The Board of Directors of Infoline Tec announced that the Company, had incorporated a wholly-owned subsidiary, Infoline Tec Solutions India Private Limited ("Infoline India") in India. Infoline India was incorporated for the purpose of expanding the business and strengthening the Company's presence as a trusted regional IT solutions provider by establishing local presence in India. As of the date of this announcement, the total equity share capital of Infoline India is INR1,000,000.00 (equivalent to RM55,914.00) comprising of 100,000 ordinary shares.

The incorporation of Infoline India is not expected to have any material effect on the earnings per share, net assets per share as well as the gearing of the Company for the financial year ending 31 December 2023. The establishment of Infoline India is also not subject to the approval of shareholders of the Company or any other regulatory authorities in India.