The Board of Directors of the Company wishes to announce that its associate company in Indonesia, PT Cartenz Inti Utama (“Cartenz Group”), has secured additional mandates from various provincial governments in the Republic of Indonesia, to roll-out its tax monitoring system to 30 more cities on a pilot basis, marking an expansion to the Tax Monitoring Programme that is actively underway in Jakarta (“the Projects”).

The Projects’ tenure ranges from 1 year to 3 years and it is renewable upon expiry. The Projects have no fixed value as it is dependent on the number of installations to be undertaken by the Cartenz Group.

Nonetheless, the Board of Directors is of the view that the Projects are in the best interest of the Company and are expected to contribute positively to the earnings of the Company for the financial year ending 31 December 2020.

At this point in time, the Board does not foresee any risks in relation to the Projects.

None of the directors and/or major shareholders and persons connected with the director or major shareholder has any interest, direct or indirect, in the Projects.

Please refer to the attachment in relation to the press release for further details.

This announcement is dated 13 January 2020.