Megachem has received another insurance payout of some $4.4 million over a July 2023 fire at its warehouse at 132 Pioneer Road.
This is the fourth payment received by the company, whose group managing director Sidney Chew had estimated that about $10 million worth of chemical materials were damaged in the 2023 incident.
In total, Megachem 5DS has received nearly $12.3 million in insurance compensation. The first payment of $1 million was paid in October 2023. The second payment of $2 million was paid in December 2023. The third payment of $4.9 million was paid in May.
“As our insurer has not completed their assessment, the company will provide updates to the shareholders if and when we receive any further material progress on this matter,” reads an Aug 23 announcement. “The insurance proceeds received this financial year is expected to contribute positively to the group’s financial performance for the current financial year ending Dec 31.”
Shares in Megachem closed flat at 36 cents on Aug 23.
