Foreign investment in road freight transportation services is limited to 49% foreign equity ownership. Foreign participation in providers of cold chain facilities (e.g. cold room and refrigerated truck facilities and related services that involving warehousing and transportation services) is equally limited to 49% equity interest. In the case of Integrated Logistics Services providers, foreign shareholding is limited to 40%. However, International Integrated Logistics Services providers, as well as shipping agents and freight forwarders are allowed to have 100% foreign equity ownership. Foreign investment in public passenger transportation services (e.g. bus, taxis etc.) is generally prohibited, except for tourism-related services (e.g. sightseeing buses, tour bus). Foreign investment in railway transportation and related services is permitted without restriction.
"2. TRANSPORTATION SERVICES
2.1 Licensing and Registration
Investors intending to provide transportation services are required to incorporate a company under the Companies Act, 1965.
The following licences are required to be obtained:
(i) Licence for Commercial Vehicle and Haulage
-  Transportation Services: Companies intending to provide transportation services to third parties using commercial vehicles are required to obtain Carrier Licence A and companies that provide services for their own use are required to obtain Carrier Licence C. Both licences must be obtained from the Land Public Transport Commission (SPAD) for operators in Peninsular Malaysia and Commercial Vehicles Licensing Board (CVLB) for operators in Sabah and Sarawak, in accordance with the Commercial Vehicles Licensing Board Act, 1987. Applications should be submitted to SPAD/CVLB. [...] 
2.2 Equity Policy
Companies intending to provide transportation services are required to comply with the equity conditions imposed by SPAD/CVLB as follows:
-  Licence A application: The company must have at least 51% Malaysian equity (including 30% Bumiputera equity) and up to 49% foreign equity ownership is allowed. The approval will be subjected to the decision by the Licensing Committee. For courier services providers, up to 100% foreign equity ownership is allowed.
-  Licence C application: Up to 100% foreign equity ownership is allowed.
[...]
3. FREIGHT FORWARDING/CUSTOMS CLEARANCE AND SHIPPING SERVICES
Investors intending to undertake freight forwarding and shipping services are required to incorporate a company under the Companies Act, 1965.
3.2 Equity Policy
-  Freight Forwarding Agent/Customs Agent: Before acquiring a Freight Forwarding Agent/Customs Agent Licence from the Royal Malaysian Customs Department, the company must obtain an International Integrated Logistics Services (IILS) status from MIDA.
-  Shipping Agent: 100% foreign equity ownerships is allowed.
4. INTEGRATED LOGISTICS SERVICES (ILS)
The main activities in the Integrated Logistics Services (ILS) are freight forwarding, warehousing, transportation and other related value-added services such as distribution, procurement and supply chain management in an integrated basis.[...]
4.2 Eligibility criteria
Companies that meet the following criteria can apply for the ILS incentives:
-  Incorporated under the Companies Act, 1965; 
-  At least 60% of its equity is held by Malaysians [...]
4.3 Equity policy
An ILS company that is approved with tax incentive under the Promotion of Investments Act, 1986 must have at least 60% Malaysian equity.
[...]
5. INTERNATIONAL INTEGRATED LOGISTICS SERVICES (IILS)
An International Integrated Logistics Services (IILS) provider is a company that provides integrated and seamless logistics services (door-to-door) along the logistics supply chain as a single entity on a regional or global scale.[...]
5.2 Qualifying Criteria
(i) Local incorporation under the Companies Act, 1965. [...] (v) Use Malaysia as a hub for logistics supply chain services in the region.[...]
5.3 Equity Policy
A company that is approved with IILS status is allowed 100% foreign equity ownership.
[...]
6. COLD CHAIN FACILITIES
6.1 Licensing and Registration
Investors intending to provide cold room and refrigerated truck facilities and related services that involving warehousing and transportation services are required to:
-  Incorporate a company under the Companies Act, 1965; -  Obtain operating licences for: -Public/Private Bonded Warehouse;- Licences for Commercial Vehicles and Haulage (Class A Licence) [...](MIDA, Malaysia: Investment in The Services Sector - Policies, Incentives and Facilities -  Booklet 4: Logistics Services, 2017)
---------------------
"INTERPRETATION (According to Road Transport Rules and related Acts)
- CARRIER TRUCK 'A' A vehicle that carries goods for hire or hire for or in connection with any trade or business carried on.
- CARRIER TRUCK 'C' A vehicle that carries its own goods for or in connection with any trade or business carried on
[...]
CARRIER 'A' SPECIAL POLICY
1) Current policy
- Open to Individuals, Partnership Companies, Sdn.Bhd Companies, Bhd Companies. and Cooperatives.
