KUALA LUMPUR (Oct 14): Shares in Heineken Malaysia Bhd and Carlsberg Brewery Malaysia Bhd rose at the midday break today after Malaysian brewers were spared excise duties on beer.
At 12.30pm, Heineken Malaysia gained 1.24% or 30 sen to RM24.54 while Carlsberg added 0.8% or 22 sen to RM27.60.
Last Friday (Oct 11), Heineken Malaysia commended the government for maintaining the excise duties on beer as well as the sales and services tax.
"We commend the government for this measured approach and not increasing the excise duties further but continue to demonstrate its commitment towards creating a progressive and more prosperous Malaysia for all," Heineken Malaysia managing director Roland Bala said in a statement following the Budget 2020 announcement.
Bala pointed out that the excise on beer in Malaysia is already among the highest in the world, resulting in a big gap between duty paid and duty not paid beers and stouts.