Latest news with #NationGate
Malaysian Reserve
5 days ago
- Business
- Malaysian Reserve
NationGate says MACC raid not expected to impact financials or operations
NationGate Holdings Bhd said the recent raid by the Malaysian Anti-Corruption Commission (MACC) on its wholly owned subsidiary is not expected to significantly affect its financial or operational performance. 'For the time being, the MACC raid is not expected to have significant impact on the financial and operational of the group,' NationGate said in a filing with Bursa Malaysia today, in response to a query from the regulator. The electronics manufacturing services provider clarified that the MACC's search and seizure was confined to NationGate Solution (M) Sdn Bhd, which is not a major subsidiary under Bursa's Main Market Listing Requirements. The investigation is not believed to extend to other entities within the group. On July 15 MACC had raided the premises of NationGate Solution in connection with an ongoing investigation into alleged scrap metal smuggling. The market reacted swiftly to the news. NationGate's shares plunged as much as 16% or 26 sen shortly after trading resumed from the midday break. The stock closed the day down 7.5% at RM1.49, marking its lowest finish since June 23. The raid is believed to be part of a broader nationwide operation known as 'Op Metal,' which targets scrap metal smuggling syndicates operating across five states. Bernama reported that the syndicates are suspected of bribing enforcement officers and may have caused the government tax losses exceeding RM950 million. — TMR
The Star
7 days ago
- Business
- The Star
NationGate's core business viewed as ‘sound'
The news triggered heavy trading of NationGate shares. PETALING JAYA: Nationgate Holdings Bhd 's subsidiary has been raided by the Malaysian Anti-Corruption Commission (MACC) over alleged scrap metal smuggling. NationGate, in a filing with Bursa Malaysia yesterday, stated the anti corruption watchdog raided the premises of its wholly-owned subsidiary, NationGate Solution (M) Sdn Bhd on Monday, as part of an ongoing investigation into alleged scrap metal smuggling. In its latest annual report, the group noted NationGate Solution is involved in the assembly and testing of electronic components and products. The news triggered heavy trading of NationGate shares yesterday with Rakuten Trade head of equity sales Vincent Lau saying the selling was likely driven by a 'sell first, ask later' reaction among investors. He opined that NationGate's share price should stabilise at current levels. 'The group's data centre prospects remain intact for now, with reputational risks stemming from the MACC raid rather contained,' Lau said, adding NationGate's core business 'remains sound' and the company's partnership with Nvidia Corp is unlikely to be affected by the raid news. NationGate closed the trading day at RM1.49, down 12 sen, with 160.5 million shares traded. Intraday short selling of NationGate shares was suspended by the local bourse after a 15% plunge following the company's announcement of the event to Bursa Malaysia. The suspension will be lifted today. The Penang-based tech company's shares had tested a high of RM1.70 and low of RM1.35 in intraday trade. NationGate is one of only four elite Asian original equipment manufacturer partners of Nvidia. It serves as Nvidia's only contract manufacturer in South-East Asia, specialising in building artificial intelligence (AI) servers equipped with the US tech goliath's high-performance graphics processing units, which are mainly deployed in AI-based data centres. 'I believe Nvidia would have done its due diligence and recognised NationGate's capabilities, which is why NationGate was appointed in the first place. I do not think this issue would cause Nvidia to switch to another partner,' Lau said. NationGate stated it views the allegations with 'utmost seriousness' and has taken 'proactive steps' to ensure full cooperation with the MACC and to 'safeguard the integrity of the investigation'. 'Our company remains steadfast in its commitment to the highest standards of corporate governance, accountability and transparency,' it said in the filing. NationGate also assures stakeholders that the board will use its 'reasonable endeavours' to ensure business operations remain unaffected, and 'appropriate interim measures' have been put in place. 'This (scrap metal) is just a small part of its business, and even if it's stripped out, it would not affect NationGate's earnings in a meaningful way,' Lau said.
Malay Mail
15-07-2025
- Business
- Malay Mail
NationGate confirms MACC raid on unit over scrap metal smuggling, pledges full cooperation
KUALA LUMPUR, July 15 — The Malaysian Anti-Corruption Commission (MACC) has raided the premises of NationGate Holdings Bhd's wholly-owned subsidiary, NationGate Solution (M) Sdn Bhd, as part of an ongoing investigation into allegations of scrap metal smuggling. 'The board views these allegations with utmost seriousness and has taken proactive steps to ensure full cooperation with the MACC and to safeguard the integrity of the investigation. 'Our company remains steadfast in its commitment to the highest standards of corporate governance, accountability, and transparency,' NationGate said in a Bursa Malaysia filing today, adding that the raid took place yesterday. It assured stakeholders that they will use their reasonable endeavours to ensure business operations remain unaffected, and appropriate interim measures have been put in place. The board will make further announcements on material developments in compliance with Bursa Malaysia Securities Bhd's Listing Requirements and as required by law. At lunch break, NationGate's share prices had risen by eight sen to RM1.69, with 27.12 million shares traded. — Bernama
The Star
15-07-2025
- Business
- The Star
MACC raids NationGate subsidiary amid scrap metal smuggling allegations
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has conducted a raid at the premises of a subsidiary of Nationgate Holdings Bhd as part of an ongoing investigation into allegations of scrap metal smuggling, the company announced in a stock exchange filing today. It was reported earlier today that the MACC has launched a major crackdown on scrap metal smuggling syndicates in five states. These smuggling activities were reported to have resulted in an estimated tax revenue loss of over RM950mil. NationGate, a provider of electronics manufacturing services (EMS), said the MACC's raid was conducted at the premises of NationGate Solution (M) Sdn Bhd, which is a wholly-owned subsidiary of the group. "The board views these allegations with utmost seriousness and has taken proactive steps to ensure full cooperation with the MACC and to safeguard the integrity of the investigation. "Our company remains steadfast in its commitment to the highest standards of corporate governance, accountability, and transparency," it said. It assured stakeholders that "reasonable endeavours" and appropriate interim measures were put in place to ensure business operations remained unaffected. Prior to the midday break, shares in NationGate were traded eight sen or 4.97% higher at RM1.69 each, after 27.12 million shares changed hands.
Free Malaysia Today
15-07-2025
- Business
- Free Malaysia Today
MACC raids NationGate unit over alleged scrap metal smuggling
NationGate Solution (M) Sdn Bhd's premises were among those raided by MACC in a major crackdown on scrap metal smuggling. (NationGate pic) PETALING JAYA : The Malaysian Anti-Corruption Commission (MACC) has raided the premises of NationGate Solution (M) Sdn Bhd, a wholly owned subsidiary of NationGate Holdings Bhd, as part of an ongoing investigation into allegations of scrap metal smuggling. In a filing with Bursa Malaysia today, NationGate said the raid took place on Monday and that its business operations remained unaffected. 'The board views these allegations with the utmost seriousness and has taken proactive steps to ensure full cooperation with MACC and safeguard the integrity of the investigation. 'Our company remains steadfast in its commitment to the highest standards of corporate governance, accountability, and transparency,' it said, adding that 'appropriate interim measures' had been put in place. The company also said that it would issue further announcements in accordance with Bursa's listing requirements and the relevant laws. According to a Bernama report, MACC has launched a large-scale operation against scrap metal smuggling syndicates which allegedly paid bribes to enforcement officers. The illegal activities are believed to have cost the government over RM950 million in lost tax revenue. MACC chief commissioner Azam Baki confirmed that the raids targeted factories and exporters across five states suspected of sending scrap metal overseas illegally, the report said.
