PETALING JAYA: Cropmate Bhd’s shares fell yesterday, after the fertiliser manufacturer disclosed that certain bank accounts belonging to the company and its subsidiary had been frozen by the Malaysian Anti-Corruption Commission (MACC).
The stock slid 6.98% to end at 20 sen, after trading in the counter was halted for an hour at 9am yesterday following the disclosure that prompted heightened investor attention.
In its filing to Bursa Malaysia, Cropmate said it was notified last Friday that certain bank accounts of the company and its subsidiary have been frozen by MACC pursuant to an order under Section 44(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
“The order was issued as part of the authorities’ process in relation to an ongoing investigation,” the filing added.
In a separate statement, Cropmate stressed that it is cooperating fully with the authorities.
The company emphasised that its board does not believe the matter stems from internal wrongdoing.
“Based on the information currently available, the board has no indication that the matter is attributable to any misconduct on the part of the group’s management or employees,” Cropmate stated.
“The company is engaging constructively with the relevant authorities and will extend its full cooperation to assist with the investigation,” it pointed out.
In addition, Cropmate said it has taken the necessary steps in the ordinary course of engagement to facilitate the release of the affected bank accounts under Section 44A of AMLA.
In the meantime, Cropmate also sought to reassure the market that operations remain unaffected, noting that it retains access to other banking facilities.
“This matter is not expected to have any material financial and operational impact on the group and the company’s day-to-day operations remain fully functional and uninterrupted,” it highlighted.
The company reiterated its compliance record: “Cropmate has, at all material times, conducted its business in compliance with all applicable laws, rules and regulations, and is not aware of any wrongdoing.”
“The board remains committed to maintaining high standards of corporate governance and compliance in the conduct of the group’s business operations,” it further added.
Cropmate posted a net profit of RM14.65mil in 2025, representing an increase of 23.5% from RM11.87mil in 2024.
Notably, this came on the back of higher revenue of RM196.54mil, compared with RM160.67mil in 2024.
