{"url_path":"/sec/omse/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-06-25","source_url":"https://www.sec.gov/Archives/edgar/data/2012219/0001193125-26-282941-index.html","accession_number":"0001193125-26-282941","cik":"0002012219","ticker":"OMSE","issuer_name":"OMS Energy Technologies Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2012219/0001193125-26-282941-index.html","primary_entity_key":"0002012219","primary_entity_name":"OMS Energy Technologies Inc."},"word_count":23544,"has_tables":true,"body_markdown":"ITEM 19. EXHIBITS\n\nEXHIBIT INDEX\n\n \n\nExhibit No.\n\n \n\nDescription of document\n\n1.1**\n\n \n\n[Second Amended and Restated Memorandum of Association and Second Amended and Restated Articles of Association of the Registrant (incorporated by reference to Exhibit 3.1 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000095017025098559/omse-ex1_1.htm)\n\n2.1*\n\n \n\n[Description of Securities](omse-ex2_1.htm)\n\n4.1**\n\n \n\n[Employment Agreement between the Registrant and How Meng Hock (incorporated by reference to Exhibit 10.1 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000121390024094183/ea020001606ex10-1_omsenergy.htm)\n\n4.2**\n\n \n\n[Employment Agreement between the Registrant and Kevin Yeo (incorporated by reference to Exhibit 10.2 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000121390024094183/ea020001606ex10-2_omsenergy.htm)\n\n4.3**\n\n \n\n[Independent Director Agreement between the Registrant and Chung Yew Pong (incorporated by reference to Exhibit 10.3 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000121390024094183/ea020001606ex10-3_omsenergy.htm)\n\n4.4**\n\n \n\n[Independent Director Agreement between the Registrant and Esther Teh Oun Pheng (incorporated by reference to Exhibit 10.4 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000121390024094183/ea020001606ex10-4_omsenergy.htm)\n\n4.5**\n\n \n\n[Independent Director Agreement between the Registrant and Datuk Loo Took Gee (incorporated by reference to Exhibit 10.5 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000121390024094183/ea020001606ex10-5_omsenergy.htm)\n\n4.6**\n\n \n\n[Form of Purchase Order Agreement between OMS (Saudi) and Aramco (incorporated by reference to Exhibit 10.6 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000121390024094183/ea020001606ex10-6_omsenergy.htm)\n\n4.7**\n\n \n\n[Form of Purchase Order Agreement between OMS (Saudi) and Global Pipe Company (incorporated by reference to Exhibit 10.8 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000121390024094183/ea020001606ex10-8_omsenergy.htm)\n\n4.8**\n\n \n\n[Convertible Note Agreement between the Registrant and RFWM VCC – RF DYNAMIC FUND (incorporated by reference to Exhibit 10.9 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000121390024094183/ea020001606ex10-9_omsenergy.htm)\n\n4.9**\n\n \n\n[Convertible Note Agreement between the Registrant and Vielink Asia Pte Ltd (incorporated by reference to Exhibit 10.10 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000121390024094183/ea020001606ex10-10_omsenergy.htm)\n\n4.10**\n\n \n\n[Lease Agreement between OMS (Singapore) and JTC Corporation for 10 Gul Circle, Singapore 629566 (incorporated by reference to Exhibit 10.11 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000121390024094183/ea020001606ex10-11_omsenergy.htm)\n\n4.11**\n\n \n\n[Material terms of supply agreement between OMS (Saudi) and Aramco (incorporated by reference to Exhibit 10.12 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000121390024103783/ea020001610ex10-12_omsenergy.htm)\n\n4.12**\n\n \n\n[Form of Purchase Order Agreement between OMS (Singapore) and Marubeni-Itochu Tubulars Asia Pte Ltd (incorporated by reference to Exhibit 10.13 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000121390024103783/ea020001610ex10-13_omsenergy.htm)\n\n4.13*\n\n \n\n[Form of Purchase order Agreement between OMS (Saudi) and National Pipe Company Ltd, dated March 23, 2025](omse-ex4_13.htm)\n\n8.1*\n\n \n\n[List of Subsidiaries of the Registrant](omse-ex8_1.htm)\n\n11.1**\n\n \n\n[Code of Ethics of the Registrant (incorporated by reference to Exhibit 14.1 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000121390025013346/ea020001616ex14-1_oms.htm)\n\n11.2**\n\n \n\n[Insider Trading Policy of the Registrant (incorporated by reference to Exhibit 14.2 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000121390024094183/ea020001606ex14-2_omsenergy.htm)\n\n12.1*\n\n \n\n[Certification of Chief Executive Officer Required by Rule 13a-14(a)](omse-ex12_1.htm)\n\n12.2*\n\n \n\n[Certification of Chief Financial Officer Required by Rule 13a-14(a)](omse-ex12_2.htm)\n\n13.1***\n\n \n\n[Certification of Chief Executive Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code](omse-ex13_1.htm)\n\n13.2***\n\n \n\n[Certification of Chief Financial Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code](omse-ex13_2.htm)\n\n97.1**\n\n \n\n[Executive Compensation Recovery Policy (incorporated by reference to Exhibit 14.3 to our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on November 4, 2024)](https://www.sec.gov/Archives/edgar/data/2012219/000121390025013346/ea020001616ex14-3_oms.htm)\n\n \n\n \n\n \n\n \n\n98\n\n[Table of Contents](#toc_page)\n\n \n\n101.INS\n\n \n\nInline XBRL Instance Document—this instance document does not appear in the Interactive Data\n\n101.SCH\n\n \n\nInline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents\n\n104\n\n \n\nCover Page Interactive Data File (embedded within the Inline XBRL document)\n\n \n\n*\n\nFiled herewith.\n\n**\n\nPreviously filed with our registration statement on Form F-1 (File No. 333-282986), as amended, initially filed with the SEC on February 25, 2025.\n\n***\n\nFurnished herewith\n\n \n\n \n\n99\n\n[Table of Contents](#toc_page)\n\n \n\nSIGNATURE\n\nThe registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.\n\n \n\nOMS Energy Technologies Inc.\n\nBy:\n\n/s/ How Meng Hock\n\nName:\n\nHow Meng Hock\n\nTitle:\n\nExecutive Director,\n\nChairman of the Board,\n\nand Chief Executive Officer\n\n \n\nDate: June 25, 2026\n\n \n\n100\n\n[Table of Contents](#toc_page)\n\n \n\nIndex to Consolidated Financial Statements\n\n \n\n[Report of Independent Registered Public Accounting Firm](#report_auditors) (PCAOB ID 5395)\n\n \n\nF-2\n\n[Consolidated Statements of Financial Positions](#consolidated_statements_of_fin_positions)\n\n \n\nF-4\n\n[Consolidated Statements of Profit or Loss and Other Comprehensive Income](#cons_statements_of_profit)\n\n \n\nF-5\n\n[Consolidated Statement of Changes in Equity](#cons_statements_of_changes_in_equity)\n\n \n\nF-6\n\n[Consolidated Statements of Cash Flows](#consolidated_statements_of_cash_flows)\n\n \n\nF-8\n\n[Notes to Consolidated Financial Statements](#notes_to_consolidated_fin_statements)\n\n \n\nF-9\n\n \n\nF-1\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nTo the Shareholders and Board of Directors of OMS Energy Technologies Inc.\n\nOpinion on the Financial Statements\n\nWe have audited the accompanying consolidated statements of financial position of OMS Energy Technologies Inc. and its subsidiaries (“Successor”) (the “Company”) as of March 31, 2026 and 2025, the related consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the years ended March 31, 2026 and 2025, and for the period from June 16, 2023 through March 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2026 and 2025, and the results of its operations and its cash flows for the years ended March 31, 2026 and 2025, and for the period from June 16, 2023 through March 31, 2024, in conformity with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.\n\nBasis for Opinion\n\nThese consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\nOur audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.\n\n/s/ Marcum Asia CPAs LLP\n\nMarcum Asia CPAs LLP\n\nWe have served as the Company’s auditor since 2023.\n\nNew York, New York\nJune 25, 2026\n\n \n\nF-2\n\n[Table of Contents](#toc_page)\n\n \n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nTo the Shareholders and Board of Directors of OMS Holdings Pte. Ltd.\n\nOpinion on the Financial Statements\n\nWe have audited the accompanying consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows of OMS Holdings Pte. Ltd. and its subsidiaries (“Predecessor”) (the “Company”) for the period from April 1, 2023 through June 15, 2023, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the results of its operations and its cash flows for the period from April 1, 2023 through June 15, 2023, in conformity with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.\n\nBasis for Opinion\n\nThese consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\nOur audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.\n\n/s/ Marcum Asia CPAs LLP\n\nMarcum Asia CPAs LLP\n\nWe have served as the Company’s auditor since 2023.\n\nNew York, New York\nAugust 30, 2024\n\n \n\nF-3\n\n[Table of Contents](#toc_page)\n\n \n\nOMS ENERGY TECHNOLOGIES INC. AND ITS SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF FINANCIAL POSITIONS\n\n \n\n \n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nNote\n\n \n\nAs of\nMarch 31,\n2026\n\n \n\n \n\nAs of\nMarch 31,\n2025\n\n \n\n \n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nAssets\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent assets:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCash and cash equivalents\n\n \n\n4\n\n \n\n \n\n151,985\n\n \n\n \n\n \n\n72,950\n\n \n\nRestricted cash, current\n\n \n\n5\n\n \n\n \n\n1,977\n\n \n\n \n\n \n\n1,692\n\n \n\nTrade receivables, net\n\n \n\n6\n\n \n\n \n\n18,955\n\n \n\n \n\n \n\n13,467\n\n \n\nContract assets\n\n \n\n18\n\n \n\n \n\n1,732\n\n \n\n \n\n \n\n983\n\n \n\nInventories, net\n\n \n\n7\n\n \n\n \n\n17,155\n\n \n\n \n\n \n\n32,546\n\n \n\nPrepayment and other current assets\n\n \n\n8\n\n \n\n \n\n4,441\n\n \n\n \n\n \n\n1,646\n\n \n\nLoan due from a related party\n\n \n\n22\n\n \n\n \n\n1,984\n\n \n\n \n\n \n\n1,584\n\n \n\nTotal Current Assets\n\n \n\n \n\n \n\n \n\n198,229\n\n \n\n \n\n \n\n124,868\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-current assets:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRestricted cash, non-current\n\n \n\n5\n\n \n\n \n\n340\n\n \n\n \n\n \n\n1,189\n\n \n\nRight-of-use assets, net\n\n \n\n9\n\n \n\n \n\n7,111\n\n \n\n \n\n \n\n8,086\n\n \n\nProperty, plant and equipment, net\n\n \n\n10\n\n \n\n \n\n28,535\n\n \n\n \n\n \n\n32,055\n\n \n\nIntangible assets, net\n\n \n\n11\n\n \n\n \n\n494\n\n \n\n \n\n \n\n42\n\n \n\nDeferred tax assets\n\n \n\n21\n\n \n\n \n\n2,125\n\n \n\n \n\n \n\n2,938\n\n \n\nPrepayment and other non-current assets\n\n \n\n8\n\n \n\n \n\n306\n\n \n\n \n\n \n\n1,327\n\n \n\nTotal Non-Current Assets\n\n \n\n \n\n \n\n \n\n38,911\n\n \n\n \n\n \n\n45,637\n\n \n\nTotal Assets\n\n \n\n \n\n \n\n \n\n237,140\n\n \n\n \n\n \n\n170,505\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLiabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent Liabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrade payables and other liabilities\n\n \n\n12\n\n \n\n \n\n27,355\n\n \n\n \n\n \n\n15,070\n\n \n\nTax payable\n\n \n\n \n\n \n\n \n\n1,058\n\n \n\n \n\n \n\n8,200\n\n \n\nLease liabilities, current\n\n \n\n9\n\n \n\n \n\n1,374\n\n \n\n \n\n \n\n1,187\n\n \n\nTotal Current Liabilities\n\n \n\n \n\n \n\n \n\n29,787\n\n \n\n \n\n \n\n24,457\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNon-current Liabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEmployee benefits obligation\n\n \n\n15\n\n \n\n \n\n1,326\n\n \n\n \n\n \n\n827\n\n \n\nLease liabilities, non-current\n\n \n\n9\n\n \n\n \n\n5,067\n\n \n\n \n\n \n\n6,096\n\n \n\nDeferred tax liabilities\n\n \n\n21\n\n \n\n \n\n3,496\n\n \n\n \n\n \n\n4,217\n\n \n\nProvisions\n\n \n\n \n\n \n\n \n\n73\n\n \n\n \n\n \n\n321\n\n \n\nTotal Non-Current Liabilities\n\n \n\n \n\n \n\n \n\n9,962\n\n \n\n \n\n \n\n11,461\n\n \n\nTotal Liabilities\n\n \n\n \n\n \n\n \n\n39,749\n\n \n\n \n\n \n\n35,918\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nEquity\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShare capital\n\n \n\n14\n\n \n\n \n\n4\n\n \n\n \n\n \n\n4\n\n \n\nShare premium\n\n \n\n \n\n \n\n \n\n100,999\n\n \n\n \n\n \n\n72,648\n\n \n\nRetained earnings\n\n \n\n \n\n \n\n \n\n90,842\n\n \n\n \n\n \n\n58,634\n\n \n\nAccumulated other comprehensive loss\n\n \n\n \n\n \n\n \n\n(2,202\n\n)\n\n \n\n \n\n(2,397\n\n)\n\nEquity attributable to Shareholders of the Company\n\n \n\n \n\n \n\n \n\n189,643\n\n \n\n \n\n \n\n128,889\n\n \n\nNon-controlling interests\n\n \n\n \n\n \n\n \n\n7,748\n\n \n\n \n\n \n\n5,698\n\n \n\nTotal equity\n\n \n\n \n\n \n\n \n\n197,391\n\n \n\n \n\n \n\n134,587\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal liabilities and equity\n\n \n\n \n\n \n\n \n\n237,140\n\n \n\n \n\n \n\n170,505\n\n \n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\nF-4\n\n[Table of Contents](#toc_page)\n\n \n\nOMS ENERGY TECHNOLOGIES INC. AND ITS SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME\n\n \n\n \n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\n \n\nNote\n\n \n\nFor the year\nended\nMarch 31, 2026\n\n \n\n \n\nFor the year\nended\nMarch 31, 2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31, 2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15, 2023\n\n \n\n \n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nRevenue – third parties\n\n \n\n \n\n \n\n \n\n155,910\n\n \n\n \n\n \n\n203,607\n\n \n\n \n\n \n\n163,267\n\n \n\n \n\n \n\n16,967\n\n \n\nRevenue – related parties\n\n \n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n1,215\n\n \n\nTotal revenue\n\n \n\n18\n\n \n\n \n\n155,910\n\n \n\n \n\n \n\n203,607\n\n \n\n \n\n \n\n163,267\n\n \n\n \n\n \n\n18,182\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCost of revenue – third parties\n\n \n\n \n\n \n\n \n\n(108,680\n\n)\n\n \n\n \n\n(134,620\n\n)\n\n \n\n \n\n(114,525\n\n)\n\n \n\n \n\n(13,080\n\n)\n\nCost of revenue – related parties\n\n \n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(75\n\n)\n\nTotal cost of revenue\n\n \n\n19\n\n \n\n \n\n(108,680\n\n)\n\n \n\n \n\n(134,620\n\n)\n\n \n\n \n\n(114,525\n\n)\n\n \n\n \n\n(13,155\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nGross profit\n\n \n\n \n\n \n\n \n\n47,230\n\n \n\n \n\n \n\n68,987\n\n \n\n \n\n \n\n48,742\n\n \n\n \n\n \n\n5,027\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSelling, general and administrative expenses\n\n \n\n19\n\n \n\n \n\n(12,373\n\n)\n\n \n\n \n\n(9,122\n\n)\n\n \n\n \n\n(8,574\n\n)\n\n \n\n \n\n(1,790\n\n)\n\nOperating profit\n\n \n\n \n\n \n\n \n\n34,857\n\n \n\n \n\n \n\n59,865\n\n \n\n \n\n \n\n40,168\n\n \n\n \n\n \n\n3,237\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBargain purchase gain\n\n \n\n3\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n49,429\n\n \n\n \n\n \n\n—\n\n \n\nOther income/(expense), net – third parties\n\n \n\n \n\n \n\n \n\n349\n\n \n\n \n\n \n\n246\n\n \n\n \n\n \n\n775\n\n \n\n \n\n \n\n(108\n\n)\n\nOther income, net – related parties\n\n \n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n29\n\n \n\nTotal other (expenses)/income, net\n\n \n\n19\n\n \n\n \n\n349\n\n \n\n \n\n \n\n246\n\n \n\n \n\n \n\n50,204\n\n \n\n \n\n \n\n(79\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinance income – third parties\n\n \n\n \n\n \n\n \n\n3,500\n\n \n\n \n\n \n\n339\n\n \n\n \n\n \n\n55\n\n \n\n \n\n \n\n9\n\n \n\nFinance income – related parties\n\n \n\n \n\n \n\n \n\n93\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n65\n\n \n\nTotal finance income\n\n \n\n20\n\n \n\n \n\n3,593\n\n \n\n \n\n \n\n339\n\n \n\n \n\n \n\n55\n\n \n\n \n\n \n\n74\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinance cost – third parties\n\n \n\n \n\n \n\n \n\n(404\n\n)\n\n \n\n \n\n(284\n\n)\n\n \n\n \n\n(915\n\n)\n\n \n\n \n\n(38\n\n)\n\nFinance cost – related parties\n\n \n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(162\n\n)\n\nTotal finance cost\n\n \n\n20\n\n \n\n \n\n(404\n\n)\n\n \n\n \n\n(284\n\n)\n\n \n\n \n\n(915\n\n)\n\n \n\n \n\n(200\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProfit before tax\n\n \n\n \n\n \n\n \n\n38,395\n\n \n\n \n\n \n\n60,166\n\n \n\n \n\n \n\n89,512\n\n \n\n \n\n \n\n3,032\n\n \n\nIncome tax expense\n\n \n\n21\n\n \n\n \n\n(4,517\n\n)\n\n \n\n \n\n(13,189\n\n)\n\n \n\n \n\n(7,424\n\n)\n\n \n\n \n\n(657\n\n)\n\nNet profit\n\n \n\n \n\n \n\n \n\n33,878\n\n \n\n \n\n \n\n46,977\n\n \n\n \n\n \n\n82,088\n\n \n\n \n\n \n\n2,375\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOther comprehensive income/(loss):\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nItems that will not be reclassified to profit or loss\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign currency translation differences\n\n \n\n \n\n \n\n \n\n660\n\n \n\n \n\n \n\n2,258\n\n \n\n \n\n \n\n(1,701\n\n)\n\n \n\n \n\n(610\n\n)\n\nChanges resulting from actuarial remeasurement of\n   employee benefits obligation\n\n \n\n \n\n \n\n \n\n(85\n\n)\n\n \n\n \n\n(2\n\n)\n\n \n\n \n\n(33\n\n)\n\n \n\n \n\n(9\n\n)\n\nOther comprehensive income/(loss), net of tax\n\n \n\n \n\n \n\n \n\n575\n\n \n\n \n\n \n\n2,256\n\n \n\n \n\n \n\n(1,734\n\n)\n\n \n\n \n\n(619\n\n)\n\nTotal comprehensive income\n\n \n\n \n\n \n\n \n\n34,453\n\n \n\n \n\n \n\n49,233\n\n \n\n \n\n \n\n80,354\n\n \n\n \n\n \n\n1,756\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet profit attributable to:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShareholders of the Company\n\n \n\n \n\n \n\n \n\n32,208\n\n \n\n \n\n \n\n44,816\n\n \n\n \n\n \n\n80,880\n\n \n\n \n\n \n\n1,867\n\n \n\nNon-controlling interests\n\n \n\n \n\n \n\n \n\n1,670\n\n \n\n \n\n \n\n2,161\n\n \n\n \n\n \n\n1,208\n\n \n\n \n\n \n\n508\n\n \n\nNet profit\n\n \n\n \n\n \n\n \n\n33,878\n\n \n\n \n\n \n\n46,977\n\n \n\n \n\n \n\n82,088\n\n \n\n \n\n \n\n2,375\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTotal comprehensive income attributable to:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nShareholders of the Company\n\n \n\n \n\n \n\n \n\n32,403\n\n \n\n \n\n \n\n46,860\n\n \n\n \n\n \n\n79,184\n\n \n\n \n\n \n\n1,310\n\n \n\nNon-controlling interests\n\n \n\n \n\n \n\n \n\n2,050\n\n \n\n \n\n \n\n2,373\n\n \n\n \n\n \n\n1,170\n\n \n\n \n\n \n\n446\n\n \n\nTotal comprehensive income\n\n \n\n \n\n \n\n \n\n34,453\n\n \n\n \n\n \n\n49,233\n\n \n\n \n\n \n\n80,354\n\n \n\n \n\n \n\n1,756\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBasic and diluted weighted-average shares outstanding\n\n \n\n16\n\n \n\n \n\n42,002,230\n\n \n\n \n\n \n\n37,822,500\n\n \n\n \n\n \n\n36,900,000\n\n \n\n*\n\n \n\n \n\nBasic and diluted earnings per share (as adjusted) (US$)\n\n \n\n16\n\n \n\n \n\n0.77\n\n \n\n \n\n \n\n1.18\n\n \n\n \n\n \n\n2.19\n\n \n\n \n\n \n\n \n\n \n\n* The shares and per share information are adjusted and presented for the period from June 16, 2023 to March 31, 2024 on a retrospective basis to reflect the Share Reorganization as disclosed under Note 14.