Notion VTec shares continue to gain ground after fire incident

PETALING JAYA: Notion VTec Bhd's share price continued to rise by 1.36% this morning, after announcing an estimated loss of RM150 million to RM200 million from a recent fire incident at its main manufacturing plant in Klang, Selangor.
The stock price plunged 26 sen to 70 sen on Friday, when news of the fire broke.
At 11.10am, the stock, which was among the top active counters, stood at 74.5 sen with 11.6 million shares changing hands. Its market capitalisation stood at RM241.4 million.
Notion told the stock exchange that it has adequate insurance coverage of RM350 million for property damage, including RM217 million for business interruption up to 18 months.
It further added that investigations by the fire department's forensic team are ongoing and no personnel are allowed in the premises due to concerns of smouldering remnant smoke and the possibility of injury from falling structures.