Eversendai unit in talks with IRB to withdraw winding-up petition following RM1.97m settlement

• Its wholly owned unit Eversendai Engineering Sdn Bhd (EESB) received the winding-up petition letter from IRB on Feb 21, claiming a total of RM1.97 million, being outstanding tax liabilities plus interest of 5% and cost.

KUALA LUMPUR (March 12): Eversendai Corp Bhd said its unit is currently in talks with the Inland Revenue Board (IRB) to withdraw the winding-up petition initiated by the IRB, following the settlement of the amount allegedly owed.

Its wholly owned unit Eversendai Engineering Sdn Bhd (EESB) received the winding-up petition letter from IRB on Feb 21, claiming a total of RM1.97 million, being outstanding tax liabilities plus interest of 5% and cost.

“The outstanding tax liabilities have been fully satisfied on March 12 (Tuesday) and EESB is now following up with LHDN (IRB) to withdraw the winding-up petition,” Eversendai told Bursa Malaysia.

The group further explained that the delay in making the announcement is due to miscommunication between the personnel in the subsidiary company and the holding company.

Save for the amount claimed, the winding-up petition is not expected to have other financial and operational impact or losses to the group, it added.

For the financial year ended Dec 31, 2023 (FY2023), Eversendai booked a net profit of RM26.62 million against a net loss of RM361.52 million a year ago. This was on the back of a 61% surge in revenue to RM1.45 billion from RM905.31 million previously.

As at end-December 2023, Eversendai had cash and bank balances of RM128.25 million, with short-term borrowings of RM1.03 billion and long-term borrowings of RM34.86 million.

Shares of Eversendai closed unchanged at 20.5 sen on Tuesday, giving the group a market capitalisation of RM156.12 million. Year to date, the counter has risen over 28%.

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