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BUSINESS

FMHB Group gets tax incentive nod on condition it invests at least RM245 mln

01/07/2021 09:46 AM

KUALA LUMPUR, July 1 -- Freight Management Holdings Bhd's (FMHB) wholly-owned subsidiary FM Global Logistics (M) Sdn Bhd (FMGLM) is required to invest at least RM245 million for the development of an e-commerce fulfilment hub in Shah Alam, Selangor, to qualify for the Investment Tax Allowance.

The freight services provider said that earlier this month, FMGLM received the approval letter from the Malaysian Investment Development Authority (MIDA) on the revision of conditions for the tax incentive for the integrated logistics services industry. 

The letter stipulated that FMGLM is required to make investments in capital expenditure related to integrated logistics services activities, including e-commerce fulfilment hub activities, of at least RM245 million, FMHB said in a filing with the stock exchange. 

“The company will proceed to finalise the plans for the development of integrated logistics services activities and e-commerce fulfilment hub activities in accordance with the conditions of the approval letter.

“The tax incentive is expected to contribute positively to the future earnings of the group,” it said. 

-- BERNAMA

 


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