October 18, 2022

Malaysia-based Teo Seng sees dropped share price after Singapore recall of eggs

 

Malaysia-base Teo Seng Capital Bhd's share price fell to an intraday low of 69 sen on October 17 after Singapore recalled eggs from its chicken layer farm in Malaysia due to the presence of salmonella enteritidis (SE), which may cause food-borne illness if the food is consumed raw or undercooked.

Teo Seng's share price ended the day at 71.5 sen, for a loss of 2.5 sen or 3.38%, giving it a market capitalisation of RM214.51 million (US$45.5 million).

Trading of the company's securities was halted temporary, after it said in a filing with Bursa Malaysia that investigation into the contamination was still in progress.

"The company will make further announcements to provide updates on developments of the above matter," said Teo Seng.

According to the bourse filling, the company will communicate with Malaysia's Department of Vertinary and Services to investigate and monitor the matter, while maintaining full cooperation to identify the cause and remedial process, before resuming sales of eggs from the farm.

The Teo Seng Layer Farm 1 accounted for approximately 3.5% of the company's total production and it is unable to determine the amount of revenue affected at the moment.

The Singapore Food Safety Agency (SFA) had released a statement on SE being detected in eggs from the farm. It directed six importers to withhold or recall the eggs with the farm code "CEJ027".

- The Edge Malaysia