Mun Siong Engineering Limited announce that the Company has received the approval letter from the National Taxation Bureau of Kaohsiung (approval letter dated 15 October 2022). As at the date of this announcement, the Company has completed the statutory processes for the incorporation of a wholly-owned subsidiary in Taiwan, Pegasus Advance Industrial Company Limited (the "PAI") . PAI will have a paid- up share capital of TWD 30,000,000 (equivalent to SGD 1,395,000) and this will be deployed for working capital purposes.