The board of Hoe Leong Corporation Ltd. announced that the company has on 7 January 2021 incorporated a wholly-owned subsidiary in Singapore known as Trackspares Global Pte. Ltd. (TGPL) for purposes of the Proposed Investor Transactions and the Restructuring Exercise. TGPL is an investment holding company and has an initial issued and paid-up share capital of SGD 100 comprising 100 ordinary shares held by the Company. The incorporation of TGPL is funded by internal resources and is not expected to have any material impact on the net tangible assets per share and earnings per share of the Group for the current financial year ending 31 December 2021.