Incorporation of New Subsidiary in Jakarta

Global Invacom is pleased to announce the incorporation of a new subsidiary in Jakarta, PT Global Invacom Indonesia (“GI2”), to support new sales and marketing activities across the APAC region.

This physical presence in Indonesia through a Perseroan Terbatas (“PT”), or limited liability company, significantly improves the Group’s ability to address its core market directly. GI2 will be led by Johann Panait, Director of Sales & Business Development, Asia and India. Global Invacom remains keenly focused on broadening its sales footprint in Asia, which generated an annual revenue of US$5.2 million for the Group in the financial year ended 31 December 2018.

GI2 will be able to apply in its own right for the required DGPOSTEL licences and type approvals in Indonesia. This will enable the Group to target major local broadband projects like BAKTI (Badan Aksesibilitas Telekomunikasi dan Informasi), which is set to provide coverage for approximately 145,000 public sites across Indonesia, including schools, hospitals and government offices, with an expected capacity of at least 150 Gbps.

The Jakarta subsidiary is incorporated with a paid-up capital of IDR 2,500,000,000 (approx. US$175,000) consisting of 25,000 shares. The incorporation is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Global Invacom for the financial year ending 31 December 2019.

The global satellite communications market continues to expand and is estimated to grow to over US$30 billion by 2022. With renewed interest in the commercial opportunities in Data over Satellite, which underpin SpaceX’s Elon Musk with his Starlink fleet and Amazon’s Jeff Bezos with his planned launches, the broader appeal of advanced, energy efficient and cost-effective communications systems continues to gather significant momentum.

Tony Taylor, Executive Chairman of Global Invacom, commented:

"We are delighted to have made significant progress in strengthening our sales and marketing function in Asia, which we believe has the potential to unlock value for the Group. Demand for satellite communications equipment remains strong and we will continue to focus on both strengthening and broadening our sales footprint globally.”

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Incorporation of New Subsidiary in Jakarta

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