KUALA LUMPUR: Westports Holdings Bhd has been slapped with several bills of demand totalling RM59.51 million from the Royal Malaysian Customs.
In a filing with Bursa Malaysia today, Westports said its wholly-owned subsidiary Westports Malaysia Sdn Bhd has received several bills of demand amounting to RM59.51 million between July 17 and Sept 29, 2017.
"The demand included, inter alia, time-barred assessments for the years 2008 to 2011, import duty remittance for purchases of equipment and the Goods and Services Tax for purchases made after April 2015," it added.
Westports said its unit has been engaging with Customs and the Ministry of Finance, and has also sought additional inputs to provide guidance to the company, but it had received an unfavourable decision from the authorities on Dec 19, 2017.
"An appeal is being processed to facilitate the convergence towards an amicable settlement in relation to the demand," it noted.
Nevertheless, Westports said the demand is not expected to have a material impact based on the group's net assets.
"The group will make the necessary announcement on material new development relating to the matter," it added.
Westports shares closed up one sen or 0.28% at RM3.57 today, with 69,200 shares done, bringing a market capitalisation of RM12.17 billion.