The Cape Town-headquartered firm’s share price drops as much as 11.8%, the steepest intraday fall since April 2020
The share price of Coronation Fund Managers slumped after the asset manager said it would probably suspend interim dividends after a Supreme Court of Appeal ruling ordered it to pay additional taxes related to profits earned by its offshore operations.
The Cape Town-headquartered firm’s share price dropped as much as 11.8%, the steepest intraday fall since April 2020, before closing 11.05% down at R31.80. The loss came after Coronation issued a statement saying it had lost an appeal by the SA Revenue Service over a tax dispute going back to 2012, which centred on whether the profits of its Irish subsidiary should have been included in the taxable income of the group’s SA holding company...
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