24th Feb 2015 08:23
LONDON (Alliance News) - Graphene NanoChem PLC shares were trading higher on Tuesday morning after the company said its Malaysian joint venture has been given tax-exempt status in the country.
The advanced materials company said Scomi-Platinum Sdn Bhd, its joint venture with Scomi Oiltools, has been granted tax-exempt status by the Malaysian Ministry of International Trade Industry for its planned nano-enhanced oilfield chemicals facility in Port Klang.
The joint venture has been granted a full ten-year tax-exempt status for its statutory income, meaning it is fully exempt from paying corporation tax in Malaysia.
"We are highly encouraged by the strong support we continue to receive from the government of Malaysia in advancing our technology platform and the growth plan of our business and this latest progress provides a significant financial benefit to the group moving forward," said Graphene NanoChem Chief Executive Officer Jespal Doel.
Shares in the company were up 9.2% to 40.00 pence on Tuesday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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