KUALA LUMPUR (Dec 20): Carpet maker Paragon Union Bhd announced that two of its main factories in Balakong, Cheras have been badly affected by the flood caused by continuous heavy rain over the weekend.

In a Bursa Malaysia filing on Monday (Dec 20), the group said the estimated downtime of the factories will be approximately two weeks and thus, production and delivery to customers will be delayed accordingly.

“The factories are involved in the production of car carpets, car mats insulators, silencers, trunk carpets and other components including commercial carpets.

“The company is unable to quantify the damages and consequential losses at this juncture as the company is still in the process of assessing the damages caused. Nonetheless, all the assets are adequately covered by insurance,” said Paragon Union

Paragon Union added that it will provide further updates on the financial and operational impacts of the flood, as well as any further developments.

Shares in Paragon Union finished three sen or 2.04% higher to RM1.50, giving it a market share of RM126 million.

Year to date, the stock has risen by 130.77% from 65 sen reported in early January.