The company announced it was cleared by the Inland Revenue Board relating to a joint investigation with the Malaysian Anti-Corruption Commission.
In an exchange filing today, the electronics manufacturing services provider said it received a notification on Jan 20 from LHDN that the investigation initiated last July had been completed and its records are in proper order.
The company’s bank account that was previously earmarked by the MACC has also “been regularised”, it added.
NationGate, a contract manufacturer of US chip powerhouse Nvidia Corp, jumped as much as 20 sen or 20% to RM1.20 following the announcement. It closed 1 sen lower at RM1.19, valuing the company at RM2.71 billion.
The stock has risen nearly 31% since the start of the year but it is down 47% over the past one year.
The group added it will continue to manage its operations with the “highest level of integrity, transparency and strict regulatory discipline”, in compliance with all applicable laws.
The Penang-based company’s latest update follows its announcement in July 2025 that the MACC raided the premises of its wholly owned subsidiary, NationGate Solution (M) Sdn Bhd, as part of a probe into alleged scrap metal smuggling.
That revelation spooked investors, triggering a selloff that saw its shares plunge as much as 16% in a day.
The raid was linked to MACC’s major operation dubbed “Op Metal”, which targeted scrap metal smuggling syndicates across five states that reportedly caused the government an estimated tax revenue loss of more than RM950 million.
MACC chief commissioner Azam Baki said then the raids targeted factories and companies exporting scrap metal overseas.
NationGate is a turnkey one-stop solutions provider, focusing on the assembly and testing of electronic components and products.
It is Nvidia’s sole contract manufacturer in Southeast Asia, specialising in assembling artificial intelligence (AI) servers powered by the chip maker’s graphics processing units (GPUs) that are mainly deployed in AI data centres.
Its co-founder and managing director Ooi Eng Leong and his wife Tan Ah Geok have a controlling 54.74% stake in the group.
Ooi, 57, holds 48.26% while Tan holds 6.48%, according to the company’s 2024 annual report.
According to Forbes’ most recent data, Ooi has a net worth of US$335 million (RM1.35 billion). - FMT
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