production capability at the existing Tampoi plant so as to better serve customers in the immediate future.

As of to-date, the group said its first printing line and the first super combi dry laminator have been delivered and are now at various stages of installation and commissioning. The first extrusion laminator is currently en route to Pasir Gudang port and will be delivered to the Tampoi plant by the end of September 2022 for installation and commissioning. The remaining equipment ordered will be progressively delivered according to the scheduled timeline. Concurrently, major civil & structural and mechanical & electrical works are ongoing to upgrade the Tampoi plant to accommodate the new equipment and meet customers’ quality standard requirements.

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