\n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\nF-5\n\n[Table of Contents](#toc_page)\n\n \n\nOMS ENERGY TECHNOLOGIES INC. AND ITS SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF CHANGES IN EQUITY\n\n \n\n \n\nNo. of\nShares\n\n \n\nShare\nCapital\n\n \n\n \n\nShare\nPremium\n\n \n\n \n\nRetained Earnings\n\n \n\nAccumulated\nOther\nComprehensive\nLoss\n\n \n\nEquity\nAttributable to\nShareholders\nof the\nCompany\n\n \n\nNon-\ncontrolling\nInterest\n\n \n\nTotal\nEquity\n\n \n\nIn thousands\n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nUS$’000\n\n \n\nUS$’000\n\n \n\nUS$’000\n\n \n\nUS$’000\n\nSuccessor\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance at March 31, 2024\n\n \n\n36,900\n\n \n\n4\n\n \n\n \n\n67,648\n\n \n\n \n\n13,818\n\n \n\n(4,441)\n\n \n\n77,029\n\n \n\n3,325\n\n \n\n80,354\n\nTotal comprehensive income for the year:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProfit for the year\n\n \n\n \n\n \n\n—\n\n \n\n \n\n—\n\n \n\n \n\n44,816\n\n \n\n—\n\n \n\n44,816\n\n \n\n2,161\n\n \n\n46,977\n\nOther comprehensive income/(loss)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign currency translation adjustments\n\n \n\n \n\n \n\n—\n\n \n\n \n\n—\n\n \n\n \n\n—\n\n \n\n2,046\n\n \n\n2,046\n\n \n\n212\n\n \n\n2,258\n\nDefined benefit plan remeasurements\n\n \n\n \n\n \n\n—\n\n \n\n \n\n—\n\n \n\n \n\n—\n\n \n\n(2)\n\n \n\n(2)\n\n \n\n—\n\n \n\n(2)\n\nTotal comprehensive income for the year\n\n \n\n \n\n \n\n—\n\n \n\n \n\n—\n\n \n\n \n\n44,816\n\n \n\n2,044\n\n \n\n46,860\n\n \n\n2,373\n\n \n\n49,233\n\nTransactions with owners of the Company:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nConversion of convertible notes\n\n \n\n1,845\n\n \n\n—\n\n(1)\n\n \n\n5,000\n\n(2)\n\n \n\n—\n\n \n\n—\n\n \n\n5,000\n\n \n\n—\n\n \n\n5,000\n\nTotal transactions with owners of the\n    Company\n\n \n\n1,845\n\n \n\n—\n\n \n\n \n\n5,000\n\n \n\n \n\n—\n\n \n\n—\n\n \n\n5,000\n\n \n\n—\n\n \n\n5,000\n\nBalance at March 31, 2025\n\n \n\n38,745\n\n \n\n4\n\n \n\n \n\n72,648\n\n \n\n \n\n58,634\n\n \n\n(2,397)\n\n \n\n128,889\n\n \n\n5,698\n\n \n\n134,587\n\nTotal comprehensive income for the year:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProfit for the year\n\n \n\n \n\n \n\n—\n\n \n\n \n\n—\n\n \n\n \n\n32,208\n\n \n\n—\n\n \n\n32,208\n\n \n\n1,670\n\n \n\n33,878\n\nOther comprehensive income/(loss)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign currency translation adjustments\n\n \n\n \n\n \n\n—\n\n \n\n \n\n—\n\n \n\n \n\n—\n\n \n\n274\n\n \n\n274\n\n \n\n386\n\n \n\n660\n\nDefined benefit plan remeasurements\n\n \n\n \n\n \n\n—\n\n \n\n \n\n—\n\n \n\n \n\n—\n\n \n\n(79)\n\n \n\n(79)\n\n \n\n(6)\n\n \n\n(85)\n\nTotal comprehensive income for the year\n\n \n\n \n\n \n\n—\n\n \n\n \n\n—\n\n \n\n \n\n32,208\n\n \n\n195\n\n \n\n32,403\n\n \n\n2,050\n\n \n\n34,453\n\nTransactions with owners of the Company:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIssuance of ordinary shares related to\n    public offering exercise\n\n \n\n3,704\n\n \n\n—\n\n(1)\n\n \n\n30,583\n\n \n\n \n\n—\n\n \n\n—\n\n \n\n30,583\n\n \n\n—\n\n \n\n30,583\n\nIssuance of representative warrant in\n    connection with public offering exercise\n\n \n\n \n\n \n\n—\n\n \n\n \n\n(501)\n\n \n\n \n\n—\n\n \n\n—\n\n \n\n(501)\n\n \n\n—\n\n \n\n(501)\n\nOffering cost related to public offering exercise\n\n \n\n \n\n \n\n—\n\n \n\n \n\n(1,731)\n\n \n\n \n\n—\n\n \n\n—\n\n \n\n(1,731)\n\n \n\n—\n\n \n\n(1,731)\n\nTotal transactions with owners of the\n    Company\n\n \n\n3,704\n\n \n\n—\n\n \n\n \n\n28,351\n\n \n\n \n\n—\n\n \n\n—\n\n \n\n28,351\n\n \n\n—\n\n \n\n28,351\n\nBalance at March 31, 2026\n\n \n\n42,449\n\n \n\n4\n\n \n\n \n\n100,999\n\n \n\n \n\n90,842\n\n \n\n(2,202)\n\n \n\n189,643\n\n \n\n7,748\n\n \n\n197,391\n\n \n\n(1)\nAmount is not significant as less than $1,000.\n\n(2)\nOn February 5, 2024 and February 9, 2024, the Successor entered into the convertible note agreements (the “Convertible Note Agreements”) with RFWM VCC — RF Dynamic Fund and Vielink Asia Pte Ltd (the “holders”) respectively for a total principal sum of $5,000,000 at a 10% cumulative simple interest per annum effective on April 5, 2024. On September 30, 2024, pursuant to the convertible note agreements, the holders converted the total principal amount of $5,000,000 of the notes issued into 750 Ordinary Shares of the Successor (1,845,000 Ordinary Shares after considering the Company's reorganization process on October 23, 2024 to facilitate the initial public offering).\n\nF-6\n\n[Table of Contents](#toc_page)\n\n \n\n \n\n \n\nNo. of\nShares*\n\n \n\nShare\nCapital\n\n \n\nShare\nPremium\n\n \n\n(Accumulated\nDeficit)/Retained Earnings\n\n \n\nAccumulated\nOther\nComprehensive\nLoss\n\n \n\nEquity\nAttributable to\nShareholders\nof the\nCompany\n\n \n\nNon-\ncontrolling\nInterest\n\n \n\nTotal\nEquity\n\n \n\nIn thousands\n\n \n\nUS$’000\n\n \n\nUS$’000\n\n \n\nUS$’000\n\n \n\nUS$’000\n\n \n\nUS$’000\n\n \n\nUS$’000\n\n \n\nUS$’000\n\nPredecessor\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance at March 31, 2023\n\n \n\n102,756\n\n \n\n102,756\n\n \n\n795\n\n \n\n(68,929)\n\n \n\n(2,188)\n\n \n\n32,434\n\n \n\n1,709\n\n \n\n34,143\n\nTotal comprehensive income for the year:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProfit for the period\n\n \n\n \n\n \n\n—\n\n \n\n—\n\n \n\n1,867\n\n \n\n—\n\n \n\n1,867\n\n \n\n508\n\n \n\n2,375\n\nOther comprehensive loss\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign currency translation adjustments\n\n \n\n \n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n(548)\n\n \n\n(548)\n\n \n\n(62)\n\n \n\n(610)\n\nDefined benefit plan remeasurements\n\n \n\n \n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n(9)\n\n \n\n(9)\n\n \n\n—\n\n \n\n(9)\n\nTotal comprehensive income/(loss) for the year\n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n1,867\n\n \n\n(557)\n\n \n\n1,310\n\n \n\n446\n\n \n\n1,756\n\nBalance at June 15, 2023\n\n \n\n102,756\n\n \n\n102,756\n\n \n\n795\n\n \n\n(67,062)\n\n \n\n(2,745)\n\n \n\n33,744\n\n \n\n2,155\n\n \n\n35,899\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSuccessor\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance at June 16, 2023**\n\n \n\n36,900\n\n \n\n4\n\n \n\n67,648\n\n \n\n(67,062)\n\n \n\n(2,745)\n\n \n\n(2,155)\n\n \n\n2,155\n\n \n\n—\n\nTotal comprehensive income for the period:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProfit for the period\n\n \n\n \n\n \n\n—\n\n \n\n—\n\n \n\n80,880\n\n \n\n—\n\n \n\n80,880\n\n \n\n1,208\n\n \n\n82,088\n\nOther comprehensive loss\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nForeign currency translation adjustments\n\n \n\n \n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n(1,665)\n\n \n\n(1,665)\n\n \n\n(36)\n\n \n\n(1,701)\n\nDefined benefit plan remeasurements\n\n \n\n \n\n \n\n—\n\n \n\n—\n\n \n\n—\n\n \n\n(31)\n\n \n\n(31)\n\n \n\n(2)\n\n \n\n(33)\n\nTotal comprehensive income/(loss) for the\n    period\n\n \n\n \n\n \n\n—\n\n \n\n—\n\n \n\n80,880\n\n \n\n(1,696)\n\n \n\n79,184\n\n \n\n1,170\n\n \n\n80,354\n\nBalance at March 31, 2024\n\n \n\n36,900\n\n \n\n4\n\n \n\n67,648\n\n \n\n13,818\n\n \n\n(4,441)\n\n \n\n77,029\n\n \n\n3,325\n\n \n\n80,354\n\n \n\n* The shares and per share information are adjusted and presented for the period from June 16, 2023 to March 31, 2024 on a retrospective basis to reflect the Share Reorganization as disclosed under Note 14.\n\n** The bargain purchase gain of $49.4M was excluded from the opening balance of the Successor’s equity on June 16, 2023 as it was included in the net profit of the Successor for the period from June 16, 2023 to March 31, 2024.\n\n \n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\nF-7\n\n[Table of Contents](#toc_page)\n\n \n\nOMS ENERGY TECHNOLOGIES INC. AND ITS SUBSIDIARIES\n\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nOperating activities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nNet profit\n\n \n\n \n\n33,878\n\n \n\n \n\n \n\n46,977\n\n \n\n \n\n \n\n82,088\n\n \n\n \n\n \n\n2,375\n\n \n\nAdjustments for:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIncome tax expenses\n\n \n\n \n\n4,517\n\n \n\n \n\n \n\n13,189\n\n \n\n \n\n \n\n7,424\n\n \n\n \n\n \n\n657\n\n \n\nDepreciation of property, plant and equipment\n\n \n\n \n\n4,679\n\n \n\n \n\n \n\n2,711\n\n \n\n \n\n \n\n3,800\n\n \n\n \n\n \n\n251\n\n \n\nAmortization of intangible assets\n\n \n\n \n\n67\n\n \n\n \n\n \n\n84\n\n \n\n \n\n \n\n97\n\n \n\n \n\n \n\n6\n\n \n\nDepreciation of right-of-use assets\n\n \n\n \n\n1,620\n\n \n\n \n\n \n\n1,412\n\n \n\n \n\n \n\n1,030\n\n \n\n \n\n \n\n140\n\n \n\nLoss/(gain) on disposal of property, plant and equipment\n\n \n\n \n\n—\n\n \n\n \n\n \n\n111\n\n \n\n \n\n \n\n(357\n\n)\n\n \n\n \n\n—\n\n \n\n(Reversal of)/allowance for inventories obsolescence\n\n \n\n \n\n(780\n\n)\n\n \n\n \n\n571\n\n \n\n \n\n \n\n(335\n\n)\n\n \n\n \n\n(6\n\n)\n\n(Reversal of)/allowance for expected credit losses\n\n \n\n \n\n(81\n\n)\n\n \n\n \n\n121\n\n \n\n \n\n \n\n(3\n\n)\n\n \n\n \n\n—\n\n \n\nFinance costs\n\n \n\n \n\n404\n\n \n\n \n\n \n\n284\n\n \n\n \n\n \n\n915\n\n \n\n \n\n \n\n200\n\n \n\nFinance income\n\n \n\n \n\n(3,593\n\n)\n\n \n\n \n\n(339\n\n)\n\n \n\n \n\n(55\n\n)\n\n \n\n \n\n(74\n\n)\n\nNet gain on fair value changes of financial liabilities at fair value\n    through profit or loss\n\n \n\n \n\n(413\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nLoss/(gain) on unrealized foreign exchange\n\n \n\n \n\n347\n\n \n\n \n\n \n\n493\n\n \n\n \n\n \n\n(793\n\n)\n\n \n\n \n\n134\n\n \n\nGain on bargain purchase\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(49,429\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nChanges in operating assets and liabilities:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrade receivables\n\n \n\n \n\n(5,407\n\n)\n\n \n\n \n\n18,975\n\n \n\n \n\n \n\n(17,961\n\n)\n\n \n\n \n\n(2,727\n\n)\n\nContract assets\n\n \n\n \n\n(749\n\n)\n\n \n\n \n\n764\n\n \n\n \n\n \n\n(1,505\n\n)\n\n \n\n \n\n1,139\n\n \n\nInventories\n\n \n\n \n\n16,165\n\n \n\n \n\n \n\n(2,329\n\n)\n\n \n\n \n\n(20,817\n\n)\n\n \n\n \n\n(360\n\n)\n\nPrepayment and other assets\n\n \n\n \n\n(2,401\n\n)\n\n \n\n \n\n809\n\n \n\n \n\n \n\n418\n\n \n\n \n\n \n\n(1,219\n\n)\n\nTrade receivables due from related parties\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n284\n\n \n\n \n\n \n\n(428\n\n)\n\nTrade and other payables\n\n \n\n \n\n12,576\n\n \n\n \n\n \n\n(32,239\n\n)\n\n \n\n \n\n26,157\n\n \n\n \n\n \n\n(2,224\n\n)\n\nEmployee benefits obligation\n\n \n\n \n\n516\n\n \n\n \n\n \n\n59\n\n \n\n \n\n \n\n11\n\n \n\n \n\n \n\n24\n\n \n\n \n\n \n\n61,345\n\n \n\n \n\n \n\n51,653\n\n \n\n \n\n \n\n30,969\n\n \n\n \n\n \n\n(2,112\n\n)\n\nCash provided by operations:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest received\n\n \n\n \n\n3,593\n\n \n\n \n\n \n\n339\n\n \n\n \n\n \n\n55\n\n \n\n \n\n \n\n74\n\n \n\nIncome taxes refund\n\n \n\n \n\n2,398\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nIncome taxes paid\n\n \n\n \n\n(13,218\n\n)\n\n \n\n \n\n(11,490\n\n)\n\n \n\n \n\n(6,979\n\n)\n\n \n\n \n\n(852\n\n)\n\nNet cash provided by/(used in) operating activities\n\n \n\n \n\n54,118\n\n \n\n \n\n \n\n40,502\n\n \n\n \n\n \n\n24,045\n\n \n\n \n\n \n\n(2,890\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInvesting activities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProceeds from sale of property, plant and equipment\n\n \n\n \n\n2\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n698\n\n \n\n \n\n \n\n—\n\n \n\nCash payment for management buyout\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(2,000\n\n)\n\n \n\n \n\n—\n\n \n\nAcquisition of property, plant and equipment\n\n \n\n \n\n(1,114\n\n)\n\n \n\n \n\n(2,863\n\n)\n\n \n\n \n\n(3,238\n\n)\n\n \n\n \n\n(1,200\n\n)\n\nAcquisition of intangible asset\n\n \n\n \n\n(523\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(11\n\n)\n\n \n\n \n\n—\n\n \n\n(Loan to)/repayment from related parties\n\n \n\n \n\n(400\n\n)\n\n \n\n \n\n1\n\n \n\n \n\n \n\n(1,585\n\n)\n\n \n\n \n\n20,981\n\n \n\nNet cash (used in)/provided by investing activities\n\n \n\n \n\n(2,035\n\n)\n\n \n\n \n\n(2,862\n\n)\n\n \n\n \n\n(6,136\n\n)\n\n \n\n \n\n19,781\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancing activities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProceeds from issuance of ordinary shares\n\n \n\n \n\n30,583\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nPayment of offering cost\n\n \n\n \n\n(1,731\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nAdvances from potential investors\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n5,000\n\n \n\n \n\n \n\n—\n\n \n\nProceeds from loans and borrowings\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n874\n\n \n\nProceeds from loans from related parties\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n8,845\n\n \n\nRepayment of loans from related parties\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(28,038\n\n)\n\nRepayment of loans and borrowings\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(6,504\n\n)\n\n \n\n \n\n(3,874\n\n)\n\n \n\n \n\n—\n\n \n\nInterest paid\n\n \n\n \n\n(404\n\n)\n\n \n\n \n\n(253\n\n)\n\n \n\n \n\n(211\n\n)\n\n \n\n \n\n(200\n\n)\n\nPayment of lease liabilities\n\n \n\n \n\n(1,468\n\n)\n\n \n\n \n\n(1,302\n\n)\n\n \n\n \n\n(824\n\n)\n\n \n\n \n\n(197\n\n)\n\nNet cash provided by/(used in) financing activities\n\n \n\n \n\n26,980\n\n \n\n \n\n \n\n(8,059\n\n)\n\n \n\n \n\n91\n\n \n\n \n\n \n\n(18,716\n\n)\n\nEffect of foreign exchange on cash, cash equivalents and restricted cash\n\n \n\n \n\n(592\n\n)\n\n \n\n \n\n820\n\n \n\n \n\n \n\n(2,473\n\n)\n\n \n\n \n\n(75\n\n)\n\nNet increase/(decrease) in cash, cash equivalents and restricted cash\n\n \n\n \n\n78,471\n\n \n\n \n\n \n\n30,401\n\n \n\n \n\n \n\n15,527\n\n \n\n \n\n \n\n(1,900\n\n)\n\nCash, cash equivalents and restricted cash at beginning of year/period\n\n \n\n \n\n75,831\n\n \n\n \n\n \n\n45,430\n\n \n\n \n\n \n\n29,903\n\n \n\n \n\n \n\n31,803\n\n \n\nCash, cash equivalents and restricted cash at end of year/period\n\n \n\n \n\n154,302\n\n \n\n \n\n \n\n75,831\n\n \n\n \n\n \n\n45,430\n\n \n\n \n\n \n\n29,903\n\n \n\nLess: Restricted cash, non-current\n\n \n\n \n\n340\n\n \n\n \n\n \n\n1,189\n\n \n\n \n\n \n\n367\n\n \n\n \n\n \n\n1,150\n\n \n\nLess: Restricted cash, current\n\n \n\n \n\n1,977\n\n \n\n \n\n \n\n1,692\n\n \n\n \n\n \n\n1,593\n\n \n\n \n\n \n\n1,087\n\n \n\nCash and cash equivalents at end of year/period\n\n \n\n \n\n151,985\n\n \n\n \n\n \n\n72,950\n\n \n\n \n\n \n\n43,470\n\n \n\n \n\n \n\n27,666\n\n \n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\nF-8\n\n[Table of Contents](#toc_page)\n\n \n\nOMS ENERGY TECHNOLOGIES INC. AND ITS SUBSIDIARIES\n\nNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS\n\n1.\nORGANIZATION AND PRINCIPAL ACTIVITIES\n\nOMS Energy Technologies Inc. (the “Company” or “OMSET INC”) is a holding company incorporated on December 27, 2023 in the Cayman Islands. The address of the Company’s registered office is at 89 Nexus Way, Camana Bay, Grand Cayman, KYI-9009, Cayman Islands. The principal executive office of the Company is 10 Gul Circle, Singapore 629566. The Company conducts its business primarily through its subsidiaries in Singapore, Saudi Arabia, Indonesia, Thailand, Malaysia and Brunei.\n\nThese consolidated financial statements comprise the Company and its subsidiaries (together referred to as the “Group”). The Group’s principal activities comprise of manufacturing and sale of specialty connectors and pipes, surface wellhead and Christmas tree, premium threading services, and other ancillary services including repair of drilling tools, tubular goods and accessories.\n\nAs of March 31, 2026, the Company’s subsidiaries include the following entities:\n\n \n\nEntity\n\nDate of\nincorporation\n\nPlace of\nincorporation\n\nOwnership\n\nPrincipal activities\n\nOMS Holdings Pte. Ltd.\n\nMay 4, 2010\n\nSingapore\n\n100%\n\nInvestment holding\n\nOMS Oilfield Services Pte. Ltd.\n\nJune 21, 1972\n\nSingapore\n\n100%\n\nProvision of premium threading and manufacturing of pipe connectors and joints used in the oil and gas industry\n\nOMS Oilfield Services Arabia Ltd.\n\nMay 7, 2008\n\nSaudi Arabia\n\n100%\n\nProduction of pipes, tubes, extensions and related accessories for use in drilling for oil exploration projects\n\nOMS Oilfield Holdings Sdn. Bhd.\n\nJuly 4, 1977\n\nMalaysia\n\n100%\n\nInvestment holding\n\nOMS Oilfield Services Sdn. Bhd.\n\nAugust 19, 1980\n\nMalaysia\n\n49%(1)\n\nProvision of machine shop service for tools and equipment in the oil and gas industry\n\nPT OMS Oilfield Services\n\nApril 5, 2001\n\nIndonesia\n\n95%\n\nProvision of premium threading and repair services, inspection services and tubular running services, and selling tubular accessories for oil and gas industry\n\nOMS Oilfield Services (Thailand) Ltd.\n\nAugust 26, 2003\n\nThailand\n\n100%\n\nManufacture and repair of drilling tools, drilling tubular tools and drilling accessories for oil and gas industry\n\nPY Oiltools Sdn. Bhd.\n\nMarch 15, 1999\n\nBrunei\n\n70%\n\nProvision of repairs and services and the sale of equipment used in the oil and gas industry\n\nTop Pentagon Sdn. Bhd.\n\nJanuary 5, 2010\n\nMalaysia\n\n20%(1)\n\nInvestment holding\n\nOMS Oilfield Services (Australia) Pty Ltd.(2)\n\nJanuary 25, 2005\n\nAustralia\n\n100%\n\nDormant\n\n \n\n(1)\nWhere less than 50% of the equity of a subsidiary is held, the Company (through its subsidiaries) exercises control over these two subsidiaries by having reserved matters, appointment of directors and minimum quorum requirements. An assessment has been made, taking into account all the factors relevant to the relationship with these two subsidiaries, to ascertain control has been established.\n\n(2)\nOMS Oilfield Services (Australia) Pty Ltd. was deregistered on October 1, 2025.\n\nOMS Holdings Pte. Ltd. (“OMS”) and its subsidiaries (the “Predecessor”) were wholly owned subsidiaries of Sumitomo Corporation prior to the Management Buyout event (“MBO” as further defined). OMS and its subsidiaries are collectively the “Predecessor”.\n\nOn January 4, 2023, Sumitomo Corporation, which is a Japanese company that is publicly traded on the Tokyo Stock Exchange and OMS Energy Technologies Pte. Ltd. (“OMSET PL”), a newly established entity with a 100% majority of its shares owned by Mr. How Meng Hock, Chief Executive Officer (“Mr. How”) of OMS, entered into a Share Purchase Agreement pursuant to which OMSET PL agrees to acquire OMS, a wholly owned subsidiary of Sumitomo Corporation for a total cash consideration of $2 million.\n\nF-9\n\n[Table of Contents](#toc_page)\n\n \n\nFrom January 4, 2023 through to June 15, 2023, as part of the acquisition, Sumitomo Corporation and OMSET PL completed a series of transactions including settlement of balances due to and from Sumitomo Corporation under a legacy cash pooling arrangement and entering into a new loan agreement with Sumitomo Corporation with principal balance of $8.8 million (collectively, the “MBO”).\n\nOn June 16, 2023, the MBO was executed and completed and OMS is majority-owned by Mr. How along with other minority shareholders indirectly through OMSET PL. Upon the completion of MBO, OMS, OMSET PL, and Mr. How, along with his family and their affiliated entities, ceased to have any relationship with Sumitomo Corporation. OMS, OMSET PL, and Mr. How, along with his family and their affiliated entities, hold no equity interest in Sumitomo Corporation and Sumitomo Corporation holds no equity interest in OMS or OMSET PL. Furthermore, Mr. How, OMSET PL, and OMS have not received any financial support from Sumitomo Corporation or its related parties for the MBO. OMSET PL’s acquisition of OMS from Sumitomo Corporation meets the definition of a business combination as OMS is a business that has input (including all the equipment, staffs and other economic resources), process (including all the manufacturing processes, systems and standards, and rules and etc.) and output (products and services ready to be provided to customers). OMSET PL is the acquirer in the transaction as it obtains control of OMS through direct ownership interest in OMS. Therefore, OMSET PL would apply IFRS 3 — “Business Combinations” and account for the acquisition of OMS by identifying, recognizing, and measuring all identifiable assets acquired and liabilities assumed and recognize a bargain purchase gain for the difference between net identifiable assets acquired and consideration paid.\n\nTo facilitate the initial public offering in the United States, Mr. How formed OMSET INC on December 23, 2023. On March 28, 2024, OMSET INC distributed newly issued shares to OMSET PL in exchange for 100% of the shares of OMS owned by OMSET PL. As a result, OMSET INC was owned by OMSET PL and OMSET INC in turn owned OMS. On March 31 and May 7 2024, the shares of OMSET INC owned by OMSET PL were distributed to its shareholders — Mr. How, the controlling shareholder, and other minority shareholders — for nominal consideration. As a result, OMSET PL no longer has direct or indirect ownership of OMS and became a shell company. There are no other entities above OMSET INC — it is now the ultimate parent company. (the “Reorganization”). OMSET INC and its subsidiaries are collectively the “Successor” or the “Group”. Since OMSET PL was formed to acquire OMS and disposed of its indirect interest in OMS shortly after the acquisition, it would be appropriate to view the substance of the various transactions as an acquisition of OMS by OMSET INC on June 16, 2023.\n\n2.\nMATERIAL ACCOUNTING POLICIES\n\n2.1.