Saiham Cotton receives Tk 420mn insurance claim

Summary:

Saiham Cotton Mills Ltd is successful in receiving the lion share of their insurance claim after the massive fire incident last year.

Content:

SAIHAM COTTON MILLS LTD. is located in Dhaka, Bangladesh and is part of the Fiber, Yarn, and Thread Mills Industry. SAIHAM COTTON MILLS LTD. has 1,102 total employees across all of its locations and generates $35.38 million in sales (USD).

They had a fire explosion last year. The warehouse and whole stock of raw material had been damaged hugely in October 2020, resulting in a huge loss for the company. Against this damage, the cotton manufacturer claimed Tk59.04 core from their insurer.

Against their claim, the company had received a total of Tk42.03 crore in three installments. They had received the largest amount in July in two installments which is TK 30 crore and the remaining small amount of Tk 12.03 crore was received in the month of August.

They had assured that the cotton manufacturer would spend the money on their loan repayment and in the process of reconstruction of a raw cotton warehouse. They gained good attention in the stock exchanges because they are 100% export-oriented manufacturers.

 Source: The Business Standard

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