KUALA LUMPUR (Jan 20): The Malaysian Anti-Corruption Commission (MACC) is carrying out further probes on Tanjung Offshore Bhd in an ongoing inquiry.

Tanjung Offshore (fundamental: 1.95; valuation: 2.4) said in a statement today it had fully complied with the enforcement body’s request for more information.

According to a news report early this month, the company's acquisition of an office building in Birmingham, UK for RM58.07 million had come under scrutiny of a group of minority shareholders who claimed the deal required shareholders’ approval.

But the offshore oil & gas service provider claimed otherwise, saying the acquisition required no such approval.

The report also said the MACC was believed to be scrutinising Tanjung Offshore’s acquisition of the remainder 49% stake in Gas Generators (M) Sdn Bhd worth RM34.3 million.

According to the statement today, Tanjung Offshore’s own internal inquiry by an Independent Committee is proceeding as mandated by the board of directors earlier this month although no official complaint has been received from “any shareholder on any matter”.

“Without a specific complaint to focus on, the Independent Committee has no choice but to conduct a broader review of recent developments,” said Tanjung Offshore.

Tanjung Offshore affirmed its determination to complete the internal inquiry as per its mandate to ensure full transparency and accountability to its shareholders, in particular its minority shareholders.

Tanjung Offshore slipped half a sen or 1.1% to 43 sen on trades of 414,300 shares at 10.48 am today.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)