\nBasis of preparation\n\n(a)\nStatement of compliance\n\nThese consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”). The consolidated financial statements were authorized for issue by the Board of Directors on June 25, 2026.\n\n(b)\nBasis of measurement\n\nThese consolidated financial statements have been prepared on the historical cost basis except as otherwise indicated in the accounting policies.\n\n(c)\nFunctional and presentation currency\n\nThese consolidated financial statements are presented in U.S. dollars (“USD” or “US$” or “$”), which is the functional and reporting currency of the Predecessor and the Successor, except for the following subsidiaries, where (i) the functional currency of OMS Oilfield Services Arabia Limited is Saudi Riyal (“SAR”); (ii) the functional currency of OMS Oilfield Holdings Sdn. Bhd., OMS Oilfield Services Sdn. Bhd. and Top Pentagon Sdn. Bhd. is Malaysian Ringgit (“MYR”); and (iii) the functional currency of OMS Oilfield Services (Thailand) Ltd. is Thai Baht (“THB”). The Predecessor and the Successor and its subsidiaries each determine their functional currency based on the currency of the primary economic environment in which they operate.\n\n(d)\nUse of estimates and judgements\n\nThe preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.\n\nEstimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected.\n\nF-10\n\n[Table of Contents](#toc_page)\n\n \n\nInformation about critical judgements in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in the following notes:\n\n•\nNote 2.2 — Business combination\n\n•\nNote 2.6 — Measurement of expected credit losses (“ECL”) for financial assets\n\n•\nNote 2.6 — Impairment of non-financial assets\n\n(e)\nAdoption of new accounting policies\n\nThe Group has applied the following amendments to the IFRS Accounting Standards for the first time for the annual period beginning on April 1, 2025.\n\n•\nLack of Exchangeability (Amendments to IAS 21)\n\nThe application of these amendments to the IFRS Accounting Standards does not have a material effect on the consolidated financial statements.\n\n2.2.\nBasis of consolidation\n\n(a)\nSubsidiaries\n\nSubsidiaries are entities controlled by the Predecessor and the Successor. The Predecessor and the Successor control an entity when they are exposed to, or have rights to, variable returns from their involvement with the entity and have the ability to affect those returns through their power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.\n\n(b)\nNon-controlling interests\n\nNon-controlling interests represent the equity in subsidiaries not attributable, directly or indirectly, to Shareholders of the Predecessor and the Successor, and are presented separately in the consolidated statement of financial position within equity. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance.\n\n(c)\nEquity method investments\n\nInvestments in associates are accounted for using the equity method. Associates are those entities in which the Predecessor and the Successor have significant influence, but not control or joint control, over the financial and operating policies of these entities. A significant influence is presumed to exist when the Predecessor and the Successor hold between 20% and 50% of the voting power of another entity.\n\nEquity-method investments are recognized initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Predecessor and the Successor’s share of the profit or loss and other comprehensive income of the associates, from the date that significant influence commences until the date that significant influence ceases.\n\nWhen the Predecessor and the Successor’s share of losses exceeds its interest in an associate, the carrying amount of the investment, together with any long-term interests that form part thereof, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Predecessor and the Successor have an obligation to fund the associate’s operations or have made payments on behalf of the associate. The results and net assets of associate with financial year end other than March 31, with the difference between the reporting date of the associate and that of the Predecessor and the Successor to be not longer than three months, are incorporated into the consolidated financial statements based on its latest available financial statements as it is otherwise impracticable to use the financial statements of the associate as of the same date as the consolidated financial statements of the Predecessor and the Successor.\n\n \n\nF-11\n\n[Table of Contents](#toc_page)\n\n \n\nThe Predecessor and the Successor cease to use the equity method as of the date on which an investment ceases to be an associate. Any investment remaining in the former associate is measured at fair value. The difference between the fair value of the remaining investment and any consideration from the realization of part of the investment and the carrying value of the investment at the time the use of the equity method is discontinued is recognized in profit or loss. Amounts previously recognized in other comprehensive income with respect to the same investment are treated in the same manner that would have been required if the invested entity had itself realized the related assets or related liabilities.\n\n(d)\nTransactions eliminated on consolidation\n\nIntra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with associates are eliminated against the investment to the extent of the Predecessor and the Successor’s interest in the associates. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.\n\n(e)\nBusiness combinations\n\nThe Successor completed the MBO on June 16, 2023, which applied IFRS 3 — Business Combination and was accounted for using an acquisition method when the acquired activities and assets meet the definition of a business and control is transferred to the Successor.\n\nTransaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the acquisition date amounts of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the acquisition date amounts of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of profit or loss and other comprehensive income.\n\nBefore recognizing a gain on a bargain purchase, the Successor reassesses whether it has correctly identified all the assets acquired and all of the liabilities assumed and shall recognize any additional assets or liabilities that are identified in that review. The Successor then reviews the procedures used to measure the amounts IFRS 3 requires to be recognized at the acquisition date for all the following:\n\na)\nthe identifiable assets acquired, and liabilities assumed;\n\nb)\nthe non-controlling interest in the acquiree, if any;\n\nc)\nfor a business combination achieved in stages, the acquirer’s previously held equity interest in the acquiree; and\n\nd)\nthe consideration transferred.\n\n2.3.\nForeign currency\n\n(a)\nForeign currency transactions\n\nTransactions in foreign currencies are translated to the respective functional currencies of the Predecessor and the Successor’s entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date when the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated at the exchange rate at the date of the transaction. Foreign currency differences are recognized in profit or loss.\n\n(b)\nForeign operations\n\nThe assets and liabilities of foreign operations are translated to U.S. dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated to U.S. dollars at average exchange rates.\n\nF-12\n\n[Table of Contents](#toc_page)\n\n \n\nTranslation of foreign currencies into US$1 have been made at the following exchange rates for the respective periods:\n\n \n\n \n\nAs of\nMarch 31,\n2026\n\n \n\n \n\nAs of\nMarch 31,\n2025\n\n \n\n \n\nAs of\nMarch 31,\n2024\n\n \n\n \n\nAs of\nJune 15,\n2023\n\n \n\nPeriod-end SAR: US$1 exchange rate\n\n \n\n \n\n3.7530\n\n \n\n \n\n \n\n3.7500\n\n \n\n \n\n \n\n3.7508\n\n \n\n \n\n \n\n3.7512\n\n \n\nPeriod-end MYR: US$1 exchange rate\n\n \n\n \n\n4.0490\n\n \n\n \n\n \n\n4.4131\n\n \n\n \n\n \n\n4.7350\n\n \n\n \n\n \n\n4.6240\n\n \n\nPeriod-end THB: US$1 exchange rate\n\n \n\n \n\n32.5850\n\n \n\n \n\n \n\n33.6100\n\n \n\n \n\n \n\n36.3400\n\n \n\n \n\n \n\n34.6200\n\n \n\nPeriod-average SAR: US$1 exchange rate\n\n \n\n \n\n3.7512\n\n \n\n \n\n \n\n3.7509\n\n \n\n \n\n \n\n3.7507\n\n \n\n \n\n \n\n3.7501\n\n \n\nPeriod-average MYR: US$1 exchange rate\n\n \n\n \n\n4.1452\n\n \n\n \n\n \n\n4.4533\n\n \n\n \n\n \n\n4.6325\n\n \n\n \n\n \n\n4.5276\n\n \n\nPeriod-average THB: US$1 exchange rate\n\n \n\n \n\n32.2850\n\n \n\n \n\n \n\n34.6108\n\n \n\n \n\n \n\n35.0615\n\n \n\n \n\n \n\n34.0750\n\n \n\n \n\nForeign currency differences are recognized in other comprehensive income (“OCI”) and presented in the foreign currency translation reserve in equity except to the extent that the translation difference is allocated to non-controlling interests (“NCI”). When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Predecessor and the Successor disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to NCI. When the Predecessor and the Successor dispose of only part of their investments in an associate that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.\n\nWhen the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely to occur in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign operation are recognized in OCI and are presented in the translation reserve in equity.\n\n2.4.\nFinancial instruments\n\n(a)\nRecognition and initial measurement\n\nTrade receivables are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Predecessor and the Successor become parties to the contractual provisions of the instrument.\n\nA financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus or minus transaction costs that are directly attributable to its acquisition or issuance. A trade receivable without a significant financing component is initially measured at the transaction price.\n\n(b)\nClassification and subsequent measurement\n\ni)\nFinancial assets\n\nOn initial recognition, a financial asset is classified as measured at: amortized cost; fair value through other comprehensive income (“FVOCI”); or fair value through profit or loss (“FVTPL”).\n\nFinancial assets are not reclassified subsequent to their initial recognition unless the Predecessor and the Successor change their business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.\n\nA financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:\n\n•\nit is held within a business model whose objective is to hold assets to collect contractual cash flows; and\n\n•\nits contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\n\n \n\n \n\nF-13\n\n[Table of Contents](#toc_page)\n\n \n\nA financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:\n\n•\nit is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and\n\n•\nits contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.\n\nAll financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL. On initial recognition, the Predecessor and the Successor may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.\n\nFinancial assets: Business model assessment\n\nThe Predecessor and the Successor make an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes:\n\n•\nthe stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets;\n\n•\nhow the performance of the portfolio is evaluated and reported to the Predecessor and the Successor’s management;\n\n•\nthe risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed;\n\n•\nhow managers of the business are compensated — e.g., whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and\n\n•\nthe frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity.\n\nTransfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Predecessor and the Successor’s continuing recognition of the assets.\n\nFinancial assets that are held-for-trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL.\n\nFinancial assets: Assessment whether contractual cash flows are solely payments of principal and interest\n\nFor the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g., liquidity risk and administrative costs), as well as a profit margin.\n\nIn assessing whether the contractual cash flows are solely payments of principal and interest, the Predecessor and the Successor consider the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Predecessor and the Successor consider:\n\n•\ncontingent events that would change the amount or timing of cash flows;\n\n•\nterms that may adjust the contractual coupon rate, including variable rate features;\n\n•\nprepayment and extension features; and\n\n•\nterms that limit the Predecessor and the Successor’s claim to cash flows from specified assets (e.g. non-recourse features).\n\n \n\n \n\nF-14\n\n[Table of Contents](#toc_page)\n\n \n\nA prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a significant discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition.\n\nFinancial assets: Subsequent measurement and gains and losses\n\nFinancial assets at FVTPL\n\nThese assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.\n\nFinancial assets at amortized cost\n\nThese assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.\n\nFinancial assets at FVOCI\n\nThese assets are subsequently measured at fair value. Interest income is calculated using the effective interest method. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss.\n\nii)\nFinancial liabilities: Classification, subsequent measurement and gains and losses\n\nFinancial liabilities are classified as measured at amortized cost.\n\nFinancial liabilities are initially measured at fair value less directly attributable transaction costs. They are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. These financial liabilities comprised trade and other payables, and loans and borrowings.\n\n(c)\nDerecognition\n\ni)\nFinancial assets\n\nThe Predecessor and the Successor derecognize a financial asset when the contractual rights to the cash flows from the financial asset expire, or they transfer the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Predecessor and the Successor neither transfer nor retain substantially all of the risks and rewards of ownership and they do not retain control of the financial asset.\n\nWhere the Predecessor and the Successor enter into transactions whereby they transfer assets recognized in their statements of financial position but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets are not derecognized.\n\nii)\nFinancial liabilities\n\nThe Predecessor and the Successor derecognize a financial liability when their contractual obligations are discharged or cancelled, or expire. The Predecessor and the Successor also derecognize a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.\n\nOn derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.\n\n \n\nF-15\n\n[Table of Contents](#toc_page)\n\n \n\n(d)\nOffsetting\n\nFinancial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Predecessor and the Successor currently have a legally enforceable right to set off the amounts and they intend either to settle them on a net basis or to realize the asset and settle the liability simultaneously.\n\n2.5.\nMeasurement of fair value\n\nA number of the Predecessor and the Successor’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.\n\nAs part of an established control framework, significant unobservable inputs and valuation adjustments are regularly reviewed. If third party information, such as broker quotes or pricing services, is used to measure fair values, such information is assessed to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified.\n\nWhen measuring the fair value of an asset or a liability, the Predecessor and the Successor use observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:\n\n•\nLevel 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.\n\n•\nLevel 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).\n\n•\nLevel 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).\n\nIf the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement (with Level 3 being the lowest). The Predecessor and the Successor recognize transfers between levels of the fair value hierarchy as of the end of the reporting year during which the change occurred.\n\n2.6.\nImpairment\n\n(a)\nFinancial assets\n\nThe Predecessor and the Successor recognize loss allowances for ECLs on financial assets measured at amortized cost and contract assets.\n\nLoss allowances are measured on either of the following bases:\n\n•\n12-month ECLs: these are ECLs that result from default events that are possible within the 12 months after the reporting date (or for a shorter period if the expected life of the instrument is less than 12 months); or\n\n•\nLifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument or contract asset.\n\nThe Predecessor and the Successor apply the simplified approach to provide for ECLs for all trade receivables and contract assets. The simplified approach requires the loss allowance to be measured at an amount equal to lifetime ECLs. The Predecessor and the Successor apply the general approach of 12-month ECL at initial recognition for all other financial assets.\n\nMeasurement of ECLs\n\nECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present value of all cash shortfalls (i.e., the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Predecessor and the Successor expects to receive). ECLs are discounted at the effective interest rate of the financial asset.\n\n \n\nF-16\n\n[Table of Contents](#toc_page)\n\n \n\nCredit-impaired financial assets\n\nAt each reporting date, the Predecessor and the Successor assess whether financial assets carried at amortized cost are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.\n\nEvidence that a financial asset is credit-impaired includes the following observable data:\n\n•\nsignificant financial difficulty of the borrower;\n\n•\na breach of contract such as a default or being more than 90 days past due;\n\n•\nthe lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession that the lender(s) would not otherwise consider;\n\n•\nit is probable that the borrower will enter bankruptcy or other financial reorganization; or\n\n•\nthe disappearance of an active market for that financial asset because of financial difficulties.\n\nPresentation of allowance for ECLs in the statement of financial position\n\nLoss allowances for financial assets measured at amortized cost and contract assets are deducted from the gross carrying amount for these assets.\n\nWrite-off\n\nThe gross carrying amount of a financial asset is reduced when the Predecessor and the Successor have no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. This is generally the case when the Predecessor and the Successor determine that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Predecessor and the Successor’s procedures for recovery of amounts due.\n\n(b)\nNon-financial assets\n\nAt each reporting date, the Predecessor and the Successor review the carrying amounts of their non-financial assets (other than inventories, contract assets and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. An impairment loss is recognized if the carrying amount of an asset or its related cash-generating unit (“CGU”) exceeds its estimated recoverable amount.\n\nFor impairment testing, assets are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.\n\nImpairment losses are recognized in profit or loss. Impairment losses recognized in respect of CGUs are allocated to reduce the carrying amounts of the assets in the CGU on a pro rata basis.\n\nImpairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.\n\n \n\nF-17\n\n[Table of Contents](#toc_page)\n\n \n\n2.7.\nProperty, plant and equipment\n\n(a)\nRecognition and measurement\n\nItems of property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.\n\nCost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the asset to a working condition for its intended use, the estimate of the costs of dismantling and removing the items and restoring the site on which they are located when the Predecessor and the Successor have an obligation to remove the asset or restore the site and capitalized borrowing costs. Purchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment.\n\nIf significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.\n\nThe gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognized in profit or loss.