SINGAPORE: The Board of Directors of Grand Venture Technology Limited has incorporated a wholly-owned subsidiary in Malaysia known as Grand Venture Technology (Penang) Sdn Bhd (GVT PG).
GVT PG was incorporated with an issued and paid-up share capital of MYR 3 (approximately S$1). The principal business of GVT PG will be that of manufacturing complex precision machining components and modules.
The incorporation of GVT PG was funded by internal resources and is not expected to have any material impact on the earnings per share and net tangible assets per share of the Company and the Group for the current financial year ending 31 December 2020.