1. INTRODUCTION

Pursuant to Paragraph 9.19(23) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Freight wishes to announce that FM Global Logistics Venture Sdn Bhd (“FMGLV”), a wholly-owned subsidiary of the Company has injected capital of USD140,000 (equivalent to RM588,280) which represents 70% of the voting interest in FM Global Logistics (USA), LLC (Federal ID Number: 83-0586403) (“FMGL(USA)LLC”).

The remaining capital of USD60,000 (equivalent to RM252,120) representing 30% of the voting interest in FMGL(USA)LLC are held by Panda Logistics USA, Inc, a company incorporated in United States of America.

Following the aforesaid capital injection, FMGL(USA)LLC will become an indirect 70%-owned subsidiary of Freight.

2. INFORMATION ON FMGL(USA)LLC

FMGL(USA)LLC was incorporated on 16 May 2018 as a limited liability company under the laws of the State of California. To-date, the paid-up capital of FMGL(USA)LLC is USD200,000 and its intended principal activities is integrated freight and logistics services.