13-05-2025
- Business
- New Straits Times
PeterLabs suspends executive director for two weeks pending internal probe
KUALA LUMPUR: PeterLabs Holdings Bhd has suspended its executive director Datuk Loh Saw Foong effective May 13 for two weeks pending an internal investigation.
In a filing with Bursa Malaysia, the company said Loh is also the general manager of PeterLabs' subsidiary Thye On Tong Trading Sdn Bhd.
It said the suspension is a precautionary measure to facilitate a thorough review into allegations of misconduct in breach of the company's policies.
"Loh's suspension will have no impact on the financials and operations of the company.
"During the period of his suspension, the company and Thye On Tong Trading Sdn Bhd will continue the business as usual and our group managing director Lim Tong Seng will temporarily assume the duties and functions of Loh," it said.
PeterLabs is involved in the manufacturing, distribution, export and trading of animal health and nutrition products.
For its financial year ended Dec 31, 2024 (FY24), the company logged a net profit of RM2.84 million, down from RM3.45 million in FY23.
Its share price closed half a sen or 1.56 per cent lower today at 32 sen, valuing the company at RM86.69 million.
