We are pleased to announce that Freight Management Holdings Bhd [“FMHB” or “Company”] has via Icon Line (Malaysia) Sdn Bhd [“ILM”], a wholly-owned subsidiary of FMHB, on 29 May 2013 entered into a joint venture agreement with 1 Global Enterprises Pte. Ltd [“1GE”] to set up a joint venture in India via a Joint Venture Company known as FM Global Logistics (India) Pte Ltd [“FMGLI”] which was incorporated on 28 May 2013 under the Companies Act, 1956 (No. 1 of 1956) of India. 

The intended activity of FMGLI is to provide integrated logistics services to and from South India, India. FMGLI will have an authorised share capital of Rs. 2,00,00,000 (Rupees Two Crores) divided into 20,00,000 (Twenty Lakh) shares of Rs. 10/- (Ten) each. The paid up share capital of FMGLI shall be decided at a later date and the capital will be contributed as follow:-

i)          51% from ILM; and

ii)        49% from IGE.

Upon the completion of the allotment of capital, FMGLI will be a 51%-owned subsidiary of ILM.

The investment in FMGLI is not expected to have any material impact on the earnings and net tangible assets of the Group for the financial year ending 30 June 2013 but is expected to contribute positively in the future.

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

This announcement is dated 30 May 2013.