KUALA LUMPUR (Sept 23): Tri-Mode System (M) Bhd announced that it has obtained a freight forwarding agent license from the Royal Malaysian Customs Department (RMCD) on Sept 1 via the International Integrated Logistics Services (IILS) status.
In a statement on Friday (Sept 23), the integrated logistics service provider said the IILS status enables the group to have 100% equity ownership in the freight forwarding agent license, which in turn allows it to complete the integrated and seamless logistics services along the value chain as a single entity on a regional and global scale.
“Hence, Tri-Mode will be able to provide integrated logistics services under a single entity to its valued customers more efficiently with cost and time savings,” it added.
Meanwhile, Tri-Mode said its associate company Atama Logistics (M) Sdn Bhd obtained its Authorized Economic Operator (AEO) certification from RMCD.
“With this AEO certification, [it is] hence able to represent AEO status international agencies, multinational corporations (MNC), public-listed companies and its selected customers on priority fast customers clearance, faster release shipments, lower rate of physical inspection of cargo and enhanced security of transaction and improve risk mitigation, ” it explained.
Tri-Mode group managing director Datuk Hew Han Seng said that receiving the freight forwarding agent license and AEO certification marks a new milestone for the group towards providing international quality standards of logistics services in Malaysia.
“We are now proud to add value to our services by ensuring our valued customers are able to enjoy fast, secure, simple and efficient customs clearance and shipment handling for the import or export shipments under Tri-Mode group.
“Our range of quality services provided are now on par standards with international forwarders that make us more competitive in servicing local MNCs and international trade companies,” he added.
Hew also said Tri-Mode is in the final stages of obtaining certification from the Transported Asset Protection Association for its road transport division, which emphasizes global security standards on cargo movement to minimize the risk of cargo theft, crime and loss of goods.
“In today’s fast-moving global supply chain environment, the compliance to the international standards of logistics services, security, technology system and speed of cargo movement are crucial to our customers’ day-to-day business activities.
“Therefore, Tri-Mode is always ready to upgrade our services in order to provide reliable services to our customers and we believe our continued improvement activities will contribute positively to the future earnings of the group,” Tri-Mode added.
In view of the positive demand for warehousing and third-party logistics services, Tri-Mode said that it plans to construct a new warehouse of approximately 150,000 sq ft on its newly purchased industrial land, which it projects to be completed in the third quarter of 2023.
“The expansion to 273,000 sq ft (upon completion of the new warehouse) of warehouse space as part of its business expansion plan in the coming one to two years will further increase the warehouse services revenue and generate positive revenue to other services of the group as well,” it added.
Shares in Tri-Mode finished half a sen or 1.2% lower at 41 sen, giving it a market capitalization of RM68.06 million.