Thursday 28 Mar 2024
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KUALA LUMPUR (April 22): JCY Group, one of the largest hard disk drive (HDD) component manufacturers in the world, has established a principal hub in Johor.

The group today said that besides controlling the supply chain functions, the new Johor entity will act as the main decision maker for key growth strategies and manage the profit and loss of the Group's subsidiaries in Malaysia and overseas.

JCY International Bhd chairman Dr Rozali Mohamed Ali said at a media briefing that the principal hub would serve as the paramount decision-making center for all the operations of all companies within the JCY group, globally.

JCY is the first Malaysian public listed company to join the principal hub initiative.

The new project is slated to create around 65 new jobs for Malaysians, making them eligible for five years of tax exemption on income derived from qualifying services and trading activities.

An additional five years of tax exemption could be granted to the company provided they meet additional commitments in operating expenditure and employment.

The government-developed initiative was started with the incentive of growing the service sector related to high technology, high value-added and knowledge based activities. Since its introduction in May 2015, a total of 12 principal hub projects with investments worth RM7.31 billion have been approved.

At the midday break, JCY rose 0.5 sen or 0.71% to 71 sen with 167,800 shares traded.

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