KUALA LUMPUR (Sept 6): PPB Group Bhd said its 80%-owned subsidiary FFM Bhd has secured a one-month extension to submit its written representation to the Malaysia Competition Commission (MyCC) in response to the proposed decision on the poultry feed price-fixing allegations it faces.

"FFM had requested for an extension of time for the submission of written representation, and has on Sept 5 received MyCC's letter dated Sept 2 which granted FFM an extension of time until 12pm noon on Oct 21," PPB said in a bourse filing.

FFM's initial deadline to submit its written representation to the MyCC over the matter was Sept 20, said PPB.

FFM is the second feed miller involved in the poultry feed price-fixing allegations levied by MyCC to be given an extension of time by the competition watchdog.

Leong Hup International Bhd announced on Monday (Sept 5) that its unit Leong Hup Feedmill Malaysia Sdn Bhd (LFM) had been granted a one-month extension to submit its written representation, providing it with an extension to Oct 21 from the initial deadline of Sept 20.

Under the proposed decision announced on Aug 5, MyCC provisionally found FFM, LFM and three other feed millers to have infringed the Competition Act 2010 by entering into anti-competitive agreements and/or concerted practices in increasing the price quantum of poultry feed that contained soybean and maize as its main ingredient between early 2020 and mid-2022.

The other three feed millers were Malayan Flour Mills Bhd's partially owned Dindings Poultry Development Centre Sdn Bhd, Gold Coin Feedmills (M) Sdn Bhd under Gold Coin Group, and PK Agro-Industrial Products (M) Sdn Bhd under CP Malaysia.

The penalty under the proposed decision is a fine of RM46.36 million as well as other anti-price fixing directives.

Shares in PPB finished down 56 sen or 3.23% at RM16.80 on Tuesday, giving the group a market capitalisation of RM23.9 billion.