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KUALA LUMPUR (April 12): Mulpha International Bhd’s resort on the Great Barrier Reef in Australia will be closed till mid-2018 for rectification works following “sufficiently extensive” damage caused by Cyclone Debbie on March 28.
In a filing with Bursa Malaysia yesterday, Mulpha said the One & Only Hayman Island resort is covered under a property insurance policy subject to a deductible of up to A$10 million (RM33.26 million), and business interruption cover to protect the impact on trading results for up to 24 months.
“We will make further announcements should the proposed period of closure be amended in due course,” it said.
On March 31, Mulpha said the resort suffered damage due to the impact of wind and water resulting from the cyclone.
Guests and staff were safe with no injuries sustained, it said, adding that guests were evacuated from the island by private charter.
Mulpha’s share price closed down half sen or 1.89% at 26 sen yesterday, valuing the group at RM830.6 million.
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