KUALA LUMPUR: Mayu Global Group Bhd
and its two subsidiaries - Progerex Sdn Bhd and SMPC Industries Sdn Bhd - have been approached by the Malaysian Anti-Corruption Commission (MACC) in relation to an ongoing investigation into allegations of illegal smuggling of steel scrap metals.
In a filing with the stock exchange, the group said it is extending its full cooperation to the authorities to facilitate the investigation process.
According to its company website, Mayu and its subsidiaries are in the business of manufacturing and processing steel coil, tube, strapping, steel furniture, metal roofing, floor decking, perforated metal and the industrial recycling of scrap metal.
It said in the filing it is not involved in any import or export activities related to steel scrap materials as business operations of the group are strictly domestic in nature.
"The board wishes to reassure stakeholders that there has been no disruption to the Group’s business operations, and the Investigation does not have any material financial or operational impact on the Mayu Group.
"The board views this matter seriously and is undertaking all necessary measures to safeguard the interests of the Company, its stakeholders, and to ensure business continuity.
"Mayu Group remains committed to upholding the highest standards of corporate governance, transparency and integrity and remains committed to assisting the authorities," it said.
At the close of trading, Mayu's stock was last done at 13 sen a share, up one sen or 8.33% from the previous close.
