KUALA LUMPUR (Sept 18): Pipe-and-valve maker Pantech Group Holdings Bhd (KL:PANTECH) has been slapped with capital gains tax amounting to RM6.76 million by the Inland Revenue Board (IRB).

“The board of directors of Pantech Group Holdings Bhd wishes to announce that the company has on Sept 12, 2025 received Notice of Assessments for Capital Gains Tax from the IRB for the year of assessment 2025, amounting to RM 6,759,377.27,” said Pantech in a bourse filing.

The company is currently seeking professional advice and intends to initiate a formal appeal to the IRB.

The company saw its first quarter net profit more than halve to RM10.93 million from RM26.27 million a year earlier, due to lower contributions from its trading and manufacturing segments, as well as reduced revenue.

Revenue for the first quarter ended May 31, 2025 (1QFY2026) dropped 13.68% to RM220.74 million, from RM255.72 million in 1QFY2025, primarily dragged by lower topline from the trading segment, its bourse filing in July showed.

Pantech Group completed the listing of two wholly owned subsidiaries on the Main Market of Bursa Malaysia via Pantech Global Bhd (KL:PGLOBAL) this year.

Pantech shares traded half a sen or 0.76% lower at 65.5 sen on Thursday, giving the group a market capitalisation of RM560 million. Year to date, the counter has fallen 30%.

Read also:
Pantech Group declares special dividend even as 1Q profit tumbles