The Board of Directors of Agmo Holdings Berhad announced that the Company has incorporated a new indirect 70% owned subsidiary under the Companies Act 2016, namely Agmo EV Sdn. Bhd. ("AESB") via Agmo Ventures X Holdings Sdn Bhd (a direct 70% owned subsidiary of AGMO) on 13 October 2023 with an issued share capital of MYR 100.00 at MYR 0.10 per share divided into 1,000 ordinary shares.

The principal activities of AESB are provision of software development and related ancillary services and provision of platform-based services related to electric vehicles. AESB has not commenced its business operation since the date of incorporation ("the Incorporation"). 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 31 March 2024.