Sern Kou Furniture Industries has updated on the insurance settlement with regards to the fire incident at the manufacturing plant of the company’s wholly-owned subsidiary, in Muar, Johor.
According to its latest statement, the board had come to a settlement with lead insurer, Lonpac Insurance Berhad, for the second and final Fire Consequential Loss compensation payment of RM319,074.25 on 9 April 2024.
With the first and final insurance compensation offered from the lead insurer, the total amount of Fire Consequential Loss insurance compensation received by SKFI from the lead insurer is RM719,074.25.
SKFI said it will utilise the compensation received for general working capital requirements and the Company will recognise the payment in the third quarter for the financial year ending 30 June 2024.
