Nepal court rules Axiata, Ncell to pay tax
Axiata Group Bhd (Axiata) has confirmed the Supreme Court of Nepal (SC) has issued its full written order on April 9, 2019, which states the Large Taxpayers Office (LTPO) should determine the outstanding tax amount to be paid within three months from the date of receipt of the order by the LTPO. It added the responsibility to pay tax lies with Ncell and Axiata and the SC also indicated that distribution of dividends and any sale of Ncell shares by anyone should not be granted until the tax obligation is satisfied. In a release yesterday, Axiata noted it and Ncell are reviewing the decision of the SC. The public interest litigants in the case had sought various orders from the SC including that tax be collected from Ncell and Axiata Investments UK Ltd (Axiata UK) in relation to the indirect transfer to Axiata UK of an 80% stake in Ncell through the sale of Reynolds Holdings Ltd, by the previous foreign investor, TeliaSonera Norway Nepal Holdings AS to Axiata UK.
Scania expects strong 2019 performance
Scania Malaysia sold 393 trucks last year, making it a record year for the 128 year-old Swedish heavy commercial vehicle producer since it began operations in Malaysia in the 1970, its new release yesterday stated. Scania expects its latest award-winning new truck generation offering that has been designed and engineered to give fleet owners greater total operating economy and profitability, as well as lower CO2 emissions, will continue to drive sales in 2019.
MHB-HSEL bags five-year contract from Petronas
Malaysia Marine and Heavy Engineering Holdings Bhd’s (MHB) wholly-owned subsidiary, Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) and joint venture partner Hiap Seng Engineering Ltd (HSEL), have been awarded a master service agreement from Petroliam Nasional Bhd (Petronas) to provide integrated turnaround main mechanical and maintenance mechanical static services for its plants group wide. MMHE, noted in its exchange filing yesterday, the agreement is valid for a period of five years with option to extend by Petronas. The contract value was not stated.
Abdul Azim, Rasila named Seacera’s independent and non-executive directors
Seacera Group Bhd has appointed Datuk Seri Abdul Azim Mohd Zabidi and Rasila Hamzah as the company’s independent and non-executive directors effective Apr 10, 2019. Seacera has also inked a memorandum of understanding (MoU) with Sinar Tile Industries Sdn Bhd (STISB) to operate STISB’s tiles manufacturing factory in Kuching, Sarawak. The agreement shall become effective from the execution date of the MoU and shall subsist for a period of three months, Seacera noted in its exchange filing yesterday. Seacera added it has received a letter from Datuk Tan Wei Lian stating he intends to withdrawn the Notice of Extraordinary General Meeting (“EGM”) dated March 28, 2019.