One of its factories was damaged in the floods.

According to the report, Singapore-listed QAF Ltd, which is an equal shareholder of Gardenia together with Padiberas Nasional Bhd (Bernas), told the Singapore Exchange Ltd yesterday that an assessment of the losses was “being undertaken and analysed”.

The report said QAF, in its statement to the Singapore Exchange, expressed its desire to update shareholders that the company and its subsidiaries, but not including GBKL, had to date made claims of about S$10 million (RM33 million) for estimated total and consequential loss.

It said the insurance payments would be subject to Malaysian income tax.

The QAF statement also stated that as replacement or reinstatement of the damaged production lines as well as the processing of the insurance claims were still ongoing, coupled with the fact that the audit of its financial statements would only be taken at a later date, there was no assurance that the claims would materialise.

The three-day deluge from Dec 16, last year, affected eight states across Peninsular Malaysia. It displaced more than 71,000 families, affected more than 125,000 people and left 54 dead.