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Customs slaps Tan Chong unit with RM180 mil bill

TheEdge Wed, May 27, 2020 05:44pm - 1 month ago

KUALA LUMPUR (May 27): The Royal Malaysian Customs Department (RMCD) has slapped Tan Chong Motor Holdings Bhd’s manufacturing unit Tan Chong Motor Assemblies Sdn Bhd (TCMA) with an RM180.11 million bill for excise duties from Nov 1, 2016 to Oct 31, 2019.

“TCMA does not admit to any liability on the demands made by the RMCD and will take the appropriate measures upon seeking further advice on the matter,” it said in a bourse filing.

“The Company will update any material developments on the above matter from time to time,” it added.

TCMA is the automotive group’s manufacturing subsidiary. Besides its facility in Serendah, Selangor, it also maintains assembly plants in Da Nang, Vietnam and Yangon, Myanmar, according to Tan Chong’s website.

The subsidiary has built passenger and commercial vehicles for Nissan, Renault, Subaru, Mitsubishi, UD Trucks, Foto and Bison trucks.

Tan Chong shares on Bursa Malaysia finished 1.89% or two sen higher at RM1.08, valuing the company at some RM704.64 million. It saw 7,500 shares done today.

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