{"url_path":"/sec/apex/10-k/2026/item-4","section_key":"item-4","section_title":"Item 4 ****INFORMATION","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/2069858/0001213900-26-054917-index.html","accession_number":"0001213900-26-054917","cik":"0002069858","ticker":"APEX","issuer_name":"APEX Global Solutions Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/2069858/0001213900-26-054917-index.html","primary_entity_key":"0002069858","primary_entity_name":"APEX Global Solutions Ltd"},"word_count":10662,"has_tables":true,"body_markdown":"** **\n\n**ITEM 4.****INFORMATION\nON THE COMPANY**\n\n** **\n\n**4.A. History\nand Development of the Company**\n\n** **\n\nAPEX\nGlobal Solutions Limited was incorporated as a British Virgin Islands business company on July 5, 2024 with the name “Quantum Technologies\nLimited.” On April 30, 2025, we changed our name to “APEX Global Solutions Limited.” Our operating subsidiaries were\nincorporated in Singapore between 2009 and 2019.\n\n \n\nOn\nMay 20, 2025, we completed a corporate reorganization pursuant to a share swap agreement that we entered into with Jeneric Holdings Pte.\nLtd. and Ascendo Global Limited (“Ascendo”). Pursuant to the reorganization, we acquired all of the issued and outstanding\nequity interests of Ascendo Global Limited, which holds 100% of six Singapore operating subsidiaries: Jeneric Engineering Pte. Ltd.,\nJeneric International Pte. Ltd., Jeneric Marine Pte. Ltd., Jeneric Offshore Pte. Ltd., Jeneric Services Pte. Ltd., and Jeneric Venture\nPte. Ltd. As a result of this reorganization, these subsidiaries became our wholly owned subsidiaries through Ascendo.\n\n \n\n**4.B. Business\nOverview**\n\n** **\n\n**Overview**\n\n** **\n\nWe\nare a specialized provider of advanced corrosion prevention, surface preparation, and maintenance solutions, catering to industries where\nasset longevity and structural integrity are paramount. Our core services include hydro blasting and grit blasting for surface cleaning\nand preparation, professional coating and painting for corrosion protection, and comprehensive maintenance and repair services for vessels\noperating at docks and in open waters. Additionally, we offer skilled manpower supply to support marine operations, ensuring that our\nclients receive high-quality, efficient, and safety-compliant solutions.\n\n \n\nWe\nconduct our business through six subsidiaries operating in Singapore, allowing us to deliver comprehensive solutions in the marine, offshore,\nand industrial sectors.\n\n \n\nWe\nbegan our operations by focusing on a single shipyard—formerly known as Sembcorp Marine—where we concentrated our resources\non mastering core service areas. This initial yard served as a proving ground for refining project management strategies, implementing\nbest practices, and building a reputation for quality and reliability. Our deep understanding of site operations has enabled us to become\na valued long-term partner and fostered a collaborative, growth-oriented culture.\n\n \n\nAs\ndemand for our services grew, we have gradually expanded beyond our first shipyard, undertaking multiple projects simultaneously and\nbuilding a strong track record in Singapore. Today, we have established working relationships with major shipyards in Singapore. This\norganic growth reflects our ability to scale responsibly while maintaining the high standards that distinguish our service offerings.\n\n \n\nWe\ndistinguish ourselves through a commitment to quality, safety, and continuous improvement. Our mission focuses on enhancing worker expertise,\nimproving efficiency and productivity, prioritizing environmental safety, and fostering a culture of safety awareness. We maintain a\nstrong emphasis on training, ensuring our workforce is equipped with the necessary skills to deliver high-quality work. Our dedication\nto safety is reinforced by our strong compliance track record, maintaining operations with no lost-time accidents.\n\n \n\nOur\ntotal revenues increased by S$264,956, or 3.05%, to S$8,961,092 (approximately $6,969,041) for the year ended December 31, 2025, compared\nto S$8,696,136 for the year ended December 31, 2024. Our net income decreased by S$359,083, or 26.27%, to S$1,007,985 (approximately\n$783,910) for the year ended December 31, 2025, compared to S$1,367,068 for the year ended December 31, 2024.\n\n \n\n**Our Services\nand Solutions**\n\n** **\n\nWe\noffer a comprehensive range of services designed to meet the critical needs of the marine, offshore, and industrial sectors. Our expertise\nin surface preparation, corrosion prevention, and maintenance solutions ensures the longevity and reliability of our clients’ assets.\n\n \n\n23\n\n \n\n \n\n**Hydro\nBlasting**\n\n** **\n\nWe\nutilize hydro blasting, also known as hydro jetting, as a highly efficient method to clean and prepare surfaces for protective coatings.\nBy employing special-purpose pumping equipment, we generate water pressures of up to 36,000 pounds per square inch (PSI), ensuring the\nrapid and thorough removal of contaminants such as dirt, debris, corrosion, and old coatings. The primary advantage of our hydro blasting\nservice is that it relies solely on water, eliminating the need for sand or grit, reducing cleanup costs, and making it an environmentally\nsound and non-destructive solution.\n\n \n\nOur\nexpertise in hydro blasting enables us to serve clients across the marine sector, delivering optimal surface preparation that enhances\nthe adhesion and longevity of protective coatings.\n\n \n\n** **\n\n** **\n\n**Grit\nBlasting**\n\n** **\n\nOur\ngrit blasting, also known as abrasive blasting or sandblasting, is a powerful surface preparation technique that ensures optimal adhesion\nfor protective coatings. This method is widely used for cleaning metals, removing rust, mill scale, paint, and other contaminants while\nproviding a uniform surface profile. For newly built vessels, grit blasting creates an ideal texture that enhances the adhesion of subsequent\npainting and coating processes, ensuring long-term protection.\n\n \n\nUsing\nhigh-speed propulsion, we apply abrasive particles such as steel grit, shot, or copper slag through conveying hoses powered by compressed\nair. This process leaves surfaces clean and primed for coating applications. To enhance surface quality, we use compressed air to remove\nany remaining dust or debris, ensuring a flawless finish. Our grit blasting services are essential for ship maintenance, heavy equipment\nrefurbishment, and infrastructure restoration, delivering durable, long-lasting protection against harsh environmental conditions and\nhelping clients maintain the integrity and longevity of their assets.\n\n \n\n \n\n \n\n24\n\n \n\n \n\n**Coating\nand Painting**\n\n \n\nWe\nprovide specialized coating and painting services to protect vessels and industrial structures from corrosion and environmental wear.\nOur team applies high-quality protective coatings to the hulls of ships and offshore platforms, ensuring durability and optimal performance\nin harsh marine conditions. By customizing our coatings to meet specific client requirements, we establish an effective barrier against\ncorrosion, helping extend the lifespan of critical assets.\n\n \n\nThe\nhull, being the primary structure in direct contact with water, is particularly vulnerable to corrosion, marine growth, and environmental\nwear. Our expertise ensures compliance with industry safety and regulatory standards, allowing vessels to operate efficiently while maintaining\nstructural integrity. Applying industry-approved coatings not only safeguards vessels from these damaging elements but also ensures operational\nefficiency and long-term compliance.\n\n \n\nWe\noffer a range of protective coatings tailored to different environmental and operational needs, delivering a cost-effective and long-lasting\nsolution to our clients. Our key offering categories include:\n\n \n\n \n●\nOur anti-corrosive coatings\nprotect steel hulls and structural components from rust and corrosion. These include epoxy coatings commonly used in ballast tanks\nand underwater hulls for their strong adhesion and chemical resistance; zinc-rich primers that provide cathodic protection as part\nof multi-layer systems; and coal tar epoxy coatings, which offer excellent resistance to water and chemicals in bilges and ballast\ntanks.\n\n \n\n \n●\nOur anti-fouling coatings\nprevent marine organisms such as barnacles and algae from attaching to hull surfaces. These coatings include biocidal paints that\nrelease copper or other agents over time to inhibit biofouling, as well as environmentally friendly foul-release coatings based on\nsilicone, which create non-stick surfaces to deter organism attachment.\n\n \n\n \n●\nWe also supply anti-abrasion\nand impact-resistant coatings for high-wear areas such as cargo holds and decks. These include polyurethane coatings, valued for\ntheir flexibility and abrasion resistance, and ceramic-reinforced epoxy coatings, which provide enhanced durability in demanding\nenvironments.\n\n \n\n \n●\nOur tank coatings are used\nto protect the interior surfaces of cargo and ballast tanks. Phenolic epoxy coatings are suitable for a wide range of chemicals and\npetroleum products, while zinc silicate coatings provide excellent heat resistance and are well-suited for dry cargo and ballast\ntanks.