Taiwan Cement has warned of potential losses of around NT$11bn (US$366m) following a fire at its subsidiary Molie Quantum Energy’s battery plant in Kaohsiung on 14 July.
The blaze damaged parts of the plant’s property, factory buildings, equipment, and inventory. The facility remains shut, with investigators yet to fully access the site for a complete damage assessment. Taiwan Cement holds a 78.1 per cent stake in Molie Quantum Energy.
Preliminary estimates put the combined value of damaged assets, demolition, and repair costs at approximately NT$16.4bn.
In response to the incident, senior executives—including CEO, Chang An-ping, and General Manager Cheng, Yao-hui,—have voluntarily taken a 20 per cent pay cut, according to Business Today.
Following the announcement, Taiwan Cement’s shares fell nearly eight per cent during intraday trading on Thursday, hitting their lowest level in almost 17 years.
