KUALA LUMPUR (Nov 18): OM Holdings Ltd (KL:OMH) said on Friday that its manganese alloys workshop in its smelter complex in Sarawak has suffered minimal damage on Sunday (Nov 17) due to overflow of molten material from casting moulds.

In a bourse filing, the company said the incident was isolated and contained within half an hour, and operations at all other workshops were uninterrupted and are operating as per normal.

“On contact with water, this caused a localised blast of pressurised steam. Emergency response protocols were immediately activated, and all personnel within the affected area were safely evacuated to the designated safety zones. There were no injuries reported,” said OM.

As such, the company maintains its production guidance of 460,000 to 490,000 tonnes per annum for the financial year 2024.

The furnace workshop sustained minimal damage, and adjacent furnaces sustained no damage, according to OM. Operations are anticipated to resume with minimal disruptions, pending approvals from the relevant local authorities.

OM Sarawak has initiated a detailed investigation into the incident and is cooperating with all relevant authorities.

On preliminary assessment, it is expected that there will be no material financial and/or operational impact arising from this incident.

Shares in OM Holdings closed unchanged at RM1.09 on Monday, giving it a market capitalisation of RM805.1 million. Year-to-date, the stock has fallen 26.4%.