\n\n \n\n \n●\nFinally, our topside and\ndeck coatings protect surfaces exposed to sunlight, salt spray, and physical damage. We offer economical alkyd paints for above-waterline\napplications, and advanced polyurethane topcoats that deliver UV resistance, a glossy finish, and long-lasting protection.\n\n \n\n \n\n \n\n**Maintenance\nand Repair**\n\n \n\nWe\noffer comprehensive maintenance and repair services designed to keep vessels and industrial assets operating at their best. Our skilled\nteam performs routine maintenance, structural repairs, and protective coatings efficiently to minimize downtime and maximize asset performance.\nOur services are available for vessels at docks and in open waters, including operations within and beyond port limits, as well as in\nthe South China Sea and the Straits of Malacca. This extensive reach enables us to provide timely and effective solutions to ship owners\nand operators wherever maintenance and repairs are required.\n\n \n\n25\n\n \n\n \n\n**Manpower\nSupply**\n\n \n\nWe\noffer specialized manpower solutions to support marine operations of our clients. Our certified technicians and maintenance professionals\nare carefully selected to ensure they meet the highest safety and quality standards.\n\n \n\nWe\ndeliver reliable and skilled labor to meet our clients’ operational needs efficiently and effectively. This service is essential\nfor industries requiring specialized skills, ensuring that our clients receive competent workforce solutions tailored to their specific\nproject demands. Our manpower supply services allow businesses to maintain operational continuity while upholding quality and safety\nstandards.\n\n \n\nOur\nengagement process begins when a company or project owner communicates their staffing requirements. These requirements typically include:\n\n \n\n \n●\nThe type of work or tasks\nto be performed\n\n \n\n \n●\nThe number of workers required\n\n \n\n \n●\nThe necessary skill sets\nand qualifications\n\n \n\n \n●\nThe project duration (temporary\nor long-term)\n\n \n\n \n●\nPreferred work schedules\n(e.g., full-time, part-time, or shift work)\n\n \n\n \n●\nAny industry-specific requirements\n(e.g. safety certifications, language skills, etc.)\n\n \n\nOnce\nrequirements are received, we assess the project scope and deploy suitable personnel from our vetted labor pool. As of May 8, 2026, we\nhad approximately 91 foreign workers from India. To recruit and manage this labor pool, we engage shipyard-appointed employment agencies\nin the source countries. Our recruitment process includes applying for work passes through the Ministry of Manpower’s (MOM) Work\nPermit Online system, and submitting the required documentation on each worker’s education, skills certification, and employment\nhistory. All incoming workers must pass a pre-employment medical examination within two weeks of arrival in Singapore. Additionally,\nwe purchase the necessary insurance and security bond coverage for each worker. Before deployment, all personnel are briefed on site-specific\nsafety protocols and operational expectations prior to deployment. Throughout the assignment, we monitor performance and maintain open\ncommunication with the client to ensure service satisfaction and responsiveness to changing project needs. \n\n \n\nThis\nstructured approach allows us to deliver competent, safety-trained manpower efficiently and responsively, reinforcing our role as a trusted\nworkforce partner in Singapore’s industrial and marine sectors.\n\n \n\n**Competitive\nAdvantages**\n\n \n\nWe\ndifferentiate ourselves through a combination of advanced technology, industry expertise, safety commitment, environmental responsibility,\ncost-effectiveness, and a strong reputation. These factors enable us to provide superior services, build trust with our clients, and\nmaintain long-term success in the corrosion prevention and industrial maintenance industry.\n\n \n\n \n●\n**Advanced Technology\nand Equipment**\n\n \n\nWe\nleverage state-of-the-art hydro jetting and surface preparation technology to deliver faster, more efficient, and higher-quality results.\nOur use of robotic hydro jetting systems, automated nozzles, and multistage pumps enables precise and controlled cleaning, reducing downtime\nand enhancing productivity.\n\n \n\n26\n\n \n\n \n\n \n\n*Example\nof robotic hydro jetting systems*\n\n \n\nAdditionally,\nwe customize our hydro jetting solutions based on the specific needs of different industries and applications. For example, different\ntypes of nozzles and vacuum systems are selected depending on the location and nature of the task—such as deck work, hulls, tanks,\npipes, or internal compartments. This tailored approach ensures optimal cleaning performance, whether the project involves hull maintenance,\ntank cleaning, or pipe descaling, and allows us to deliver effective results across marine, offshore, and oil and gas sectors.\n\n \n\n \n●\n**Specialized Expertise\nand Experience**\n\n \n\nWith\nextensive experience in niche markets such as marine, oil, and gas, we possess in-depth industry knowledge that allows us to address\nspecific operational challenges faced by these sectors. Our clients frequently encounter workforce shortages due to their reliance on\nforeign labor, heightened by work permit restrictions and rising wage costs. In addition, rising operational expenses, such as the increasing\ncost of consumables and storage, place additional pressure on their businesses. Our expertise in workforce management, cost-effective\nservice delivery, and operational flexibility enables us to provide highly relevant and effective solutions to these challenges. By helping\nour clients navigate labor constraints and manage operational costs, we reinforce our position as a critical partner in maintaining their\nlong-term efficiency and competitiveness.\n\n \n\nFurthermore,\nour skilled workforce consists of trained and experienced technicians who can handle complex tasks such as high-pressure pipeline\ncleaning, surface preparation, and tank maintenance. This level of expertise ensures that our services are carried out efficiently\nand safely, maintaining superior quality and reliability. As of May 8, 2026, our team comprised 88 technicians, the\nmajority of whom are multi-skilled and capable of performing a range of specialized tasks across different project\nenvironments. \n\n \n\n \n●\n**Strict Adherence\nto Safety Standards and Best Practices**\n\n \n\nWe\nprioritize safety in every aspect of our operations, recognizing the inherent risks associated with high-pressure water blasting. Our\nstrict adherence to safety regulations and best practices ensures that both our employees and clients are protected from potential hazards.\n\n \n\nAdditionally,\nwe hold globally recognized safety certifications such as ISO 9001 for quality management, ISO 14001 for environmental management, and\nISO 45001 for occupational health and safety. These certifications reinforce our commitment to maintaining the highest standards of operation.\n\n  \n\n \n●\n**Environmentally Responsible**\n\n \n\nWe\nembrace sustainable and eco-friendly practices in all our operations. Hydro jetting is inherently a green technology, as it uses only\nhigh-pressure water instead of harmful chemicals. This allows for safer disposal and minimizes environmental impact.\n\n \n\nFurthermore,\nwe are committed to reducing waste and promoting sustainability by implementing biodegradable chemicals (where practicable) and leveraging\nefficient waste management systems in coordination with the shipyards where we operate. Most shipyards maintain robust infrastructure\nfor managing wastewater, waste oil, and used grit, allowing us to properly collect, contain, and dispose of byproducts in compliance\nwith regulatory and environmental standards. This integrated approach supports our environmental objectives and aligns with the growing\ndemand for sustainable industrial cleaning solutions.\n\n \n\n27\n\n \n\n \n\n \n●\n**Cost-Effectiveness**\n\n \n\nOur\nservices are designed to reduce operational costs for our clients. Hydro jetting minimizes the need for expensive chemicals and excessive\nmanual labor, offering a cost-effective alternative to traditional cleaning methods. Additionally, by providing regular maintenance services,\nwe help clients avoid costly shutdowns and major repairs, ensuring long-term savings.\n\n \n\nWe\nalso offer flexible pricing models, including per-project pricing, subscription-based maintenance plans, and emergency service rates.\nThese options allow us to cater to a wide range of customers with varying budget needs.\n\n \n\n \n●\n**Strong Industry Reputation\nand Compliance**\n\n \n\nOur\nreputation for excellence and reliability is reinforced by our track record of successful projects across large-scale and high-profile\nindustries. We have worked with major shipyards in Singapore, such as Seatrium Limited (formed from the merger of Keppel Offshore and\nSembcorp Marine), ST Marine, Hanwha Offshore Engineering Services, ASL Shipyard, PaxOcean Singapore, Kim Heng Offshore & Marine,\nand Crystal Offshore, as well as vessels directly. Additionally, we hold industry-recognized certifications, including multiple\nISO and safety compliance certificates, demonstrating our commitment to maintaining the highest quality and safety standards. See “*Business—Licenses\nand Certificates*” below for details.