Tyre-maker YHI International has announced that its warehouse building at Lot Pt 1754 Jalan Persiaran Kip Utama, Kuala Lumpur, was affected by a fire on Oct 31.
The cause of the fire is currently unknown and is being investigated, says YHI International BPF .
The distribution warehouse was used by three distribution entities and one associate of the group: YHI (Malaysia), YHI Power (Malaysia), Evo-Trend Corporation (Malaysia) and Yokohama Tyre Sales Malaysia (YTSM), respectively.
According to the group, inventory stored in the distribution warehouse by the three distribution entities amounted to approximately RM9.1 million ($2.7 million), while inventory for YTSM amounted to approximately RM6.5 million.
That said, the group adds that the majority of the inventory is covered by insurance and that YHI International is currently in process of assessing the damage to the inventories that was caused by the fire.
Since the fire, the operations of the group have been temporarily affected. The group has since implemented recovery efforts and is actively seeking the assistance and cooperation from its suppliers to expedite its efforts to replenish its inventory, resume normal operations and continue fulfilling its commitments to its customers.
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The group says that it is actively seeking a new distribution warehouse to resume its operations and is expected to release updates subject to material developments.
Shares in YHI International closed flat at 49.5 cents on Nov 5.
