The Board of Directors of Tanco announced that the Company has incorporated a new 79% direct owned subsidiary, namely Midports Holdings Sdn. Bhd. on 16 October 2023 with an issued share capital of MYR 10,000.00 divided into 10,000 ordinary shares.

The principal activities of Midports Holdings Sdn.Bd. are in port operations, carrier haulage and transportation, logistics and investment holdings as part of Tanco's plan to diversify into the port operator business. The Incorporation is not expected to have any material impact on the earnings per share, net assets per share, gearing, share capital and substantial shareholders' shareholding of the Company for the financial year ending 30 June 2024.

Having considered all aspects of the Incorporation, the Board of Directors of the Company is of the opinion that the Incorporation is in the best interest of Tanco.