KUALA LUMPUR (April 12): Tomypak Holdings Bhd has received an offer for full insurance compensation payment of RM205 million for material damage resulting from a fire outbreak at its manufacturing plant in Senai, Johor in December 2021.

Its wholly-owned subsidiary Tomypak Flexible Packaging Sdn Bhd (TFPSB) accepted the insurance compensation from lead insurer Berjaya Sompo Insurance Bhd on Tuesday (April 11), the Johor-based packaging firm told Bursa Malaysia.

“With the two earlier payments totalling RM85 million [received in March and September last year], the net payment will be RM120 million from the final claim of RM205 million,” Tomypak said on Wednesday.

Tomypak said TFPSB will not proceed with the reinstatement of the Senai plant, as the company will focus on operations at the refurbished Tampoi plant as its main production site.

“TFPSB will continue to work closely with the adjuster on the business interruption loss (BIL) claim. The total amount insured for BIL under the Industrial All Risks Policy amounts to RM80 million, and TFPSB has received RM30 million advance payments from insurers for the BIL claim,” Tomypak added.

At Wednesday's noon break, Tomypak finished four sen or 9.52% higher at 46 sen per share, giving it a market capitalisation of RM198.31 million.