MACC remands manufacturing company's chairperson

The MACC has remanded Able Global Bhd executive director and executive chairperson Ng Keng Hoe.

The dairy manufacturer and tin can maker clarified in a filing with Bursa Malaysia today that the ongoing investigation pertaining to Ng’s private company is not related to Able Global or its group of companies at this juncture.

However, as an interim measure, the board and key senior management of the company would collectively take over the suspended administrative and executive functions of Ng to ensure effective governance and continuity in leadership.

"Additionally, an interim working management committee comprising of the key senior management and board’s representatives has been established to oversee executive functions of Ng and support the company’s ongoing operations," it said.

Intraday short selling of Able Global’s shares has been suspended for the rest of the day after its last done price dropped by more than 15 per cent or 15 sen from its reference price today.

The stock dropped as much as 34 sen, or 19.77 per cent, to RM1.38 before paring losses to close at RM1.53 with 20.97 million shares traded.

The counter ended at RM1.72 yesterday.

- Bernama

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