{"url_path":"/sec/vcig/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-07-15","source_url":"https://www.sec.gov/Archives/edgar/data/1930510/0001213900-26-078044-index.html","accession_number":"0001213900-26-078044","cik":"0001930510","ticker":"VCIG","issuer_name":"VCI Global Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1930510/0001213900-26-078044-index.html","primary_entity_key":"0001930510","primary_entity_name":"VCI Global Ltd"},"word_count":31413,"has_tables":true,"body_markdown":"**Item\n19. EXHIBITS**\n\n \n\n**EXHIBIT\nINDEX**\n\n \n\nExhibit\n\nNumber\n \nDescription of Document\n\n1.1\n \n[Memorandum and Articles of Association of the Registrant, incorporated by reference to Exhibit 3.1 to the F-1, as filed with the SEC on November 1, 2022](http://www.sec.gov/Archives/edgar/data/1930510/000157587222001059/cm184_ex3-1.htm)\n\n2.1\n \n[Tranche 1 Note (incorporated by reference to Exhibit 99.2 to the Registrant’s 6-K, filed on August 14, 2025)](http://www.sec.gov/Archives/edgar/data/1930510/000121390025076107/ea025311801ex99-2_vciglobal.htm)\n\n2.2\n \n[Tranche 1 Warrant (incorporated\nby reference to Exhibit 99.3 to the Registrant’s 6-K, filed on August 14, 2025)](https://www.sec.gov/Archives/edgar/data/1930510/000121390025076107/ea025311801ex99-3_vciglobal.htm)\n\n2.3\n \n[Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Registrant’s 6-K, filed on October 31, 2025)](http://www.sec.gov/Archives/edgar/data/1930510/000121390025104733/ea026341301ex4-1_vciglobal.htm)\n\n2.4\n \n[Form of Placement Agent Warrant (incorporated by reference to Exhibit 4.2 to the Registrant’s 6-K, filed on October 31, 2025)](http://www.sec.gov/Archives/edgar/data/1930510/000121390025104733/ea026341301ex4-2_vciglobal.htm)\n\n2.5\n \n[Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Registrant’s 6-K, filed on November 12, 2025)](http://www.sec.gov/Archives/edgar/data/1930510/000121390025108702/ea026519401ex4-1_vciglobal.htm)\n\n4.1\n \n[Securities Purchase Agreement (incorporated by reference to Exhibit 10.2 to the Registrant’s 6-K, filed on January 8, 2025)](http://www.sec.gov/Archives/edgar/data/1930510/000121390025002144/ea022722501ex10-2_vciglobal.htm)\n\n4.2\n \n\n[Securities\nPurchase Agreement (incorporated by reference to Exhibit 10.3 to the Registrant’s 6-K, filed on January 8, 2025)](http://www.sec.gov/Archives/edgar/data/1930510/000157587222001059/cm184_ex10-1.htm)\n\n4.2\n \n\n[Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Registrant’s 6-K, filed on January 13, 2025)](http://www.sec.gov/Archives/edgar/data/1930510/000121390025003057/ea022754601ex10-1_vci.htm)\n\n4.4\n \n[Amended Modification Agreement between VCI Global Limited and Alumni Capital LP (incorporated by reference to Exhibit 10.1 to the Registrant’s 6-K, filed on January 22, 2025)](http://www.sec.gov/Archives/edgar/data/1930510/000121390025005372/ea022824901ex10-1_vci.htm)\n\n4.5\n \n[Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Registrant’s 6-K, filed on February 18, 2025)](http://www.sec.gov/Archives/edgar/data/1930510/000121390025014885/ea023129001ex10-1_vciglobal.htm)\n\n4.6\n \n[Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Registrant’s 6-K, filed on March 17, 2025)](http://www.sec.gov/Archives/edgar/data/1930510/000121390025024603/ea023467801ex10-1_vciglobal.htm)\n\n4.7\n \n[Amended Modification Agreement between VCI Global Limited and Alumni Capital LP (incorporated by reference to Exhibit 