Eden Falls 14% On Liquidation Risks - Eden Inc Bhd, which has been slapped with a winding-up petition by the Inland Revenue Board (IRB), fell almost 14% in early trade Thursday.
Eden is involved in food & beverage and tourism, energy as well as manufacturing businesses.
The counter tumbled 13.89%, or two sen to 16 sen with 1.5 million shares traded.
Eden has been slapped with a wind-up petition by the government of Malaysia for allegedly owing the IRB about RM3.2mil.
Consequently, Eden is to be wound-up by the court pursuant to Section 466(1)(e) of the Companies Act 2016, and that the cost of the petition will be paid out from the assets of the company.
Eden said the tax liabilities mainly resulted from the advance rental for the period of 10 years from 2013 until 2023 amounting to RM9.8mil received and recognised as a deferred income in 2013.
Eden said it had been negotiating with the IRB and it had also been making the payments.
0 comments:
Post a Comment