The Board of Directors of Freight Management Holdings Berhad ("FMH") is pleased to announce that its wholly-owned subsidiary, Icon Line (Malaysia) Sdn Bhd ("Icon Line") has on 24 March 2010 entered into a Memorandum of Understanding ("the MOU") with Mr Dang Anh Binh ("Dang") to form a joint venture company for the purpose of starting a freight forwarding business in Vietnam.

The shareholding in the proposed joint venture company shall be in the following proportion:-

Icon Line - 51%
Dang - 49%

The MOU is not expected to have a material effect on the earnings and net assets of the Company and its subsidiaries.

None of the Directors, major shareholders of the Company and /or persons connected with them has any interest, direct and/or indirect in the MOU.

The Board of Directors of FMH is of the opinion that the MOU is in the best interest of the Group.

To the best knowledge of the Board of Directors of FMH, the MOU does not depart from the Securities Commission's Guidelines.

This announcement is dated 25 March 2010.