\n\n(b)\nSubsequent costs\n\nThe cost of replacing a component of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Predecessor and the Successor and its cost can be measured reliably. The carrying amount of the replaced component is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in profit or loss as incurred.\n\n(c)\nDepreciation\n\nDepreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately.\n\nDepreciation is recognized as an expense in profit or loss on a straight-line basis over the estimated useful lives (or lease term, if shorter) of each component of an item of property, plant and equipment, unless it is included in the carrying amount of another asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Predecessor and the Successor will obtain ownership by the end of the lease term.\n\nDepreciation is recognized from the date that the property, plant and equipment are installed and are ready for use, or in respect of internally constructed assets, from the date that the asset is completed and ready for use. Depreciation of land is recognized only for leasehold land based on the terms of the lease (i.e. 60 years) for the land as the leasehold land has a limited useful life and therefore is a depreciable asset.\n\nThe estimated useful life for the current and comparative years are as follows:\n\n \n\nLand and buildings\n\n \n\n20 – 60 years\n\nComputer and office equipment\n\n \n\n3 – 5 years\n\nMotor vehicles\n\n \n\n5 years\n\nPlant and machinery\n\n \n\n5 – 12 years\n\n \n\nDepreciation methods, useful lives and residual values are reviewed at the end of each reporting period and adjusted if appropriate.\n\n \n\nF-18\n\n[Table of Contents](#toc_page)\n\n \n\n2.8.\nIntangible assets\n\n(a)\nIntangible assets\n\nIntangible assets that are acquired by the Predecessor and the Successor and have finite useful lives are measured at cost less accumulated amortization and accumulated impairment losses.\n\n(b)\nSubsequent expenditure\n\nSubsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognized in profit or loss as incurred.\n\n(c)\nAmortization\n\nAmortization is calculated based on the cost of the asset, less its residual value.\n\nAmortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use.\n\nThe estimated useful life of computer software for the current and comparative years is 5 years.\n\nAmortization methods, useful lives and residual values are reviewed at the end of each reporting period and adjusted if appropriate.\n\n2.9.\nLeases\n\nAt inception of a contract, the Predecessor and the Successor assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. When the Predecessor and the Successor have the right to obtain and direct substantially all of the economic benefits from the use of the identified asset throughout the period of use, the contract conveys the right to control the use of the identified asset.\n\nAs a lessee\n\nAt commencement or on modification of a contract that contains a lease component, the Predecessor and the Successor allocate the consideration in the contract to each lease component on the basis of its relative stand-alone prices. The Predecessor and the Successor have elected the practical expedient under IFRS 16 for lease of property, not to separate non-lease components from lease components, and instead account for the lease and non-lease components as a single lease component. The Predecessor and the Successor recognize a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.\n\nThe right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Predecessor and the Successor by the end of the lease term or the cost of the right-of-use asset reflects that the Predecessor and the Successor will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property, plant and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment losses.\n\nThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Predecessor and the Successor’s incremental borrowing rate. Most of the Predecessor and the Successor’s lease agreements does not have an interest rate implicit in the lease, and therefore, the Company uses its incremental borrowing rate as the discount rate to calculate the present value of the lease payments.\n\nThe Predecessor and the Successor determine their incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.\n\n \n\nF-19\n\n[Table of Contents](#toc_page)\n\n \n\nLease payments included in the measurement of the lease liability comprise the following:\n\n•\nfixed payments, including in-substance fixed payments;\n\n•\nvariable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;\n\n•\namounts expected to be payable under a residual value guarantee; and\n\n•\nthe exercise price under a purchase option that the Predecessor and the Successor are reasonably certain to exercise, lease payments in an optional renewal period if the Predecessor and the Successor are reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Predecessor and the Successor are reasonably certain not to terminate early.\n\nThe lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Predecessor and the Successor’s estimate of the amount expected to be payable under a residual value guarantee, if the Predecessor and the Successor change their assessment of whether they will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.\n\nThe Predecessor and the Successor present right-of-use assets that do not meet the definition of investment property in ‘property, plant and equipment’ and lease liabilities in the statement of financial position.\n\nShort-term leases and leases of low-value assets\n\nThe Predecessor and the Successor have elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. Short-term leases are leases with initial term of 12 months or less. The Predecessor and the Successor recognize the lease payments associated with these leases as an expense on a straight-line basis over the lease term.\n\n2.10.\nInventories\n\nInventories are measured at the lower of cost and net realizable value. The cost of inventories is calculated using the weighted average cost formula, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, the cost of inventories includes an appropriate share of production overheads calculated based on normal operating capacity.\n\nNet realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Inventories are written down to the net realizable value when the net realizable value is lower than the cost.\n\n2.11.\nContract assets\n\nA contract asset is recognized when the Predecessor and the Successor’s right to consideration is conditional on something other than the passage of time. A contract asset is subject to impairment (see Note 2.4(b)).\n\n2.12.\nCash and cash equivalents\n\nCash and cash equivalents are comprised of cash in bank balances, cash on hand and short-term fixed deposits with original maturity of three months or less that is used by The Predecessor and the Successor in the management of their short-term commitments.\n\nThe Predecessor and the Successor believe that the cash and cash equivalents placed with commercial banks within the respective jurisdictions of operations are of high credit quality and continuously monitors the credit worthiness of these commercial banks. The Predecessor and the Successor face no restriction associated with the transfer of cash outside the current operating jurisdictions.\n\nCash deposits in bank accounts in Brunei with maximum amount of BND 50,000 are insured under the Deposit Protection Scheme managed by the Brunei Darussalam Deposit Protection Corporation. Cash deposits in bank accounts in Indonesia with maximum amount of IDR 2 billion are insured under the Deposit Insurance Scheme managed by the Indonesia Deposit Insurance Corporation. Cash deposits in bank accounts in Malaysia with maximum amount of MYR 250,000 are insured under the Deposit Insurance System managed by the Malaysia Deposit Insurance Corporation. Cash deposits in bank accounts in Singapore with maximum amount of SGD100,000 are insured under the Deposit Protection Scheme introduced by the Singapore government. Cash deposits in bank accounts in Thailand with maximum amount of THB 1 million are insured under the Deposit Protection Scheme managed by the Deposit Protection Agency of Thailand.\n\nF-20\n\n[Table of Contents](#toc_page)\n\n \n\n2.13.\nEmployee benefits\n\n(a)\nDefined contribution plans\n\nA defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in profit or loss in the years during which services are rendered by employees.\n\n(b)\nDefined benefits plans\n\nA defined benefit plan is a post-employment benefit plan other than a defined contribution plan. Employees in certain jurisdictions are eligible for long service payments in the event their employment is terminated. These payments are typically determined as a percentage of current salary based on the number of years of employment. The cost of providing benefits under these provisions is determined using the projected unit credit actuarial valuation method. The plans are unfunded and are settled directly as they fall due.\n\nDefined benefit costs comprise the following:\n\n•\nService cost;\n\n•\nNet interest on the net defined benefit liability; and\n\n•\nRe-measurements of the net defined benefit liability\n\nService costs which include current service costs, past service costs and gains or losses on non-routine settlements are recognized as expense in profit or loss. Past service costs are recognized when plan amendment or curtailment occurs.\n\nNet interest on the net defined benefit liability is the change during the period in the net defined benefit liability that arises from the passage of time, which is determined by applying the discount rate to the net defined benefit liability. Net interest on the net defined liability is recognized as expense or income in profit or loss.\n\nRemeasurement of the net defined benefit liability comprises actuarial gains and losses, and are recognized immediately in OCI in the period in which they arise. Remeasurements are recognized in retained profits within equity and are not reclassified to profit or loss in subsequent periods.\n\n(c)\nShort-term employee benefits\n\nShort-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Predecessor and the Successor have a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.\n\n(d)\nEmployee leave entitlements\n\nEmployee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the reporting date.\n\n2.14.\nProvisions\n\nA provision is recognized if, as a result of a past event, the Predecessor and the Successor have a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance costs.\n\nF-21\n\n[Table of Contents](#toc_page)\n\n \n\n2.15.\nWarrants\n\nWarrants issued by the Company are assessed on initial recognition to determine whether they meet the definition of an equity instrument:\n\n(a)\nWarrants issued by the Company that grant the holder the right to subscribe for a fixed number of the Company's ordinary shares for a fixed amount of cash are classified as equity instruments.\n\n(b)\nWarrants that do not satisfy the fixed-for-fixed criterion are classified as derivative financial liabilities and are recognized initially at fair value. Transaction costs directly attributable to the issuance of the warrant liabilities are recognized immediately in profit or loss.\n\n \n\nSubsequent to initial recognition, warrant liabilities are measured at fair value through profit or loss (\"FVTPL\"), with changes in fair value recognized in profit or loss in the period in which they arise.\n\n2.16.\nRevenue\n\nThe Predecessor and the Successor recognize revenue as or when it satisfies its performance obligations. The Predecessor and the Successor earn revenue predominantly from the following:\n\n(a)\nSale of oilfield equipment products\n\nThe Predecessor and the Successor manufacture and sell primarily specialty connectors and pipes, surface wellhead and Christmas tree to customers in the oil and gas industry under individual customer purchase orders, some of which have underlying master sales agreements that specify terms governing the product sales. Each contract with the customer contains a single performance obligation which is the sale of specific products by the Predecessor and the Successor. The consideration for each performance obligation is determined based on the number of products ordered times the unit price of the products as stipulated in the contract.\n\nThe Predecessor and the Successor recognize such revenue at the point in time when control of the products is transferred to the customer, which is generally when the products are dispatched from the Predecessor and the Successor’s warehouse or when the products are delivered to the customer’s designated location, based on the terms of the contract with the customer. At that point of transfer, the customer can direct the use of the goods and obtain substantially all of the economic benefits from the goods. In assessing whether collection of consideration from a customer is probable, the Predecessor and the Successor consider the customer’s ability and intention to pay that amount of consideration when it is due.\n\nPayment of invoices is typically due 30 to 90 days from the invoice date, which occurs on the date of transfer of control of the products to the customer. Since the payment terms are less than a year, the Predecessor and the Successor have elected the practical expedient and does not assess whether a customer contract has a significant financing component.\n\n(b)\nRendering of premium threading and other ancillary services\n\nThe Predecessor and the Successor offer premium threading services and other ancillary services, which include machining services for oil country tubular goods, repair and remanufacture services, inspection services and engineering and testing services to the customers in the oil and gas industry based on their specific requirements under individual customer purchase orders, some of which have underlying master sales agreements.\n\nEach contract with the customer contains a single performance obligation which is the provision of specified services by the Predecessor and the Successor. The consideration for each performance obligation is determined based on the number of services ordered times the unit price of the services as stipulated in the contract.\n\nWhen the Predecessor and the Successor render services to its customers, the performance obligation is satisfied at the point in time when the requested service is completed and accepted by the customer. Within each customer purchase order, the customer specifies the quantity of products to receive the requested service. Upon the completion of the services, customer picked up the products that received the requested services and performed necessary examination and provides customer acceptance notice to the Predecessor and the Successor if all service specification is met. Customer obtains the control of the services upon the time it picked up the products that received the requested services and completed its examination and issued the customer acceptance notice.\n\nPayment of invoices is typically due 30 to 90 days from the invoice date. Since the payment terms are less than a year, the Predecessor and the Successor have elected the practical expedient and does not assess whether a customer contract has a significant financing component.\n\nF-22\n\n[Table of Contents](#toc_page)\n\n \n\n2.17.\nFinance income and finance costs\n\nFinance income comprises interest income on bank deposits. Interest income is recognized as it accrues in profit or loss, using the effective interest method.\n\nFinance costs comprise interest expense on borrowings.\n\nBorrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss using the effective interest method.\n\n2.18.\nIncome Taxes\n\nCayman Islands\n\nCorporate income tax is not imposed on corporations in the Cayman Islands.\n\nSingapore\n\nOur Singapore subsidiaries are subject to a statutory income tax rate of 17% on estimated assessable profits.\n\nSaudi\n\nOur subsidiary, OMS Oilfield Services Arabia Limited, is subject to a statutory income tax rate of 20% on the estimated assessable profits.\n\nMalaysia\n\nMalaysia profits tax has been provided for at the rate of 24% on the estimated assessable profits.\n\nIndonesia\n\nIndonesia subsidiary is subject to a statutory income tax rate of 22%.\n\nBrunei\n\nBrunei subsidiary is subject to a statutory income tax rate of 18.5%.\n\nThailand\n\nOur subsidiary, OMS Oilfield Services (Thailand) Limited, is subject to a statutory income tax rate of 20%.\n\nIncome tax expense comprises current and deferred taxes. Current tax and deferred tax are recognized in profit or loss except to the extent that it related to items recognized directly in equity or in OCI.\n\nThe Predecessor and the Successor have determined that interest and penalties related to income taxes, including uncertain tax treatments, do not meet the definition of income taxes, and therefore accounted for them under IAS 37 Provisions, Contingent Liabilities and Contingent Assets.\n\nCurrent tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. The amount of current tax payable or receivables is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met.\n\nDeferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.\n\n \n\nF-23\n\n[Table of Contents](#toc_page)\n\n \n\nDeferred tax liabilities are recognized for all taxable temporary differences, except:\n\n•\nwhen the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and\n\n•\nin respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.\n\nDeferred tax assets are recognized for all deductible temporary differences, and the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, the carryforward of unused tax credits and unused tax losses can be utilized, except:\n\n•\nwhen the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and\n\n•\nin respect of deductible temporary differences associated with investments in subsidiaries, associates and joint ventures, deferred tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.\n\nThe carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered.\n\nDeferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.\n\nDeferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.\n\nIn determining the amount of current and deferred tax, the Predecessor and the Successor take into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Predecessor and the Successor believes that its accruals for income tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgments about future events. New information may become available that causes the Predecessor and the Successor to change its judgment regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact income tax expense in the period that such a determination is made.\n\n2.19.\nRelated parties\n\nFor the purpose of these consolidated financial statements, parties are considered to be related to the Predecessor and the Successor if the Predecessor and the Successor have the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Predecessor and the Successor and the party are subject to common control or common significant influence. Related parties may be individuals or other entities.\n\n2.20.\nEarnings per share\n\nThe Successor present basic and diluted earnings per share data for their Ordinary Shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Successor by the weighted-average number of Ordinary Shares outstanding during the year, adjusted for own shares held, if any. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted-average number of Ordinary Shares outstanding, adjusted for own shares held, if any, for the effects of all dilutive potential Ordinary Shares.\n\nF-24\n\n[Table of Contents](#toc_page)\n\n \n\n2.21.\nSegment reporting\n\nAn operating segment is a component of the Predecessor and the Successor that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Predecessor and the Successor’s other components. The Predecessor and the Successor operate in six reportable segments based on geographical regions. The operating results are reviewed regularly by the Predecessor and the Successor’s chief executive officer (the Chief Operating Decision Maker or “CODM”) to make decisions about resources to be allocated to the segment and to assess its performance, and for which discrete financial information is available.