The Board of Directors of Pavillon Holdings Ltd. announced the incorporation of a wholly-owned subsidiary in Singapore known as "Pavillon Overseas Investments Pte. Ltd" with an initial issued and paid-up share capital of SGD 10,000.00. Pavillon Overseas Investments is principally engaged in investment holding.

The aforementioned transaction was financed through internal resources and is not expected to have any material impact on the Group's earnings per share and net tangible assets per share for the financial year ending 31 December 2023. None of the Directors or substantial shareholders of the Company have any interest, directly or indirectly, in the said transaction save for their interest arising by way of their shareholdings and/or directorships, as the case may be, in the above transaction.