The Board of Directors (the “Board”) of Mojay Holding (the "HoldCo.", and together with its portfolio companies, the “Group”) is pleased to announce that the Group has incorporated a new subsidiary in Singapore, MYRO International PTE Limited (“MYRO”), with an initial issued and paid-up share capital of S$671,000 divided into 67,100 ordinary shares (the “Incorporation”) on 5th April 2021.
The Group decided to incorporate in Singapore for the following reasons –
1. An attractive and competitive tax system and a business friendly country.
2. Access to leverage Singapore’s 50+ double taxation treaties, particularly with MYRO’s main Supply Chain Countries and Target Markets
3. 100% foreign ownership allowed on all private companies.
4. Straightforward regulations for Intellectual property rights, a transparent Legal system based on Common Law and the respect and enforcement of the best international Compliance practices.
MYRO International Activity
MYRO International is a robotics company focused on solving complex yet monotonous problems related to human productivity and workplace hazards – particularly targeting automation solutions for the construction and coating industries. It will offer distribution licenses to regional partners to supply products and services to Contractors, EPC companies and Real Estate Developers initially in the United States, India, Asia Pacific and GCC countries.
Spin-off Details:
Mojay Holding will implement the spin off through a pro-rata distribution of the share capital of the new entity which will be identical to the share capital of the Eternal Robotics Private Limited.
Mojay Holding will hold 89% of the Share Capital and ER Founders will hold 11% Collectively.
The Company will subsequently conduct a “Series A Round” targeting Strategic Investors in the main target markets.
Mojay Holding, ER Founders and New Strategic Shareholders will be appointing a separate board in the new entity subject to the regulatory and tax requirements.
Participation of MYRO at 2024 ALEC Innovation Day : Robotics Revolution
Take a closer look at MYRO’s exciting participation in the 2024 ALEC Innovation Day, themed "Robotics Revolution", a premier event spotlighting automation in construction and infrastructure. At the forefront of innovation, MYRO, the world’s first intelligent wall-painting robot wowed attendees with live demonstrations, showcasing unmatched precision, efficiency, and transformative potential in modern construction.
From engaging with contractors and engineers to sparking dialogues with innovation leaders, MYRO’s performance underscored its mission: to redefine traditional painting through speed, quality, and cost-effectiveness.
Book your demo today and experience the future of robotic painting.
