The Board of Directors (the "Board") of Adventus Holdings Limited announced that the Group has incorporated a wholly owned subsidiary in Malaysia, known as Crimson (Malaysia) Sdn. Bhd. ("New Subsidiary") with an issued and paid-up capital of MYR 5,000 comprising of 5,000 ordinary shares.

The New Subsidiary shall be principally engaged in investment holdings and property development activities. The incorporation of the New Subsidiary is funded through internal sources and is not expected to have any material impact on the net tangible assets and earnings per share of the Group for the financial year ending 31 December 2023.