KUALA LUMPUR: Leong Hup International Bhd (LHI) has asserted that the Malaysia Competition Commission’s (MyCC) finding of infringement is without merit.
“The company and Leong Hup Feedmill Malaysia Sdn Bhd (LFM) strongly believe that MyCC’s finding of infringement is without merit.
“In consultation with its external legal counsels, the company and LFM will take the necessary and appropriate actions to challenge the decision and apply for a stay,” LHI said in a filing with Bursa Malaysia.
MyCC has fined a total of RM415mil on five feedmillers for fixing the price of chicken feed.
The five companies are Dindings Poultry Development Centre Sdn Bhd, FFM Berhad, Gold Coin Feedmills (Malaysia) Sdn Bhd, LFM, and PK Agro-Industrial Products (M) Sdn Bhd.
They were fined RM70mil, RM42mil, RM97mil, RM157mil and RM47mil respectively.
LHI closed down 2.5 sen to 57.5 sen with 16.83 million shares traded.
Source: The Star