\n\n \n\n \n●\n**Experienced Leadership\nTeam**\n\n** **\n\nWe\nbelieve that the depth of experience and leadership of our management team is a key competitive strength of our Company. Our founder,\nChief Executive Officer, and Chairman, Mr. Goh Kwang Yong, has more than 25 years of experience in the marine and oil & gas industries\nand has successfully driven the Company’s strategic growth since its inception in 2009. Ms. Wan Hwee Chein, our director, brings\nover 20 years of professional experience and has played a key role in overseeing our administrative, purchasing, and human resource functions\nsince 2009, while also contributing to our international expansion efforts. Mr. Foo Ling Han, our Chief Financial Officer, is a finance\nprofessional with nearly 20 years of experience in audit, accounting, and financial reporting, with expertise in U.S. GAAP, Singapore\nFRS, and IFRS. We believe that the combined industry knowledge, operational expertise, and strategic vision of our management team position\nus well for continued growth.\n\n \n\n**Operational\nModels**\n\n** **\n\nUnderstanding\nthat different clients have unique needs, we offer a flexible engagement framework designed to provide value, predictability, and responsiveness.\nOur models include:\n\n \n\n*Project-Based\nEngagement*. Our operations are generally project oriented. Projects may range in duration from just a few days to several months.\nThese orders are usually obtained through competitive bidding or negotiations and require performance at a fixed price or time and materials\nbasis.\n\n \n\n*Long-Term\nService Partnerships.* We maintain long-standing partnerships with major shipyards and industrial clients through our role as resident\ncontractors, allowing us to provide continuous support for maintenance, repair, and corrosion prevention activities. Our on-site presence\nat client facilities enables us to integrate seamlessly into their daily operations, respond quickly to project needs, and uphold consistent\nquality. These partnerships are governed by formal agreements that outline our scope of services, compliance requirements, and safety\nobligations, reinforcing our reputation as a dependable and collaborative service provider.\n\n \n\n**Growth\nStrategies**\n\n** **\n\nOur\ngrowth strategies focus on expanding our market presence, diversifying our service offerings, and leveraging technological advancements\nto provide innovative, efficient, and sustainable corrosion prevention solutions. Our plan is centered on three key pillars: market expansion,\nservice diversification, and operational efficiency.\n\n \n\n28\n\n \n\n \n\n \n●\n**Market Expansion**\n\n \n\nWe\naim to increase our geographical footprint by targeting new regions and industries that require specialized corrosion prevention services,\nsuch as emerging economies in the Middle East and Southeast Asia. Additionally, while we already serve industries like oil and gas, and\nmarine, our goal is to penetrate new verticals such as renewable energy (wind and solar farms), aerospace, and defense, where corrosion\nprevention plays a critical role in maintaining asset longevity and safety. We may pursue such expansion through seeking partnerships,\njoint ventures, acquisitions, or subcontracting opportunities.\n\n \n\n \n●\n**Service Diversification**\n\n \n\nWe\nplan to diversify our service offerings by incorporating complementary technologies and expanding our capabilities such as investing\nin the latest hydro blasting and grit blasting equipment and technologies which increase the adoption of automation and robotics for\nimproved precision and safety. Also, we aim to offer ongoing preventive maintenance programs that include regular corrosion inspections,\nmonitoring, and coatings, and more advanced coating such as high-temperature or chemical-resistant coatings.\n\n \n\n \n●\n**Operational Efficiency\nImprovement**\n\n \n\nTo\nsupport sustainable growth, we are committed to improving operational efficiency through (i) continuing to invest in technologies; (ii)\nexpanding our workforce by recruiting and training more technicians; and (iii) continuing to invest in more sustainable practices, such\nas using non-toxic abrasives, minimizing water usage during hydro blasting, and strengthening recycling programs for waste materials.\nWe believe that the emphasis on sustainability will attract customers seeking green solutions for corrosion prevention.\n\n \n\n**Health,\nSafety, and Work Procedures**\n\n** **\n\nWe\nhave implemented a robust safety framework grounded in comprehensive risk assessment protocols and safe work procedures tailored to our\noperational activities. Our procedures cover a wide range of services including hydro jetting, grit blasting, chemical degreasing, high-pressure\nwashing, spray and roller painting, tank cleaning, manual handling, lifting operations, confined space entry, and work at height. These\nare developed in accordance with Singapore’s workplace safety regulations and are regularly reviewed to ensure alignment with industry\nstandards.\n\n \n\nTo\nreinforce our commitment to workplace safety and employee competency, we conduct structured training programs covering topics such as\nuse of personal protective equipment (PPE), chemical handling, hand and power tool safety, forklift operation, and emergency response.\nAll new employees undergo comprehensive onboarding safety training, while existing staff receive refresher training at regular intervals\nor when new procedures are introduced. We also maintain dedicated safe work protocols for specific scenarios such as COVID-19 protocols,\ntransportation of hazardous substances, ferrying of workers, and emergency events like terror threats, demonstrating our proactive approach\nto risk management and employee welfare.\n\n** **\n\n**Customers**\n\n** **\n\nWe\nserve a focused customer base consisting primarily of shipyards located in Singapore. These shipyards rely on us for specialized corrosion\nprevention, blasting, coating, and maintenance services essential to shipbuilding, repair, and offshore operations. By consistently delivering\nhigh-quality and reliable services, we have developed long-standing working relationships with major shipyards in Singapore, and reinforced\nour reputation as a trusted industry partner.\n\n \n\nAs\nof December 31, 2025, we had 16 customers, including 8 shipyards, 4 vessel owners, and 4 customers to whom we provided manpower supply\nservices. As of December 31, 2024, we had 20 customers, including 8 shipyards, 5 vessel owners and 7 customers to whom we provided manpower\nsupply services. While we do not currently maintain formal long-term contracts, many of these relationships are based on recurring work\norders and repeated engagements, reflecting our role as a preferred service provider. For the year ended December 31, 2025, 3 customers\neach accounted for more than 10%, contributing approximately 36%, 30%, and 11%, respectively. For the year ended December 31, 2024, three\ncustomers each accounted for more than 10% of our total revenues, contributing approximately 29%, 20%, and 12%, respectively.\n\n \n\n29\n\n \n\n \n\n**Our\nPosition as a Resident Contractor for Major Shipyards in Singapore**\n\n \n\nAs\na resident contractor for some of the prominent shipyards in Singapore, we have established a strong presence in Singapore’s maritime\nindustry. Our on-site operations and stable relationships with these shipyards allow us to maintain a steady workflow and consistently\nsecure projects related to shipbuilding, repair, and maintenance. This close collaboration enables us to align with shipyard schedules,\ncoordinate with shipyard operators, project managers, and engineers, and integrate seamlessly into shipyard operations, ensuring that\nour services remain in high demand.\n\n \n\nIn\nmulti-phase vessel construction projects, we provide essential support during several critical stages. After the initial steel fabrication\nof different parts of a vessel by other contractors, we undertake the blasting and painting of the structures to prepare them for integration.\nOnce the various parts are integrated to form the complete vessel, we perform additional blasting and painting on welded joints to ensure\nstructural integrity and surface protection. Following the completion of other trades’ work, such as electrical, piping, and mechanical\ninstallations, we return to perform touch-up painting on areas affected by mechanical work and apply a final cosmetic coating to prepare\nthe vessel for delivery. Our involvement across multiple construction phases ensures that vessels meet stringent quality, durability,\nand aesthetic standards before handover to shipowners.\n\n \n\nIn\naddition to our core services, we uphold the highest standards of safety and compliance in accordance with the regulations administered\nby the Singapore’s Maritime and Port Authority (MPA), the Workplace Safety and Health Act 2006 of Singapore (WSHA), and other industry\nrequirements. Our workforce is fully trained to operate within stringent safety protocols, ensuring compliance with workplace safety\nregulations and shipyard policies. We have developed and implemented an extensive library of risk assessments and safe work procedures\ncovering a broad spectrum of operational tasks. These include hydro jetting, grit blasting, chemical degreasing, painting (spray and\nroller), high-pressure washing, power tooling, tank cleaning, confined space entry, manual handling, diesel refilling, lifting operations,\nand working at height. Additionally, our safety documentation addresses modern risks such as ferrying workers by lorry, handling hazardous\nsubstances, robotic cleaning, and emergency preparedness for situations like COVID-19 and terror attacks. All employees undergo mandatory\nsafety induction and are regularly trained in accordance with our documented procedures. This includes training on the use of personal\nprotective equipment (PPE), scaffold safety, fall prevention, forklift operation, transportation safety, and emergency response protocols.