99.1 to the Registrant’s 6-K, filed on June 27, 2025)](http://www.sec.gov/Archives/edgar/data/1930510/000121390025059075/ea024739001ex99-1_vci.htm)\n\n4.8\n \n\n[Securities Purchase Agreement (incorporated by reference to Exhibit 99.1 to the Registrant’s 6-K, filed on August 14, 2025)](http://www.sec.gov/Archives/edgar/data/1930510/000121390025076107/ea025311801ex99-1_vciglobal.htm)\n\n  \n\n80\n\n \n\n  \n\n4.9\n \n\n[Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Registrant’s 6-K, filed on October 31, 2025)](http://www.sec.gov/Archives/edgar/data/1930510/000121390025104733/ea026341301ex10-1_vciglobal.htm)\n\n4.10\n \n[Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Registrant’s 6-K, filed on November 12, 2025)](http://www.sec.gov/Archives/edgar/data/1930510/000121390025108702/ea026519401ex10-1_vciglobal.htm)\n\n8.1\n \n[List of Subsidiaries of the Registrant- incorporated by reference to Exhibit 21.1 to the F-1/A1, as filed with the SEC on November 29, 2022](http://www.sec.gov/Archives/edgar/data/1930510/000157587222001185/cm194_ex21-1.htm)\n\n11.1\n \n[Insider Trading Policy (incorporated by reference to Exhibit 11.1 to the Registrant’s 20-F, filed on April 30, 2024)](http://www.sec.gov/Archives/edgar/data/1930510/000121390024037483/ea020341801ex11-1_vci.htm)\n\n12.1*\n \n[Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029586101ex12-1.htm)\n\n12.2*\n \n[Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea029586101ex12-2.htm)\n\n13.1**\n \n[Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029586101ex13-1.htm)\n\n13.2**\n \n[Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea029586101ex13-2.htm)\n\n15.1\n \n[Letter of WWC, P.C. to the U.S. Securities and Exchange Commission dated May 21, 2026 (incorporated by reference to Exhibit 16.1 to the Registrant’s 6-K, filed on May 21, 2026)](http://www.sec.gov/Archives/edgar/data/1930510/000121390026060169/ea029183501ex16-1.htm)\n\n97.1\n \n[Clawback Policy (incorporated by reference to Exhibit 99.7 to the Registrant’s 20-F, filed on April 30, 2024)](https://www.sec.gov/Archives/edgar/data/1930510/000121390024037483/ea020341801ex99-7_vci.htm)\n\n101.INS\n \nInline XBRL Instance Document.\n\n101.SCH\n \nInline XBRL Taxonomy Extension Schema Document.\n\n101.CAL\n \nInline XBRL Taxonomy Extension Calculation Linkbase Document.\n\n101.DEF\n \nInline XBRL Taxonomy Extension Definition Linkbase Document.\n\n101.LAB\n \nInline XBRL Taxonomy Extension Label Linkbase Document.\n\n101.PRE\n \nInline XBRL Taxonomy Extension Presentation Linkbase Document.\n\n104\n \nCover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).\n\n \n\n*\nFiled\nwith this annual report on Form 20-F\n\n**\nFurnished\nwith this annual report on Form 20-F\n\n \n\n81\n\n \n\n \n\n**SIGNATURES**\n\n \n\nThe\nregistrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized\nthe undersigned to sign this annual report on its behalf.\n\n \n\n \nVCI\nGlobal Limited\n\n \n \n \n\n \nBy:\n*/s/\nVictor Hoo Voon Him*\n\n \n \nVictor\nHoo Voon Him\n\n \n \nChief\nExecutive Officer, Director, and\n\n \n \nChairman\nof the Board of Directors\n\n \n \n(Principal\nExecutive Officer)\n\n \n \n \n\nDate:\nJuly 14, 2026\n \n \n\n \n\n82\n\n \n\n \n\n**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n \n \nPAGE\n\n \n \n \n\n[Report\nof Independent Registered Public Accounting Firm (SFAI MALAYSIA PLT, PCAOB ID No: 7167)](#Fina_001)\n \nF-2\n\n \n \n \n\n[Report of