The Board of Directors of Velocity wishes to announce that the Company had on today received the notification from Companies Commission of Malaysia for the approval on the incorporation of a new wholly-owned subsidiary, namely Velocity PE Sdn Bhd (“Velocity PE”).

Velocity PE is incorporated in Malaysia on 12 April 2024 under the Companies Act, 2016 with an issued share capital of RM100 divided into 100 ordinary shares and it is 100% owned by Velocity. The Directors of Velocity PE are Mr. See Toh Kean Yaw and Mr. Lim Peng Tong.

Velocity PE is incorporated for the purpose of involvement in investment activities, particularly focusing on the investment in quoted shares as well as participation in Initial Public Offerings (IPOs). Its establishment aligns with Velocity's strategic objectives to venture into equity investments and capitalise on opportunities within the equity market.

The incorporation of Velocity PE is not expected to have any immediate material effect on the earnings or net assets of the Velocity Group. 

This announcement is dated 12 April 2024.