Thai Beverage Public Company Limited (SGX: Y92 or ThaiBev) reported that the fire incident at its facility in Yangon was put out on January 14, 2023.
According to ThaiBev, the fire occurred at GRG’s production facility in Yangon, Myanmar in the afternoon on January 13 and it was successfully put out in the early hours of January 14.
The company made an official announcement on January 15, stating further that the fire occurred in the raw material storage area and was confined to such a section of the facility. GRG’s management team is already taking immediate steps to procure replacements of the relevant raw materials in preparation to resume its blending and bottling operations in Yangon within February 2023. The operations in the Mandalay facility remain unaffected. GRG does not anticipate any shortage of finished products in the Myanmar market, as GRG and its distributors hold sufficient inventory.
ThaiBev said that the cause of the fire is under investigation and assessment; so far it is believed to be an accident. GRG has insurance coverages for the fire incident including property and inventory damages and business interruption.
The company noted that this incident is not expected to have any material impact on ThaiBev, the earnings per share and net tangible assets of the company for this financial year.
The share price of ThaiBev closed 1 cent lower or 1.4% at 71 cents on January 13 and bounced back by 0.71% on Monday.