Axiata unit appeals against capital gains tax levied

Analysts had said Axiata would have to accept the offer unless it was able to find a partner to fund a counterbid since M1 was a non-core asset. The 28.67% stake comprises 265.41 million shares.

PETALING JAYA: Axiata Group Bhd has confirmed that its 80%-owned unit Ncell Pte Ltd will be appealing against the Large Taxpayers Office’s (LTPO) assessment of the outstanding capital gains tax (CGT) amount it owes.

The telecommunications group was supposed to settle the 39.06 billion Nepalese rupees (RM1.45bil) that Nepal authorities had imposed on it as CGT for buying a stake in Ncell, which is the country’s largest mobile player.