\n\nThe six reportable segments, namely Saudi Arabia, Singapore, Malaysia, Thailand, Indonesia, and Others as presented in Note 17 are the Predecessor and the Successor’s business regions. Others include minor business regions which are Cayman Islands, Brunei and Australia. These business regions are each managed separately by local management, who reports to the CODM, and is directly accountable for the functioning of the segment’s results, assets and liabilities. The CODM reviews the performance of the segments based on internal management reports periodically.\n\nSegment results, assets and liabilities that are reported to the CODM include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.\n\n2.22.\nStandards issued but not yet effective\n\nA number of new accounting standards are effective for the annual reporting periods beginning after April 1, 2025 and earlier application is permitted. However, the Group has not early adopted the following new or amended accounting standards in preparing these consolidated financial statements.\n\nA.\nIFRS 18 Presentation and Disclosure in Financial Statements\n\nIFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual periods beginning on or after January 1, 2027. The new standard introduces the following key new requirements.\n\n•\nEntities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities' net profit will not change.\n\n•\nManagement-defined performance measures (MPMs) are disclosed in a single note in the financial statements\n\n•\nEnhanced guidance is provided on how to group information in the financial statements.\n\nIn addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.\n\nThe Group is still in the process of assessing the impact of the new standard, particularly with respect to the structure of the Group’s statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs.\n\nB.\nOther accounting standards\n\nThe following new and amended IFRS Accounting Standards are not expected to have a significant impact on the Group's consolidated financial statements.\n\n•\nLack of Exchangeability (Amendments to IAS 21)\n\n•\nClassification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)\n\n•\nAnnual Improvements to IFRS Accounting Standards Volume 11\n\n•\nContracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)\n\n•\nSubsidiaries without Public Accountability: Disclosures (Amendments to IFRS 19)\n\n•\nTranslation to Hyperinflationary Presentation Currency (Amendments to IAS 21)\n\nF-25\n\n[Table of Contents](#toc_page)\n\n \n\n3.\nBusiness Combination\n\nAs stated in Note 1 regarding the MBO, since OMSET PL was formed to acquire OMS and disposed of its indirect interest in OMS shortly after the acquisition, it would be appropriate to view the substance of the various transactions as an acquisition of OMS by OMSET INC on June 16, 2023. The financial statements of OMSET INC would apply the provisions of IFRS 3 as issued by the International Accounting Standards Board in the same manner as they would have been applied in the financial statements of OMSET PL.\n\nOMSET PL has allocated the purchase price of predecessor based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities assumed at the acquisition date in accordance with the business combination standard issued by the IAS using the fair value approach in combination of replacement cost approach and market approach. The management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed, and intangible assets identified as of the acquisition date. Acquisition-related costs incurred for the acquisitions are not material and have been expensed as incurred in general and administrative expenses.\n\nThe Company completed a business combination on June 16, 2023, whereby OMSET INC acquired OMS through the formation and subsequent restructuring of OMSET PL. This business combination has been recorded in the financial statements as of and for the periods ended on or after the acquisition date, in accordance with IFRS 3. The allocation of the acquisition-date purchase price is presented below for informational purposes and has not changed since the acquisition date.\n\nAt the acquisition date, the Company determined the fair values of identifiable assets acquired and liabilities assumed using a combination of replacement cost and market approaches, in accordance with IFRS 3 guidance. Acquisition-related costs were expensed as incurred in general and administrative expenses and were not material.\n\nThe following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition of predecessor:\n\n \n\nAt acquisition date\n\n \n\nUS$’000\n\n \n\nProperty, plant and equipment\n\n \n\n \n\n33,400\n\n \n\nIntangible assets\n\n \n\n \n\n216\n\n \n\nRight-of-use assets\n\n \n\n \n\n5,582\n\n \n\nInventories\n\n \n\n \n\n9,537\n\n \n\nTrade receivables\n\n \n\n \n\n12,189\n\n \n\nCash and cash equivalents\n\n \n\n \n\n29,903\n\n \n\nOther assets\n\n \n\n \n\n5,006\n\n \n\nTrade payables\n\n \n\n \n\n(10,980\n\n)\n\nAmount due to related parties\n\n \n\n \n\n(8,845\n\n)\n\nLease liabilities\n\n \n\n \n\n(4,502\n\n)\n\nBorrowings\n\n \n\n \n\n(874\n\n)\n\nDeferred tax liabilities, net\n\n \n\n \n\n(1,193\n\n)\n\nTax provision\n\n \n\n \n\n(6,267\n\n)\n\nOther liabilities\n\n \n\n \n\n(11,743\n\n)\n\nFair value of net assets acquired\n\n \n\n \n\n51,429\n\n \n\nLess: Purchase consideration\n\n \n\n \n\n(2,000\n\n)\n\nBargain purchase gain\n\n \n\n \n\n49,429\n\n \n\n \n\nThe Successor recognized a bargain purchase gain of $49.4 million, representing the excess of the fair value of the net assets acquired over the net consideration paid.\n\nThis gain arises primarily as the acquirer and acquiree negotiated and agreed a fixed purchase consideration back in 2022 during which the oil and gas industry is still recovering from a major downturn. As market conditions have improved materially since the downturn, these assets have been revalued to reflect their current fair value and the difference between the acquisition cost and the revalued amount has resulted in a significant gain recognized under bargain purchase gain.\n\n \n\nF-26\n\n[Table of Contents](#toc_page)\n\n \n\nUnaudited Pro Forma Financial Information\n\nThe acquired business contributed revenue of $163.3 million and net profit of $82.1 million to the Successor for the period from June 16, 2023 to March 31, 2024. If the acquisition had occurred on April 1, 2023, consolidated pro-forma revenue and net profit for the year ended March 31, 2024 would have been $181.5 million and $83.4 million, respectively. These amounts have been calculated using the Predecessor’s results and adjusting them for the additional depreciation that would have been charged assuming the fair value adjustments to the property, plant and equipment had applied from April 1, 2023, together with the consequential tax effects.\n\n4.\nCASH AND CASH EQUIVALENTS\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nAs of\nMarch 31,\n2026\n\n \n\n \n\nAs of\nMarch 31,\n2025\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nCash on hand\n\n \n\n \n\n9\n\n \n\n \n\n \n\n5\n\n \n\nCash in bank\n\n \n\n \n\n124,283\n\n \n\n \n\n \n\n54,898\n\n \n\nTime deposits\n\n \n\n \n\n27,693\n\n \n\n \n\n \n\n18,047\n\n \n\nTotal cash and cash equivalents\n\n \n\n \n\n151,985\n\n \n\n \n\n \n\n72,950\n\n \n\n \n\n \n\n5.\nRESTRICTED CASH\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nAs of\nMarch 31,\n2026\n\n \n\n \n\nAs of\nMarch 31,\n2025\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nRestricted cash, current\n\n \n\n \n\n1,977\n\n \n\n \n\n \n\n1,692\n\n \n\nRestricted cash, non-current\n\n \n\n \n\n340\n\n \n\n \n\n \n\n1,189\n\n \n\nTotal restricted cash\n\n \n\n \n\n2,317\n\n \n\n \n\n \n\n2,881\n\n \n\n \n\nThe restricted cash represents time deposits in banks pledged as security to bank guarantees issued for services to be provided by the Group to their customers and for corporate credit cards. Restricted cash is classified as current if the Group expects to complete related service or terminate the related credit cards agreements within one year, and as non-current if otherwise.\n\n6.\nTRADE RECEIVABLES, NET\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nAs of\nMarch 31,\n2026\n\n \n\n \n\nAs of\nMarch 31,\n2025\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nTrade receivables\n\n \n\n \n\n18,998\n\n \n\n \n\n \n\n13,591\n\n \n\nLess: Allowance for expected credit losses\n\n \n\n \n\n(43\n\n)\n\n \n\n \n\n(124\n\n)\n\nTotal trade receivables, net\n\n \n\n \n\n18,955\n\n \n\n \n\n \n\n13,467\n\n \n\n \n\ni)\nTrade receivables\n\nTrade receivables are non-interest bearing and are generally on terms of 30 to 90 days. No interest is charged on the outstanding balances.\n\nii)\nFinancial risk management\n\nThe exposure of trade receivables to credit and market risks, and impairment losses for trade receivables are disclosed in Note 23.\n\nF-27\n\n[Table of Contents](#toc_page)\n\n \n\n7.\nINVENTORIES, NET\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nAs of\nMarch 31,\n2026\n\n \n\n \n\nAs of\nMarch 31,\n2025\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nRaw Materials\n\n \n\n \n\n11,705\n\n \n\n \n\n \n\n11,834\n\n \n\nWork-in-progress\n\n \n\n \n\n968\n\n \n\n \n\n \n\n2,782\n\n \n\nFinished goods\n\n \n\n \n\n6,223\n\n \n\n \n\n \n\n20,445\n\n \n\nLess: Allowance for inventories obsolescence\n\n \n\n \n\n(1,741\n\n)\n\n \n\n \n\n(2,515\n\n)\n\nTotal inventories, net\n\n \n\n \n\n17,155\n\n \n\n \n\n \n\n32,546\n\n \n\n \n\nFor the year ended March 31, 2026, inventories cost of $69.7 million (2025: $82.0 million, 2024: $70.4 million) were recognized as an expense and included in “cost of revenue”.\n\nAllowance for inventories obsolescence amounted to $0.1 million was recognized during the year ended March 31, 2026. Allowance for inventories obsolescence amounted to $0.6 million was recognized during the year ended March 31, 2025. For the period June 16, 2023 to March 31, 2024 and April 1, 2023 to June 15, 2023, a reversal of allowance for inventories obsolescence of $0.3 million and $0.006 million were recognized, respectively. The write-downs and reversals are included in “cost of revenue”. Previous allowances of $0.9 million have been reversed during the year ended March 31, 2026 as certain related inventories were sold and their value was realized during the respective period.\n\n8.\nPREPAYMENT AND OTHER ASSETS\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nAs of\nMarch 31,\n2026\n\n \n\n \n\nAs of\nMarch 31,\n2025\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nPrepayment, current\n\n \n\n \n\n2,973\n\n \n\n \n\n \n\n1,230\n\n \n\nGoods and services tax receivable, net\n\n \n\n \n\n636\n\n \n\n \n\n \n\n18\n\n \n\nDeposits, current\n\n \n\n \n\n215\n\n \n\n \n\n \n\n175\n\n \n\nOther current assets\n\n \n\n \n\n617\n\n \n\n \n\n \n\n223\n\n \n\nPrepayment and other current assets\n\n \n\n \n\n4,441\n\n \n\n \n\n \n\n1,646\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPrepayment, non-current\n\n \n\n \n\n118\n\n \n\n \n\n \n\n10\n\n \n\nDeferred offering costs\n\n \n\n \n\n—\n\n \n\n \n\n \n\n981\n\n \n\nDeposits, non-current\n\n \n\n \n\n188\n\n \n\n \n\n \n\n336\n\n \n\nPrepayment and other non-current assets\n\n \n\n \n\n306\n\n \n\n \n\n \n\n1,327\n\n \n\n \n\n9.\nLEASES\n\nThe Predecessor and Successor predominantly leases land and buildings. The leases typically run for a period between 3 to 20 years, with an option to renew the lease after that date.\n\ni)\nRight-of-use assets\n\n \n\n \n\n \n\nTotal\n\n \n\n \n\n \n\nUS$’000\n\n \n\nSuccessor\n\n \n\n \n\n \n\nCarrying Amounts:\n\n \n\n \n\n \n\nAs at March 31, 2024\n\n \n\n \n\n3,549\n\n \n\nAdditions\n\n \n\n \n\n7,486\n\n \n\nDisposals\n\n \n\n \n\n(1,599\n\n)\n\nDepreciation\n\n \n\n \n\n(1,412\n\n)\n\nEffect of movements in exchange rates\n\n \n\n \n\n62\n\n \n\nAs at March 31, 2025\n\n \n\n \n\n8,086\n\n \n\nAdditions\n\n \n\n \n\n627\n\n \n\nDepreciation\n\n \n\n \n\n(1,620\n\n)\n\nEffect of movements in exchange rates\n\n \n\n \n\n18\n\n \n\nAs at March 31, 2026\n\n \n\n \n\n7,111\n\n \n\n \n\nF-28\n\n[Table of Contents](#toc_page)\n\n \n\n \n\nii)\nLease liabilities\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nAs of\nMarch 31,\n2026\n\n \n\n \n\nAs of\nMarch 31,\n2025\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nLease liabilities – current\n\n \n\n \n\n1,374\n\n \n\n \n\n \n\n1,187\n\n \n\nLease liabilities – non-current\n\n \n\n \n\n5,067\n\n \n\n \n\n \n\n6,096\n\n \n\nTotal lease liabilities\n\n \n\n \n\n6,441\n\n \n\n \n\n \n\n7,283\n\n \n\n \n\nSome property leases contain extension options exercisable by the Predecessor and Successor up to one year before the end of the non-cancellable contract period. The extension options held are exercisable only by the Predecessor and Successor and not by the lessors. The Predecessor and Successor assess at the lease commencement date whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control.\n\nAs at March 31, 2026 and 2025, the potential future cash outflows that have not been included in lease liability because it is not reasonably certain that the leases will be extended is insignificant.\n\niii)\nAmounts recognized in profit or loss\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nDepreciation charge for right-of-use assets\n\n \n\n \n\n(1,620\n\n)\n\n \n\n \n\n(1,412\n\n)\n\n \n\n \n\n(1,030\n\n)\n\n \n\n \n\n(140\n\n)\n\nInterest on lease liabilities\n\n \n\n \n\n(347\n\n)\n\n \n\n \n\n(221\n\n)\n\n \n\n \n\n(125\n\n)\n\n \n\n \n\n(24\n\n)\n\nExpenses relating to short-term lease and low\n   value assets\n\n \n\n \n\n(2,017\n\n)\n\n \n\n \n\n(1,769\n\n)\n\n \n\n \n\n(1,666\n\n)\n\n \n\n \n\n(390\n\n)\n\n \n\n \n\niv)\nAmounts recognized in statements of cash flows\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nTotal cash outflow for leases\n\n \n\n \n\n3,832\n\n \n\n \n\n \n\n3,292\n\n \n\n \n\n \n\n2,615\n\n \n\n \n\n \n\n611\n\n \n\n \n\nF-29\n\n[Table of Contents](#toc_page)\n\n \n\n10.\nPROPERTY, PLANT AND EQUIPMENT, NET\n\nReconciliation of carrying amount\n\n \n\n \n\nLand and\nBuildings\n\n \n\n \n\nComputer\nand Office\nEquipment\n\n \n\n \n\nMotor\nVehicles\n\n \n\n \n\nPlant and\nMachinery\n\n \n\n \n\nTotal\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nSuccessor\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCost:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at March 31, 2024\n\n \n\n \n\n20,002\n\n \n\n \n\n \n\n420\n\n \n\n \n\n \n\n315\n\n \n\n \n\n \n\n13,586\n\n \n\n \n\n \n\n34,323\n\n \n\nAdditions\n\n \n\n \n\n276\n\n \n\n \n\n \n\n123\n\n \n\n \n\n \n\n26\n\n \n\n \n\n \n\n2,438\n\n \n\n \n\n \n\n2,863\n\n \n\nDisposals\n\n \n\n \n\n(94\n\n)\n\n \n\n \n\n(10\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(46\n\n)\n\n \n\n \n\n(150\n\n)\n\nEffect of movements in exchange rates\n\n \n\n \n\n(4\n\n)\n\n \n\n \n\n(2\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(13\n\n)\n\n \n\n \n\n(19\n\n)\n\nAs at March 31, 2025\n\n \n\n \n\n20,180\n\n \n\n \n\n \n\n531\n\n \n\n \n\n \n\n341\n\n \n\n \n\n \n\n15,965\n\n \n\n \n\n \n\n37,017\n\n \n\nAdditions\n\n \n\n \n\n228\n\n \n\n \n\n \n\n25\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n861\n\n \n\n \n\n \n\n1,114\n\n \n\nDisposals\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(11\n\n)\n\n \n\n \n\n(13\n\n)\n\n \n\n \n\n(154\n\n)\n\n \n\n \n\n(178\n\n)\n\nEffect of movements in exchange rates\n\n \n\n \n\n469\n\n \n\n \n\n \n\n(7\n\n)\n\n \n\n \n\n3\n\n \n\n \n\n \n\n382\n\n \n\n \n\n \n\n847\n\n \n\nAs at March 31, 2026\n\n \n\n \n\n20,877\n\n \n\n \n\n \n\n538\n\n \n\n \n\n \n\n331\n\n \n\n \n\n \n\n17,054\n\n \n\n \n\n \n\n38,800\n\n \n\n \n\n \n\nLand and\nBuildings\n\n \n\n \n\nComputer\nand Office\nEquipment\n\n \n\n \n\nMotor\nVehicles\n\n \n\n \n\nPlant and\nMachinery\n\n \n\n \n\nTotal\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nSuccessor\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAccumulated depreciation and impairment\n   losses:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at March 31, 2024\n\n \n\n \n\n(106\n\n)\n\n \n\n \n\n(147\n\n)\n\n \n\n \n\n(109\n\n)\n\n \n\n \n\n(1,921\n\n)\n\n \n\n \n\n(2,283\n\n)\n\nAdditions\n\n \n\n \n\n(1,202\n\n)\n\n \n\n \n\n(79\n\n)\n\n \n\n \n\n(41\n\n)\n\n \n\n \n\n(1,389\n\n)\n\n \n\n \n\n(2,711\n\n)\n\nDisposals\n\n \n\n \n\n4\n\n \n\n \n\n \n\n10\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n25\n\n \n\n \n\n \n\n39\n\n \n\nEffect of movements in exchange rates\n\n \n\n \n\n(2\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(5\n\n)\n\n \n\n \n\n(7\n\n)\n\nAs at March 31, 2025\n\n \n\n \n\n(1,306\n\n)\n\n \n\n \n\n(216\n\n)\n\n \n\n \n\n(150\n\n)\n\n \n\n \n\n(3,290\n\n)\n\n \n\n \n\n(4,962\n\n)\n\nAdditions\n\n \n\n \n\n(1,478\n\n)\n\n \n\n \n\n(147\n\n)\n\n \n\n \n\n(50\n\n)\n\n \n\n \n\n(3,004\n\n)\n\n \n\n \n\n(4,679\n\n)\n\nDisposals\n\n \n\n \n\n—\n\n \n\n \n\n \n\n11\n\n \n\n \n\n \n\n14\n\n \n\n \n\n \n\n91\n\n \n\n \n\n \n\n116\n\n \n\nEffect of movements in exchange rates\n\n \n\n \n\n(150\n\n)\n\n \n\n \n\n1\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(591\n\n)\n\n \n\n \n\n(740\n\n)\n\nAs at March 31, 2026\n\n \n\n \n\n(2,934\n\n)\n\n \n\n \n\n(351\n\n)\n\n \n\n \n\n(186\n\n)\n\n \n\n \n\n(6,794\n\n)\n\n \n\n \n\n(10,265\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCarrying amounts:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at March 31, 2025 (Successor)\n\n \n\n \n\n18,874\n\n \n\n \n\n \n\n315\n\n \n\n \n\n \n\n191\n\n \n\n \n\n \n\n12,675\n\n \n\n \n\n \n\n32,055\n\n \n\nAs at March 31, 2026 (Successor)\n\n \n\n \n\n17,943\n\n \n\n \n\n \n\n187\n\n \n\n \n\n \n\n145\n\n \n\n \n\n \n\n10,260\n\n \n\n \n\n \n\n28,535\n\n \n\n \n\nManagement reviews the estimated useful lives and residual value of the assets annually in order to determine the amount of depreciation expense to be recorded during any reporting year. The depreciation expense recorded for the Successor for the years ended March 31, 2026 and 2025, period from June 16, 2023 to March 31, 2024 and the Predecessor period from April 1, 2023 to June 15, 2023 are $4.7 million, $2.7 million, $3.8 million and $0.3 million, respectively.\n\n11.\nINTANGIBLE ASSETS, NET\n\nReconciliation of carrying amount\n\n \n\n \n\nSoftware\n\n \n\n \n\nOther\nintangible\nassets\n\n \n\n \n\nTotal\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nSuccessor\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCost:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at March 31, 2024\n\n \n\n \n\n1,444\n\n \n\n \n\n \n\n57\n\n \n\n \n\n \n\n1,501\n\n \n\nDisposals\n\n \n\n \n\n(24\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(24\n\n)\n\nAs at March 31, 2025\n\n \n\n \n\n1,420\n\n \n\n \n\n \n\n57\n\n \n\n \n\n \n\n1,477\n\n \n\nAdditions\n\n \n\n \n\n523\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n523\n\n \n\nEffect of movements in exchange rates\n\n \n\n \n\n28\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n28\n\n \n\nAs at March 31, 2026\n\n \n\n \n\n1,971\n\n \n\n \n\n \n\n57\n\n \n\n \n\n \n\n2,028\n\n \n\n \n\nF-30\n\n[Table of Contents](#toc_page)\n\n \n\n \n\n \n\nSoftware\n\n \n\n \n\nOther\nintangible\nassets\n\n \n\n \n\nTotal\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nSuccessor\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAccumulated amortization and impairment losses:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at March 31, 2024\n\n \n\n \n\n(1,331\n\n)\n\n \n\n \n\n(44\n\n)\n\n \n\n \n\n(1,375\n\n)\n\nAdditions\n\n \n\n \n\n(77\n\n)\n\n \n\n \n\n(7\n\n)\n\n \n\n \n\n(84\n\n)\n\nDisposals\n\n \n\n \n\n24\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n24\n\n \n\nAs at March 31, 2025\n\n \n\n \n\n(1,384\n\n)\n\n \n\n \n\n(51\n\n)\n\n \n\n \n\n(1,435\n\n)\n\nAdditions\n\n \n\n \n\n(65\n\n)\n\n \n\n \n\n(2\n\n)\n\n \n\n \n\n(67\n\n)\n\nEffect of movements in exchange rates\n\n \n\n \n\n(32\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(32\n\n)\n\nAs at March 31, 2026\n\n \n\n \n\n(1,481\n\n)\n\n \n\n \n\n(53\n\n)\n\n \n\n \n\n(1,534\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCarrying amounts:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAt March 31, 2025 (Successor)\n\n \n\n \n\n36\n\n \n\n \n\n \n\n6\n\n \n\n \n\n \n\n42\n\n \n\nAt March 31, 2026 (Successor)\n\n \n\n \n\n490\n\n \n\n \n\n \n\n4\n\n \n\n \n\n \n\n494\n\n \n\n \n\nThe amortization of intangible assets is predominantly included in “selling, general and administrative” expenses with the remaining recognized in \"cost of revenue\".