Infoline Tec announced that the Company, had incorporated a wholly-owned subsidiary, Infoline Tec Japan K.K. in Japan. Infoline JP was incorporated for the purpose of expanding the business and strengthening the Company?s presence as a trusted regional IT solutions provider by establishing local presence in Japan. As of the date of this announcement, the total issued share capital of Infoline JP is JPY 20,000,000 (equivalent to RM6 39,520.00) comprising of 200,000 ordinary shares.

The incorporation of Infoline JP is not expected to have any material effect on the earnings per share, net assets per share as well as the gearing of the Company for the financial year ending 31 December 2023. The establishment of Infoline JP is also not subject to the approval of shareholders of the Company or any other regulatory authorities in Japan. None of the Directors, major shareholders of the Company and/or persons connected with them has any interest in the incorporation of Infoline JP.