Further to the Perusahaan Sadur Timah Malaysia (Perstima) Berhad's announcement dated 31 October 2018 on Proposed New Investment in Philippines, the Board of Directors of the Company wishes to announce that the Company had on 22 November 2018 incorporated a subsidiary in the Philippines known as PERSTIMA (Philippines) Inc. The authorized capital stock of PERSTIMA Philippines is Philippine Pesos Four Hundred Million (PHP 400,000,000.00) divided into 4,000,000 shares with a par value of PHP 100.00 each, of which 1,000,000 shares have been issued at par and fully paid.