GoTo slides as Indonesia exchange removes 50 rupiah price floor
TSH Resources shares dropped to their lowest level in over a month, declining by 8.76 percent to RM1.25 following the announcement of a RM42 million administrative fine imposed on its Indonesian subsidiary. The company's market capitalisation fell to RM1.6 billion, marking it as the 20th biggest loser on Bursa Malaysia. The fine was imposed by Indonesia's Forest Area Enforcement Task Force on TSH's 90% owned subsidiary, PT Sarana Prima Multi Niaga, for an area of 1,228.89 hectares outside their cultivated land.
The company clarified that these affected hectares were not included in their reported planted area, so there would be no reduction in their reported planted hectares. TSH does not expect any impairment of its plantation assets from the affected areas, and they are not expecting any further reductions in their reported financials.
The fine will be paid in four instalments starting September 25, with no other material impact on the company's financial position and operations.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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