\nOur documented framework enables us to maintain a consistent safety culture and respond effectively to evolving operational risks while\nreinforcing our compliance with industry and regulatory expectations.\n\n \n\nOur\nestablished relationships with shipyards provide us with a steady pipeline of projects, enabling long-term growth and stability in our\noperations. Being a resident contractor also provides us with key strategic advantages, including access to shipyard facilities, closer\ncollaboration with shipyard management, and preferred status for new projects. These benefits position us as a reliable and long-term\npartner in the marine industry, reinforcing our commitment to delivering high-quality, cost-effective, and sustainable solutions to shipyards\nand vessel owners.\n\n \n\n**Sales\nand Marketing**\n\n \n\n**Brand\nPositioning and Industry Engagement**\n\n \n\nOur\nsales and marketing strategy is grounded in trust, reliability, and proven expertise. We maintain direct engagement by assigning a permanent\nteam to each shipyard to service its specific requirements, working closely with shipyard operators, project managers, and industry stakeholders,\nreinforcing our position as a preferred service provider within Singapore’s maritime ecosystem. Our ability to deliver specialized\nservices—such as hydro blasting, grit blasting, welding, painting, and corrosion control—has positioned us as a dependable\nand essential partner to shipyards seeking high-quality maintenance and surface preparation solutions.\n\n  \n\nAdditionally,\nwe intend to strengthen our brand identity and market positioning by establishing ourselves as thought leaders in the corrosion prevention\nindustry. We aim to showcase our expertise, engage potential clients, and contribute valuable insights to the industry by publishing\ncase studies and articles. We believe this approach will enhance our credibility, foster trust among stakeholders, and educate our clientele.\n\n \n\n30\n\n \n\n \n\n**Customer-Centric\nApproach**\n\n \n\nCustomer\nloyalty and retention play a significant role in driving our growth. We strive to tailor our services to the specific operational needs\nof each customer, offering solutions that address the unique technical and scheduling challenges encountered in different industrial\nsettings. In doing so, we aim to foster strong and enduring relationships with our clients by providing regular maintenance support and\nvalue-added services. These long-term collaborations often result in repeat engagements and client referrals. Additionally, we prioritize\ncustomer education by helping clients understand the importance of corrosion prevention and regular maintenance. This approach not only\nreinforces our technical credibility but also enhances customer confidence in our service model.\n\n \n\n**Relationship\nDevelopment and Local Market Integration**\n\n** **\n\nOur\npresence within major Singapore shipyards allows us to build and maintain close relationships with decision-makers such as vessel managers,\nmaintenance supervisors, and technical officers. As a resident contractor, we are deeply familiar with site operations and workflows,\nwhich enables us to coordinate efficiently and ensure consistent service delivery. We also engage directly with ship owners and operators\nwho require on-site or anchorage-based services, offering responsive and dependable support.\n\n \n\nTo\nfurther extend our market reach, we actively collaborate with other service providers to deliver bundled solutions that meet a wider\nrange of shipyard and vessel maintenance needs. These partnerships can include related services such as mechanical repairs or specialized\ncoatings. Our ability to deliver rapid, on-demand solutions also plays an important role in addressing critical service needs, particularly\nwhen clients face urgent cleaning or repair requirements. Our strong reputation in the local marine and offshore maintenance industry,\nsupported by positive word-of-mouth and consistent performance, helps to attract new business opportunities. Being embedded in Singapore’s\nshipyard ecosystem allows us to stay responsive to market trends and actively contribute to the community of industrial service providers.\n\n** **\n\n**Suppliers**\n\n** **\n\nWe\nmaintain strong relationships with a network of reliable suppliers, all located in Singapore, who provide us with the essential materials\nand equipment necessary to deliver high-quality corrosion prevention and maintenance solutions. These materials and equipment include\nengine service and repair, high-pressure (HP) machines and spare parts, air tools, hoses, personal protective equipment (PPE), compressors,\ncopper slag, consumables, chemical servicing, spray painting materials, equipment rental, diesel for equipment, fire safety equipment,\nand filtration systems. We also purchase engine maintenance services and equipment rental services.\n\n \n\nThese\nsuppliers help us maintain seamless operations and ensure that our services meet industry standards for efficiency, safety, and sustainability,\nplaying an integral role in our daily functions.\n\n \n\nTo\nmanage price fluctuations in supplies, we adopt a proactive strategy that includes diversifying our supplier base, building strong supplier\nrelationships, and regularly monitoring price trends. This approach allows us to reduce exposure to individual supplier risk and adapt\nto market changes more effectively.\n\n \n\nFor\nthe year ended December 31, 2025, we had 2 suppliers that each accounted for more than 10% of our total purchases, and such suppliers\nrepresented approximately 35% and 15% of our total purchases, respectively. For the year ended December 31, 2024, we had two suppliers\nthat each accounted for more than 10% of our total purchases, and such suppliers represented approximately 54% and 15% of our total purchases,\nrespectively.\n\n \n\nOur\nlargest supplier, the one who accounted for 35% and 54% of our total purchases in the fiscal years ended December 31, 2025 and 2024,\nis Jebs Enterprise Pte. Ltd., or Jebs Enterprise, a related party controlled by Mr. Goh Kwang Yong, our Chief Executive Officer and Chairman.\nOur six Singaporean subsidiaries have entered into a master equipment lease agreement with Jebs Enterprise. Under the master equipment\nlease agreement, each of these subsidiaries also has entered into an individual equipment lease agreement with Jebs Enterprise.\n\n \n\n**Equipment\nLease Agreements with Jebs Enterprise**\n\n \n\nThe\nmaster equipment lease agreement with Jebs Enterprise establishes the framework under which each of our six Singaporean subsidiaries\nacts as a lessee and leases various equipment from Jebs Enterprise on an ongoing basis. Under the master agreement, individual lease\nagreements are also required to be executed by and between Jebs Enterprise and each of these six subsidiaries, specifying the particular\nequipment to be leased, the rental period, and the rental fees applicable to each transaction. The obligations of each subsidiary as\na lessee under the master agreement are several and not joint, meaning that each subsidiary is responsible only for its own obligations\nand not those of any other lessee. The agreement expressly provides that the lessees are not considered a partnership, association, or\njoint venture, and that each subsidiary should independently negotiate and enter into its individual lease arrangement with Jebs Enterprise.\nThe agreement is governed by the laws of Singapore and includes an arbitration clause requiring that any disputes be resolved by arbitration\nadministered by the Singapore International Arbitration Centre. The agreement remains in effect for as long as any individual lease agreement\nis outstanding.\n\n \n\n31\n\n \n\n \n\nThe\nindividual equipment lease agreements between Jebs Enterprise and each of our Singaporean subsidiaries provide for the lease of specified\nequipment for an initial three-year term and shall automatically renew for an additional one-year term on the same terms and conditions\nunless either party provides written notice of its intention not to renew at least thirty (30) days prior to the expiry of the term.\nRental fees are based on actual usage and agreed in writing before each rental period, with payment due within thirty (30) days of invoice.\nTitle to the equipment remains with Jebs Enterprise, while risk of loss or damage passes to the lessee upon delivery and remains until\nreturn. Lessees must maintain and operate the equipment properly, are prohibited from transferring or encumbering it, and must return\nit at the end of the rental period or upon termination. The lease may be terminated by the lessee with 30 days’ written notice,\nby the lessor for uncured breach, or automatically in the event of a total loss of the equipment. These agreements are governed by Singapore\nlaw and require arbitration of disputes at the Singapore International Arbitration Centre.