KUALA LUMPUR: There could be lengthy negotiations ahead as Hibiscus Petroleum Bhd
and the Sabah state government attempt to resolve the impasse over the payment of Sales and Service Tax (SST) in the state.
According to Hong Leong Investment Bank (HLIB) research analyst Jeremie Yap, who attended a briefing conducted by Hibiscus, the oil producer seems unwilling to budge on the issue.
"Post-briefing, we came to an opinion that the entire debacle will require more time to solve and is inconclusive at the moment, pending further negotiations with the Sabah state government," he reported in a briefing update.
"From the tone of the key management team throughout the entire discussion, Hibiscus sounded rather bent on assessing its options rather than caving in to pay the SST.
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