SPG, in which TNB has an indirect 70% interest, was granted leave by the High Court to commence judicial review against the tax authority, the power producer said in a filing with Bursa Malaysia today.

SPG said it had also been granted an interim stay of all further proceedings, including the enforcement of the notices, until the substantive hearing which has been fixed for Jan 11, 2024.

The notices are in reference to the years of assessments from 2017 to 2021 issued by LHDN on May 26, 2023 amounting in aggregate to RM78.49 million.

SPG had, on June 6, filed for a judicial review at the High Court to challenge the matters arising from the said notices.

On June 22, the High Court granted an interim stay of all further proceedings, including the enforcement of the notices until the leave hearing today.

For the record, SIPP Energy Sdn Bhd, a company associated with the Johor royal family, owns the remaining 30% interest in SPG.

SIPP Energy operates two 720-megawatt combined cycle gas turbine power plants in Pasir Gudang, Johor.

At the close of trading today, TNB’s share price was down two sen, or 0.2%, to RM9.87, giving it a market capitalisation of RM56.95 billion.