ABOITIZ Equity Ventures Inc. (AEV) said its indirect unit, Gold Coin Feedmills (Malaysia) Sdn. Bhd. (GCFM) has been fined RM97.51 million by the Malaysia Competition Commission (MyCC) over alleged collusion with other feed millers to raise poultry feed prices from 2020 to 2022. GCFM rejected the findings, saying its pricing was independent and compliant with competition laws.
The unit has filed for judicial review before the High Court of Malaya, which granted an interim stay, suspending enforcement of the penalty.
AEV said the case remains under appeal and is not yet enforceable, adding the ruling will have no material adverse impact on its financial position.