28 September 2023
RC365 Holding Plc
("RC365" or the "Company")
Establishment of New Subsidiary in Malaysia
RC365 Holding Plc ("RC365"), a company focusing on payment gateway solutions and IT support, is pleased to announce the incorporation of a new, wholly owned subsidiary, RC365 Solutions SDN. BHD ("RC365 Solutions").
RC365 Solutions will enable the IT activities undertaken by the Company and its subsidiaries to become centralised. As set out in the Company's Prospectus in March 2022, Regal Crown Technology Limited, a wholly owned subsidiary of RC365, outsources certain IT services to subcontractors based in China and Hong Kong, to perform tasks that are labour-intensive with relatively low skill required including routine maintenance and support work. Once fully operational, the new subsidiary, RC365 Solutions, will replace the IT services performed by the outsource provider in China and is estimated to save 40% of these annual IT operational costs. The new subsidiary will also assist in the development of the RC3.0 app as part of the Collaboration Agreement announced on 23 June 2023. As part of setting up operations, the Board are actively seeking to set up an office in Malaysia.
The Board believes that the Company will be well positioned in Malaysia, a country with a growing economy and many of the working population have the ability to speak Mandarin, Cantonese or English, as RC365 continues to expand in the ASEAN market.
Chi Kit Law (Michael), Executive Director and Chief Executive Officer, said:
"We are thrilled to establish RC365 Solutions in Malaysia and to expand in ASEAN territories. We look forward to securing an office in Malaysia to grow the Company's presence in the region and secure new customers."
For further information please contact:
RC365 Holding plc
Chi Kit LAW, Chief Executive Officer
T: +852 2251 1621
Guild Financial Advisory Limited - Financial Adviser
T: +44 (0)7973 839767
T: +44 (0)7972 841276