We refer to our announcements of 11 July 2024 and 1 August 2024 (collectively, “Previous Announcements”). Unless otherwise expressly provided herein, all definitions and abbreviations in this announcement shall bear the same meanings as those respectively assigned to them in the Previous Announcements.  

We wish to announce that the IRB has accepted the additional justifications and documentation presented by ASSB and MBNS, and each of ASSB and MBNS has agreed with the IRB on the revised assessment of all claims under the said Notices. Under the revised assessments, no penalties will be imposed, and ASSB and MBNS will claim capital allowance on the cost of production. This allows ASSB and MBNS to fully claim their cost of production which results in unabsorbed capital allowances that will be carried forward for offset against future income. 

In this respect and with this change in treatment, ASSB and MBNS have respectively accepted and signed the Settlement Agreement on 24 April 2025 with the IRB. The total sum payable to the IRB under the said Settlement Agreement for both entities is RM114,948,586.72 (comprising RM4,040,692.56 for ASSB and RM110,907,894.16 for MBNS) and the deferred tax assets arising from the unabsorbed capital allowances have been fully recognised. There is however no profit and loss impact arising from this settlement expected for the financial year ended 31 January 2025 and thereafter.

This announcement is dated 25 April 2025.