The Board of Directors of MTQ Corporation Limited announced that the Group has incorporated a wholly-owned subsidiary under the name of MTQ Engineering L.L.C. in Abu Dhabi with a total paid-up capital of AED 150,000 comprising 150 ordinary share. The principal activities of MTQ UAE are those of engineering, fabrication, contract manufacturing and repairs services to a wide range of oilfield equipment in United Arab Emirates. The Incorporation is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group for the financial year ending 31 March 2024.