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Press Metal unit provides RM90m losses/write-offs in power outage

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Press Metal unit provides RM90m losses/write-offs in power outage Empty Press Metal unit provides RM90m losses/write-offs in power outage

Post by Cals Mon 17 Feb 2014, 23:59

Press Metal unit provides RM90m losses/write-offs in power outage
Business & Markets 2014
Written by Ho Wah Foon of theedgemalaysia.com   
Monday, 17 February 2014 21:40

KUALA LUMPUR (Feb 17): Press Metal Bhd said its subsidiary, Press Metal Sarawak Sdn. Bhd (PMS), has provided about RM90 million as operating losses and assets written off in connection with power outage last year.
This will be reflected in PMS’s financial statement for the year ended December 31, 2013.
In a statement, Press Metal also said PMS has not reached an acceptable agreement with its insurers on the claims arising from the power outage incident at PMS’s smelting plant in Mukah, Sarawak, and accordingly, it had today served to lead insurer Etiqa Takaful Berhad a writ of summon and statement of claim.
“PMS is claiming against Etiqa for, inter alia, an indemnity in respect of all losses and damages arising from the power outage incident at PMS’s smelting plant in Mukah, Sarawak and for any other or further relief for PMS which the Court deems just and fit,” it said.

The solicitors of PMS are of the opinion that PMS has a good case for its claims, it added.
PMS is expected to reach full commercial operations in early March 2014.
“Barring unforeseen circumstances, PMS is expected to contribute positively to the group for the whole of the financial year ending 31 December 2014,” said Press Metal.
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