REG - RC365 Holding PLC - Establishment of New Subsidiary in Malaysia

RC365 HoldingAnnouncement

28/09/2023 07:00

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RNS Number : 8687N  RC365 Holding PLC  28 September 2023

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

                                                       E: ir@rc365plc.com
 Guild Financial Advisory Limited - Financial Adviser

 Ross Andrews

 Evangeline Klaassen                                   T: +44 (0)7973 839767

                                                       E: ross.andrews@guildfin.co.uk

                                                       T: +44 (0)7972 841276

                                                       E: evangeline.klaassen@guild.co.uk

 

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