{"url_path":"/sec/mgn/10-k/2026/item-7","section_key":"item-7","section_title":"Item 7 Major Shareholders and Related Party Transactions**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-15","source_url":"https://www.sec.gov/Archives/edgar/data/1995075/0001213900-26-057595-index.html","accession_number":"0001213900-26-057595","cik":"0001995075","ticker":"MGN","issuer_name":"Megan Holdings Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1995075/0001213900-26-057595-index.html","primary_entity_key":"0001995075","primary_entity_name":"Megan Holdings Ltd."},"word_count":1317,"has_tables":true,"body_markdown":"**Item\n7. Major Shareholders and Related Party Transactions**\n\n \n\n**7.A. Major Shareholders**\n\n \n\nThe following table sets forth information with\nrespect to the beneficial ownership, within the meaning of Rule 13d-3 under the Exchange Act, of our Class A Ordinary Shares\nand Class B Ordinary Shares as of the date of this annual report, and as adjusted to reflect the sale of the Class A Ordinary Shares\noffered in the IPO or on Nasdaq for:\n\n \n\n●each of our directors\nand executive officers who beneficially owns our Class A Ordinary Shares or Class B Ordinary\nShares; and\n\n \n\n●each person known\nto us to own beneficially more than 5% of our Class A Ordinary Shares or Class B Ordinary\nShares.\n\n \n\nBeneficial ownership includes voting or investment\npower with respect to the securities. Except as indicated below, and subject to applicable community property laws, the persons named\nin the table have sole voting and investment power with respect to all Class A Ordinary Shares or Class B Ordinary Shares shown as beneficially\nowned by them. Percentage of beneficial ownership of each listed person prior to the IPO is based on 11,250,000 Class A Ordinary Shares\nand 5,000,000 Class B Ordinary Shares issued and outstanding as of the date of this annual report. Percentage of beneficial ownership of each listed person after the\nIPO is based on 32,000,000 Class A Ordinary Shares and 5,000,000 Class B Ordinary Shares issued and outstanding immediately after the\ncompletion of the IPO, assuming the sale of all 20,750,000 Class A Ordinary Shares offered hereby and assuming no sale of any Pre-Funded\nWarrants in the IPO. Each Class A Ordinary Share shall entitle the holder thereof to one (1) vote on all matters subject to vote at general\nmeetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof to fifty (50) votes on all matters subject\nto vote at general meetings of the Company.\n\n \n\nAs of the date of the annual report, we have\nthree shareholders of record, who are not located in the United States.\n\n \n\n  \nAmount of\nBeneficial\nOwnership\n\nof Class A\nOrdinary\nShares  \nPercentage\nOwnership\nof\nClass A\nOrdinary\nShares  \nAmount of\nBeneficial\nOwnership\n\nof Class B\nOrdinary\nShares  \nPercentage\nOwnership\nof\nClass B\nOrdinary\nShares  \nCombined\nVoting\nPower of\n\nClass A\nOrdinary\nShares and\nClass B\nOrdinary\nShares \n\nDirectors and Executive Officers: \n    \n    \n    \n    \n   \n\nMr. Darren\nHoo(1) \n 5,845,000  \n 18.27% \n 5,000,000  \n 100% \n 90.73%\n\nMr. Ng Kai Tie \n —  \n —  \n —  \n —  \n — \n\nMr. Phua Zhi Yong \n —  \n    \n —  \n —  \n   \n\nMr. Tse Yin Sum \n —  \n    \n —  \n —  \n   \n\nMs Lai Yee Yee \n —  \n    \n —  \n —  \n   \n\n  \n    \n    \n    \n    \n   \n\n5% or Greater Shareholders \n    \n    \n    \n    \n   \n\nSSL(1) \n 5,845,000  \n 18.27% \n 5,000,000  \n 100% \n 90.73%\n\n \n\n \n\n(1)Mr. Darren Hoo has sole voting and dispositive\npower over shares owned by SSL, a BVI business company, which is wholly owned by Mr. Darren\nHoo. The registered address of SSL is Vistra Corporate Services Centre, Wickhams Cay II,\nRoad Town, Tortola, VG1110, British Virgin Islands.\n\n \n\n90\n\n \n\n \n\n**7.B. Related Party Transactions**\n\n \n\nIn addition to the executive officer and director\ncompensation arrangements discussed in “Executive Compensation,” we describe below transactions since January 1, 2023,\nto which we have been a participant, in which the amount involved in the transaction is material to our Company and in which any of the\nfollowing is a party: (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled\nby, or are under common control with, our Company; (b) associates; (c) individuals owning, directly or indirectly, an interest\nin the voting power of our Company that gives them significant influence over our Company, and close members of any such individual’s\nfamily; (d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling\nthe activities of our Company, including directors and senior management of companies and close members of such individuals’ families;\nand (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described\nin (c) or (d) or over which such a person is able to exercise significant influence.