A Malaysian unit of CNMC Goldmine is facing additional income tax and a penalty worth RM29.6 million
[SINGAPORE] Shares of Catalist-listed CNMC Goldmine fell as much as 7.3 per cent on Monday (Dec 22) as investors reacted to its Malaysian unit facing additional income tax assessments.
The counter fell to as low as S$1.01 seconds after market open, having previously closed at S$1.09.
The Inland Revenue Board of Malaysia on Friday hit CMNM Mining, the company’s 81 per cent-owned subsidiary, with additional income tax and a penalty worth RM29.6 million (S$9.4 million) for the years of assessment 2019 to 2024.
The gold producer said that it “strongly disagrees” with the additional tax liability, and will file an appeal to challenge the notices. It added that the notices are not expected to have a material adverse impact on the group’s going concern or operational viability.
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