OTHERS CENTURY LOGISTICS HOLDINGS BERHAD ("CENTURY" or "COMPANY") - UPDATE ON THE SUBSIDIARY AFFECTED BY THE FLOODS IN THAILAND
|CENTURY LOGISTICS HOLDINGS BERHAD|
|Description||CENTURY LOGISTICS HOLDINGS BERHAD ("CENTURY" or "COMPANY")|
- UPDATE ON THE SUBSIDIARY AFFECTED BY THE FLOODS IN THAILAND
Further to the announcement dated 12 October 2011, we wish to announce an update on the situation pertaining to our distribution centre in Rojana Industrial Park, Ayutthaya, Thailand held under Century Resources (Thailand) Limited (“CRT”), a 90% owned subsidiary of Century Logistics Sdn Bhd, which in turn is a wholly owned subsidiary of Century.
The flood waters surrounding our distribution centre receded on 28 November 2011. Based on the preliminary assessment conducted by the loss adjustors of the insurers, there was clear indication that the 2.5 metres of floods since 7 October 2011 had caused some rust, corrosion and general contamination to the distribution centre.
The removal of non structural debris and decontamination exercise commenced on 7 December 2011. The final cleaning works for the 3 storey office building complex and perimeter open space are currently underway and is expected to be completed in 1 week. The project management team at site has forecasted complete restoration work to be completed by the end of the first quarter of 2012.
Preparation of documentation for the insurance claims is in progress, and is expected to be finalised and submitted to the insurers by mid-January 2012.
In order to minimize the disruption to the supply chain of the customer, Pepsi-Cola (Thai) Trading Co Ltd, CRT has restored the warehouse to functional state by 20 December 2011, to facilitate partial commencement of their storage, cross-docking and distribution activities.
This announcement is dated 3 January 2012.
|Company Name||CENTURY LOGISTICS HOLDINGS BERHAD|
|Date Announced||3 Jan 2012|