Bina Puri faces two winding-up petitions from IRB over alleged tax debt

• Bina Puri Properties Sdn Bhd was served a petition in relation to unpaid taxes amounting to RM849,499, while Bina Puri Sdn Bhd (BPSB) received a separate petition over a larger tax sum of RM4.2 million, according to the group's bourse filings on Tuesday.

KUALA LUMPUR (July 8): Bina Puri Holdings Bhd (KL:BPURI) said on Tuesday that two of its wholly-owned subsidiaries have been served with winding-up petitions by the government, via the Inland Revenue Board, for failing to settle outstanding tax liabilities.

Bina Puri Properties Sdn Bhd was served a petition in relation to unpaid taxes amounting to RM849,499, while Bina Puri Sdn Bhd (BPSB) received a separate petition over a larger tax sum of RM4.2 million, according to the group's bourse filings on Tuesday.

Both petitions were filed at the High Court in Shah Alam.

The two subsidiaries are seeking legal and tax advice, and intend to take all necessary steps to oppose the petition, the group said. Hearings for both petitions have been fixed for September 29.

Bina Puri said neither Bina Puri Properties nor BPSB are major subsidiaries as defined under Chapter 1 of the Main Market Listing Requirements of Bursa Malaysia Securities.

“There will be no immediate financial and operational impact and no expected loss to the group arising from the petition,” it added.

The latest development brings the number of winding-up petitions faced by Bina Puri and its subsidiaries to at least five in 2025 alone.

In May, another wholly-owned unit, Bina Puri Sdn Bhd, was served a winding-up petition by Fujifilm Business Innovation Asia Pacific Pte Ltd over an alleged outstanding debt of RM309,129.  The group has said that the amount in question was covered under a court-sanctioned scheme of arrangement and labelled the filing of the petition as “inappropriate” and in breach of the scheme.

In April, Bina Puri itself was hit with a winding-up petition by Wisma Majujaya Sdn Bhd over the alleged failure to pay RM30 million that was awarded by the court in a summary judgment linked to a disputed joint venture in Johor Bahru. The group has contested the claim, calling the agreement unenforceable and likening the transaction to unlicensed moneylending.

In February, the company received a winding-up petition from Export-Import Bank of Malaysia Bhd over unpaid sums amounting to US$4.9 million (RM21.75 million) and RM17,253. At the time, the group said it was in negotiations to resolve the matter amicably.

Bina Puri was also recently in the spotlight after shares of its warrant B (BPURI-WB) surged on April 24, the same day a hacking trading incident was reported at Bursa Malaysia, involving approximately 80 accounts.

Shares of Bina Puri closed up two sen or 6.56% at 32.5 sen on Tuesday, valuing the group at RM264.6 million.

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