\n\n12.\nTRADE PAYABLES AND OTHER LIABILITIES\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nAs of\nMarch 31,\n2026\n\n \n\n \n\nAs of\nMarch 31,\n2025\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nTrade payables\n\n \n\n \n\n18,086\n\n \n\n \n\n \n\n5,670\n\n \n\nNon-trade payables\n\n \n\n \n\n896\n\n \n\n \n\n \n\n612\n\n \n\nAccruals\n\n \n\n \n\n6,981\n\n \n\n \n\n \n\n6,731\n\n \n\nGoods and services tax payable, net\n\n \n\n \n\n124\n\n \n\n \n\n \n\n—\n\n \n\nWarrant liabilities\n\n \n\n \n\n88\n\n \n\n \n\n \n\n—\n\n \n\nOthers\n\n \n\n \n\n1,180\n\n \n\n \n\n \n\n2,057\n\n \n\nTotal trade payables and other liabilities\n\n \n\n \n\n27,355\n\n \n\n \n\n \n\n15,070\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrade payables are normally settled on 30 to 90 days’ terms. These amounts are non-interest bearing.\n\nOther payables relate to non-trade payables to third parties. They are non-interest bearing and have an average term of 30 to 90 days.\n\nF-31\n\n[Table of Contents](#toc_page)\n\n \n\ni)\nWarrant liabilities\n\nOn May 14, 2025, the Company issued to Roth Capital Partners, LLC, as the representative of the underwriters of the initial public offering, warrants to purchase 92,593 Ordinary Shares, which is equal to 2.5% of the aggregate number of Ordinary Shares issued in the public offering. The exercise price of the representative's warrants is US$10.80 (at 120% of the price of the Ordinary Shares offered), may be exercised on a cashless basis at the option of the warrant holder, and is exercisable three years following the closing date.\n\nManagement considers that the cashless exercise feature results in the warrants failing the \"fixed-for-fixed\" criterion under IAS 32, as a cashless exercise may result in the delivery of a variable number of ordinary shares rather than a fixed number of shares for a fixed amount. Accordingly, the warrants are classified as financial liabilities measured at FVTPL.\n\nFair value\n\nDuring the year ended March 31, 2026, the decrease in fair value of the warrant liabilities of $0.4 million (March 31, 2025: $nil) was recognized as a gain in profit or loss and is presented within Other income, net – third parties in the consolidated statement of profit or loss and other comprehensive income. All unrealized gains of $0.4 million relate to warrant liabilities held at March 31, 2026.\n\n \n\n \n\nNumber of warrants\n\n \n\n \n\nFair value of warrant liability\n\n \n\n \n\n \n\n \n\n \n\nUS$’000\n\n \n\nAs at April 1, 2025\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nWarrants issued\n\n \n\n \n\n92,593\n\n \n\n \n\n \n\n501\n\n \n\nChange in fair value\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(413\n\n)\n\nAs at March 31, 2026\n\n \n\n \n\n92,593\n\n \n\n \n\n \n\n88\n\n \n\nWarrant liabilities are classified as Level 3 instruments under the IFRS 13 fair value hierarchy. The fair value is determined using the Black Scholes Option Pricing Model. The key inputs into the Black Scholes Option Pricing Model were as follows: time to maturity, current share price, strike price, risk-free rate, dividend yield and expected volatility.\n\nExpected volatility of the Company's share price (80%) is a significant unobservable input which gives rise to the Level 3 classification - the higher the expected volatility, the higher the fair value. If the expected volatility were 5 per cent higher/(lower) while all other variables were held constant, the carrying amount of the warrant liabilities would be approximately $11,000 higher/(lower). These estimates reflect reasonably possible alternative assumptions.\n\nThe Group’s exposure to currency and liquidity risks related to trade payables and other liabilities are disclosed in Note 23.\n\n \n\n13.\nLOANS AND BORROWINGS\n\ni)\nTerms and debt repayment schedule\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\n \n\nOriginal\nCurrency\n\n \n\nYear of\nMaturity\n\n \n\nInterest\nrate\n\n \n\nAs of\nMarch 31,\n2026\n\n \n\n \n\nAs of\nMarch 31,\n2025\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n%\n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nLease liabilities\n\n \n\nUSD/MYR/\nSAR/THB/\nBND\n\n \n\n2027 to\n2040\n\n \n\n2.84% to\n8.00%\n\n \n\n \n\n6,441\n\n \n\n \n\n \n\n7,283\n\n \n\n \n\n \n\nF-32\n\n[Table of Contents](#toc_page)\n\n \n\nii)\nReconciliation of movements of liabilities to cash flows arising from financing activities\n\n \n\n \n\nLoans and\nBorrowings\n\n \n\n \n\nLease\nliabilities\n(See Note 9)\n\n \n\n \n\nTotal\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nSuccessor\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at March 31, 2024\n\n \n\n \n\n6,504\n\n \n\n \n\n \n\n2,584\n\n \n\n \n\n \n\n9,088\n\n \n\nChanges from financing cash flows\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRepayment of loans and borrowings\n\n \n\n \n\n(6,504\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(6,504\n\n)\n\nInterest paid\n\n \n\n \n\n(32\n\n)\n\n \n\n \n\n(221\n\n)\n\n \n\n \n\n(253\n\n)\n\nPayment of lease liabilities\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(1,302\n\n)\n\n \n\n \n\n(1,302\n\n)\n\nTotal changes from financing cash flows\n\n \n\n \n\n(6,536\n\n)\n\n \n\n \n\n(1,523\n\n)\n\n \n\n \n\n(8,059\n\n)\n\nEffect of changes in foreign exchange rates\n\n \n\n \n\n—\n\n \n\n \n\n \n\n114\n\n \n\n \n\n \n\n114\n\n \n\nOther changes liability-related\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRecognition of lease liabilities\n\n \n\n \n\n—\n\n \n\n \n\n \n\n7,486\n\n \n\n \n\n \n\n7,486\n\n \n\nTermination of lease liabilities\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(1,599\n\n)\n\n \n\n \n\n(1,599\n\n)\n\nInterest expenses\n\n \n\n \n\n32\n\n \n\n \n\n \n\n221\n\n \n\n \n\n \n\n253\n\n \n\nTotal liability-related other changes\n\n \n\n \n\n32\n\n \n\n \n\n \n\n6,222\n\n \n\n \n\n \n\n6,254\n\n \n\nAs at March 31, 2025\n\n \n\n \n\n—\n\n \n\n \n\n \n\n7,283\n\n \n\n \n\n \n\n7,283\n\n \n\nChanges from financing cash flows\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest paid\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(347\n\n)\n\n \n\n \n\n(347\n\n)\n\nPayment of lease liabilities\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(1,468\n\n)\n\n \n\n \n\n(1,468\n\n)\n\nTotal changes from financing cash flows\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(1,815\n\n)\n\n \n\n \n\n(1,815\n\n)\n\nEffect of changes in foreign exchange rates\n\n \n\n \n\n \n\n \n\n \n\n(1\n\n)\n\n \n\n \n\n(1\n\n)\n\nOther changes liability-related\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nRecognition of lease liabilities\n\n \n\n \n\n—\n\n \n\n \n\n \n\n627\n\n \n\n \n\n \n\n627\n\n \n\nInterest expenses\n\n \n\n \n\n—\n\n \n\n \n\n \n\n347\n\n \n\n \n\n \n\n347\n\n \n\nTotal liability-related other changes\n\n \n\n \n\n—\n\n \n\n \n\n \n\n973\n\n \n\n \n\n \n\n973\n\n \n\nAs at March 31, 2026\n\n \n\n \n\n—\n\n \n\n \n\n \n\n6,441\n\n \n\n \n\n \n\n6,441\n\n \n\n \n\niii)\nFinancial risk management\n\nInformation about the exposure of loans and borrowings to relevant financial risks (interest rate and liquidity risk) is disclosed in Note 23.\n\nF-33\n\n[Table of Contents](#toc_page)\n\n \n\n14.\nCAPITAL AND RESERVES\n\ni)\nShare capital\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nAs of March 31,\n2026\n\n \n\n \n\nAs of March 31,\n2025\n\n \n\n \n\nNo. of shares\n\n \n\nUS$’000\n\n \n\n \n\nNo. of shares\n\n \n\nUS$’000\n\n \n\nIssued and fully paid ordinary shares:\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nAs at the beginning of year\n\n \n\n38,745,000\n\n \n\n4\n\n \n\n \n\n36,900,000\n\n \n\n4\n\n \n\nIssuance of ordinary shares related to public offering exercise\n\n \n\n3,703,704\n\n \n\n—\n\n(1)\n\n \n\n—\n\n \n\n—\n\n \n\nConversion of convertible notes\n\n \n\n—\n\n \n\n—\n\n \n\n \n\n1,845,000\n\n \n\n—\n\n(1)\n\nAs at end of year\n\n \n\n42,448,704\n\n \n\n4\n\n \n\n \n\n38,745,000\n\n \n\n4\n\n \n\n (1) Amount is not significant as less than $1,000\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n(1)\nAmount is not significant as less than $1,000\n\nOrdinary shares\n\nAll shares rank equally with regard to the Predecessor and the Successor’s residual assets. The holders of Ordinary Shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share.\n\nDuring the year ended March 31, 2023, the shareholders of OMS approved the issuance of 12,756,000 shares at $1 per share for a total consideration of $12.8 million to Sumitomo Corporation, a related party. On March 14, 2023, the Company received the proceeds from Sumitomo Corporation and the proceeds were further used to repay the outstanding loan balance under the cash pooling arrangement.\n\nDuring the year ended March 31, 2023, the Predecessor entered into agreements to dispose of its entire interests in its associates for a total cash consideration of US$11.6 million to Sumitomo Corporation. The divestments of SC Tubular Solutions (B) Sdn. Bhd. and VAMR BRN Sdn. Bhd. were completed on February 16, 2023 and March 14, 2023, respectively. The transactions were conducted between entities under common control as OMS is a wholly owned subsidiary of Sumitomo Corporation upon the time of the disposal. Therefore, the transactions were accounted for under historical value and the additional payment of US$0.8 million over the carrying value of the equity method investments was recognized as a capital injection from Sumitomo Corporation into the Predecessor.\n\nOn December 27, 2023, at incorporation, the Successor issued 1 Class A ordinary shares of $0.0001 par value each (the “Class A Ordinary Shares”) as subscriber share to Ogier Global Subscriber (Cayman) Limited and on January 8, 2024, Ogier Global Subscriber (Cayman) Limited transferred the 1 Class A Ordinary Share to Mr. How. On March 31, 2024, the Successor issued an aggregate of 9,999 Class A Ordinary Shares to OMS PL as consideration for acquiring 102,756,000 ordinary shares in the Predecessor from OMS PL and on the same day, pursuant to a share purchase agreement, OMS PL as vendor transferred all of the 9,999 Class A Ordinary Share to three purchasers (the “Share Transfer”). As a result, upon completion of the Share Transfer, the Successor had 10,000 Class A Ordinary Shares in issue, among which 9,000 Class A Ordinary Shares were held by Mr. How and remaining 1,000 Ordinary shares were held by other minority.\n\nOn April 11, 2024, all of the shareholders of the Successor approved a share redesignation and change of authorized share capital, pursuant to which (i) each issued and unissued Class A Ordinary Shares was redesignated into 450,000,000 ordinary shares of $0.0001 par value each and (ii) each issued and unissued Class B ordinary shares of $0.0001 par value each was redesignated into 50,000,000 ordinary shares of $0.0001 par value each (the “Share Redesignation”). Upon completion of the Share Redesignation, the authorized share capital of the Successor has become $50,000 divided into 500,000,000 ordinary shares of $0.0001 par value each and the number of issued shares in the share capital of the Successor was 10,000 Ordinary Shares, among which 9,000 Ordinary Shares were held by How Meng Hock and the remaining 1,000 Ordinary Shares were held by other minority shareholders.\n\nOn May 7, 2024, the Company completed the share reorganization by further allotting 5,000 Ordinary Shares to reflect the current shareholders percentage under an entrustment arrangement prior to the Management Buyout exercise. As such, after the MBO exercise is completed, the ownership interest of all shareholders would remain the same as the current (before MBO) percentage. Thereafter, 15,000 Ordinary Shares are in issue and outstanding in the share capital of the Successor. The Successor believes this allotment is appropriate to reflect the Share Reorganization on a retroactive basis and has retroactively restated all shares and per share data for all periods presented pursuant to SAB Topic 4.C. No expenses are associated with this transaction because it was for purpose of share redesignation rather than receiving goods or services and no impact on the profit and loss of the Company.\n\nF-34\n\n[Table of Contents](#toc_page)\n\n \n\nOn September 30, 2024, the convertible bond investors elected to convert $5,000,000 of convertible notes into 750 Ordinary Shares pursuant to the agreement.\n\nOn October 23, 2024, to facilitate the initial public offering and as part of the final step of the Company’s reorganization process, the Company issued a total of 38,729,250 Ordinary Shares on a pro rata basis to all of its existing shareholders, which included 36,885,000 Ordinary Shares issued to original shareholders and 1,844,250 Ordinary Shares issued to convertible bond investors who elected to convert the $5,000,000 of convertible notes into 750 Ordinary Shares on September 30, 2024 pursuant to the agreement. Upon the completion of share reorganization, there are 38,745,000 Ordinary Shares issued and outstanding.\n\nThe Company considered the above allotment of 36,885,000 ordinary shares part of its recapitalization prior to the completion of its initial public offering. This allotment was solely intended to increase the number of shares and represented an adjustment to the Company’s share structure, aimed at realigning its capital structure to facilitate the subsequent issuance of new shares for this offering. The Company believed that it is appropriate to reflect the above transactions on a retroactive basis pursuant to SAB Topic 4C. All shares and per share amounts used herein have been retroactively restated to reflect the above transactions. By recognizing the above transactions on a retroactive basis, 36,900,000 ordinary shares were issued and outstanding as of March 31, 2024.\n\nOn April 28, 2025, SEC declared the registration statement on Form F-1, as amended (File Number 333-282986) for initial public offering to be effective. Subsequently, on May 13, 2025, the Group completed initial public offering in which issuing and selling an aggregate of 3,703,704 Ordinary Shares, at a price of $9 per share, generating total gross proceeds of $33.3 million before deducting underwriting discounts and other offering expenses.\n\n \n\nii)\nNature and purpose of reserves\n\n(a)\nForeign currency translation reserve\n\nThe foreign currency translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.\n\n(b)\nShare premium\n\nShare premium is the difference between the issue price and the par value of the shares.\n\nF-35\n\n[Table of Contents](#toc_page)\n\n \n\n15.\nEMPLOYEE BENEFITS OBLIGATION\n\ni)\nMovement in employee’s retirement benefits\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nBalance at beginning of year\n\n \n\n \n\n827\n\n \n\n \n\n \n\n751\n\n \n\nExpenses charged to statement of profit or loss\n\n \n\n \n\n538\n\n \n\n \n\n \n\n156\n\n \n\nActuarial remeasurement charged to other\n   comprehensive income\n\n \n\n \n\n38\n\n \n\n \n\n \n\n2\n\n \n\nPayment during the year\n\n \n\n \n\n(60\n\n)\n\n \n\n \n\n(66\n\n)\n\nForeign currency translation effect\n\n \n\n \n\n(17\n\n)\n\n \n\n \n\n(16\n\n)\n\nBalance as at end of year\n\n \n\n \n\n1,326\n\n \n\n \n\n \n\n827\n\n \n\n \n\nii)\nExpenses charged to statement of profit or loss\n\n \n\n \n\nSuccessor\n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nCurrent service cost\n\n \n\n180\n\n \n\n \n\n125\n\n \n\n \n\n \n\n128\n\n \n\n \n\n \n\n11\n\n \n\nPast service cost\n\n \n\n301\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nInterest cost\n\n \n\n57\n\n \n\n \n\n31\n\n \n\n \n\n \n\n33\n\n \n\n \n\n \n\n9\n\n \n\n \n\n538\n\n \n\n \n\n156\n\n \n\n \n\n \n\n161\n\n \n\n \n\n \n\n20\n\n \n\n \n\niii)\nSignificant actuarial assumptions used in actuarial calculations\n\n \n\n \n\n2026\n\n \n\n2025\n\nDiscount rate (per annum)\n\n \n\n5.56%\n\n \n\n6.31%\n\nSalary growth rate\n\n \n\n6.10%\n\n \n\n5.74%\n\n \n\niv)\nSensitivity analysis for significant actuarial assumptions\n\n \n\n \n\n2026\n\n \n\n \n\n2025\n\n \n\nDiscount rate (per annum)\n\n \n\n \n\n \n\n \n\n \n\n \n\n1% increase\n\n \n\n \n\n(155\n\n)\n\n \n\n \n\n(76\n\n)\n\n1% decrease\n\n \n\n \n\n126\n\n \n\n \n\n \n\n84\n\n \n\nSalary growth rate\n\n \n\n \n\n \n\n \n\n \n\n \n\n1% increase\n\n \n\n \n\n122\n\n \n\n \n\n \n\n82\n\n \n\n1% decrease\n\n \n\n \n\n(153\n\n)\n\n \n\n \n\n(76\n\n)\n\n \n\nAt March 31, 2026, the weighted-average duration of the defined benefits obligation was 14 years (2025: 15 years).\n\nF-36\n\n[Table of Contents](#toc_page)\n\n \n\n16.\nEARNINGS PER SHARE\n\nThe calculation of basic and diluted earnings per share has been based on the following profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding.\n\ni)\nProfit attributable to ordinary shareholders (basic and diluted)\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nProfit for the year/period\n\n \n\n \n\n33,878\n\n \n\n \n\n \n\n46,977\n\n \n\n \n\n \n\n82,088\n\n \n\nLess: Gain attributable to non-controlling interests\n\n \n\n \n\n(1,670\n\n)\n\n \n\n \n\n(2,161\n\n)\n\n \n\n \n\n(1,208\n\n)\n\nProfit for the year/period attributable to shareholders\n\n \n\n \n\n32,208\n\n \n\n \n\n \n\n44,816\n\n \n\n \n\n \n\n80,880\n\n \n\n \n\nii)\nWeighted-average number of ordinary shares (basic and diluted)\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nYears Ended March 31,\n\n \n\nIssued ordinary shares at the beginning of year/period\n\n \n\n \n\n38,745,000\n\n \n\n \n\n \n\n36,900,000\n\n \n\n \n\n \n\n36,900,000\n\n \n\nIssuance of ordinary shares related to public offering exercise\n\n \n\n \n\n3,257,230\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nEffect of conversion of convertible notes\n\n \n\n \n\n—\n\n \n\n \n\n \n\n922,500\n\n \n\n \n\n \n\n—\n\n \n\nWeighted-average number of ordinary shares at the end of year/period\n\n \n\n \n\n42,002,230\n\n \n\n \n\n \n\n37,822,500\n\n \n\n \n\n \n\n36,900,000\n\n \n\n \n\nWarrants are included in the calculation of diluted earnings per share only to the extent that the market price of the ordinary shares exceeds the exercise price of the warrants except where such inclusion would be anti-dilutive. For the year ended March 31, 2026, 2025 and 2024, the Company had 92,593, nil and nil warrants, respectively, outstanding which were excluded in the calculation of diluted earnings per share calculation as their inclusion would be anti-dilutive.\n\n \n\niii)\nEarnings per share (basic and diluted)\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31, 2023\n\n \n\n \n\nUS$\n\n \n\n \n\nUS$\n\n \n\n \n\nUS$\n\n \n\nBasic and diluted earnings per share attributable to shareholders (as adjusted)\n\n \n\n \n\n0.77\n\n \n\n \n\n \n\n1.18\n\n \n\n \n\n \n\n2.19\n\n \n\n \n\n \n\n \n\nF-37\n\n[Table of Contents](#toc_page)\n\n \n\n17.\nSEGMENT REPORTING\n\nGeographic allocation\n\nThe CODM evaluates operating segments based on revenue and segment profit/(loss). Total revenue for reportable segments equals consolidated revenue for the Predecessor and the Successor. Segment profit/(loss) is defined as net profit or loss of each operating segment excluding the unallocated overhead cost.\n\nThe Predecessor and the Successor allocate revenue based on the geographical location of the operations.