The Board of Directors of Hiap Tong Corporation Ltd. announced that the Company had incorporated a wholly-owned subsidiary, Hiap Tong Construction Pte. Ltd. in Singapore. The initial issued and paid-up capital of HT Construction is SGD 100,000 comprising 100,000 ordinary shares. Its principal activities are (i) building and construction (ii) road and railway construction. The incorporation of HT Construction is funded by internal resources and the transaction 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 March 2022.