The Board of Directors of Raffles United Holdings Ltd. announced that the Company has established the following wholly-owned subsidiary companies ("Subsidiaries") with a paid-up capital of SGD 2 each: Raffles Realty Investments Pte Ltd, Raffles Century Properties Pte Ltd, Raffles Land Management Pte Ltd, Raffles Royal Property Pte Ltd. and Raffles Capital Land Pte Ltd. The principal activities of the subsidiaries are mainly that of investment holdings and property investment. The rationale for the establishment of the Subsidiaries is to cater for future potential acquisition of properties for investment purposes with the aim of increasing shareholder value. The investment was funded through internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group for the current financial year.