Incorporation of a Subsidiary

KEYfields has entered into a joint venture with ATS to provide Agriculture solutions for urban farming. The newly setup entity is called Agriculture Network Solutions Pte. Ltd. (“ANS”). The principal activity of ANS is to provide Planting module which comprises of Seeding, Potting, Watering and Harvesting, Ordering module, Quality System module and Salad Production module.

The incorporation was funded through internal resources of the group and is expected to have 10% to 15% impact of our earnings this financial year ending 31st December 2016.