Independent Registered\nPublic Accounting Firm (WWC, P.C., PCAOB ID No. 1171)](#fin_001)\n \nF-3\n\n \n \n \n\n[Consolidated Statements of Financial Position](#fin_002)\n \nF-4\n\n \n \n \n\n[Consolidated Statements of Profit or Loss and Other\nComprehensive Income/(Loss)](#fin_003)\n \nF-5\n\n \n \n \n\n[Consolidated Statements of Changes in Equity](#fin_004)\n \nF-7\n\n \n \n \n\n[Consolidated Statements of Cash Flows](#fin_005)\n \nF-8\n\n \n \n \n\n[Notes to Consolidated Financial Statements](#fin_006)\n \nF-9\n\n \n\nF-1\n\n \n\n \n\n**SFAI MALAYSIA PLT**\n\n202206000021\n(LLP0031758-LCA) & AF 002216\n\nChartered Accountants\n\nBlock C2-G,\n\nGround Floor, Setiawalk,\n\nPersiaran Wawasan,\n\n47160 Puchong,\n\nSelangor, Malaysia.\n\nTel: 603- 7802 9000\n\n \n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM**\n\n** **\n\nTo the Board of Directors and Stockholders\n\nVCI Global Limited\n\n \n\n**Opinion on the Consolidated Financial Statements**\n\n** **\n\nWe have audited the accompanying consolidated\nstatements of financial position of VCI Global Limited and its subsidiaries (collectively, the “Company”) as of December 31,\n2025, and the related consolidated statements of profit or loss and other comprehensive income/(loss), changes in equity and cash flows\nfor the year ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”).\nIn our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company\nas of December 31, 2025, and the results of its operations and its cash flows for the year ended December 31, 2025, in conformity with\nInternational Financial Reporting Standards as issued by the International Accounting Standards Board.\n\n \n\n**Basis for Opinion**\n\n** **\n\nThese consolidated financial statements are the\nresponsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial\nstatements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)\n(“PCAOB”) and are required to be independent with respect to the Company in accordance with the United States federal\nsecurities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the\nconsolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have,\nnor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain\nan understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of\nthe Company’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures to assess\nthe risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures\nthat respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the\nconsolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by\nmanagement, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide\na reasonable basis for our opinion.\n\n \n\nWe have served as the Company’s auditor\nsince 2026.\n\n \n\n**/s/ SFAI MALAYSIA PLT**\n\n(PCAOB: 7167)\n\nMalaysia\n\nJuly 14, 2026\n\n \n\nF-2\n\n \n\n \n\n \n\n**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING\nFIRM**\n\n \n\nTo:\nThe Board of Directors and Shareholders of\n\nVCI Global Limited\n\n \n\n**Opinion on the Financial Statements**\n\n \n\nWe have audited the accompanying consolidated\nbalance sheets of VCI Global Limited and its subsidiaries (collectively the “Company”) as of December 31, 2024, and the related\nconsolidated statements of profit or loss and other comprehensive income/(loss), changes in equity and cash flows in each of the years\nin the two-year period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”),\nbefore the effects of the adjustments