Axiata shares fall 5 sen in early trade

18 Apr 2019 / 12:31 H.

PETALING JAYA: Axiata Group Bhd’s share price fell as much as 5 sen this morning after its subsidiary Ncell Private Ltd was ordered to pay capital gains tax of NPR39.06 billion (RM1.44 billion) by Monday.

The stock traded at a low of RM4.03 during early trade, 1.23% or 5 sen lower than its RM4.08 closing price yesterday. At midday, the stock was 0.49% or 2 sen lower at RM4.06 with 778,200 shares traded.

Yesterday, Axiata told Bursa Malaysia that Ncell received a letter from the Large Taxpayers Office in relation to the capital gains tax.

The capital gains tax is in relation to the indirect transfer to Axiata Investments UK of an 80% stake in Ncell through the sale of Reynolds Holdings Ltd by the previous foreign investor, TeliaSonera Norway Nepal Holdings AS.

“The letter stated that the assessment order issued against the seller (TeliaSonera) in relation to the transaction, has been transferred to Ncell and further states that the balance amount of the capital gains tax arising from the transaction due is NPR39.06 billion. Ncell has been ordered to deposit the said amount within seven days, or by April 22.”

Axiata and Ncell are currently reviewing the letter and are considering appropriate course in relation to the letter.

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