LTKM found guilty of raising margins on eggs

TheEdge Tue, Nov 03, 2020 08:50pm - 3 years View Original


KUALA LUMPUR (Nov 3): LTKM Bhd said today that its subsidiary has been found guilty of raising the margins of its egg prices under Section 14(1) of the Price Control and Anti-Profiteering Act 2011, and has been fined RM25,000 in default of five months in jail.

The wholly owned subsidiary, LTK (Melaka) Sdn Bhd, has also been ordered to pay RM9,600 to repurchase 30,000 eggs seized by the ministry as forfeit to the government. "LTK (Melaka) has today paid the fine," LTKM said in a bourse filing.

This development comes more than a year after LTK (Melaka) was charged for increasing the margins of its grade-A egg prices by 17.46%. LTKM was charged with increasing its price margins to 29.75% from 12.29%.

LTK (Melaka) is a major subsidiary of LTKM and contributes to more than 70% of the group's profit before tax.

Shares in LTKM, which were not traded today, were last done at 91.5 sen per share, valuing it at some RM119.05 million.

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