to retrospectively reflect the effects of change in presentation currency described in Note 2. In\nour opinion, the financial statements, before the effects of the adjustments to retrospectively reflect the effects of change in presentation\ncurrency described in Note 2, present fairly, in all material respects, the financial position of the Company as of December 31, 2024,\nand the results of its operations and its cash flows in each of the years in the two-year period ended December 31, 2024, in conformity\nwith International Financial Reporting Standards as issued by the International Accounting Standards Board (the 2024 financial statements\nbefore the effects of the adjustments discussed in Note 2 are not presented herein).\n\n \n\nWe were not engaged to audit, review, or apply\nany procedures to the adjustments to retrospectively reflect the effects of change in presentation currency described in Note 2 and accordingly,\nwe do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied.\nThose adjustments were audited by other auditors.\n\n \n\n**Basis for Opinion**\n\n \n\nThese financial statements are the responsibility\nof the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our\naudits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”)\nand are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable\nrules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial\nstatements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged\nto perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding\nof internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of our internal control\nover financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures to\nassess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that\nrespond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial\nstatements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well\nas evaluating the overall presentation of the financial statements. We believe that our audits provides a reasonable basis for our opinion.\n\n \n\n/s/ WWC, P.C.  \n\nWWC, P.C.  \n\nCertified Public Accountants  \n\nPCAOB ID No. 1171  \n\n \n\nWe have served as the Company’s auditor from 2022 through May 19, 2026.\n\nSan Mateo, California\n\n \n\nMay 13, 2025\n\n \n\n \n\nF-3\n\n \n\n \n\n**VCI GLOBAL LIMITED AND\nITS SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF FINANCIAL POSITION**\n\n \n\n  \nNote \nDecember 31, 2024  \nDecember 31, 2025 \n\n  \n  \nUS$  \nUS$ \n\nASSETS \n  \n   \n  \n\n  \n  \n   \n  \n\nNon-current assets \n  \n   \n  \n\nFinancial assets, at fair value through other comprehensive income \n5 \n 28,547,482  \n 17,513,555 \n\nInvestment in associates \n  \n \n-\n  \n 2 \n\nProperty and equipment \n7 \n 573,084  \n 1,061,170 \n\nRight-of-use assets \n8 \n 120,670  \n 734,696 \n\nIntangible assets \n9 \n 7,288,633  \n 4,050,583 \n\nAmount due from related parties \n32 \n \n-\n  \n 62,833,133 \n\nLoan receivables \n13 \n 6,562,292  \n \n-\n \n\nTotal non-current assets \n  \n 43,092,161  \n 86,193,139 \n\n  \n  \n    \n   \n\nCurrent assets \n  \n    \n   \n\nTrade and other receivables \n11 \n 30,009,175  \n 29,512,675 \n\nInventories \n12 \n \n-\n  \n 257,485 \n\nLoan receivables \n13 \n 10,283,529  \n \n-\n \n\nTax recoverable \n  \n 73,976  \n \n-\n \n\nCash and bank balances \n14 \n 8,100,899  \n 940,963 \n\nTotal current assets \n  \n 48,467,579  \n 30,711,123 \n\n  \n  \n    \n   \n\nTotal assets \n  \n 