The Board of Directors of Dagang NeXchange Berhad wishes to announce that Innovation Associates Consulting Sdn. Bhd., a subsidiary of the Company had accepted the Letter of Acceptance from the Inland Revenue Board of Malaysia (“IRB”) in relation to software maintenance and support as well as applications improvements of the IRB’s Hasil Integrated Taxation Systems (“HITS Project”).

The tenure of the HITS Project is for a period of two (2) years from 15 February 2024 to 14 February 2026. The total value of the HITS Project amounts to RM11,168,840.00.  

The Board of Directors is of view that the HITS Project is in the best interest of the Company and is expected to contribute positively to the earnings and net assets per share of the Company for the financial year ending 31 December 2024 onwards.

The Board of Directors do not foresee any exceptional risks other than the normal operational risks associated with the HITS Project.

None of the directors and/or major shareholders and persons connected with a director or major shareholder has any interest, direct or indirect, in the HITS Project.

This announcement is dated 22 February 2024.