Maxis wishes to announce that on 17 November 2020, MBSB was served with notices of additional assessment with penalties for years of assessment 2016 and 2017 totaling to RM140 million. The said notices of additional assessment were raised mainly pursuant to the disallowance of MBSB’s deduction of interest expenses incurred during the said years of assessment.

Based on legal advice obtained,  MBSB will initiate legal proceedings to challenge the basis and validity of the disputed notices of additional assessment raised by the DGIR and the penalty imposed.

There will not be any imminent financial effects on the Maxis Group pending the outcome of the legal proceedings. 

The Company will provide updates from time to time of any material development to this matter.

This announcement is dated 20 November 2020.