The board of directors AsiaPhos Limited announced that the Company has incorporated a wholly-owned subsidiary in Singapore under the name of Norwest Global Trading Pte. Ltd. (the "New Subsidiary") on 25 March 2024. The principal activities of the New Subsidiary are wholesale trade of a variety of goods without a dominant product and carbon credit brokers/traders.

The incorporation of the New Subsidiary is funded through the Group's internal resources and is not expected to have any material impact on the earnings per share or net tangible assets per share of the Group for the current financial year ending 31 December 2024.