Latest news with #RM1.76
Barnama
4 days ago
- Business
- Barnama
TNB Shares Slip At Mid-morning After RM840.1 Mln IRB Tax Notice
BUSINESS KUALA LUMPUR, July 28 (Bernama) -- Tenaga Nasional Bhd's (TNB) shares slip at mid-morning trading after receiving a notice seeking an additional RM840.1 million in assessment for 2022 from the Inland Revenue Board (IRB). At 10.51 am, the counter fell 18 sen to RM13.42 with a total of 2.91 million shares traded. In a note today, CIMB Securities Bhd said the issue was due to the cumulative amount from notices seeking additional assessment for the years 2013–2021 of RM5.05 billion, net of remission of penalties and RM1.76 billion paid to IRB in December 2020, for 2016-2017, bringing the total to RM5.89 billion to date. 'We believe there is a risk that the IRB may also potentially issue a notice of additional assessment for 2023–2024. 'If TNB's 2023-2024 financial year capital expenditure provides any indication, we think the additional tax assessment for 2023–2024 could be around RM2 billion, which raises the total amount for 2013–2024 to nearly RM8 billion,' it said. The investment bank also said in light of the Federal Court's decision regarding a similar notice for 2018, TNB is currently evaluating its available legal options to address the issue. 'This evaluation takes into consideration that TNB has already applied for investment allowance (IA) under Schedule 7B of the Income Tax Act 1967 (including those for 2022) to the Finance Minister,' it said. Therefore, CIMB Securities has maintained a 'Buy' call on TNB with a target price of RM15.75 per share. On July 2, the Federal Court's final ruling allowed the IRB's appeal, overturning the decision by the High Court and the Court of Appeal, which had previously ruled in favour of TNB's judicial review application to set aside the notice of additional assessment amounting to RM1.25 billion for 2018.
The Star
16-07-2025
- Business
- The Star
Warisan TC expects RM1.85mil net gains from RM49mil Selangor land sale
KUALA LUMPUR: Warisan TC Holdings Bhd (WTCH) expects to record a net gain of RM1.85 million from the sale of an industrial property in Selangor to Leisure Event Sdn Bhd, a wholly-owned subsidiary of property developer Avaland Bhd , for RM49 million. It was previously reported on July 1 that WTCH had divested the industrial property in Petaling Jaya to unlock value and strengthen its working capital. In a filing with Bursa Malaysia today, WTCH said the group intends to utilise the proceeds for working capital purposes, including procurement of inventory in the ordinary course of business (RM38.24 million), capital expenditure (RM9 million), as well as expenses and taxation for the disposal (RM1.76 million). WTCH said the disposal is being undertaken by its 75.5 per cent-owned unit, Comit Communication Technologies (M) Sdn Bhd (CCT), which has entered into a sale and purchase agreement with Leisure Event. It added that the net book value of the property as per the audited financial statements of CCT for the financial year ended Dec 31, 2024, stood at RM45.4 million. - Bernama
New Straits Times
16-07-2025
- Business
- New Straits Times
Warisan TC expects RM1.85mil net gain from RM49mil Selangor land sale
KUALA LUMPUR: Warisan TC Holdings Bhd (WTCH) expects to record a net gain of RM1.85 million from the sale of an industrial property in Selangor to Leisure Event Sdn Bhd, a wholly-owned subsidiary of property developer Avaland Bhd, for RM49 million. It was previously reported on July 1 that WTCH had divested the industrial property in Petaling Jaya to unlock value and strengthen its working capital. In a filing with Bursa Malaysia today, WTCH said the group intends to utilise the proceeds for working capital purposes, including procurement of inventory in the ordinary course of business (RM38.24 million), capital expenditure (RM9 million), as well as expenses and taxation for the disposal (RM1.76 million). WTCH said the disposal is being undertaken by its 75.5 per cent-owned unit, Comit Communication Technologies (M) Sdn Bhd (CCT), which has entered into a sale and purchase agreement with Leisure Event. It added that the net book value of the property as per the audited financial statements of CCT for the financial year ended Dec 31, 2024, stood at RM45.4 million.
