KUALA LUMPUR (Jan 22): NationGate Holdings Bhd (KL:NATGATE) said on Thursday that it has been cleared by tax authorities, sending its shares to the highest in over three months.

The Inland Revenue Board (IRB) has completed its tax investigation into the group as part of the Malaysian Anti-Corruption Commission (MACC) and IRB joint operation on scrap metal smuggling, and found that the company’s records were in order, NationGate said.

In a bourse filing, the electronics manufacturing services provider said it received a notification from IRB dated Jan 19 confirming that the probe had concluded. The group also said a bank account that had previously been earmarked by the MACC has since been regularised.

Shares of NationGate extended their gains following the announcement, rising as much as 20% or 20 sen to RM1.20, their highest since Oct 6, 2025 before settling at RM1.19 a share at market close. This values the company at RM2.69 billion.

The latest update follows an announcement in July last year, when NationGate said the MACC had raided the premises of its wholly owned subsidiary, NationGate Solution (M) Sdn Bhd, as part of an investigation into alleged scrap metal smuggling.

The raid was linked to the MACC’s large-scale operation dubbed “Op Metal”, which targeted scrap metal smuggling syndicates across five states that allegedly paid bribes to enforcement officers, reportedly causing the government an estimated tax revenue loss of more than RM950 million.

“The board wishes to announce that the company has on Jan 20, 2026 evening received a notification dated Jan 19, 2026 from the IRB that the investigation has been completed and the company’s records are proper. The company’s bank account that has been previously earmarked by the MACC has also been regularised,” it said.

The group added that it will continue “to manage its operations with the highest level of integrity, transparency and strict regulatory discipline, in full compliance with all applicable laws and requirements”.