KUALA LUMPUR (Oct 6): SYF Resources Bhd said its wholly-owned subsidiary, SYF Development Sdn Bhd, has paid RM1.07 million to settle outstanding tax claimed by the Inland Revenue Board (IRB).

"The company will follow up with IRB to obtain their clearance and withdrawal of their legal proceedings against SYF Development," the wood-based furniture producer said in a filing with Bursa Malaysia today.

Yesterday, the subsidiary was served with a winding-up petition by IRB over alleged failure to settle outstanding amounts totalling RM2.41 million (including interest and penalty) for the years of assessment 2014 and 2015.

However, SYF Resources has clarified that the total amount outstanding as of to date is actually RM1.07 million as several payments had previously been made to IRB.

SYF Resources' share price closed up 0.5 sen or 1.07% at 47 sen, for a market capitalisation of RM291.04 million. Year to date, the counter has fallen by 11.32%. — theedgemarkets.com

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