KUALA LUMPUR (Feb 13): Able Global Bhd (KL:ABLEGLOB) said its executive chairman Ng Keng Hoe has been remanded by the Malaysian Anti-Corruption Commission.

The MACC’s investigation pertains to Ng’s private company and is not related to Able Global at this juncture, said the food and beverage company in a bourse filing on Thursday.

In the interim, the board and key senior management will collectively take over Ng’s suspended administrative and executive functions, said Able Global.

“Additionally, an interim working management committee comprising of key senior management and board’s representatives has been established to oversee executive functions of Ng and support the company’s ongoing operations,” the company added.

According to Able Global’s latest annual report, Ng controls a 12.46% stake in the company. The other substantial shareholder in Able Global is Goh Mia Kwong, with a 19.28% stake.

Able Global, in its filing, stressed that it remains committed to maintaining business as usual, and operations will continue uninterrupted.

“The company further assures all stakeholders that it remains focused on delivering value and upholding the highest standards of corporate governance and business integrity,” it added.

Shares in Able Global closed down 19 sen or 11.05% to RM1.53 on Thursday, valuing the company at RM475.02 million.

Earlier, Bursa Malaysia suspended intraday short selling of Able Global shares after the counter dropped more than 15% or 15 sen from the reference price. The suspension will be lifted at 8.30am Friday.