- Foreign equity ownership is allowed up to 49% (at least 30% of the local equity is Bumiputera).
- For courier service applications, foreign equity ownership is allowed 100%.
2) Area of operation
- Carrier A can operate throughout Peninsular Malaysia.
[...]
SPECIAL POLICY OF CARRIER A (CONTAINER) 
1) Current Policy
- Applications from Sdn.Bhd Companies, Bhd Companies and Cooperatives only. 
- Freeze for new entrepreneurs 
- Foreign equity ownership is allowed up to 49%. (at least 30% of the local equity is Bumiputera) 
2) Area of Operation 
- Can operate throughout Peninsular Malaysia.
[...]
BUS 
GENERAL POLICY [...]
8) Foreign equity ownership in public transport service license ownership is not permitted except for sightseeing buses.
9) Application for high-tech public transport license ownership, foreign equity ownership is allowed up to 100%.
[...]
PUBLIC TRANSPORTATION
SPECIAL POLICY OF BUS STOPS [...]
4) Eligible Applicant Criteria [...]
iv. Has 100% equity owned by Malaysians.
[...]
CATAR BUS SPECIAL POLICY [...]
4) Eligible Applicant Criteria [...]
iv. Has 100% equity owned by Malaysians.
[...]
EXPRESS BUS SPECIAL POLICY [...]
4) Eligible Applicant Criteria [...]
iv. Has 100% equity owned by Malaysians.
[...]
MINI BUS SPECIAL POLICY [...]
4) Eligible Applicant Criteria [...]
iv. Has 100% equity owned by Malaysians.
[...]
SPECIAL RURAL MINI BUS POLICY [...]
5) Eligible Applicant Criteria [...]
iv. Has 100% equity owned by Malaysians.
[...]
INTERMEDIATE BUS SPECIAL POLICY [...]
4) Eligible Applicant Criteria [...]
iv. Has 100% equity owned by Malaysians.
[...]
SPECIAL POLICY FOR EMPLOYEE BUS [...]
4) Eligible Applicant Criteria [...]
Company Sdn. Bhd., Limited Company, Cooperative [...]
i. Has 100% equity owned by Malaysians.
[...]
SPECIAL SCHOOL BUS POLICY [...]
4) Eligible Applicant Criteria [...]
Company Sdn. Bhd., Limited Company, Cooperative [...]
  iii. Has 100% equity owned by Malaysians.
[...]
TOURISM - TOUR BUS BUS SPECIAL POLICY [...]
[no foreign equity restriction]
[...]
PUBLIC TRANSPORT - TAXIS
[no foreign equity restriction]
[...]
SPECIAL RENTAL CAR POLICY [...]
5) Eligible Applicant Criteria [...]
Company Sdn. Bhd., Limited Company, Cooperative [...]
  viii. Has 100% equity owned by Malaysians.
[...]
SPECIAL RENTAL CAR/DRIVE CAR POLICY [...]
4) Eligible Applicant Criteria [...]
v. Has 100% equity owned by Malaysians
[...]
SPECIAL TAXI POLICY [...]
7) Eligible Applicant Criteria [...]
Company Sdn. Bhd., Limited Company, Cooperative [...]
iv. Has 100% equity owned by Malaysians.
[...]
SPECIAL AIRPORT TAXI POLICY [...]
6) Eligible Applicant Criteria [...]
iv. Has 100% equity owned by Malaysians.
[...]
LUXURY TAXI / LIMOSINE SPECIAL POLICY [...]
5) Eligible Applicant Criteria [...]
v. Has 100% equity owned by Malaysians.
[...]
TOURIST VEHICLES - SPECIAL POLICY FOR CAR RENTAL / TOURIST GUIDE [...]
[no foreign equity restriction] [...]" (LICENSING POLICY GUIDE, LAND PUBLIC TRANSPORT COMMISSION (S.P.A.D) [google translation])
MIDA, Malaysia: Investment in The Services Sector - Policies, Incentives and Facilities -  Booklet 4: Logistics Services, 2017.
Licensing Policy Guide, Public Transport Commission (SPAD).
[<a href="http://www.mida.gov.my/home/administrator/system_files/modules/photo/uploads/20170915171921_BOOKLET%204-LOGISTICS%20SERVICES.pdf">MIDA Guide</a>],[<a href="https://www.apad.gov.my/en/source-of-information/guideline/garis-panduan-kenderaan-barangan/119-panduan-dasar-pelesenan-pengangkutan-perdagangan-bas-teksi-pelancongan/file">SPAD Guidelines</a>]