PETALING JAYA: Ancom Bhd’s share price tumbled 6.1% to a low of 46 sen today after its executive chairman and former Tourism Malaysia chairman Datuk Dr Siew Ka Wei was remanded for four days over a RM100 million tourism contract awarded before the 14th general election.
At 4.13pm, Ancom was trading at 46.5 sen with 1.18 million shares changing hands.
Siew was remanded with the chief of a private firm Elizabeth Ken Tze Ying.
Ancom is a diversified group with businesses in agricultural and industrial chemicals, polymer, logistics, information technology and media.
Siew is also the executive vice chairman of Ancom Logistics Bhd and group managing director of Nylex (Malaysia) Bhd, both subsidiaries of Ancom.
Nylex’s share price was also trading 1.5 sen or 2.31% lower at 63.5 sen at 4.13pm with 501,800 shares done.
Siew was appointed as the chairman of Tourism Malaysia on Sept 21, 2016.