KUALA LUMPUR (Apr 17): BSL Corp Bhd's wholly-owned subsidiary Crestronics (M) Sdn Bhd has failed again in its second appeal to the Ministry of Finance for the remission of two bills of demand from the Royal Malaysian Customs Selangor (RMCS) amounting to RM11.13 million.

In a filing with Bursa Malaysia today, the precision metal parts manufacturer said Crestonics received a letter dated April 10, 2018 from the Ministry of Finance (MoF) on April 13, 2018 saying that Crestonics' appeal of remission of import duty and sales tax has been rejected.

However, BSL said it will continue to take all necessary steps to protect the interests of BSL and its subsidiaries.

"Based on preliminary discussions with Crestronics’ tax solicitors, BSL is of the view that there are reasonable grounds to review the MoF’s decision by way of judicial review proceedings," it said in the filing.

"At this juncture, BSL is unable to determine precisely the financial impact to the group for the financial year ending Aug 31, 2018," it added.

On July 10, 2017, BSL announced that its first application of appeal against the bills of demand has not been approved.

On Dec 19, 2014, Crestonics received from RCMS the bills of demand for the import duty and sales tax, amounting to RM6.49 million and RM4.64 million respectively, applicable for the period from December 2011 to July 2014.

Today, BSL's shares closed up 2.5 sen or 4.85% at 54 sen while 108,100 shares changed hands, giving it a market capitalisation of RM52.18 million.