In total, Megachem (SGX:5DS
) has received nearly $12.3 million in insurance compensation. The first payment of $1 million was paid in October 2023. The second payment of $2 million was paid in December 2023. The third payment of $4.9 million was paid in May.
Megachem has received another insurance payout of some $4.4 million over a July 2023 fire at its warehouse at 132 Pioneer Road.
This is the fourth payment received by the company, whose group managing director Sidney Chew had estimated that about $10 million worth of chemical materials were damaged in the 2023 incident.
