JUDGMENT

Vazeer Alam Mydin Meera FCJ:

Introduction

[1] This appeal concerns the issue of whether fixed or ad valorem stamp duty is payable under the Stamp Duty 1949 ("Act") on a commercial contract, namely, an Asset Purchase Agreement.

Background Facts

[2] On 6 February 2020, the appellant, Havi Logistics (M) Sdn Bhd, entered into an Asset Purchase Agreement ("the Agreement") with Martin-Brower Malaysia Co Sdn Bhd ("MB Malaysia") to purchase certain assets and liabilities.

[3] The principal operative clauses in the Agreement were cls 2.1(a) to (c). They read as follows:

2.1 Acquired Assets and Assumed Liabilities.

(a) Subject to and in accordance with the terms of this Agreement, the Seller hereby sells, transfers, conveys, assigns and delivers to the Purchaser, and the Purchaser hereby purchases from the Seller at the Closing, all of the Seller's right, title and interest in and to the Acquired Assets.