Tomypak gets RM40m for 2nd insurance compensation

by SHAFIQQUL ALIFF / pic credit: tomypak.com.my

FOOD packaging company Tomypak Holding Bhd has received an insurance payment of RM40 million for lead insurer Berjaya Sompo Insurance Bhd.

In an exchange filing today, it said its wholly owned subsidiary Tomy Flexible Packaging Sdn Bhd (TFPSB) has received and accepted the offer for the second interim insurance compensation payment of RM25 million for material damage and RM15 million for business interruption. 

It said TFPSB will use the proceeds to continue its so-called phase 1b business recovery plan for subcontract orders received by customers and retaining existing customers.

It will also go towards Phase 2 to set up a state-of-the-art production capability at the existing Tampoi plant.

In the filing, the company said that as to-date, the 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.

Concurrently, it said major civil and structural and mechanical and electrical works are ongoing to upgrade the Tampoi plant to accommodate the new equipment and meet customers’ quality standard requirements.