<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Sept 14): Tenaga Nasional Bhd’s (TNB) indirect 70%-owned subsidiary Southern Power Generation Sdn Bhd has been allowed to proceed with its challenge of additional tax assessments from the Inland Revenue Board (IRB) amounting to RM78.49 million via a judicial review.</p></div>

<div class=newsTextDataWrapInner><p>In a bourse filing on Thursday, TNB said the High Court had granted Southern Power Generation leave (permission) to commence a judicial review against the notices of assessment issued by IRB dated May 26 for additional taxes for the years of assessment of 2017 to 2021.</p></div>

<div class=newsTextDataWrapInner><p>The court also granted the unit an interim stay of all further proceedings, including enforcement of the notices, until a hearing fixed for Jan 11, 2024.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The remaining 30% of Southern Power Generation is owned by SIPP Energy Sdn Bhd, a company linked to the Johor royalty.</p></div>

<div class=newsTextDataWrapInner><p>Southern Power Generation operates two 720MW combined cycle gas turbine power plants in Pasir Gudang, Johor.</p></div>

<div class=newsTextDataWrapInner><p>Shares in TNB ended two sen or 0.2% lower at RM9.97 on Thursday, valuing the national utility company at RM56.95 billion.</p></div>

<div class=newsTextDataWrapInner><p><em>Read also:</em><br />
<a href="https://theedgemalaysia.com/node/672239" target="_blank"><em>TNB’s unit Southern Power to challenge IRB's additional RM78 mil tax assessment</em></a><br />
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Tenaga Nasional Bhd’s (TNB) indirect 70%-owned subsidiary Southern Power Generation Sdn Bhd has been allowed to proceed with its challenge of additional tax assessments from the Inland Revenue Board (IRB) amounting to RM78.49 million via a judicial review.

TNB unit secures court permission to challenge IRB’s additional RM78.49 mil tax assessment

Eligible individuals, small-scale companies, or organisations may apply for a special permit to purchase diesel exceeding the standard limit.

Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali said the special permit is solely for approved uses and not for resale purposes.

Special permit required for diesel purchases exceeding limit — Domestic Trade Ministry

SHAH ALAM (Dec 12): Datuk Seri Anwar Ibrahim has described those questioning his action of submitting the issue of the royal addendum decree involving Datuk Seri Najib Tun Razak for consideration by His Majesty Sultan Ibrahim, as lacking knowledge and not interested in seeking the truth.

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Those questioning royal addendum issue lack knowledge, uninterested in seeking the truth — PM

Penang has attracted patients from across the globe, particularly from Indonesia, Singapore and China as the state has emerged as a leading hub for medical tourism in Southest Asia over the last 10 years.

Penang has emerged as leading hub for medical tourism in Southeast Asia — Chow

Eco World Development Group Bhd’s (KL:ECOWLD) largest shareholder and deputy chairman Datuk Leong Kok Wah has been redesignated as a non-independent non-executive director, effective immediately.

Eco World Development deputy chairman Leong Kok Wah redesignated as non-executive director

The S&P 500 and the Nasdaq slipped on Thursday after ending the previous session on a positive note, while investors assessed some of the last economic datasets ahead of the Federal Reserve's meeting.

S&P, Nasdaq take breather as markets assess economic data

Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday.

Gamuda, EcoWorld, Sapura Energy, Bermaz Auto, Hiap Teck, Uni Wall APS, GDB, Paramount, Homeritz, Dataprep, Kerjaya Prospek 

Warner Bros Discovery on Thursday decided to separate its declining cable TV business from the streaming and studio operations, laying the groundwork for a potential sale or spinoff of its TV business as cord-cutting picks up pace.

Warner Bros Discovery plans two-way split aiming for potential cable deal 

Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said said on Thursday that the motion she tabled to debate the Royal Commission of Inquiry's (RCI) report on Pulau Batu Puteh, Middle Rocks and South Ledge in Dewan Rakyat is not intended to prosecute any individual involved.

Motion to debate Batu Puteh RCI sparks fierce debate, Azalina says it isn't to prosecute anyone

US wholesale inflation unexpectedly accelerated in November on a surge in egg prices, while other categories suggested a muted increase in the Federal Reserve’s preferred price gauge.

US producer prices jump on eggs but Fed categories come in soft

Datasonic Group Bhd (KL:DSONIC) has proposed to change its name to NEXG Bhd.

Datasonic proposes name change to NEXG

<p>Food and beverage services cafe chain operator Oriental Kopi Holdings Bhd on Thursday signed an underwriting agreement with Alliance Islamic Bank Bhd for its proposed initial public offering (IPO) on the ACE Market of Bursa Malaysia.</p>


Oriental Kopi looking at IPO in 1Q, inks underwriting agreement with Alliance Islamic Bank

<p>Paramount Corp Bhd (KL:PARAMON) is acquiring a 18,317 sq m leasehold land together with a residential development comprising 93 units of low-rise luxury condominium in Taman U-Thant, Kuala Lumpur for RM145 million cash.</p>


Paramount buys land, 93 condominium units in KL for RM145 mil

<p>YTL Power International Bhd released its Malaysian large language model (LLM), Ilmu 0.1, which outperforms global counterparts in Bahasa Melayu. &nbsp;</p>

<p>Ilmu 0.1 was released in conjunction with the launch of the National AI Office by the Digital Ministry, according to the company’s statement on Thursday.&nbsp;</p>


