TIDMGRPH

RNS Number : 6892F

Graphene NanoChem PLC

24 February 2015

 
 For Immediate Release   24 February 2015

Graphene NanoChem PLC

("Graphene NanoChem" or the "Group")

Tax Exempt Status for Scomi-Platinum JV

Graphene NanoChem (AIM: GRPH), the performance nanochemicals and advanced materials company, is pleased to announce that Scomi-Platinum Sdn Bhd, its joint venture company with Scomi Oiltools ("Scomi-Platinum JV"), has been granted a pioneer status for strategic project approval by Malaysia's Ministry of International Trade Industry for its planned 45,000 MT per annum nano-enhanced oilfield chemicals facility in Port Klang, Malaysia ("Approval").

Under the Approval, the Scomi-Platinum JV has been granted a full 10-year 100% tax-exempt status for its statutory income pursuant to which it is fully exempted from paying corporation tax on taxable income. Malaysia currently imposes a fixed rate of 25% corporate tax on chargeable income.

Jespal Deol, Chief Executive Officer of Graphene NanoChem commented: "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."

For further information:

 
 Graphene NanoChem                              Tel: +603 2282 3080 
 Jespal Deol, Chief Executive Officer 
 
 Panmure Gordon (NOMAD and Broker) 
 Fred Walsh / Adam James / Tom Salvesen   Tel: +44 (0) 20 7886 2500 
 Tom Nicholson                                    Tel: +65 68248204 
 
 Buchanan                                 Tel: +44 (0) 20 7466 5000 
 Mark Edwards / Jason Day

About Graphene NanoChem

Graphene Nanochem plc is a technology commercialisation company that operates two commercial platforms, the Advanced Chemicals platform that manufactures renewable chemical products for high growth sectors and the Advanced Materials platform that focuses on graphene nanomaterials applications for selected industries targeting high performance use.

Headquartered in Malaysia, Graphene Nanochem was admitted to the AIM of the London Stock Exchange on 26 March 2013, following the reverse acquisition of Biofutures International plc, and trades under the symbol GRPH.L.

To find out more, please visit www.graphenenanochem.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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