GEORGE TOWN: Various industry players in Penang are staring at losses up to RM300mil after their factories were inundated by floodwaters over the weekend. The Federation of Malaysian Manufacturers Penang, which represented over 350 companies and manufacturers in the state, said the losses were due to a drop in the workforce, delayed logistics and damage to properties. However, Ooi lauded the federal government for acting swiftly by allocating RM500mil as disaster relief loan for companies affected by the floods. “We are grateful to the federal government for the disaster relief facility where applicants can apply up to RM500,000 at 2.2% interest per annum,” he said. The floods on Sunday crippled many parts of Penang as roads were inundated, trees uprooted and properties damaged.

Source: The Star November 10, 2017 00:00 UTC