A MINOR fire accident occurred at one of the premises of Wegmans Furniture Industries Sdn Bhd, a wholly-owned subsidiary of Wegmans Holdings Bhd.
In a Bursa Malaysia filing on Jan 14, the company said the incident started at about 8.30pm on Jan 13 and was put out in less than half an hour.
“The affected premises are housed in three blocks of single-storey furniture factory buildings, together with a three-storey office block, situated at Lot PTD 6967, Jalan Kempas 3, Kawasan Perindustrian Bakri, 84200 Muar, Johor,” it said.
Wegmans said the incident affected one of the spraying lines and inventory work-in-progress. The damages sustained from the fire were restricted to one block of furniture factory building mentioned above.
“Other production facilities and factory buildings were not affected and production activities were running as normal. The property, plant and equipment and inventories destroyed were adequately insured,” it said.
The company will ascertain the actual extent and quantum of the losses caused by the incident in collaboration with insurers and other relevant parties.
It added that the company will mitigate the production disruption arising from the incident by using a spraying line in another factory building situated at PTD 6898, Jalan Ayer Manis, Bukit Mor, 84150 Parit Jawa, Muar, Johor, which is located within the same district as the affected factory building, to compensate for the loss in capacity.
The company posted a lower net profit of RM2.29 mil in the third quarter ended Sept 30, 2019 from RM4.3 mil a year ago on the back of a lower revenue of RM19.85 mil versus RM24.57 mil.
Wegmans closed 1.85% lower at 26 sen on Jan 14, giving it a market capitalisation of RM132.5 mil. – Jan 14, 2020