KUALA LUMPUR – Hup Seng Industries Bhd’s shares dipped 3.85% today at the opening bell after findings by a Hong Kong consumer watchdog that claimed cancer-causing substances were detected in biscuits and crackers, including those made by the Malaysian group.
The counter opened unchanged at 91 sen before hitting an intra-morning low of 87.5 sen with 2.96 million shares traded at the time of writing.
Hong Kong Consumer Council said on Friday that 60 samples of pre-packed biscuits and crackers it tested contained cancer-inducing elements such as glycidol or acrylamide.
The council also found that 40% of products analysed had misleading nutrition labels.
Hup Seng’s wholly-owned unit, Hup Seng Perusahaan Makanan (M) Sdn Bhd, said it would fully cooperate with authorities in their investigation if needed.
We wish to ensure that our special cream crackers manufactured and marketed in Malaysia are fit for human consumption and in compliance with the local regulations, quality standards and food safety standards.
"Being a socially responsible food manufacturer since 1958, product quality and safety have always been our first and foremost priority,” it said in statement.
Newswire Bloomberg also reported over the weekend that the Health Ministry was conducting a verification on the company’s premises.
“The factory premises of [Hup Seng] hold HACCP (Hazard Analysis and Critical Control Points) and KKM (MoH) certificates,” the ministry told Bloomberg. – The Vibes, October 25, 2021
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