AAP
Building materials supplier James Hardie has gone into a trading halt ahead of an application by the Australian Taxation Office (ATO) in the High Court on Friday.
"The outcome of the decision is considered material to trading in the company's securities," it said in a statement to the Australian Securities Exchange on Thursday.
In August last year, three Federal Court judges decided a $368 million tax appeal in its favour over a tax bill relating to a 1998 international corporate restructuring.
After losing the initial case last year to the ATO, James Hardie - which reports in US dollars - took a large hit on its full-year profit, accounting for the $368 million tax bill plus interest and currency changes.
In the statement on Thursday, company secretary Marcin Firek said James hardie would request trading restart immediately after a High Court decision in the matter.
James Hardie Industries is an industrial building materials company, specialising in fibre cement products, headquartered in Ireland and listed on the Australian Securities Exchange.
