Glottis Ltd. to Incorporate Wholly Owned Subsidiary in Malaysia
Glottis Ltd. announced on March 20, 2026, that it will incorporate a wholly-owned subsidiary in Malaysia. The Board of Directors approved the incorporation and investment in the subsidiary on March 19, 2026.A meeting of the Board of Directors commenced at 4:25 P.M. and concluded at 5:10 P.M.
The proposed name of the entities is yet to be finalized. The subsidiary will operate within the freight forwarding industry. Glottis Ltd. intends to invest up to USD $5,000 in one or more tranches. The subsidiary will be 100% owned by Glottis Ltd.
The incorporation of the subsidiary is intended to expand the company's business. As a wholly-owned subsidiary, it will be considered a related party of Glottis Ltd. and its other subsidiaries. No governmental or regulatory approvals are required for the incorporation, which will be conducted in accordance with Malaysian laws.
Subsidiary Details
The following table summarizes key details regarding the planned subsidiary:| Particulars | Details |
|---|---|
| Name of the target entity, date, details in brief such as size, turnover etc. | Proposed Name of Entities: Not Yet Finalized Date: Not yet finalized Country of Incorporation: Malaysia |
| Name of the Holding Company of the incorporated company and relation with the Listed Entity. | Glottis Limited is incorporating the said WOS. Therefore, the said clause is not applicable. |
| Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at "arm's length" | The proposed entity would be Wholly-owned Subsidiary (WoS) of the Company and hence once incorporated, the WoS will be a related party of the Company and other subsidiaries. Save and except what is mentioned above, the Promoters / Promoter Group / Group Companies are not interested in the transaction. |
| Industry to which the entity being acquired belongs | Freight Forwarding. |
| Objects and impacts of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity) director). | The proposed wholly owned subsidiary is incorporated with primary objective to expand business of the Company. |
| Brief details of any governmental or regulatory approvals required for the acquisition | Not Applicable (The Incorporation of wholly owned subsidiary Company will be done as per the laws applicable in the Malaysia) |
| Indicative time period for completion of the acquisition | Not Applicable |
| Nature of consideration - whether cash consideration or share swap and details of the same | 100% subscription to initial paid-up capital is in Cash. Further, the investment will be in one or more tranches as per business requirement |
| Cost of acquisition or the price at which the shares are acquired | Proposed Investment: Up to USD$5,000/- |
| Percentage of shareholding / control acquired and/ or number of shares acquired. | 100% Subscription to the share capital |
| Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief | Not applicable since the proposed WoS is yet to be incorporated |
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