\n\n \n\n**Competition**\n\n \n\nWe\noperate in the corrosion protection services (CPS) industry in Singapore, which includes grit blasting, hydro jetting, coating and painting,\nmaintenance and repair, and manpower supply. The industry is composed of fewer than 50 players, many of whom have been active for over\n15 years and maintain long-standing relationships with major shipyards. These relationships, combined with an in-depth understanding\nof operational and safety standards, create a competitive environment where reputation, consistency, and credibility are key differentiators.\n\n \n\nOur\nmajor competitors are the existing resident contractors in the major shipyards, such as See Hup Seng Ltd, Beng Kuang Marine, Trident\nPte Ltd, Soh Tong Heng Pte Ltd, and Entraco Ltd. In addition, for coating and painting, maintenance and repair, and manpower supply,\nwe face competition from established service providers like BoilerMaster Group, Shipblast Marine Enterprise, and Allbest Group. Entry\ninto this space is challenging due to regulatory compliance obligations and the limited number of resident contractor slots available\nwithin shipyards.\n\n \n\nThe\nlevel of competition in our industry is considered moderate. While each shipyard controls and limits the number of approved contractors\npermitted to deliver designated services, the market overall is moderately saturated, with a combination of long-established players\nand smaller contractors actively competing. These dynamics often place pressure on pricing and service differentiation.\n\n \n\nDespite\nthis, our key differentiator is our ability to deliver both grit blasting and hydro jetting services as an integrated provider—unlike\nmost competitors who specialize in only one area. We also offer a wider scope of services across vessel construction and repair phases,\nincluding touch-up painting and post-mechanical coating, which enhances value for shipyard clients. Furthermore, industry players frequently\ncollaborate under certain conditions, including job referrals or subcontracting during periods of peak workload.\n\n \n\nWe\nbelieve our status as a resident contractor, combined with our strong track record, regulatory compliance, and multi-disciplinary expertise,\npositions us competitively within Singapore’s CPS sector and reinforces our ability to maintain stable, long-term engagements with\nshipyards.\n\n \n\n**Intellectual\nProperty**\n\n \n\nAs\nof the date of this annual report, we do not currently own any patents, registered trademarks, or registered copyrights. We have a registered\ndomain name (jeneric.com.sg).\n\n \n\nOur\nbusiness is not dependent on proprietary technologies or patentable inventions, but rather on our industry know-how, specialized service\nmethodologies, customer relationships, and brand reputation. To protect our proprietary information, we rely on internal confidentiality\nprocedures, non-disclosure agreements with employees, and other contractual arrangements designed to safeguard our trade secrets and\ncommercially sensitive information.\n\n \n\n32\n\n \n\n \n\n**Certificates**\n\n \n\nThe\nfollowing table summarizes the certifications currently held by our subsidiaries.\n\n \n\n**Company**\n \n**Certification**\n \n**Issuing\nAuthority**\n \n**Issuance Date**\n \n**Term\n(years)**\n\nJeneric\nMarine Pte. Ltd.\n \nISO\n45001:2018\n \nBanyan\nCertification Pte Ltd\n \nOctober\n14, 2024\n \n3\n\nJeneric\nEngineering Pte. Ltd.\n \nISO\n45001:2018\n \nBanyan\nCertification Pte Ltd\n \nOctober\n14, 2024\n \n3\n\nJeneric\nOffshore Pte. Ltd.\n \nISO\n45001:2018\n \nBanyan\nCertification Pte Ltd\n \nOctober\n14, 2024\n \n3\n\nJeneric\nServices Pte. Ltd.\n \nISO\n45001:2018\n \nBanyan\nCertification Pte Ltd\n \nOctober\n14, 2024\n \n3\n\nJeneric\nVenture Pte. Ltd.\n \nISO\n45001:2018\n \nBanyan\nCertification Pte Ltd\n \nOctober\n14, 2024\n \n3\n\nJeneric\nInternational Pte. Ltd.\n \nISO\n45001:2018\n \nBanyan\nCertification Pte Ltd\n \nOctober\n14, 2024\n \n3\n\nJeneric\nMarine Pte. Ltd.\n \nISO\n9001:2015\n \nBanyan\nCertification Pte Ltd\n \nOctober\n14, 2024\n \n3\n\nJeneric\nMarine Pte. Ltd.\n \nISO\n14001:2015\n \nBanyan\nCertification Pte Ltd\n \nOctober\n14, 2024\n \n3\n\nJeneric\nMarine Pte. Ltd.\n \nBizSafe\nStar\n \nWSH\nCouncil\n \nOctober\n17, 2024\n \n3\n\nJeneric\nEngineering Pte. Ltd.\n \nBizSafe\nStar\n \nWSH\nCouncil\n \nOctober\n21, 2024\n \n3\n\nJeneric\nOffshore Pte. Ltd.\n \nBizSafe\nStar\n \nWSH\nCouncil\n \nOctober\n17, 2024\n \n3\n\nJeneric\nServices Pte. Ltd.\n \nBizSafe\nStar\n \nWSH\nCouncil\n \nOctober\n18, 2024\n \n3\n\nJeneric\nVenture Pte. Ltd.\n \nBizSafe\nStar\n \nWSH\nCouncil\n \nJanuary\n2, 2025\n \n3\n\nJeneric\nInternational Pte. Ltd.\n \nBizSafe\nStar\n \nWSH\nCouncil\n \nOctober\n24, 2024\n \n3\n\n \n\n**Insurance**\n\n** **\n\nWe\nmaintain insurance policies to protect our business operations, employees, and liabilities in accordance with industry standards. Our\ncoverage includes workmen’s compensation and public liability insurance provided by Chubb Insurance Pte Ltd, ensuring compliance\nwith regulatory and customer requirements. Additionally, we provide medical insurance for our employees through EQ Insurance Company\nLimited, safeguarding their well-being and aligning with applicable labor regulations. The table below summarizes the key terms of our\ncurrent insurance policies:\n\n \n\n**Insurance\nType**\n \n**Insurer**\n \n**Policy\nPeriod**\n \n**Coverage\nHighlights**\n \n**Insured\nEntities**\n\nWorkmen’s\nCompensation\n \nChubb Insurance Singapore Limited\n \nMay 15, 2025 –\n\nMay 14, 2026\n \nCovers all statutory liabilities\nunder the Work Injury Compensation Act and Common Law; includes enhancements for medical, incapacity, and repatriation benefits\n \n\n☐\nJeneric Engineering Pte Ltd\n\n☐\nJeneric Marine Pte Ltd\n\n☐\nJeneric Offshore Pte Ltd\n\n☐\nJeneric Services Pte Ltd\n\n☐\nJeneric Venture Pte Ltd\n\n☐\nJeneric International Pte Ltd\n\nPublic Liability\n \nChubb Insurance Singapore Limited\n \nMay 15, 2025 –\n\nMay 14, 2026\n \nS$500,000 limit per occurrence;\ncovers third-party bodily injury and property damage within Singapore; includes subcontractor liability and liability to shipyards\n \n\n☐\nJeneric Engineering Pte Ltd\n\n☐\nJeneric Services Pte Ltd\n\n☐\nJeneric International Pte Ltd\n\n☐\nJeneric Marine Pte Ltd\n\n☐\nJeneric Offshore Pte Ltd\n\n☐\nJebs Enterprise Pte. Ltd.\n\n☐\nJeneric Venture Pte Ltd\n\nForeign\nWorkers Medical\n \nEQ Insurance Company Limited\n \nJune 12, 2025 –\n\nJune 11, 2026\n \nUp to S$60,000 annual limit\nper worker; covers hospitalization, pre/post-treatment, funeral expenses (S$3,000), repatriation (S$2,000), and personal accident\n(S$10,000)\n \n\n☐\nJeneric Engineering Pte Ltd\n\n☐\nJeneric Services Pte Ltd\n\n☐\nJeneric Marine Pte Ltd\n\n☐\nJeneric Offshore Pte Ltd\n\n☐\nJeneric Venture Pte Ltd\n\n \n\n33\n\n \n\n \n\nAdditionally,\non March 25, 2021 and June 6, 2024, the Company purchased two life insurance policies for Mr. Goh Kwang Yong, the Chief Executive Officer\nand Chairman of APEX Global, which took effect as of March 18, 2021 and June 3, 2024. The policy owners and beneficiaries are our subsidiaries\nJeneric Engineering Pte. Ltd. and Jeneric International Pte. Ltd., and the insured individual is Mr. Goh Kwang Yong.\n\n \n\nOn\nFebruary 14, 2025, the Company purchased a life insurance policy for a key member of management of Jeneric Engineering Pte. Ltd., with\nJeneric Engineering Pte. Ltd. as both the policy owner and beneficiary.\n\n \n\nThe\npremiums paid on commencement date for the three policies were S$150,006 (approximately $116,660), S$27,712 (approximately US$21,552)\nand S$19,736 (approximately US$15,349), respectively.\n\n \n\nWe\ncontinuously assess our risk portfolios and insurance needs to ensure adequate coverage across our operations. As industry practices\nevolve, we remain committed to reviewing and adjusting our insurance policies to maintain alignment with best practices in Singapore.\n\n** **\n\n**Seasonality**\n\n** **\n\nHistorically,\nseasonality has not materially impacted our operating results.\n\n \n\n**Government\nRegulation**\n\n** **\n\nOur\nbusiness operations are conducted primarily in Singapore. This section sets forth a summary of the most significant rules and regulations\nthat affect our business activities in Singapore.\n\n** **\n\nWe\nhave obtained the necessary business licenses for our day-to-day operations. Save as disclosed under “*Item 3. Key Information—3.D.\nRisk Factors*” of this annual report, we are not subject to any government regulations in the countries where we operate, other\nthan those generally applicable to companies and businesses in such countries, which will have a material effect on our business operations.\n\n** **\n\n**Workplace\nSafety and Health Act 2006**\n\n \n\nThe\nWorkplace Safety and Health Act 2006 of Singapore (the “WSHA”) is administered by the Ministry of Manpower of Singapore.\nThe WSHA lays down the legal requirements and responsibilities imposed on the employers to ensure the health, safety and welfare of persons\nemployed while at work and persons (not being an employee) who may be affected by any undertaking carried on by the employer in the workplace.\nThe WSHA also provides for the penalties for contravening or failing to comply with the standards.