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KUALA LUMPUR, 30 JUNE: To qualify for the Investment Tax Allowance, Freight Management Holdings Bhd’s (FMHB) wholly-owned subsidiary FM Global Logistics (M) Sdn Bhd (FMGLM) must invest at least RM245 million in the building of an e-commerce fulfillment hub in Shah Alam, Selangor.
FMGLM obtained clearance from the Malaysian Investment Development Authority (MIDA) on the adjustment of conditions for the tax incentive for the integrated logistics services industry earlier this month, according to the freight services provider.
According to FMHB’s statement with the stock exchange, the letter mandated that FMGLM must invest at least RM245 million in capital expenditure linked to integrated logistics services activities, including e-commerce fulfilment hub activities.
“In accordance with the conditions of the approval letter, the company will proceed to finalize the plans for the development of integrated logistics services activities and e-commerce fulfilment hub activities,” it said. “The tax incentive is expected to contribute positively to the group’s future earnings.”
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