TBO Tek Limited has officially announced the formation of its new wholly owned subsidiary in Indonesia, PT TBO Tek Indonesia, in line with the company’s broader expansion strategy. The announcement was made on November 29, 2024, as per the disclosure requirements under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The newly incorporated entity is expected to play a pivotal role in expanding TBO Tek’s presence in the Indonesian market.

Details of the Incorporation:

• Name of Subsidiary: PT TBO Tek Indonesia
• Incorporation Date: November 28, 2024
• Country of Operation: Indonesia
• Authorized Capital: 10,000 shares, each valued at Rp. 10,00,000
• Turnover: The subsidiary has not yet commenced operations.

As part of its strategic plan, TBO Tek Limited aims to extend its reach within the travel industry by establishing this subsidiary. PT TBO Tek Indonesia will focus on providing business support services, including marketing and promotional activities, to the parent company, thus enhancing its operational capacity and market footprint in Southeast Asia.

No Related Party Transaction:

The incorporation of PT TBO Tek Indonesia does not fall under any related party transactions, as per the company's disclosure. Neither the promoter group nor any related companies have an interest in the new subsidiary. The capital contribution for the subsidiary's formation will be remitted through banking channels, as per regulatory guidelines.

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Impact and Objectives:

The primary objective behind setting up PT TBO Tek Indonesia is to expand TBO Tek’s presence in Indonesia. With the growing demand for travel services in the region, this subsidiary is expected to bolster the company’s operations, helping them tap into the burgeoning travel market in Indonesia. Although the subsidiary is in its early stages and has yet to commence business operations, its incorporation marks a significant step towards international market expansion.

Regulatory Compliance:

The incorporation of PT TBO Tek Indonesia is in full compliance with the SEBI Listing Regulations and the relevant SEBI circular. No governmental or regulatory approvals are required for the acquisition. The company’s capital investment into the subsidiary involves an initial subscription of 10,000 shares at a value of Rp. 10,00,000 each, giving TBO Tek Limited full control over the entity with a 100% shareholding.

This move is part of a larger strategy to position TBO Tek Limited as a key player in the travel industry, not just in India, but also in international markets. As the subsidiary is still in its infancy, the company will monitor the progress closely and expects it to contribute to their growth in the coming years.

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