\n\n \n\nThe\nmeasures necessary to ensure the safety and health of persons at work include:\n\n \n\n \n(a)\nproviding and maintaining\nfor those persons a work environment which is safe, without risk to health, and adequate as regards facilities and arrangements for\ntheir welfare at work;\n\n \n\n \n(b)\nensuring that adequate\nsafety measures are taken in respect of any machinery, equipment, plant, article or process used by those persons;\n\n \n\n \n(c)\nensuring that those persons\nare not exposed to hazards arising out of the arrangement, disposal, manipulation, organization, processing, storage, transport,\nworking or use of things —\n\n \n\n \ni.\nin their workplace; or\n\n \n\n \nii.\nnear their workplace and\nunder the control of the employer;\n\n \n\n \n(d)\ndeveloping and implementing\nprocedures for dealing with emergencies that may arise while those persons are at work; and\n\n \n\n \n(e)\nensuring that those persons\nat work have adequate instruction, information, training and supervision as is necessary for them to perform their work.\n\n \n\n34\n\n \n\n \n\nIn\naddition to the above, under the WSHA, inspectors appointed by the Commissioner for Workplace Safety and Health (“Commissioner”)\nmay, amongst others, inspect and examine any workplace and any machinery, equipment, plant, installation or article at any workplace,\nto make such examination and inquiry as may be necessary to ascertain whether the provisions of the WSHA are complied with, to take samples\nof any material or substance found in the workplace or being discharged from any workplace for the purpose of analysis or test, to assess\nthe levels of noise, illumination, heat or harmful or hazardous substances in any workplace and the exposure levels of persons at work\ntherein and to take into custody any article in the workplace which is required for the purpose of an investigation or inquiry under\nthe WSHA.\n\n \n\nThe\nWSHA empowers the Commissioner to serve a remedial or a stop-work order in respect of a workplace, for contravention or omission of any\nWSHA-specified condition.\n\n \n\nAdditional\nduties apply to employers under the Workplace Safety and Health (General Provisions) Regulations. Where any person at work in any workplace\ncarries out any process, operation or work involving exposure to any infectious agents or biohazardous material which may constitute\na risk to his health, the employer of such person has a duty to take effective measures to protect that person from their harmful effects.\n\n \n\nOur\nworkplace is in compliance with the requirements under WSHA as seen from the bizSafe Star certification attained by each of the six (6)\nsubsidiaries awarded by the Workplace Safety and Health Council.\n\n \n\n**Workplace\nSafety and Health (Risk Management) Regulations 2006**\n\n \n\nThe\nWorkplace Safety and Health (Risk Management) Regulations 2006 (the “WSHRMR”) aims to reduce the risks at the source, requiring\nthe employer to conduct a risk assessment in relation to the safety and health risks posed to any employee when undertaking any work\nat the workplace and imposes the responsibility on the employer to take practicable steps to eliminate any foreseeable risk. Employers\nare required to maintain a record of risk assessment and review them once every three years.\n\n \n\n**Workplace\nSafety and Health (Abrasive Blasting) Regulations 2008**\n\n \n\nThe\nWorkplace Safety and Health (Abrasive Blasting) Regulations 2008 (the “WSHABR”) set out the requirements on the use of abrasives\nsuch as grit in blasting apparatus and certain precautions to be undertaken in connection with the construction of the blasting chambers\nand the carrying out of any blasting work. We observe strict compliance with the requirements of the WSHABR such as the following:–\n\n \n\n \n(a)\nany blasting is carried\nout in an enclosed blasting chamber;\n\n \n\n \n(b)\nany enclosed blasting chamber\nused is of sound construction, well-illuminated and provided with inspection ports;\n\n \n\n \n(c)\ndust generated in the enclosed\nblasting chamber is removed by a proper ventilation system to ensure that the dust generated is minimized and does not cause nuisance\nor pose any hazard to any person in the workplace at which the blasting is carried out;\n\n \n\n \n(d)\nall persons employed in\nblasting work are provided with suitable personal protective equipment (i.e. suitable overalls, boots, gloves and air-supply blasting\nhelmets); and\n\n \n\n \n(e)\nall plant and equipment\nare properly maintained.\n\n \n\n**Workplace\nSafety and Health (Shipbuilding and Ship-Repairing) Regulations 2008**\n\n** **\n\nThe\nWorkplace Safety and Health (Shipbuilding and Ship-Repairing) Regulations 2008 (the “WSHSSR”) imposes the requirement that\nevery employee undergo the relevant safety and health training courses approved by the Commissioner Workplace Safety and Health before\ncarrying out any hazardous work. The WSHSSR also imposes minimum safety and health requirements for any work carried out in a shipyard\nor on board a ship in a harbour. The WSHSSR mandates contractors in a shipyard to appoint a safety supervisor to ensure compliance with\nthe WSHA and any subsidiary legislation made thereunder and to promote and ensure the safety, health and welfare of persons working in\nthe shipyard or on board the ship. Shipyards are also required to ensure that ship repair managers and persons carrying out spray painting\nor painting in confined spaces are provided with adequate safety training.\n\n \n\n35\n\n \n\n \n\n**Workplace\nSafety and Health (Safety and Health Management System and Auditing) Regulations 2009**\n\n \n\nThe\nWorkplace Safety and Health (Safety and Health Management System and Auditing) Regulations 2009 requires that occupiers of any premises\nwhich is a shipyard to implement a safety and health management system for the purpose of ensuring the safety and health of persons at\nwork in the workplace.\n\n \n\n**Workplace\nSafety and Health (Work at Heights) Regulations 2013**\n\n \n\nThe\nWorkplace Safety and Health (Work at Heights) Regulations 2013 (the “WSHWHR”) stipulates the minimum safety and health requirements\nfor working at height where an employee risks falling. The WSHWHR imposes the requirement that every employee undergo the relevant safety\nand health training to familiarize themselves with the hazards associated with work at height and the precautions to be observed. It\nalso imposes the requirement that the employer put in place fall prevention plans and provide supervision of work at height.\n\n \n\n**Central\nProvident Fund Act 1953**\n\n \n\nThe\nCentral Provident Fund Act 1953 of Singapore (the “CPF Act”) governs the contributions made by employers and employees into\nthe central provident fund (the “CPF”). The CPF Act is administered by the CPF Board.\n\n \n\nThe\nCPF Act provides that every employer of an employee shall pay to the CPF monthly in respect of each employee’s contribution at\nthe appropriate rates set out in the First Schedule of the CPF Act. Notwithstanding the provisions of any written law or any contract\nto the contrary, an employer is entitled to recover from the monthly wages of an employee the amount shown in the First Schedule of the\nCPF Act as so recoverable from the employee. Employers who fail to make the prescribed CPF contributions are liable to pay interest on\nthe amount for every day the amount remains unpaid commencing from the first day of the month succeeding the month in respect of which\nthe amount is payable and such interest shall be calculated at the rate of 1.5% per month or the sum of S$5, whichever is greater. Where\nany employer who has recovered any amount from the monthly wages of an employee in accordance with the CPF Act and fails to pay the contributions\nto the CPF within such time as may be prescribed, he shall be guilty of an offence and shall be liable on conviction to a fine not exceeding\nS$10,000 or to imprisonment for a term not exceeding seven (7) years or to both.\n\n \n\nThe\nCPF Act further provides that except as otherwise provided in Section 61(2) of the CPF Act, any person convicted of an offence under\nthe CPF Act for which no penalty is provided shall be liable on conviction (i) to a fine not exceeding S$5,000 or to imprisonment for\na term not exceeding six (6) months or to both; and (ii) if that person is a repeat offender in relation to the same offence, to a fine\nnot exceeding S$10,000 or to imprisonment for a term not exceeding 12 months or to both.\n\n \n\nSection\n61(2) of the CPF Act provides that where any person (i) is guilty of an offence under Section 7(5) or 58(1)(b) of the CPF Act; or (ii)\nbeing a director, manager or secretary or any other officer of a body corporate, is guilty of an offence under Section 60 by virtue of\nthe fact that an offence under Section 7(3) or (5) or 58(1)(b) of the CPF Act has been committed by that body corporate and is found\nto have been committed with the consent or connivance of or to be attributable to any act or default on the part of that person, that\nperson shall be liable on conviction (a) to a fine of not less than S$1,000 and not more than S$5,000 or to imprisonment for a term not\nexceeding six months or to both; and (b) if that person is a repeat offender in relation to the same offence, to a fine of not less than\nS$2,000 and not more than S$10,000 or to imprisonment for a term not exceeding 12 months or to both.\n\n \n\nThe\nCompany is compliant with the employer’s obligations under the CPF Act for all employees it employs that are Singapore citizens\nor permanent residents by ensuring that the required employer’s contribution is made every month and deducting the relevant amount\nfrom each employee’s wage for contribution to the CPF.