\n\n* *\n\n*1)**Nature of relationships with related parties*\n\n* *\n\n**Name**\n \n**Relationship\nwith the Company**\n\nVC\nMarine Sdn Bhd\n \nCommon\ndirector through Mr. Darren Hoo and previously engaged as subcontractor by MMSB\n\nStar\nSprite Limited\n \nCommon\ndirector through Mr. Darren Hoo\n\nMr. Darren\nHoo\n \nExecutive\nDirector, Chairman and beneficial shareholder through SSL\n\n* *\n\n*2)**Related party transactions*\n\n \n\nUp to the date of this annual report, MMSB has\nentered into the following related party transaction with the following related parties:\n\n \n\n(a)VC Marine Sdn Bhd\n\n \n\n(i)By way of a Letter\nof Award dated July 1, 2021, we engaged VC Marine Sdn Bhd as a sub-contractor to carry\nout water reservoir distribution and discharge canal earthworks, at a prawn farm located\nat Kampung Wakuba, Tawau, Sabah belonging to MAG Aquaculture Sdn Bhd (“Wakuba Farm”).\n\n \n\n(ii)By way of a Letter\nof Award dated March 31, 2023, we engaged VC Marine Sdn Bhd as a sub-contractor to carry\nout works such as excavation works, trimming of sides for bund, and bund resurfacing works,\nat the Wakuba Farm.\n\n \n\n(iii)By way of a Letter\nof Award dated October 1, 2020, we engaged VC Marine Sdn Bhd as a sub-contractor to\ncarry out works such as water reservoir, distribution and discharge canal earthworks, at\na shrimp farm located at Umas-Umas, Tawau, Sabah belonging to North Cube Sdn Bhd (“Umas\nFarm”).\n\n \n\n(iv)By way of a Letter\nof Award dated July 1, 2021, we engaged VC Marine Sdn Bhd as a sub-contractor to carry\nout works such as shrimp pond rebuild works, at the Umas Farm.\n\n \n\n(v)By way of a Letter\nof Award dated September 1, 2021, we engaged VC Marine Sdn Bhd as a sub-contractor to\ncarry out works such as shrimp pond earthworks, at the Umas Farm.\n\n \n\n(vi)By way of a Letter\nof Award dated June 29, 2021, we engaged VC Marine Sdn Bhd as a sub-contractor to carry\nout works such as basic infrastructure works, installation of seawater intake and discharge\nsystem, main building works, and ancillary building works, as well as electrical works, at\nthe shrimp hatchery center in Semporna, Sabah.\n\n \n\n(vii)By way of a Letter\nof Award dated December 20, 2021, we engaged VC Marine Sdn Bhd as a sub-contractor to\ncarry out works such as basic infrastructure works, installation of seawater intake and discharge\nsystem, main building works, and ancillary building works, at the shrimp hatchery center\nin Semporna, Sabah.\n\n \n\n(viii)By way of a Letter\nof Award dated September 3, 2021, we engaged VC Marine Sdn Bhd as a sub-contractor to\ncarry out planting area earthworks, at a pineapple farm belonging to Ergobumi Sdn Bhd (“Pineapple\nFarm”).\n\n \n\n91\n\n \n\n \n\n(ix)By way of a Letter\nof Award dated May 2, 2022, we engaged VC Marine Sdn Bhd as a sub-contractor to carry\nout planting area earthworks, at the Pineapple Farm.\n\n \n\n(x)By way of a Letter\nof Award dated March 31, 2023, we engaged VC Marine Sdn Bhd as a sub-contractor to carry\nout soil tillage works, at the Pineapple Farm.\n\n \n\n(xi)By way of a Letter\nof Award dated September 8, 2023, we engaged VC Marine Sdn Bhd as a sub-contractor to\ncarry out land preparation works, at the Pineapple Farm.\n\n \n\n(b)Mr. Darren Hoo\n\n \n\n(i)The Company had an\nunsecured, interest-free, non-trade advance from director amounting to MYR 50,188 MYR 61,995\nand MYR 779 (USD 192), respectively, as of December 31, 2023, 2024 and 2025.\n\n  \n\n*3)**Related party balances*\n\n \n\nNet outstanding balances with related parties\nconsisted of the following as December 31, 2023, 2024 and 2025:\n\n \n\nRelated parties \nRelationship \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025  \nDecember 31,\n2025 \n\n  \n  \nMYR  \nMYR  \nMYR  \nUSD \n\nAdvances to subcontractor: \n  \n   \n   \n   \n  \n\nVC Marine Sdn Bhd \nCommon director \n —  \n 1,228,437  \n —  \n 274,941 \n\nAccounts payable: \n  \n    \n    \n    \n   \n\nVC Marine Sdn Bhd \nCommon director \n 739,879  \n —  \n —  \n — \n\nAmount due to: \n  \n    \n    \n    \n   \n\nStar Sprite Limited \nCommon director \n 2,108,419  \n 3,320,276  \n 3,259,111  \n 743,123 \n\nAmount due to: \n  \n    \n    \n    \n   \n\nDarren Hoo Wei Sern \nDirector \n 50,188  \n 61,995  \n 779  \n 13,875 \n\n \n\n**7.C. Interests of Experts and Counsel**\n\n** **\n\nNot Applicable."}