Further to the Company’s announcement on 31 March 2022 and 22 September 2022 in relation to the acceptance of offers for first two interim insurance compensation payments of RM60,000,000 and RM25,000,000 respectively for Material Damage claim from the Insurers, the Company wishes to inform that its wholly owned subsidiary, Tomypak Flexible Packaging Sdn Bhd (“TFPSB”) had on 11 April 2023 received an offer for a final and full insurance compensation payment of RM205,000,000 for Material Damage claim from the Lead Insurer, Berjaya Sompo Insurance Berhad on a without prejudice basis. With the 2 earlier payments totalling RM85,000,000, the net payment to be effected will be RM120,000,000 from the final claim of RM205,000,000 The Board has today approved the acceptance of the offer.

With the acceptance of this offer, TFPSB will not proceed with the reinstatement of the Senai plant. For now, the company will focus on operations at the refurbished Tampoi plant as our main production site

TFPSB will continue to work closely with the Adjuster on the Business Interruption Loss (“BIL”) claim. The total amount insured for BIL under the Industrial All Risks Policy amount to RM80,000,000, and TFPSB has received RM30,000,000 advance payments from Insurers for the BIL claim.

This announcement is dated 12 April 2023.