\n\n** **\n\n36\n\n \n\n** **\n\n**Regulations\non Employment**\n\n \n\nThe\nEmployment Act 1968 of Singapore (the “EA”) is administered by the Ministry of Manpower and sets out the basic terms and\nconditions of employment and the rights and responsibilities of employers as well as employees. The term “employee” is defined\nin the EA to mean a person who has entered into or works under a contract of service with an employer and includes, among others, a workman,\nbut does not include certain specified categories of employees including, among others, any domestic worker. The provisions of the EA\ninclude:\n\n \n\n \n(a)\nminimum days of statutory\nannual and sick leave;\n\n \n\n \n(b)\npaid public holidays;\n\n \n\n \n(c)\nstatutory protection against\nwrongful dismissal;\n\n \n\n \n(d)\nprovision of key employment\nterms in writing; and\n\n \n\n \n(e)\nstatutory maternity leave\nand childcare leave benefits.\n\n \n\nIn\nparticular, Part IV of the EA sets out requirements for rest days, hours of work and other conditions of service for workmen who receive\nsalaries not exceeding S$4,500 a month and employees (other than workmen or persons employed in managerial or executive positions) who\nreceive salaries not exceeding S$2,600 a month. The EA further provides that an employee is not allowed to work for more than 12 hours\nin any one day except in specified circumstances, such as where the work is essential to the life of the community, defense or security,\nwhere urgent work is to be done to machinery or plant, or where an interruption of work which was impossible to foresee. In addition,\nthe EA also limits the extent of overtime work that an employee can perform to 72 hours a month.\n\n \n\nAn\nemployer who breaches the above provisions shall be guilty of an offence and shall be liable on conviction to a fine not exceeding S$5,000,\nand for a second or subsequent offence to a fine not exceeding S$10,000 and/or to imprisonment for a term not exceeding 12 months.\n\n \n\nOur\nCompany is compliant with the obligations under the EA and has accorded such rights as may be mandated under the EA to all employees.\n\n \n\n**Regulations\non Employment of Foreign Workers in Singapore**\n\n \n\nThe\nEmployment of Foreign Manpower Act 1990 of Singapore (the “EFMA”) is administered by the Ministry of Manpower of Singapore\nand regulates the employment of foreign manpower in Singapore.\n\n \n\nIn\nSingapore under Section 5(1) of the EFMA, no person shall employ a foreign worker unless he has obtained in respect of the foreign worker\na valid work permit, which allows the foreign worker to work for him. A work pass includes the following: (a) employment pass, for foreign\nprofessionals, managers and executives earning at least S$5,000 per month and who have acceptable qualifications; (b) S pass, for mid-level\nskilled staff who earn at least S$3,150 per month and who meet the assessment criteria; and (c) work permit for foreign worker, for semi-skilled\nforeign workers.\n\n \n\nThe\nforeign worker has to be employed and carrying out duties in respect of his work permit. Singapore employers are subject to foreign manpower\nquota prescribed by the MOM which seeks to encourage employers to hire local employees. Any person who fails to comply with or contravenes\nSection 5(1) of the EFMA shall be guilty of an offence and shall be:–\n\n \n\n \n(a)\nliable on conviction to\na fine of at least S$5,000 and not more than S$30,000 or to imprisonment for a term not exceeding 12 months or to both; and\n\n \n\n \n(b)\non a second and subsequent\nconviction, be punished –\n\n \n\n \n(i)\nin the case of an individual,\nbe punished with a fine of at least S$10,000 and not more than S$30,000 and with imprisonment for a term of not less than one month\nand not more than 12 months; or\n\n \n\n \n(ii)\nin any case, be punished\nwith a fine of at least S$20,000 and not more than S$60,000.\n\n \n\nAdditionally,\nthe EFMR requires employers of work permit holders, among others, to: (a) bear the costs of medical treatment (unless in excess of the\nminimum mandatory coverage in certain instances); (b) provide safe working conditions and take such measures as are necessary to ensure\nthe safety and health of the foreign employee; (c) provide acceptable accommodation consistent with any law or governmental regulations;\nand (d) purchase and maintain medical insurance for inpatient care and day surgery, with coverage of at least S$60,000 (for policies\nwith start date effective on or after 1 July 2023) per every 12-month period (or for such shorter period where the foreign employee’s\nperiod of employment is less than 12 months).\n\n \n\n37\n\n \n\n \n\n**Work\nInjury Compensation Act 2019**\n\n \n\nThe\nWork Injury Compensation Act 2019 (the “WICA”) which is administered by the Ministry of Manpower of Singapore, applies to\nworkmen across all industries in respect of injuries suffered during the course of their employment and sets out, among others, the amount\nof compensation they are entitled to and the methods of calculating such compensation. The WICA provides that if a workman suffers any\npersonal injury due to an accident arising out of and in the course of employment, the employer is liable to pay compensation in accordance\nwith the provisions of WICA.\n\n \n\nThe\nWICA provides, among other things, that where any person (referred to as a principal) in the course of or for the purposes of their business,\nenters into a contract with any other person (referred to as the contractor) for the execution of the whole or any part of any work undertaken\nby the principal, the principal shall be liable to pay any workmen employed in the execution of the work any compensation which he would\nhave been liable to pay if the workman had been directly employed by the principal.\n\n \n\nEmployers\nare required to insure and maintain insurance under one or more approved policies with one or more designated insurers against all liabilities\nthat the employer may incur under the WICA in respect of every employee. Failure to do so is an offence punishable by a maximum fine\nof S$10,000 and/or imprisonment of up to 12 months or if the person is a repeat offender, to a fine not exceeding S$20,000 and/or to\nimprisonment for a term not exceeding 12 months.\n\n \n\n**Regulation\non Public Schemes**\n\n** **\n\nSection\n6 of the Inland Revenue Authority of Singapore Act 1992 (“IRASA”) provides that the Inland Revenue Authority of Singapore\n(“IRAS”) is the authority to administer scheduled public schemes for and on behalf of the Singapore Government or a Singapore\nstatutory body. As provided for in the Second Schedule of the IRASA the applicable scheduled public schemes include the Progressive Wage\nCredit Scheme (“PWCS”) and Senior Employment Credit. These schemes are not applicable to local government agencies, businesses\nnot registered in Singapore, foreign high commissions, embassies, trade offices and international organizations do not qualify for\nPWCS.\n\n \n\n*PWCS*\n\n \n\nThe\nPWCS is a scheme introduced by the Singapore Government in its Annual Budget of 2022 to provide transitional wage support for employers\nto adjust to mandatory wage increases for lower-wage workers covered by the Progressive Wage Model and Local Qualifying Salary requirements,\nand to support employers who voluntarily raise wages of lower-wage workers. Under this scheme, the Singapore Government will co-fund\nwage increases of eligible resident employees (i.e. Singapore Citizens and Permanent Residents) from 2022 to 2026 of Singapore-registered\nbusinesses.\n\n \n\nThe\nqualification for PWCS is automatic for the Singapore-registered business so long as the following conditions are met:\n\n \n\n \n1.\nthe resident employee received\nCPF contributions from a single employer for at least 3 calendar months in the preceding calendar year;\n\n \n\n \n2.\nthe resident employee has\nbeen on the firm’s payroll for at least 3 calendar months, and the resident employee received CPF contributions from a single\nemployer for at least 3 calendar months in the qualifying year; and\n\n \n\n \n3.\nthe resident employee has\nan average monthly wage increase of at least S$100 in the qualifying year.\n\n \n\nThe\npayout for the respective year by the Singapore Government to co-fund wage increases for eligible resident employees will be made by\nthe first quarter of the following year so long as the Singapore-registered business meet the aforementioned qualifying conditions. Additional\ninformation on the PWCS can be found on the IRAS website.\n\n \n\n*Senior\nEmployment Credit*\n\n \n\nThe\nSenior Employment Credit is a scheme introduced by the Singapore Government in its Annual Budget of 2021 to help provide wage offsets\nto help employers that employ Singaporean workers (i.e. Singapore Citizens) adjust to the higher Retirement Age and Re-employment Age. Higher\nsupport will be given for the older age bands.\n\n \n\n38\n\n \n\n \n\nThe\nqualification for the Senior Employment Credit is automatic for the Singapore-registered business so long as the following conditions\nare met:\n\n \n\n \n1.\nemploy employees (Singapore\nCitizens) aged 60 years and above;\n\n \n\n \n2.\nthe employee earns below\nS$4,000 per month; and\n\n \n\n \n3.\nthe employer has made timely\nmandatory CPF contributions for the employee.