The Board of Directors of KTMG Limited announced that its wholly-owned subsidiary, Knit Textile and Apparel Pte. Ltd. has incorporated a wholly-owned subsidiary in the Socialist Republic of Vietnam, known as Knit Textile Vietnam Company Limited (KTVCL). As at the date of this announcement, KTVCL has an initial issued and paid up share capital of VND 705,000,000, which is equivalent to approximately USD 30,000 and its principal activity is to provide management consulting services.

KTVCL was incorporated to explore potential opportunities in the Vietnam market. The establishment of the abovementioned subsidiary was funded through internal resources 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 2022.