\n\n \n\n \n\nSaudi\nArabia\n\n \n\n \n\nSingapore\n\n \n\n \n\nMalaysia\n\n \n\n \n\nThailand\n\n \n\n \n\nIndonesia\n\n \n\n \n\nCayman\nand\nothers*\n\n \n\n \n\nTotal\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n2026 (Successor)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSegment Revenue, net\n\n \n\n \n\n91,761\n\n \n\n \n\n \n\n19,267\n\n \n\n \n\n \n\n12,781\n\n \n\n \n\n \n\n13,308\n\n \n\n \n\n \n\n15,677\n\n \n\n \n\n \n\n3,116\n\n \n\n \n\n \n\n155,910\n\n \n\nSegment Profit (Loss)\n\n \n\n \n\n25,665\n\n \n\n \n\n \n\n4,066\n\n \n\n \n\n \n\n2,668\n\n \n\n \n\n \n\n2,071\n\n \n\n \n\n \n\n2,653\n\n \n\n \n\n \n\n(3,245\n\n)\n\n \n\n \n\n33,878\n\n \n\nAssets as of March 31, 2026\n\n \n\n \n\n104,472\n\n \n\n \n\n \n\n33,662\n\n \n\n \n\n \n\n14,894\n\n \n\n \n\n \n\n17,601\n\n \n\n \n\n \n\n14,544\n\n \n\n \n\n \n\n51,967\n\n \n\n \n\n \n\n237,140\n\n \n\nLiabilities as of March 31, 2026\n\n \n\n \n\n12,355\n\n \n\n \n\n \n\n15,309\n\n \n\n \n\n \n\n2,525\n\n \n\n \n\n \n\n2,105\n\n \n\n \n\n \n\n3,241\n\n \n\n \n\n \n\n4,214\n\n \n\n \n\n \n\n39,749\n\n \n\n2025 (Successor)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSegment Revenue, net\n\n \n\n \n\n141,084\n\n \n\n \n\n \n\n19,407\n\n \n\n \n\n \n\n15,265\n\n \n\n \n\n \n\n11,399\n\n \n\n \n\n \n\n13,555\n\n \n\n \n\n \n\n2,897\n\n \n\n \n\n \n\n203,607\n\n \n\nSegment Profit (Loss)\n\n \n\n \n\n34,295\n\n \n\n \n\n \n\n6,571\n\n \n\n \n\n \n\n3,797\n\n \n\n \n\n \n\n1,934\n\n \n\n \n\n \n\n1,247\n\n \n\n \n\n \n\n(867\n\n)\n\n \n\n \n\n46,977\n\n \n\nAssets as of March 31, 2025\n\n \n\n \n\n75,886\n\n \n\n \n\n \n\n34,694\n\n \n\n \n\n \n\n12,467\n\n \n\n \n\n \n\n11,346\n\n \n\n \n\n \n\n14,646\n\n \n\n \n\n \n\n21,466\n\n \n\n \n\n \n\n170,505\n\n \n\nLiabilities as of March 31, 2025\n\n \n\n \n\n10,712\n\n \n\n \n\n \n\n13,007\n\n \n\n \n\n \n\n3,577\n\n \n\n \n\n \n\n2,667\n\n \n\n \n\n \n\n3,983\n\n \n\n \n\n \n\n1,972\n\n \n\n \n\n \n\n35,918\n\n \n\n2024\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSegment Revenue, net from April 1\n   to June 15, 2023 (Predecessor)\n\n \n\n \n\n3,544\n\n \n\n \n\n \n\n4,577\n\n \n\n \n\n \n\n3,402\n\n \n\n \n\n \n\n2,367\n\n \n\n \n\n \n\n3,740\n\n \n\n \n\n \n\n552\n\n \n\n \n\n \n\n18,182\n\n \n\nSegment Revenue, net from June 16,\n   2023 to March 31, 2024 (Successor)\n\n \n\n \n\n112,015\n\n \n\n \n\n \n\n19,011\n\n \n\n \n\n \n\n11,102\n\n \n\n \n\n \n\n7,603\n\n \n\n \n\n \n\n11,154\n\n \n\n \n\n \n\n2,382\n\n \n\n \n\n \n\n163,267\n\n \n\nSegment Profit (Loss) from April 1\n   to June 15, 2023 (Predecessor)\n\n \n\n \n\n247\n\n \n\n \n\n \n\n810\n\n \n\n \n\n \n\n857\n\n \n\n \n\n \n\n515\n\n \n\n \n\n \n\n(188\n\n)\n\n \n\n \n\n134\n\n \n\n \n\n \n\n2,375\n\n \n\nSegment Profit from June 16, 2023\n   to March 31, 2024 (Successor)\n\n \n\n \n\n23,351\n\n \n\n \n\n \n\n6,773\n\n \n\n \n\n \n\n1,957\n\n \n\n \n\n \n\n1,316\n\n \n\n \n\n \n\n2,311\n\n \n\n \n\n \n\n46,380\n\n \n\n \n\n \n\n82,088\n\n \n\nAssets as of March 31, 2024\n   (Successor)\n\n \n\n \n\n66,015\n\n \n\n \n\n \n\n36,495\n\n \n\n \n\n \n\n10,594\n\n \n\n \n\n \n\n8,806\n\n \n\n \n\n \n\n10,634\n\n \n\n \n\n \n\n20,888\n\n \n\n \n\n \n\n153,432\n\n \n\nLiabilities as of March 31, 2024\n   (Successor)\n\n \n\n \n\n18,064\n\n \n\n \n\n \n\n37,478\n\n \n\n \n\n \n\n5,073\n\n \n\n \n\n \n\n2,423\n\n \n\n \n\n \n\n2,499\n\n \n\n \n\n \n\n7,541\n\n \n\n \n\n \n\n73,078\n\n \n\n \n\n* Others refers to a minor business region which is Brunei (2025 and 2024: Brunei and Australia).\n\nF-38\n\n[Table of Contents](#toc_page)\n\n \n\n18.\nREVENUE\n\ni)\nDisaggregated revenue\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nRevenue\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSale of oilfield equipment products\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSpecialty connectors and pipes\n\n \n\n \n\n96,065\n\n \n\n \n\n \n\n143,091\n\n \n\n \n\n \n\n113,531\n\n \n\n \n\n \n\n5,114\n\n \n\nSurface wellhead and Christmas tree\n\n \n\n \n\n10,869\n\n \n\n \n\n \n\n8,675\n\n \n\n \n\n \n\n6,750\n\n \n\n \n\n \n\n3,017\n\n \n\n \n\n \n\n106,934\n\n \n\n \n\n \n\n151,766\n\n \n\n \n\n \n\n120,281\n\n \n\n \n\n \n\n8,131\n\n \n\nRendering of premium threading and other ancillary\n   services\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPremium threading services\n\n \n\n \n\n33,443\n\n \n\n \n\n \n\n36,832\n\n \n\n \n\n \n\n31,088\n\n \n\n \n\n \n\n7,625\n\n \n\nOther ancillary services\n\n \n\n \n\n15,533\n\n \n\n \n\n \n\n15,009\n\n \n\n \n\n \n\n11,898\n\n \n\n \n\n \n\n2,426\n\n \n\n \n\n \n\n48,976\n\n \n\n \n\n \n\n51,841\n\n \n\n \n\n \n\n42,986\n\n \n\n \n\n \n\n10,051\n\n \n\n \n\n \n\n155,910\n\n \n\n \n\n \n\n203,607\n\n \n\n \n\n \n\n163,267\n\n \n\n \n\n \n\n18,182\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTiming of revenue recognition\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nProducts transferred at a point in time\n\n \n\n \n\n106,934\n\n \n\n \n\n \n\n151,766\n\n \n\n \n\n \n\n120,281\n\n \n\n \n\n \n\n8,131\n\n \n\nServices transferred at a point in time\n\n \n\n \n\n48,976\n\n \n\n \n\n \n\n51,841\n\n \n\n \n\n \n\n42,986\n\n \n\n \n\n \n\n10,051\n\n \n\n \n\n \n\n155,910\n\n \n\n \n\n \n\n203,607\n\n \n\n \n\n \n\n163,267\n\n \n\n \n\n \n\n18,182\n\n \n\nRevenue by geographic location\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSaudi Arabia\n\n \n\n \n\n91,761\n\n \n\n \n\n \n\n141,084\n\n \n\n \n\n \n\n112,015\n\n \n\n \n\n \n\n3,544\n\n \n\nSingapore\n\n \n\n \n\n19,267\n\n \n\n \n\n \n\n19,407\n\n \n\n \n\n \n\n19,011\n\n \n\n \n\n \n\n4,577\n\n \n\nMalaysia\n\n \n\n \n\n12,781\n\n \n\n \n\n \n\n15,265\n\n \n\n \n\n \n\n11,102\n\n \n\n \n\n \n\n3,402\n\n \n\nThailand\n\n \n\n \n\n13,308\n\n \n\n \n\n \n\n11,399\n\n \n\n \n\n \n\n7,603\n\n \n\n \n\n \n\n2,367\n\n \n\nIndonesia\n\n \n\n \n\n15,677\n\n \n\n \n\n \n\n13,555\n\n \n\n \n\n \n\n11,154\n\n \n\n \n\n \n\n3,740\n\n \n\nOthers\n\n \n\n \n\n3,116\n\n \n\n \n\n \n\n2,897\n\n \n\n \n\n \n\n2,382\n\n \n\n \n\n \n\n552\n\n \n\n \n\n \n\n155,910\n\n \n\n \n\n \n\n203,607\n\n \n\n \n\n \n\n163,267\n\n \n\n \n\n \n\n18,182\n\n \n\n \n\nii)\nContract assets\n\nContract assets primarily relate to the Predecessor and the Successor’s right for consideration for work completed.\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nBalance at beginning of period\n\n \n\n \n\n983\n\n \n\n \n\n \n\n1,730\n\n \n\n \n\n \n\n225\n\n \n\n \n\n \n\n1,364\n\n \n\nTransferred to trade receivables\n\n \n\n \n\n(983\n\n)\n\n \n\n \n\n(1,730\n\n)\n\n \n\n \n\n(225\n\n)\n\n \n\n \n\n(1,364\n\n)\n\nRecognized as revenue\n\n \n\n \n\n1,732\n\n \n\n \n\n \n\n983\n\n \n\n \n\n \n\n1,730\n\n \n\n \n\n \n\n225\n\n \n\nBalance at end of period\n\n \n\n \n\n1,732\n\n \n\n \n\n \n\n983\n\n \n\n \n\n \n\n1,730\n\n \n\n \n\n \n\n225\n\n \n\n \n\nF-39\n\n[Table of Contents](#toc_page)\n\n \n\n19.\nINCOME AND EXPENSES\n\ni)\nOther income/(expenses), net\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n(Loss)/gain from disposal of property, plant and equipment\n\n \n\n \n\n—\n\n \n\n \n\n \n\n(111\n\n)\n\n \n\n \n\n357\n\n \n\n \n\n \n\n—\n\n \n\nGain on bargain purchase\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n49,429\n\n \n\n \n\n \n\n—\n\n \n\nLoss from foreign exchange\n\n \n\n \n\n(347\n\n)\n\n \n\n \n\n(493\n\n)\n\n \n\n \n\n(78\n\n)\n\n \n\n \n\n(190\n\n)\n\nNet gain on fair value changes of financial liabilities\n    at fair value through profit or loss\n\n \n\n \n\n413\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nOthers\n\n \n\n \n\n283\n\n \n\n \n\n \n\n850\n\n \n\n \n\n \n\n496\n\n \n\n \n\n \n\n111\n\n \n\nTotal other income/(expense), net\n\n \n\n \n\n349\n\n \n\n \n\n \n\n246\n\n \n\n \n\n \n\n50,204\n\n \n\n \n\n \n\n(79\n\n)\n\n \n\nii)\nExpenses by nature\n\nTotal cost of revenue includes expenses of the following nature:\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nStaff expenses and wages\n\n \n\n \n\n10,476\n\n \n\n \n\n \n\n10,674\n\n \n\n \n\n \n\n8,651\n\n \n\n \n\n \n\n1,969\n\n \n\nContributions to defined contribution plans\n\n \n\n \n\n640\n\n \n\n \n\n \n\n514\n\n \n\n \n\n \n\n493\n\n \n\n \n\n \n\n90\n\n \n\nDepreciation\n\n \n\n \n\n6,114\n\n \n\n \n\n \n\n3,626\n\n \n\n \n\n \n\n4,753\n\n \n\n \n\n \n\n174\n\n \n\nAmortization\n\n \n\n \n\n3\n\n \n\n \n\n \n\n22\n\n \n\n \n\n \n\n82\n\n \n\n \n\n \n\n1\n\n \n\nNet change in inventories for the period\n\n \n\n \n\n69,713\n\n \n\n \n\n \n\n82,006\n\n \n\n \n\n \n\n65,104\n\n \n\n \n\n \n\n5,348\n\n \n\nSupplies and subcontracting costs\n\n \n\n \n\n8,641\n\n \n\n \n\n \n\n17,991\n\n \n\n \n\n \n\n17,737\n\n \n\n \n\n \n\n2,701\n\n \n\nRoyalties\n\n \n\n \n\n6,267\n\n \n\n \n\n \n\n6,728\n\n \n\n \n\n \n\n5,889\n\n \n\n \n\n \n\n1,432\n\n \n\nFreight charges\n\n \n\n \n\n3,719\n\n \n\n \n\n \n\n9,494\n\n \n\n \n\n \n\n9,128\n\n \n\n \n\n \n\n447\n\n \n\nEquipment costs\n\n \n\n \n\n1,000\n\n \n\n \n\n \n\n980\n\n \n\n \n\n \n\n732\n\n \n\n \n\n \n\n227\n\n \n\nPremises costs\n\n \n\n \n\n1,485\n\n \n\n \n\n \n\n1,925\n\n \n\n \n\n \n\n1,387\n\n \n\n \n\n \n\n623\n\n \n\nOthers\n\n \n\n \n\n622\n\n \n\n \n\n \n\n660\n\n \n\n \n\n \n\n569\n\n \n\n \n\n \n\n143\n\n \n\nTotal cost of revenue\n\n \n\n \n\n108,680\n\n \n\n \n\n \n\n134,620\n\n \n\n \n\n \n\n114,525\n\n \n\n \n\n \n\n13,155\n\n \n\n \n\nTotal selling, general and administrative expenses include expenses of the following nature:\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nStaff expenses and wages\n\n \n\n \n\n6,403\n\n \n\n \n\n \n\n5,262\n\n \n\n \n\n \n\n4,279\n\n \n\n \n\n \n\n1,205\n\n \n\nContributions to defined contribution plans\n\n \n\n \n\n622\n\n \n\n \n\n \n\n544\n\n \n\n \n\n \n\n428\n\n \n\n \n\n \n\n67\n\n \n\nDepreciation\n\n \n\n \n\n185\n\n \n\n \n\n \n\n497\n\n \n\n \n\n \n\n77\n\n \n\n \n\n \n\n217\n\n \n\nAmortization\n\n \n\n \n\n64\n\n \n\n \n\n \n\n62\n\n \n\n \n\n \n\n15\n\n \n\n \n\n \n\n5\n\n \n\nLegal and professional fees\n\n \n\n \n\n2,558\n\n \n\n \n\n \n\n2,250\n\n \n\n \n\n \n\n2,029\n\n \n\n \n\n \n\n259\n\n \n\nTransportation, travel and accommodation\n\n \n\n \n\n271\n\n \n\n \n\n \n\n164\n\n \n\n \n\n \n\n155\n\n \n\n \n\n \n\n36\n\n \n\nOther operating expenses\n\n \n\n \n\n2,270\n\n \n\n \n\n \n\n343\n\n \n\n \n\n \n\n1,591\n\n \n\n \n\n \n\n1\n\n \n\nTotal selling, general and administrative expenses\n\n \n\n \n\n12,373\n\n \n\n \n\n \n\n9,122\n\n \n\n \n\n \n\n8,574\n\n \n\n \n\n \n\n1,790\n\n \n\n \n\nF-40\n\n[Table of Contents](#toc_page)\n\n \n\n20.\nFINANCE INCOME & COSTS\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nFinance income\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest income from banks\n\n \n\n \n\n3,500\n\n \n\n \n\n \n\n339\n\n \n\n \n\n \n\n55\n\n \n\n \n\n \n\n9\n\n \n\nInterest income from related parties\n\n \n\n \n\n93\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n65\n\n \n\n \n\n \n\n3,593\n\n \n\n \n\n \n\n339\n\n \n\n \n\n \n\n55\n\n \n\n \n\n \n\n74\n\n \n\nFinance costs\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nInterest expenses from lease liability\n\n \n\n \n\n347\n\n \n\n \n\n \n\n221\n\n \n\n \n\n \n\n125\n\n \n\n \n\n \n\n24\n\n \n\nInterest expenses from loans and borrowings\n\n \n\n \n\n—\n\n \n\n \n\n \n\n32\n\n \n\n \n\n \n\n757\n\n \n\n \n\n \n\n5\n\n \n\nInterest expenses from related parties\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n162\n\n \n\nInterest expenses from employees’ defined benefits\n   obligation\n\n \n\n \n\n57\n\n \n\n \n\n \n\n31\n\n \n\n \n\n \n\n33\n\n \n\n \n\n \n\n9\n\n \n\n \n\n \n\n404\n\n \n\n \n\n \n\n284\n\n \n\n \n\n \n\n915\n\n \n\n \n\n \n\n200\n\n \n\n \n\n21.\nINCOME TAX EXPENSES\n\ni)\nAmounts recognized in profit or loss\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nCurrent Tax Expense\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent period\n\n \n\n \n\n8,301\n\n \n\n \n\n \n\n12,118\n\n \n\n \n\n \n\n7,382\n\n \n\n \n\n \n\n657\n\n \n\n(Over)/under provision in respect of prior year\n\n \n\n \n\n(3,876\n\n)\n\n \n\n \n\n902\n\n \n\n \n\n \n\n133\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDeferred tax expense\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nOrigination and reversal of temporary difference\n\n \n\n \n\n92\n\n \n\n \n\n \n\n169\n\n \n\n \n\n \n\n1,198\n\n \n\n \n\n \n\n—\n\n \n\nOver provision in respect of prior year\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(1,289\n\n)\n\n \n\n \n\n—\n\n \n\nIncome tax expenses\n\n \n\n \n\n4,517\n\n \n\n \n\n \n\n13,189\n\n \n\n \n\n \n\n7,424\n\n \n\n \n\n \n\n657\n\n \n\n \n\nF-41\n\n[Table of Contents](#toc_page)\n\n \n\nii)\nReconciliation of effective tax rate\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\n%\n\n \n\n \n\nUS$’000\n\n \n\n \n\n%\n\n \n\n \n\nUS$’000\n\n \n\n \n\n%\n\n \n\n \n\nUS$’000\n\n \n\n \n\n%\n\n \n\n \n\nUS$’000\n\n \n\nProfit before tax\n\n \n\n \n\n \n\n \n\n \n\n38,395\n\n \n\n \n\n \n\n \n\n \n\n \n\n60,166\n\n \n\n \n\n \n\n \n\n \n\n \n\n89,512\n\n \n\n \n\n \n\n \n\n \n\n \n\n3,032\n\n \n\nComputed tax expense with Singapore\n   statutory tax rate\n\n \n\n \n\n17.00\n\n%\n\n \n\n \n\n6,527\n\n \n\n \n\n \n\n17.00\n\n%\n\n \n\n \n\n10,228\n\n \n\n \n\n \n\n17.00\n\n%\n\n \n\n \n\n15,218\n\n \n\n \n\n \n\n17.00\n\n%\n\n \n\n \n\n515\n\n \n\nImpact of different tax rate in other\n   jurisdiction*\n\n \n\n \n\n4.99\n\n%\n\n \n\n \n\n1,914\n\n \n\n \n\n \n\n3.67\n\n%\n\n \n\n \n\n2,209\n\n \n\n \n\n \n\n(7.67\n\n)%\n\n \n\n \n\n(6,865\n\n)\n\n \n\n \n\n3.59\n\n%\n\n \n\n \n\n109\n\n \n\nTax effect of unrecognized loss\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nTax adjustment of previous years\n\n \n\n \n\n(10.10\n\n)%\n\n \n\n \n\n(3,876\n\n)\n\n \n\n \n\n1.50\n\n%\n\n \n\n \n\n902\n\n \n\n \n\n \n\n(1.29\n\n)%\n\n \n\n \n\n(1,156\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nIncome not subject to tax\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(0.30\n\n)%\n\n \n\n \n\n(179\n\n)\n\n \n\n \n\n(0.20\n\n)%\n\n \n\n \n\n(181\n\n)\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nNon-deductible expenses\n\n \n\n \n\n0.13\n\n%\n\n \n\n \n\n50\n\n \n\n \n\n \n\n0.17\n\n%\n\n \n\n \n\n101\n\n \n\n \n\n \n\n0.52\n\n%\n\n \n\n \n\n468\n\n \n\n \n\n \n\n1.45\n\n%\n\n \n\n \n\n44\n\n \n\nDeferred tax assets not recognized\n\n \n\n \n\n0.01\n\n%\n\n \n\n \n\n5\n\n \n\n \n\n \n\n(0.01\n\n)%\n\n \n\n \n\n(6\n\n)\n\n \n\n \n\n0.02\n\n%\n\n \n\n \n\n17\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nOthers\n\n \n\n \n\n(0.27\n\n)%\n\n \n\n \n\n(103\n\n)\n\n \n\n \n\n(0.11\n\n)%\n\n \n\n \n\n(66\n\n)\n\n \n\n \n\n(0.09\n\n)%\n\n \n\n \n\n(77\n\n)\n\n \n\n \n\n(0.36\n\n)%\n\n \n\n \n\n(11\n\n)\n\nIncome tax expenses\n\n \n\n \n\n11.76\n\n%\n\n \n\n \n\n4,517\n\n \n\n \n\n \n\n21.92\n\n%\n\n \n\n \n\n13,189\n\n \n\n \n\n \n\n8.29\n\n%\n\n \n\n \n\n7,424\n\n \n\n \n\n \n\n21.68\n\n%\n\n \n\n \n\n657\n\n \n\n \n\n* The tax effect of the bargain purchase gain of $49.4 million recognized for the successor period from June 16, 2023 through March 31, 2024, which was effectively nil as the gain was taxable at 0% tax rate under the Cayman Islands, is recognized under the “impact of different tax rate in other jurisdictions”.\n\niii)\nDeferred tax assets and liabilities\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nAs of\nMarch 31,\n2026\n\n \n\n \n\nAs of\nMarch 31,\n2025\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nDeferred tax assets\n\n \n\n \n\n \n\n \n\n \n\n \n\nProperty, plant and equipment\n\n \n\n \n\n323\n\n \n\n \n\n \n\n457\n\n \n\nProvisions\n\n \n\n \n\n457\n\n \n\n \n\n \n\n70\n\n \n\nEmployee benefits\n\n \n\n \n\n—\n\n \n\n \n\n \n\n526\n\n \n\nInventories\n\n \n\n \n\n—\n\n \n\n \n\n \n\n416\n\n \n\nLease liabilities\n\n \n\n \n\n1,187\n\n \n\n \n\n \n\n1,367\n\n \n\nOther items\n\n \n\n \n\n158\n\n \n\n \n\n \n\n102\n\n \n\nDeferred tax assets\n\n \n\n \n\n2,125\n\n \n\n \n\n \n\n2,938\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nDeferred tax liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\nRight-of-use assets\n\n \n\n \n\n1,321\n\n \n\n \n\n \n\n1,526\n\n \n\nRevaluation of assets in connection to MBO\n\n \n\n \n\n1,969\n\n \n\n \n\n \n\n2,484\n\n \n\nOther items\n\n \n\n \n\n206\n\n \n\n \n\n \n\n207\n\n \n\nDeferred tax liabilities\n\n \n\n \n\n3,496\n\n \n\n \n\n \n\n4,217\n\n \n\n \n\nAs of March 31, 2026, and 2025, there were no deferred tax assets recognized from the net operating loss carry forwards.\n\nF-42\n\n[Table of Contents](#toc_page)\n\n \n\niv)\nMovement in deferred tax balances\n\n \n\n \n\nMovement in\ndeferred tax\nliabilities\n\n \n\n \n\nMovement in\ndeferred tax\nassets\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nSuccessor\n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance at June 16, 2023\n\n \n\n \n\n4,432\n\n \n\n \n\n \n\n3,237\n\n \n\nRecognized in profit or loss\n\n \n\n \n\n(775\n\n)\n\n \n\n \n\n(603\n\n)\n\nEffect of movement in exchange rates\n\n \n\n \n\n27\n\n \n\n \n\n \n\n(60\n\n)\n\nBalance at March 31, 2024\n\n \n\n \n\n3,684\n\n \n\n \n\n \n\n2,574\n\n \n\nRecognized in profit or loss\n\n \n\n \n\n533\n\n \n\n \n\n \n\n364\n\n \n\nBalance at March 31, 2025\n\n \n\n \n\n4,217\n\n \n\n \n\n \n\n2,938\n\n \n\nRecognized in profit or loss\n\n \n\n \n\n(721\n\n)\n\n \n\n \n\n(813\n\n)\n\nBalance at March 31, 2026\n\n \n\n \n\n3,496\n\n \n\n \n\n \n\n2,125\n\n \n\n \n\n \n\nMovement in\ndeferred tax\nliabilities\n\n \n\n \n\nMovement in\ndeferred tax\nassets\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nPredecessor\n\n \n\n \n\n \n\n \n\n \n\n \n\nBalance at April 1, 2023 and June 15, 2023\n\n \n\n \n\n1,251\n\n \n\n \n\n \n\n3,237\n\n \n\n \n\nv)\nUnrecognized deferred taxes\n\nAs of March 31, 2026 and 2025, there were no net operating losses carried forward and thus no deferred tax assets are recognized, as investment holding company in Singapore cannot carry forward any unutilized losses to set-off the income of future Years of Assessment.\n\n \n\n \n\n22.\nRELATED PARTIES\n\na)\nKey management personnel compensation\n\nCompensation to Directors and executive officers of the Predecessor and the Successor comprised the following:\n\ni)\nTransactions with key management personnel\n\n \n\n \n\nSuccessor\n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nShort-term employee benefits\n\n \n\n605\n\n \n\n \n\n520\n\n \n\n \n\n \n\n198\n\n \n\n \n\n \n\n46\n\n \n\n \n\nKey management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company directly or indirectly, and was determined to be executive officers (CEO and CFO) and directors (executive and non-executive) of the Company. The remuneration of directors and key executives is determined by the board of directors of the Company having regard to the performance of individuals and market trends.\n\nF-43\n\n[Table of Contents](#toc_page)\n\n \n\nii)\nOther related party transactions\n\na)\nRelated parties’ relationship with the Predecessor and the Successor\n\nThe Company’s relationship with related parties who had transactions with the Predecessor and the Successor are summarized as follows:\n\n \n\nRelated Party Name\n\n \n\nRelationship to the Predecessor\n\nEdgen Murray Pte. Ltd.\n\n \n\nControlled by ultimate controlling party*\n\nHowco Metals Management Pte. Ltd.\n\n \n\nControlled by ultimate controlling party*\n\nSC Tubular Solutions (B) Sdn. Bhd.\n\n \n\nControlled by ultimate controlling party*\n\nSC Tubular Solutions Malaysia Sdn. Bhd.\n\n \n\nControlled by ultimate controlling party*\n\nSumitomo Corporation\n\n \n\nUltimate controlling party of the Predecessor*\n\nSumitomo Corporation Asia & Oceania Pte. Ltd.\n\n \n\nControlled by ultimate controlling party*\n\nSumitomo Corporation Capital Asia Pte. Ltd.\n\n \n\nControlled by ultimate controlling party*\n\nSumitomo Corporation Malaysia Sdn. Bhd.\n\n \n\nControlled by ultimate controlling party*\n\nOMS Energy Technologies Pte. Ltd.\n\n \n\nControlled by ultimate controlling individual, Mr. How, the CEO of Successor\n\n \n\n \n\n* These parties ceased to be the Successor’s related parties with effect from June 16, 2023, subsequent to OMSET PL acquiring 100% shares in OMS Holdings Pte. Ltd. from Sumitomo Corporation, the former shareholder.\n\nb)\nRelated party transactions\n\nIn addition to the information disclosed elsewhere in the financial statements, the following transactions took place between the Group and related parties at terms agreed between the parties:\n\nGoods or services rendered to related parties\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nSC Tubular Solutions (B) Sdn. Bhd.\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n560\n\n \n\nSumitomo Corporation Asia & Oceania Pte. Ltd.\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n395\n\n \n\nSC Tubular Solutions Malaysia Sdn. Bhd.\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n260\n\n \n\nRevenue – related parties\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n1,215\n\n \n\n \n\nAll outstanding balances with the related parties are to be settled in cash on 30 days to 60 days’ terms.\n\nGoods or services provided by related parties\n\n \n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nHowco Metals Management Pte. Ltd.\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n23\n\n \n\nSC Tubular Solutions Malaysia Sdn. Bhd.