Stock Track | CNMC Goldmine Plummets 6.42% Intraday After Malaysian Unit Hit with S$9.4 Million Tax Penalty

Stock Track

12/22

CNMC Goldmine's stock (5TP.SI) plummeted 6.42% during the intraday session on Monday, following news that its Malaysian unit was slapped with an additional income tax and penalty of RM29.6 million (S$9.4 million) by the Inland Revenue Board of Malaysia for the assessment years 2019 to 2024.

The Catalist-listed gold-mining company announced on Friday that it intends to file an appeal against the penalty. However, investors reacted negatively to the news, likely due to concerns over the financial impact of the penalty on the company's operations and profitability.

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