The Board of Directors of TAE wishes to announce that TA Antarabangsa Limited (“TAAL”), a subsidiary of the Company had on 27 July 2020 been dissolved by way of voluntary liquidation pursuant to the BVI Business Companies Act, 2004 (“Liquidation”).

TAAL was incorporated in the British Virgin Islands on 11 July 1994. It had ceased operation and remained dormant since 31 December 2018. TAE has no future business plan for TAAL hence, the Liquidation will save administrative costs associated with maintaining a dormant subsidiary.

The Liquidation is expected to have material effect on the earnings, net assets or gearing on TAE Group for the financial year ending 31 December 2020. None of the Directors and/or substantial shareholders of the Company and/or persons connected with them has any interest, direct or indirect in the Liquidation.

This announcement is dated 25 August 2020.