Subur Tiasa ops not affected by MACC investigation

KUALA LUMPUR: Sarawak-based timber player Subur Tiasa Holdings Bhd said the group’s operations are not affected by the Malaysian Anti-Corruption Commission’s (MACC) ongoing investigations into illegal logging activities in the state.

It is the latest listed company to issue a statement to Bursa Malaysia on the MACC’s Ops Gergaji, which last week saw some RM700mil in bank accounts frozen and nearly 2,000 logs seized.

According to Subur Tiasa’s annual report, the logging and reforestation segment contributed to 45% of the group’s revenue amounting to RM402mil for the financial year ended July 31, 2014. This came mainly from exports to India, Taiwan, Vietnam, Japan and China.

Last week Jaya Tiasa Holdings had told Bursa Malaysia that its unit Jaya Tiasa Timber Products Sdn Bhd (JTTP), which does not carry out logging activities, was cooperating with the MACC.

Earlier, Ta Ann Holdings announced that it and two of its subsidiaries, Ta Ann Plywood Sdn Bhd and Lik Shen Sawmill Sdn Bhd, were cooperating in the investigation and that their operations were not affected.

Subur Tiasa closed unchanged on Tuesday at RM1.78.

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