YTL Power releases Malaysian large language model Ilmu 0.1 

<p>Gamuda Bhd (KL:GAMUDA) reported that its net profit climbed 5.31% in the August-October quarter as revenue jumped on improved contributions from all segments. It also achieved a record high order book of RM30 billion.</p>


Gamuda pays five sen dividend as 1Q profit climbs 5%; order book hits record RM30b

<p>Kerjaya Prospek Property Bhd (KL:KPPROP) said it will redeem the outstanding 1.72 billion redeemable convertible preference shares (RCPS) issued in 2019 by the investment vehicle of its controlling shareholder Datuk Tee Eng Seng for RM292.07 million on Jan 9.</p>


Kerjaya Prospek to pay Tee Eng Seng’s family vehicle RM292m in preference share redemption

<p>Datuk Seri Najib Razak on Thursday testified to his version of events when The Edge Media Group chairman Tan Sri Tong Kooi Ong had come to his house in 2015 to warn him about the misappropriation of 1Malaysia Development Berhad (1MDB) funds. The former prime minister said that when Tong came to visit him, he had already consented to a request by the then auditor general (AG) to investigate 1MDB. Najib also denied showing Tong the door.</p>


Najib denies showing The Edge's owner the door during his visit, claims he already agreed to 1MDB probe

<p>GDB Holdings Bhd (KL:GDB), which specialises in high-rise construction projects, said it has bagged a RM298 million contract to build a&nbsp; logistics warehouse in Bandar Bukit Raja 2, Klang.</p>


GDB Holdings clinches RM298m warehouse project from SimeProp’s JV unit

<p>Datuk Seri Najib Razak has maintained that the monies in his personal account were not misused for his personal gain, but was used for Corporate Social Responsibility (CSR) projects for the public's benefit.</p>


1MDB-Tanore: Najib says might as well call him ‘modern-day Robin Hood’

<p>Here is a brief recap of some business news and corporate announcements that made the headlines on Thursday.</p>


<p>Hurt by foreign exchange (forex) losses of RM213.06 million, Sapura Energy Bhd (KL:SAPNRG) fell into a net loss of RM286.05 million in its third quarter ended Oct 31, 2024 (3QFY2025), from a net profit of RM31.79 million a year earlier. &nbsp;</p>


Forex losses drag Sapura Energy into RM286 mil quarterly net loss

<p>Dataprep Holdings Bhd (KL:DATAPRP) has proposed a share capital reduction to wipe out up to RM100 million of the company’s accumulated losses, followed by a private placement involving up to 30% of its issued shares to raise RM30.2 million to fund project expenditures, raise working capital and repay its borrowings.</p>


Dataprep proposes RM100 mil capital reduction and private placement raising fresh fund

<p>China signalled more public borrowing and spending in 2025 with a shift of policy focus to consumption, stepping up stimulus to recharge growth ahead of looming US tariffs.</p>


China vows bigger fiscal spending to boost consumption next year 

<p>Bermaz Auto Bhd (KL:BAUTO), primarily known for assembling Mazda-branded vehicles, saw a 55% drop in net profit for its second quarter ended Oct 31, 2024 (2QFY2025), marking the third consecutive quarter of declining profitability due to intensified competition in the automotive market.</p>


Bermaz Auto flags challenging outlook as 2Q net profit declines, declares three sen dividend

<p>Steel manufacturer Hiap Teck Venture Bhd (KL:HIAPTEK) has reported a net profit of RM34.7 million for its first quarter ended Oct 31, 2024 (1QFY2025), compared to a net loss of RM9.43 million a year earlier. Earnings per share stood at 1.99 sen compared to a loss per share of 0.54 sen previously.</p>


Hiap Teck posts RM34.7 mil quarterly net profit, sees continued challenges for steel market

<p>IN July 1985, as the Live Aid concerts played simultaneously to packed crowds in Wembley Stadium in London, England, and John F Kennedy Stadium in Philadelphia, the US, aiming to raise funds for famine relief in Ethiopia, word emerged that the financial backer for the organisers, musicians Bob Ge...

The passing of an icon

<p>Hong Seng Consolidated Bhd (KL:HONGSENG) said it has been asked to stop conducting business using the “Hong Seng” name and trademark. &nbsp;</p>

<p>The request was made in a notice issued by Hong Seng Group, under the stewardship of Hong Seng Consolidated’s former executive chairman Datuk Seri Teoh Hai Hin, according to the diversified group’s bourse filing on Thursday.</p>


Hong Seng Consolidated receives notice from ex-chairman to cease use of Hong Seng name

<p>Xiaohongshu, the Instagram-style app that took off among younger Chinese during the pandemic, is on track to double profits to more than US$1 billion (RM4.4 billion) in 2024 ahead of a potential IPO.</p>


China’s Instagram-style Xiaohongshu crosses US$1b in profit

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<p>Eco World Development Group Bhd's, or EcoWorld Development, (KL:ECOWLD) posted a net profit of RM83.42 million for the fourth financial quarter ended Oct 31, 2024 (Q4FY2024), a big leap compared with RM3.29 million in the preceding financial year.</p>


EcoWorld’s 4QFY2024 net profit soars, declares two sen final dividend

<p>Upholstery furniture manufacturer Homeritz Corp Bhd (KL:HOMERIZ) has reported a fire incident at one of its production facilities in Muar, Johor, with the financial impact of the incident still under evaluation.</p>
