SMEs estimate RM200 million losses from Penang floods

A man makes his way through floodwaters outside his house at Kampung Pertama in Permatang Pauh. Damages suffered by small and medium enterprises, mostly based in Seberang Perai on the mainland, are estimated to be around RM200 million. – The Malaysian Insight pic by Najjua Zulkefli, November 7, 2017.

THE flood disaster in Penang has hit small-and-medium enterprises (SMEs) badly, with an industry group estimating losses at about RM200 million, according to a report in The Edge Financial Daily.

While impact on most of the larger, listed companies was minimal as they are located in the Bayan Lepas area – which was spared the brunt of the torrential floodwaters – an estimated 1,000 smaller businesses in the state are believed to have suffered substantial losses.

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