Thursday, August 09, 2012

Eng Tek awarded RM61.6m over damages from Thai floods

On Star Biz:

  • Published: Thursday August 9, 2012 MYT 7:17:00 PM
    Eng Tek awarded RM61.6m over damages from Thai floods
    KUALA LUMPUR: Eng Teknologi Holdings Bhd's subsidiary has been awarded RM61.6mil in insurance claims following the damages to their operations following the severe floods in Ayutthaya, Thailand last year.

    EngTek said on Thursday its subsidiary Altum Precision Co., Ltd's insurer had confirmed it would pay out RM61.6m as compensation for inventories, property, plant and equipment damages arising from the floods.

    To date, it has received RM12mil out of the claims. It is expected to receive the balance of RM49.6mil by end September.
Extremely significant piece of news for Eng Tek minority shareholders.

Do refer previous posting: Should Eng Teknologi Revise Back Its Privatisation Offer Back To $2.50?


Mun Wai said...

Seems no one bothers abt the 61.6 mil insurance compensation & its relationship with the offer price.