The Board of Directors (“Board”) of AME Elite Consortium Berhad (“Company”) wishes to announce that AME Development Sdn Bhd, a wholly-owned subsidiary of the Company, had been served with a Notice of Additional Assessment, dated 30 June 2021, by the IRB, for additional income tax and penalty amounting to RM7,162,159.10 for the year of assessment 2018 (“Notice of Additional Assessment”). The Notice of Additional Assessment was raised mainly pursuant to the dispute by the IRB on the withdrawal of stocks as investment properties.

After consulting its tax agent and tax solicitors, the Company is of the view that there are reasonable grounds to challenge the basis of assessment raised by the IRB. The Company shall proceed to file an appeal against the Notice of Additional Assessment. The Company is taking further advice from its tax agent and tax solicitors in order to take all necessary actions to protect the interest of the Company.

There will not be any imminent financial effects on the Company pending the outcome of the appeal.

Further announcement would be made should there be any material development on this matter.

This announcement is dated 5 July 2021.