As of April 30, 2026, the Company’s subsidiaries
are as follows:
| Subsidiaries | | Date of
Incorporation/ Acquisition | | Jurisdiction of
Formation | | Percentage of
direct/indirect
Economic
Ownership | | | Principal
Activities | | Caravelle Group Co., Ltd (“Caravelle Group”) | | April 1, 2021 | | Cayman Islands | | | 100% | | | Investment Holding | | SGEX Group Co., Ltd (“SGEX”) | | April 19, 2021 | | British Virgin Islands (“BVI”) | | | 100% | | | Investment Holding | | Topsheen Shipping Group Corporation (“Topsheen Samoa”) | | July 23, 2012 | | Samoa | | | 90% | | | Transportation service | | Topsheen Shipping Singapore Pte. Ltd (“Topsheen Shipping”) | | October 30, 2015 | | Singapore | | | 61% owned subsidiary of Topsheen Samoa | | | Transportation service | | Topsheen Bulk Singapore Pte. Ltd (“Topsheen Bulk”) | | March 16, 2019 | | Singapore | | | 100% owned subsidiary of Topsheen Shipping | | | Transportation service | | Singapore Garden Technology Pte. Ltd. (“Garden Technology”) | | December 6, 2020 | | Singapore | | | 100% | | | Transportation and heating business |
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