New Straits Times
01-07-2025
- Business
- New Straits Times
Sabah Bank's net loss narrows to RM82mil in 2024, from RM684mil in 2023
KUALA LUMPUR: Sabah Development Bank Bhd significantly narrowed its net loss to RM82 million for the financial year ended 2024, from RM684 million net loss in FY2023. The 2023 losses were primarily due to extensive provisions for non-performing loans (NPLs) and diminished asset values accumulated over the past years. Sabah Bank, in a statement today, said it expects to report a modest profit in FY2025. "This progress reflects positive momentum in Sabah Bank's ongoing three-year transformation journey, which commenced in the second half of 2023 under a new board and management," it said. "Following a rigorous restructuring exercise, the bank's total capital ratio had dropped to 7.9 per cent by end 2023. However, as of end-2024, the capital ratio has rebounded to a strong 20.71 per cent, backed by strong support from the Sabah state government," it added. On June 4, RAM Rating Services Bhd (RAM) affirmed Sabah Bank's debt instrument ratings at AA1/Stable/P1. The AA1 rating indicates a high safety for payment of financial obligations, while the "Stable" outlook reflects RAM's expectations that the long-term rating will be unchanged over the intermediate term. The bank's commercial papers were also affirmed at P1, the highest short-term rating assigned by RAM, reflecting high safety for payment of short-term obligations. In alignment with its mandate from the state government, the bank is now focused on financing development projects in Sabah, predominantly in the infrastructure, power and water sectors. The state has positioned the bank as the lead lender for local-content in major investment projects, reinforcing its pivotal role in driving Sabah's economic growth. Between January 2024 to June 2025, Sabah Bank approved RM1.76 billion loan applications within its developmental mandate. During the same period, the bank turned down RM9.65 billion in loan applications that either fell outside its mandate or did not meet its enhanced credit standards. The bank said since the setup of an independent professional recovery team in September 2023, notable progress has been made in addressing the NPLs. The bank's board has approved RM965 million in settlement proposals. This is in addition to RM2 billion in pledged securities currently placed under receivership.
The Star
28-06-2025
- Business
- The Star
Tracking who buys packet cooking oil
JOHOR BARU: Johor is expected to be the first state to adopt the upgraded Cooking Oil Price Stabilisation Scheme (eCOSS) system before it is rolled out nationwide, says Datuk Armizan Mohd Ali. The Domestic Trade and Cost of Living Minister said the system will include tracking consumers to ensure that subsidised packet cooking oil reaches its intended recipients. 'Last year, we launched the eCOSS system, which recorded the distribution of subsidised cooking oil from manufacturers, all the way to retailers. 'However, it does not record who buys the oil at the consumer level. So while we can trace it to the retail level, leakages can still happen. 'That's why we believe the eCOSS system should be extended to track usage at the consumer level too,' he said after launching the Buy Malaysian Goods Campaign here. Also present were Deputy Domestic Trade and Cost of Living Minister Datuk Fuziah Salleh, Johor Mentri Besar Datuk Onn Hafiz Ghazi and state investment, trade, consumer affairs and human resources committee chairman Lee Ting Han. He said the upgraded system, which includes a feature to monitor purchases at the consumer level, is being piloted through Jualan Rahmah programmes nationwide. 'We have already upgraded the system to include that capability, but to ensure that it functions smoothly and doesn't spark complaints from users, we will roll it out in phases. 'We started doing this around three or four months ago through several Jualan Rahmah programmes, where buyers must download the eCOSS app and scan a QR code when purchasing subsidised oil. 'Earlier, I had offered Johor to be the first state to fully implement the upgraded system, and it was met with a positive response. But before we implement it across the state, I need to make sure the system is stable,' he said. Armizan stressed that the extension of the system does not mean the government is reducing subsidies or changing the existing monthly quota, which remains the same. 'What we are doing is strengthening risk management to ensure that subsidised oil is not misused or sold to unauthorised parties, especially non-citizens,' he added. Separately, Armizan said that the distributive trade sector recorded RM1.76 trillion in sales last year, an increase of more than 5% compared with the RM1.67 trillion recorded in 2023. He said among the initiatives that have contributed to the encouraging trend is the Buy Malaysian Goods Campaign, which aims to boost sales of local products, especially involving micro, small and medium enterprises. He said the campaign has contributed some RM347mil in sales over the last two years through e-commerce platforms. 'We are also using e-commerce platforms to promote local products in collaboration with various parties, including e-commerce operators such as Lazada, Shopee and TikTok.