\n\n \n\nFor\nwages paid from January to June, employers will receive the payout from the Singapore Government in September the same year. For wages\npaid from July to December, employers will receive the payout from the Singapore Government in March the following year. Additional information\non the Senior Employment Credit can be found on the IRAS website.\n\n \n\nSection\n17F of the IRASA provides that a person commits an offence if, for the purposes of obtaining, or assisting another person to obtain,\nany money, credit, rebate or other grant under a scheduled public scheme, the person either gives to a public agency any information\nthat is false or misleading in any material particular; or omits from any application, form or other document given to a public agency\nany material particular. Any person who contravenes the act is punishable by penalties, fines and/or imprisonment of varying severity,\nfurther details regarding the penalties can be found at the Singapore Statutes Online website.\n\n** **\n\n**Regulation\non Data Protection**\n\n \n\nThe\nPersonal Data Protection Act 2012 of Singapore (the “PDPA”) generally requires organizations to provide notification and\nobtain consents prior to collection, use or disclosure of personal data (being data, whether true or not, about an individual who can\nbe identified from that data or other accessible information), and to provide individuals with the right to access and correct their\nown personal data. Organizations have mandatory obligations to assess data breaches they suffer, and to notify the Personal Data Protection\nCommission (the “PDPC”) and where applicable, the relevant individuals where the data breach is (or is likely to be) of a\nsignificant scale or resulting in (or is likely to result in) significant harm to individuals. Other obligations include accountability,\nprotection, retention, and requirements around the overseas transfers of personal data.\n\n \n\nAdditionally,\nprior to sending marketing messages addressed to Singapore telephone numbers, organizations must check the “Do-Not-Call”\nregistries, unless clear and unambiguous consent to such marketing was obtained from the individual.\n\n \n\nAn\norganization is required to comply with the following obligations under the PDPA:\n\n \n\n \n(a)\nobtain the consent of the\nindividual before collecting, using or disclosing his personal data, save in situations required and authorized under the PDPA or\nany other written law;\n\n \n\n \n(b)\nmay collect, use or disclose\npersonal data about an individual only for purposes that a reasonable person would consider appropriate in the circumstances and,\nif applicable, have been notified to the individual concerned;\n\n \n\n \n(c)\nnotify the individual of\nthe purpose(s) for which it intends to collect, use or disclose the individual’s personal data on or before such collection,\nuse or disclosure of the personal data;\n\n \n\n \n(d)\nupon request, (i) provide\nan individual with his or her personal data in the possession or under the control of the organization and information about the\nways in which the personal data may have been used or disclosed during the past year; and (ii) correct an error or omission in an\nindividual’s personal data that is in the possession or under the control of the organization;\n\n \n\n \n(e)\nmake a reasonable effort\nto ensure that personal data collected by or on behalf of the organization is accurate and complete if the personal data is likely\nto be used by the organization to make a decision that affects the individual concerned or disclosed by the organization to another\norganization;\n\n \n\n39\n\n \n\n \n\n \n(f)\nprotect personal data in\nits possession or under its control by making reasonable security arrangements to prevent unauthorized access, collection, use, disclosure,\ncopying, modification, disposal or similar risks;\n\n \n\n \n(g)\ncease to retain documents\ncontaining personal data, or remove the means by which the personal data can be associated with particular individuals as soon as\nit is reasonable to assume that (i) the purpose for which the personal data was collected is no longer being served by retention\nof the personal data; and (ii) retention is no longer necessary for legal or business purposes;\n\n \n\n \n(h)\nnot transfer personal data\nto a country or territory outside Singapore except in accordance with the requirements prescribed under the PDPA; and\n\n \n\n \n(i)\ndevelop and implement the\nnecessary policies and practices to meet its obligations under the PDPA and make information about its policies and practices available\non request.\n\n \n\nThe\nPDPC may impose sanctions for certain failures to comply with the PDPA, including the Do-Not-Call requirements. Organizations who contravene\nprovisions of the PDPA may be liable for a financial penalty of (a)(i) up to S$1 million or (ii) in the case of a contravention by an\norganization whose annual turnover in Singapore exceeds S$10 million, 10% of the annual turnover in Singapore of the organization, and/or\n(b) imprisonment. The Company has put in place a PDPA policy to ensure that it is compliant with the obligations under the PDPA.\n\n \n\nTo\nthe best of our Directors’ knowledge, we are in compliance with all the above-mentioned government rules and regulations.\n\n** **\n\n**4.C.\nOrganizational Structure**\n\n** **\n\nThe following\ndiagram illustrates our corporate structure as of the date of this annual report:\n\n \n\n \n\n**  **\n\nAs\nof the date of this annual report, APEX Global has the following subsidiaries:\n\n \n\n \n●\nAscendo Global Limited,\na wholly owned direct subsidiary, incorporated on April 9, 2025 under the laws of British Virgin Islands, whose principal activity\nis investment holding.\n\n \n\n \n●\nJeneric Engineering Pte.\nLtd., a wholly owned indirect subsidiary, formed on April 22, 2011 under the laws of Singapore, whose principal activity is provision\nof corrosion prevention services and specialized manpower solutions.\n\n \n\n \n●\nJeneric International Pte.\nLtd., a wholly owned indirect subsidiary, formed on January 5, 2009 under the laws of Singapore, whose principal activity is provision\nof corrosion prevention services and specialized manpower solutions.\n\n \n\n \n●\nJeneric Marine Pte. Ltd.,\na wholly owned indirect subsidiary, formed on March 28, 2011 under the laws of Singapore, whose principal activity is provision of\ncorrosion prevention services and specialized manpower solutions.\n\n \n\n \n●\nJeneric Offshore Pte. Ltd.,\na wholly owned indirect subsidiary, formed on May 20, 2011 under the laws of Singapore, whose principal activity is provision of\ncorrosion prevention services and specialized manpower solutions.\n\n \n\n \n●\nJeneric Services Pte. Ltd.,\na wholly owned indirect subsidiary, formed on May 20, 2011 under the laws of Singapore, whose principal activity is provision of\ncorrosion prevention services and specialized manpower solutions.\n\n \n\n \n●\nJeneric Venture Pte. Ltd.,\na wholly owned indirect subsidiary, formed on October 29, 2019 under the laws of Singapore, whose principal activity is provision\nof corrosion prevention services and specialized manpower solutions.\n\n \n\n40\n\n \n\n \n\n**4.D.\nProperty, Plants and Equipment**  \n\n \n\nOur\nprincipal executive office is located at 1 Tuas View Place, #03-14, Westlink One, Singapore 637433. Our principal executive office is\nleased from Jebs Enterprise Pte. Ltd., a company controlled by Mr. Goh Kwang Yong, our Chief Executive Officer and Chairman, at no cost.\n\n \n\nAs\nof the date of this annual report, our aggregate monthly rent is S$66,594 (approximately $51,790). The table below summarizes the real\nproperties we lease. \n\n \n\n**Address**\n \n**Leased/Owned**\n \n**Term**\n \n**Purpose**\n\n1.\n \n1 Tuas View\nPlace, #03-14, Westlink One, Singapore 637433\n \nLeased\n \nNovember 1, 2024 to October 31,\n2026\n\n(2 years)\n \nOffice and Warehouse\n\n2.\n \n2\nWoodlands Sector 2 #07-11 Block B, Singapore 737723\n \nLeased\n \nDecember 1, 2025 to November\n30, 2026\n\n(1 year)\n \nWorkers’\ndormitory\n\n3.\n \n2\nWoodlands Sector 2 #12-06 Block A, Singapore 737723\n \nLeased\n \nAugust 1, 2025 to July\n31, 2026\n\n(1 year)\n \nWorkers’\ndormitory\n\n4.\n \n2\nWoodlands Sector 2 #12-09 Block A, Singapore 737723\n \nLeased\n \nDecember 1, 2025 to November\n30, 2026\n\n(1 year)\n \nWorkers’\ndormitory\n\n5.\n \n11A Jalan Tukang #01-14/15\nBlock 9, Singapore 619267\n \nLeased\n \nOctober 1, 2025 to September 30, 2026\n\n(1 year)\n \nWorkers’ dormitory\n\n6.\n \nBlk 11 Kian Teck Lane #04-44,\nSingapore 627848\n \nLeased\n \nJanuary 1, 2025 to December 31, 2026\n\n(2 years)\n \nWorkers’ dormitory\n\n7.\n \nBlk 15 Kian Teck Lane #03-60,\nSingapore 627850\n \nLeased\n \nJanuary 1, 2025 to December 31, 2026\n\n(2 years)\n \nWorkers’ dormitory\n\n8.\n \nBlk 13 Kian Teck Lane #01-55,\nSingapore 627849\n \nLeased\n \nJanuary 1, 2025 to December 31, 2026\n\n(2 years)\n \nWorkers’ dormitory\n\n9.\n \nBlk\n7 Kian Teck Lane #04-22, Singapore 627846\n \nLeased\n \nJanuary 1, 2025 to December 31, 2026\n\n(2 years)\n \nWorkers’ dormitory\n\n10.\n \n6\nBoon Lay Drive #08-16 Summerdale, Singapore 649927\n \nLeased\n \n\nNovember\n15, 2025 to November 14, 2027\n\n(2 years)\n\n \nWorkers’ accommodation\n\n11.\n \n\nBlk\n117 Jurong East Street 13 #05-133 Ivory Heights,\n\nSingapore\n600117\n\n \nLeased\n \n\nOctober\n1, 2025 to September 30, 2027\n\n(2 years)\n\n \nWorkers’ accommodation\n\n \n\nWe\nbelieve that all our properties have been adequately maintained, are generally in good condition, and are suitable and adequate for our\nbusinesses."}