Thursday, February 21, 2013

Hi-P

Hi-P: a fire incident occurred on 19 Feb, at one of its buildings in a manufacturing plant of Hi-P (Shanghai Stamping Mold & Component Industries) located in Pudong, Shanghai. The operations of the subsidiary were suspended since the fire broke out but the majority of operations have resumed production on 21 Feb. One fatality was recorded. The co had insured the damaged goods and equipment. The building was leased from a third party and the building is also insured by the lessor. Mgt says the incident is not expected to have any material impact on the overall performance and financials of the group. FY12 results are due 22 Feb, before market open. The stock is -1.4% at $0.69.

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