Hibiscus active, rises 3.6% on pledge to resolve sales tax issues with Sabah
KUALA LUMPUR (July 20): Shares in Hibiscus Petroleum Bhd rose 3.57% in active trade after the company said it is committed to resolving the state sales tax issues with the Sabah authorities in an amicable and collaborative manner, and will ensure minimal disruptions to its operations in the state.
At 9.18am, Hibiscus added three sen to 87 sen with 6.01 million shares done.
It was reported that Sabah will be cancelling the working permits for Hibiscus’ two oil units operating in that state if they do not settle the taxes and penalties owed within the stipulated deadline.
Quoting State Finance Minister II Datuk Masidi Manjun on Tuesday (July 19), Malay Mail Onlinereported that a notice of action has been issued to Repsol Oil & Gas Ltd and SEA Hibiscus Sdn Bhd, both of which are wholly owned by Hibiscus, on July 8 after a grace period of one week to settle the arrears.
“We issued a notice on July 8 to say that all working passes will be cancelled on Oct 1, 2022 if payment is not settled,” he was quoted as telling the Sabah state legislative assembly.
Source: The Edge Market