\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n49\n\n \n\nSumitomo Corporation\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n3\n\n \n\nCost of revenue – related parties\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n75\n\n \n\n \n\nAll outstanding balances with the related parties are to be settled in cash on 30 days to 60 days’ terms.\n\nF-44\n\n[Table of Contents](#toc_page)\n\n \n\nOther income/(expenses)\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nHowco Metals Management Pte. Ltd.\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n38\n\n \n\nSumitomo Corporation\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n(9\n\n)\n\nOther income, net – related parties\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n29\n\n \n\n \n\nFinance income\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nSumitomo Corporation Capital Asia Pte. Ltd.\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n64\n\n \n\nSumitomo Corporation Malaysia Sdn. Bhd.\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n1\n\n \n\nOMS Energy Technologies Pte. Ltd.\n\n \n\n \n\n93\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\nFinance income – related parties\n\n \n\n \n\n93\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n65\n\n \n\nFinance cost\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nPredecessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nFor the period\nJune 16, 2023\nthrough\nMarch 31,\n2024\n\n \n\n \n\nFor the period\nApril 1\nthrough\nJune 15,\n2023\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nSumitomo Corporation Capital Asia Pte. Ltd.\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n162\n\n \n\nFinance cost – related parties\n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n162\n\n \n\nc)\nRelated party balances\n\nAs of March 31, 2026 and 2025, the Successor's only related party balance consisted of a loan due from OMS Energy Technologies Pte. Ltd.\n\nLoan due from a related party\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nAs of\nMarch 31,\n2026\n\n \n\n \n\nAs of\nMarch 31,\n2025\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nOMS Energy Technologies Pte. Ltd.\n\n \n\n \n\n1,984\n\n \n\n \n\n \n\n1,584\n\n \n\n \n\n \n\n1,984\n\n \n\n \n\n \n\n1,584\n\n \n\n \n\nDuring the year ended March 31, 2026, the Successor entered into a loan agreement with OMS Energy Technologies Pte. Ltd. (the \"Loan Agreement\"). The Loan Agreement is unsecured, bears interest at 1.7% per annum payable in arrears, and is fully repayable on March 31, 2027.\n\n \n\nPrior to the execution of the Loan Agreement, the balance outstanding with OMS Energy Technologies Pte. Ltd. was non-interest bearing and was presented in the prior year consolidated balance sheet as \"Amount due from a related party.\" Following the formalisation of the Loan Agreement in the current year, the balance is presented as \"Loan due from a related party\" as at March 31, 2026. This change in presentation has no impact on the amounts previously reported.\n\n \n\nF-45\n\n[Table of Contents](#toc_page)\n\n \n\n23.\nFINANCIAL INSTRUMENTS\n\ni)\nFinancial risk management\n\nThe Predecessor and the Successor have exposure to the following risks from their use of financial instruments:\n\n•\ncredit risk;\n\n•\nliquidity risk; and\n\n•\nmarket risk\n\nThis note presents information about the Predecessor and the Successor’s exposure to each of the above risks, the Predecessor and the Successor’s objectives, policies and processes for measuring and managing risk, and the Predecessor and the Successor’s management of capital.\n\na)\nRisk management framework\n\nRisk management is integral to the whole business of the Predecessor and the Successor. The Predecessor and the Successor have a system of controls in place to create an acceptable balance between the cost of risks occurring and the cost of managing the risks. The management continually monitors the Predecessor and the Successor’s risk management process to ensure that an appropriate balance between risk and control is achieved. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Predecessor and the Successor’s activities.\n\nThe Board of Directors is responsible for setting the objectives and underlying principles of financial risk management for the Predecessor and the Successor. The management team establishes detailed policies such as risk identification and measurement and exposure limits.\n\nb)\nCredit risk\n\nCredit risk is the risk of financial loss to the Predecessor and the Successor if a customer or counterparty fails to meet its contractual obligations and arises principally from the Predecessor and the Successor’s receivables from customers.\n\nAt the end of each reporting period, the Predecessor and the Successor’s maximum exposure to credit risk which will cause a financial loss to the Predecessor and the Successor due to failure to discharge an obligation by the counterparties arises from the carrying amount of the respective recognized financial assets as stated in the statements of financial position.\n\nIn order to minimize credit risk, credit exposure to an individual customer is restricted by the credit limit approved by the management. Customers’ payment profile and credit exposure are continuously monitored by the financial controller and reported to the management and Board of Directors.\n\nIn addition, the Predecessor and the Successor have a sizable customer base which minimizes the concentration of credit risk and the aggregate value of transactions concluded is spread amongst approved counterparties. As of March 31, 2026, 1 customer from Saudi Arabia account for 33% of total trade receivables. (March 31, 2025: 1 customer from Saudi Arabia account for 11% of total trade receivables).\n\nF-46\n\n[Table of Contents](#toc_page)\n\n \n\nTrade receivables and contract assets\n\nThe Predecessor and the Successor use an allowance matrix to measure the ECLs of trade receivables from customers. Loss rates are calculated under a 'roll rate' method based on the probability of a receivable progressing through successive stages of delinquency to write-off.\n\nThe following table provides information about the exposure to credit risk and ECLs for trade receivables and contract assets as of March 31, 2026 and 2025:\n\n \n\n \n\nGross carrying\namount\n\n \n\n \n\nLoss\nallowance\n\n \n\n \n\nCredit-\nimpaired\n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\n \n\nAs of March 31, 2026 (Successor)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent\n\n \n\n \n\n13,231\n\n \n\n \n\n \n\n—\n\n \n\n \n\nNo\n\n≤30 days past due\n\n \n\n \n\n2,607\n\n \n\n \n\n \n\n—\n\n \n\n \n\nNo\n\n31 – 60 days past due\n\n \n\n \n\n2,283\n\n \n\n \n\n \n\n—\n\n \n\n \n\nNo\n\n61 – 90 days past due\n\n \n\n \n\n2,517\n\n \n\n \n\n \n\n—\n\n \n\n \n\nNo\n\n≥91 days past due\n\n \n\n \n\n92\n\n \n\n \n\n \n\n—\n\n \n\n \n\nNo\n\n \n\n \n\n20,730\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\nCredit impaired\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIndividually impaired\n\n \n\n \n\n43\n\n \n\n \n\n \n\n43\n\n \n\n \n\nYes\n\n \n\n \n\n \n\n20,687\n\n \n\n \n\n \n\n43\n\n \n\n \n\n \n\nAs of March 31, 2025 (Successor)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCurrent\n\n \n\n \n\n8,773\n\n \n\n \n\n \n\n—\n\n \n\n \n\nNo\n\n≤30 days past due\n\n \n\n \n\n4,626\n\n \n\n \n\n \n\n—\n\n \n\n \n\nNo\n\n31 – 60 days past due\n\n \n\n \n\n306\n\n \n\n \n\n \n\n—\n\n \n\n \n\nNo\n\n61 – 90 days past due\n\n \n\n \n\n8\n\n \n\n \n\n \n\n—\n\n \n\n \n\nNo\n\n≥91 days past due\n\n \n\n \n\n861\n\n \n\n \n\n \n\n—\n\n \n\n \n\nNo\n\n \n\n \n\n14,574\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\nCredit impaired\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nIndividually impaired\n\n \n\n \n\n124\n\n \n\n \n\n \n\n124\n\n \n\n \n\nYes\n\n \n\n \n\n14,450\n\n \n\n \n\n \n\n124\n\n \n\n \n\n \n\n \n\nThe movement in the allowance for impairment in respect of trade receivables and contract assets during the year was as follows:\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2026\n\n \n\n \n\nFor the\nyear ended\nMarch 31,\n2025\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nAt beginning of period\n\n \n\n \n\n124\n\n \n\n \n\n \n\n3\n\n \n\nImpairment loss recognized\n\n \n\n \n\n43\n\n \n\n \n\n \n\n121\n\n \n\nWrite-off\n\n \n\n \n\n(37\n\n)\n\n \n\n \n\n—\n\n \n\nReversal of impairment\n\n \n\n \n\n(87\n\n)\n\n \n\n \n\n—\n\n \n\nAt end of period\n\n \n\n \n\n43\n\n \n\n \n\n \n\n124\n\n \n\n \n\nCash and cash equivalents\n\nThe Group held cash and cash equivalents of $152.0 million at March 31, 2026 (2025: $73.0 million). The cash and cash equivalents are held with reputable banks and financial institution counterparties.\n\nImpairment on cash and cash equivalents has been measured on a 12-month expected loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties and therefore have insignificant provisions for expected credit losses.\n\nc)\nLiquidity risk\n\nLiquidity risk is the risk that the Predecessor and the Successor will not be able to meet their financial obligations as they fall due. The Predecessor and the Successor monitor their liquidity risk, maintain a level of cash and cash equivalents deemed adequate by management to finance the Predecessor and the Successor’s operations and mitigate the effect of fluctuations in cash flows. Management believes that the repayment of the liabilities will be met out of operating cash flows and the Predecessor and the Successor will have adequate resources to continue in operational existence for the foreseeable future.\n\nF-47\n\n[Table of Contents](#toc_page)\n\n \n\nThe following are the remaining contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements:\n\n \n\nFor the years ending March 31,\n\n \n\n2027\n\n \n\n \n\n2028\n\n \n\n \n\n2029\n\n \n\n \n\n2030\n\n \n\n \n\n2031\n\n \n\n \n\nThereafter\n\n \n\n \n\nTotal\n\n \n\n2026\n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nFinancial liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrade and other payables\n\n \n\n \n\n27,355\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n27,355\n\n \n\nLease obligation\n\n \n\n \n\n1,650\n\n \n\n \n\n \n\n837\n\n \n\n \n\n \n\n529\n\n \n\n \n\n \n\n506\n\n \n\n \n\n \n\n506\n\n \n\n \n\n \n\n4,289\n\n \n\n \n\n \n\n8,317\n\n \n\nTotal contractual obligations\n\n \n\n \n\n29,005\n\n \n\n \n\n \n\n837\n\n \n\n \n\n \n\n529\n\n \n\n \n\n \n\n506\n\n \n\n \n\n \n\n506\n\n \n\n \n\n \n\n4,289\n\n \n\n \n\n \n\n35,672\n\n \n\n \n\n \n\nFor the years ending March 31,\n\n \n\n2026\n\n \n\n \n\n2027\n\n \n\n \n\n2028\n\n \n\n \n\n2029\n\n \n\n \n\n2030\n\n \n\n \n\nThereafter\n\n \n\n \n\nTotal\n\n \n\n2025\n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nFinancial liabilities\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTrade and other payables\n\n \n\n \n\n15,070\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n—\n\n \n\n \n\n \n\n15,070\n\n \n\nLease obligation\n\n \n\n \n\n1,489\n\n \n\n \n\n \n\n1,342\n\n \n\n \n\n \n\n747\n\n \n\n \n\n \n\n522\n\n \n\n \n\n \n\n506\n\n \n\n \n\n \n\n4,790\n\n \n\n \n\n \n\n9,396\n\n \n\nTotal contractual obligations\n\n \n\n \n\n16,559\n\n \n\n \n\n \n\n1,342\n\n \n\n \n\n \n\n747\n\n \n\n \n\n \n\n522\n\n \n\n \n\n \n\n506\n\n \n\n \n\n \n\n4,790\n\n \n\n \n\n \n\n24,466\n\n \n\n \n\nd)\nMarket risk\n\nMarket risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the Predecessor and the Successor’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return on risk.\n\nCurrency risk\n\nThe Predecessor and the Successor are exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which sales, purchases and receivables, that are denominated in a currency other than the respective functional currencies of Predecessor and the Successor’s entities. The entity with significant exposure is OMS (Indonesia) with transactions primarily denominated are the United States Dollar (USD) and Indonesian Rupiah (IDR). The exposure of the other Predecessor and the Successor's entities are minimal. Foreign currency is monitored and managed by the Predecessor and the Successor on an ongoing basis as the Predecessor and the Successor endeavor to keep the net exposure at an acceptable level.\n\nThe foreign currency exposure in IDR is as follows based on notional amounts:\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nAs of\nMarch 31,\n2026\n\n \n\n \n\nAs of\nMarch 31,\n2025\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nTrade receivables\n\n \n\n \n\n1,465\n\n \n\n \n\n \n\n1,377\n\n \n\nCash and cash equivalents\n\n \n\n \n\n7,047\n\n \n\n \n\n \n\n5,709\n\n \n\nTrade payables\n\n \n\n \n\n(1,569\n\n)\n\n \n\n \n\n(725\n\n)\n\nNet exposure\n\n \n\n \n\n6,943\n\n \n\n \n\n \n\n6,361\n\n \n\n \n\nF-48\n\n[Table of Contents](#toc_page)\n\n \n\nSensitivity analysis\n\nA reasonably possible strengthening (weakening) of the US dollar, as indicated below, against the IDR at March 31, and a possible strengthening (weakening) of the local non-USD functional currencies against the USD, would have increased and (decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecasted sales and purchases.\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nAs of\nMarch 31,\n2026\n\n \n\n \n\nAs of\nMarch 31,\n2025\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nMarch 31\n\n \n\n \n\n \n\n \n\n \n\n \n\nUSD (10% strengthening)\n\n \n\n \n\n(612\n\n)\n\n \n\n \n\n59\n\n \n\nIDR (10% strengthening)\n\n \n\n \n\n(739\n\n)\n\n \n\n \n\n(636\n\n)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nMarch 31\n\n \n\n \n\n \n\n \n\n \n\n \n\nUSD (10% weakening)\n\n \n\n \n\n612\n\n \n\n \n\n \n\n(59\n\n)\n\nIDR (10% weakening)\n\n \n\n \n\n739\n\n \n\n \n\n \n\n636\n\n \n\n \n\nInterest rate risk\n\nThe Predecessor and the Successor are exposed to interest rate risk as the Predecessor and the Successor have loans which are interest bearing. The interest rates and terms of repayment of the loans are disclosed in the notes to the financial statements.\n\nSensitivity analysis\n\nThe sensitivity analysis below has been determined based on the exposure to interest rate for non-derivative instruments at the end of year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.\n\nIf interest rates on loans and borrowings, including cash pooling arrangements, had been 50 basis points higher or lower and all other variables were held constant, the Successor’s profit for 2026 would decrease or increase by approximately $Nil (2025: $Nil).\n\nAs of March 31, 2026 and 2025, the Company had no external borrowings, loans, or interest-bearing financial liabilities. Accordingly, no material interest rate risk exists, and quantitative sensitivity analysis is not required or presented.\n\nii)\nCapital management\n\nThe Predecessor and the Successor’s objectives in managing capital are to ensure that the Predecessor and the Successor will be able to continue as a going concern and to maintain an optimal capital structure so as to enable it to execute business plans and to maximize shareholder value. The Predecessor and the Successor define “capital” as including all components of equity and external borrowings.\n\nThe capital management strategy translates into the need to ensure that at all times the Predecessor and the Successor have the liquidity and cash to meet their obligations as they fall due while maintaining a careful balance between equity and debt to finance its assets, day-to-day operations and future growth. Having access to flexible and cost-effective financing allows the Predecessor and the Successor to respond quickly to opportunities.\n\nThe Predecessor and the Successor’s capital structure is reviewed on an ongoing basis with adjustments made in light of changes in economic conditions, regulatory requirements and business strategies affecting the Predecessor and the Successor. The Predecessor and the Successor balance their overall capital structure by considering the costs of capital and the risks associated with each class of capital. In order to maintain or achieve an optimal capital structure, the Predecessor and the Successor may issue new shares from time to time, retire or obtain new borrowings or adjust the asset portfolio.\n\nF-49\n\n[Table of Contents](#toc_page)\n\n \n\niii)\nAccounting classification and fair values\n\nThe carrying amounts of each of the categories of financial instruments as at the end of the financial years are as follows:\n\n \n\n \n\nSuccessor\n\n \n\n \n\nSuccessor\n\n \n\n \n\nAs of\nMarch 31,\n2026\n\n \n\n \n\nAs of\nMarch 31,\n2025\n\n \n\n \n\nUS$’000\n\n \n\n \n\nUS$’000\n\n \n\nFinancial assets at amortized cost\n\n \n\n \n\n \n\n \n\n \n\n \n\nTrade receivables and other assets*\n\n \n\n \n\n19,975\n\n \n\n \n\n \n\n14,201\n\n \n\nCash and cash equivalents\n\n \n\n \n\n151,985\n\n \n\n \n\n \n\n72,950\n\n \n\n \n\n \n\n171,960\n\n \n\n \n\n \n\n87,151\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial liabilities at amortized cost\n\n \n\n \n\n \n\n \n\n \n\n \n\nTrade and other payables\n\n \n\n \n\n27,355\n\n \n\n \n\n \n\n15,070\n\n \n\nLease liabilities\n\n \n\n \n\n6,441\n\n \n\n \n\n \n\n7,283\n\n \n\n \n\n \n\n \n\n33,796\n\n \n\n \n\n \n\n22,353\n\n \n\n \n\n* Excluding prepayments, goods and services tax receivable, net and deferred offering costs.\n\nFair values\n\ni)\nFair value of financial instruments not measured at fair value\n\nThe Group believes that the carrying amounts of financial assets and financial liabilities not measured at fair value approximate their fair values.\n\nii)\nFair value of financial instruments measured at fair value on a recurring basis\n\nFair value - hierarchy\n\n \n\nAs at March 31, 2026\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nLevel 1\n\n \n\n \n\nLevel 2\n\n \n\n \n\nLevel 3\n\n \n\n \n\nTotal\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nFinancial liabilities at fair value through profit or loss\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n  Derivative financial liabilities - Underwriters' warrants\n\n \n\n \n\n-\n\n \n\n \n\n \n\n-\n\n \n\n \n\n \n\n88\n\n \n\n \n\n \n\n88\n\n \n\nThe following three levels of inputs are used to measure the fair value presented above:\n\n \n\nLevel 1 - Quoted prices in active markets for identical assets and liabilities.\n\nLevel 2 - Significant other observable inputs.\n\nLevel 3 - Significant unobservable inputs.\n\nThere was no transfer between Levels 1, 2 and 3 in the current and prior years/period.\n\nDuring the year ended March 31, 2025, there were no financial assets or liabilities recognized at fair value.\n\n \n\n \n\n \n\n \n\n \n\nF-50\n\n[Table of Contents](#toc_page)\n\n \n\n24.\nCONTINGENCIES\n\nIn the ordinary course of business, the Predecessor and the Successor may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Predecessor and the Successor accrue liabilities for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. OMS Oilfield Services Arabia Limited (“OMSA”), a wholly-owned subsidiary of the Successor, was previously involved in two tax dispute matters incidental to the ordinary conduct of its business. The tax dispute matters are related to the years ended March 31, 2017 and 2019.\n\ni)\nZakat, Tax and Customs Authority (“ZATCA”) assessment on tax & zakat liability:\n\nAs of March 31, 2026 and 2025, the Successor’s accrued provision for the outstanding tax dispute matters related to the year ended March 31, 2017 was $Nil and $2.3 million, respectively. The Tax Appeal Committee issued its decision in favor of the Company with respect to the tax dispute, and the Company has recovered the US$2.3 million previously paid under protest on March 12, 2026. As of March 31, 2026, this tax dispute matter have been resolved with the relevant tax authorities.\n\nii)\nZATCA assessment on Transfer Pricing:\n\nFor the years ended March 31, 2026 and 2025, the Successor’s provision for estimated loss from tax disputes related to the year ended March 31, 2019 was $Nil million and $0.6 million, respectively. The Tax Appeal Committee issued its decision in favor of the relevant tax authorities. As of March 31, 2026, this tax dispute matter has been formally concluded.\n\n25.\nSUBSEQUENT EVENTS\n\nThe Company evaluated all events and transactions that occurred up through June 25, 2026, which is the date that these consolidated financial statements are available to be issued. There were no other material subsequent events that require disclosure in these consolidated financial statements.\n\n \n\nF-51"}