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CNMC Goldmine Holdings Limited ( (SG:5TP) ) just unveiled an announcement.
CNMC Goldmine Holdings Limited has disclosed that its 81%-owned Malaysian subsidiary, CMNM Mining Group Sdn. Bhd., has received additional tax assessment notices from the Inland Revenue Board of Malaysia for the years of assessment 2019 to 2024, totaling RM29.57 million, comprising additional income tax and penalties. The assessments stem from the tax authority’s decision to disallow management fee expenses paid by CMNM to the Singapore-listed parent company, on the grounds that these fees are not deductible under Malaysia’s Income Tax Act. The Group, relying on professional tax advice, disputes the basis of the assessments, has engaged tax solicitors, and plans to file an appeal within the prescribed timeframe, while stating that the notices are not expected to materially affect its going concern status or operational viability.
The most recent analyst rating on (SG:5TP) stock is a Buy with a S$1.00 price target. To see the full list of analyst forecasts on CNMC Goldmine Holdings Limited stock, see the SG:5TP Stock Forecast page.
More about CNMC Goldmine Holdings Limited
CNMC Goldmine Holdings Limited is a gold mining and exploration group with operations in Malaysia, where it conducts mining activities through subsidiaries such as CMNM Mining Group Sdn. Bhd. The Group focuses on the extraction and production of gold and related minerals, primarily serving the regional resources and commodities market.
Average Trading Volume: 7,821,244
Technical Sentiment Signal: Buy
Current Market Cap: S$444.4M
Learn more about 5TP stock on TipRanks’ Stock Analysis page.