The Board of Directors of AGMO announced that the Company has incorporated a new 90% direct owned subsidiary in Singapore, namely Agmo SG Pte. Ltd. ("Agmo SG") on 5 May 2023 with an issued share capital of SGD 10,000.00 divided into 10,000 shares ("the Incorporation"). The principal activities of Agmo SG are development of software and applications and information technology consultancy services, as part of AGMO's plan to expand regionally into Singapore.

The Incorporation is not expected to have any material impact on the earnings per share, net assets per share, gearing, share capital and substantial shareholders' shareholding of the Company for the financial year ending 31 March 2024.