The Board of Directors of Tri-Mode ("Board") is pleased to announce that Tri-Mode had officially obtained PS certificate from Malaysian Investment Development Authority ("MIDA") today.

The PS certificate approved 70% tax exemption against Tri-Mode’s statutory income with effective from 1 July 2021 to 30 June 2026.

As announced in August 2021, Tri-Mode had received approval letters from MIDA for Integrated Logistics Services ("ILS") tax incentive. The ILS tax incentive enables Tri-Mode to enjoy 70% income tax exemption against statutory income for 5 years via the approved tax incentive-Pioneer Status under the Promotion of Investments Act, 1986.

With the approved date of PS, Tri-Mode will be able to claw-back tax relief from 1 July 2021 onward, estimated tax saving of approximately RM1.50 million (subject to income tax department verification) will be further improve Tri-Mode bottom line for current financial year. For financial year 2023 until June 2026, estimated at least 30% effective tax saving at group level will be benefit to Tri-Mode Group.

The Board is of the opinion that the above-mentioned PS tax incentive approval will contribute positively to the future earnings of the group.

This announcement is dated 13 December 2022.