91,559,740  \n 116,904,262 \n\n  \n  \n    \n   \n\nLIABILITIES AND EQUITY \n  \n    \n   \n\n  \n  \n    \n   \n\nCurrent liabilities \n  \n    \n   \n\nTrade and other payables \n15 \n 4,415,133  \n 13,237,049 \n\nLease liabilities\n \n16\n \n \n82,431\n \n \n \n399,858\n \n\nBank and other borrowings\n \n17\n \n \n160,455\n \n \n \n-\n \n\nWarrant liabilities \n18 \n 33,305  \n 2,625,440 \n\nConvertible note liabilities\n \n19\n \n \n-\n \n \n \n2,930,281\n \n\nAmount due to related parties \n32 \n 487,111  \n \n-\n \n\nIncome tax payable \n  \n \n-\n  \n 692,322 \n\nTotal current liabilities \n  \n 5,178,435  \n 19,884,950 \n\n  \n  \n    \n   \n\nNon-current liabilities \n  \n    \n   \n\nLease liabilities \n16 \n 37,553  \n 346,754 \n\nBank and other borrowings \n17 \n 21,936  \n \n-\n \n\nAmount due to related parties \n32 \n \n-\n  \n 456,084 \n\nDeferred tax liabilities \n  \n \n-\n  \n 5,382 \n\nTotal non-current liabilities \n  \n 59,489  \n 808,220 \n\n  \n  \n    \n   \n\nTotal liabilities \n  \n 5,237,924  \n 20,693,170 \n\n  \n  \n    \n   \n\nCapital and reserves \n  \n    \n   \n\nShare capital \n20 \n 76,395,175  \n 150,490,803 \n\nCapital reserve \n21 \n 1,461,292  \n 1,609,623 \n\nFair value reserve \n22 \n (480,596) \n (32,709,812)\n\nTranslation reserve \n23 \n (981,534) \n (2,873,505)\n\nRetained earnings \n  \n 9,928,734  \n (20,304,578)\n\nAttributable to equity owners of the Company \n  \n 86,323,071  \n 96,212,531 \n\nNon-controlling interests \n  \n (1,255) \n (1,439)\n\nTotal equity \n  \n 86,321,816  \n 96,211,092 \n\n  \n  \n    \n   \n\nTotal liabilities and equity \n  \n 91,559,740  \n 116,904,262 \n\n \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-4\n\n \n\n \n\n**VCI GLOBAL LIMITED AND ITS SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND\nOTHER COMPREHENSIVE INCOME/(LOSS)**\n\n \n\n  \nNote \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \n  \nUS$  \nUS$  \nUS$ \n\n  \n  \n   \n   \n  \n\nRevenue \n  \n 19,519,687  \n 27,824,891  \n 26,087,422 \n\nRevenue - related party \n32 \n 265,061  \n \n-\n  \n \n-\n \n\nTotal revenue \n24 \n 19,784,748  \n 27,824,891  \n 26,087,422 \n\n  \n  \n    \n    \n   \n\nOther income \n25 \n 163,914  \n 241,591  \n 9,364,628 \n\n  \n  \n    \n    \n   \n\nCost of services \n26 \n (3,352,149) \n (4,948,193) \n (6,756,711)\n\n  \n  \n    \n    \n   \n\nDepreciation of property and equipment and right-of-use assets \n7 & 8 \n (161,887) \n (238,058) \n (536,519)\n\n  \n  \n    \n    \n   \n\nAmortization of intangible assets \n9 \n \n-\n  \n (207,989) \n (955,970)\n\n  \n  \n    \n    \n   \n\nEmployee benefit expense \n27 \n (5,397,483) \n (6,811,397) \n (17,345,345)\n\n  \n  \n    \n    \n   \n\nProvision for allowance for expected credit losses on trade and other receivables \n11 \n (342,353) \n (919,271) \n (8,424,085)\n\n  \n  \n    \n    \n   \n\nProvision for allowance for expected credit losses on loan receivables \n13 \n (59,317) \n (53,252) \n (31,867)\n\n  \n  \n    \n    \n   \n\nRental expenses \n31 \n (50,570) \n (100,530) \n (112,726)\n\n  \n  \n    \n    \n   \n\nLegal and professional fees \n  \n (1,386,774) \n (2,608,458) \n (3,546,333)\n\n  \n  \n    \n    \n   \n\nFinance cost \n28 \n (20,175) \n (131,912) \n (619,994)\n\n  \n  \n    \n    \n   \n\nOther operating expenses \n29 \n (2,075,468) \n (4,362,179) \n (26,744,020)\n\n  \n  \n    \n    \n   \n\nProfit/(loss) before income tax \n  \n 7,102,486  \n 7,685,243  \n (29,621,520)\n\n  \n  \n    \n    \n   \n\nIncome tax benefit/(expense) \n30 \n 135,031  \n (108,416) \n (638,107)\n\n  \n  \n    \n    \n   \n\nProfit/(loss) for the year \n  \n 7,237,517  \n 7,576,827  \n (30,259,627)\n\n  \n  \n    \n    \n   \n\nOther comprehensive income/(loss): \n  \n    \n    \n   \n\nItems that will not be reclassified subsequently to profit or loss: \n  \n    \n    \n   \n\nFair value adjustment on financial assets, at fair value through other comprehensive income \n5 \n 518,288  \n (10,196,302) \n (32,476,445)\n\nItems that may be reclassified subsequently to profit or loss: \n  \n    \n    \n   \n\nExchange differences on translating foreign operations \n  \n 587,526  \n (1,584,687) \n (2,873,505)\n\nOther comprehensive income/(loss) \n  \n 1,105,814  \n (11,780,989) \n (35,349,950)\n\n  \n  \n    \n    \n   \n\nTotal comprehensive income/(loss) for the year \n  \n 8,343,331  \n (4,204,162) \n (65,609,577)\n\n  \n  \n    \n    \n   \n\nProfit/(loss) attributable to: \n  \n    \n    \n   \n\nEquity owners of the Company \n  \n 7,771,593  \n 7,874,203  \n (30,259,560)\n\nNon-controlling interests \n  \n (534,076) \n (297,376) \n (67)\n\nTotal \n  \n 7,237,517  \n 7,576,827  \n (30,259,627)\n\n  \n  \n    \n    \n   \n\nTotal comprehensive income/(loss) attributable to: \n  \n    \n    \n   \n\nEquity owners of the Company \n  \n 8,877,407  \n (3,906,786) \n (65,609,510)\n\nNon-controlling interests \n  \n (534,076) \n (297,376) \n (67)\n\nTotal \n  \n 8,343,331  \n (4,204,162) \n (65,609,577)\n\n  \n  \n    \n    \n   \n\nEARNINGS PER SHARE – BASIC AND DILUTED \n  \n 353,254.27  \n 98,427.54  \n (463.01)\n\n \n\nF-5\n\n \n\n \n\n**VCI GLOBAL LIMITED AND ITS SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND\nOTHER COMPREHENSIVE INCOME/(LOSS)**\n\n \n\n**EARNINGS PER SHARE**\n\n \n\n  \nDecember 31, \n\n  \n2023  \n2024  \n2025 \n\nWeighted average number of ordinary shares used in computing earnings – basic and diluted* \n 22  \n 80  \n 65,354 \n\n \n\n*Giving retroactive effect to the 1 to 49 reverse share split effected\non November 5, 2024, 1 to 20 reverse share split effected on April 3, 2025, 1 to 30 reverse share split on 16 September 2025 and 1 to\n60 reverse share split on 27 February 2026.\n\n \n\nF-6\n\n \n\n \n\n**VCI GLOBAL LIMITED AND ITS SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**\n\n \n\n  \n  \n   \nAttributable to equity\nowners of the Company  \n   \n  \n\n  \nNote \nShare\ncapital  \nCapital\nreserve  \nFair value\nreserve  \nTranslation reserve  \n(Accumulated losses)/Retained\nearnings  \nTotal  \nNon-controlling\ninterests  \nTotal\nequity \n\n  \n  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$ \n\n  \n  \n   \n   \n   \n   \n   \n   \n   \n  \n\nBalance at January 1, 2023 \n  \n 2,981,812  \n 1,483,830  \n 1,458,435  \n -  \n (37,458) \n 5,886,619  \n (372,816) \n 5,513,803 \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nProfit for the year \n  \n -  \n -  \n -  \n -  \n 7,771,593  \n 7,771,593  \n (534,076) \n 7,237,517 \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nFair value gain on financial assets,\nat fair value through other comprehensive income \n  \n -  \n -  \n 518,288  \n -  \n -  \n 518,288  \n -  \n 518,288 \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nTransfer upon disposal of equity\ninvestments, fair value through other comprehensive income \n  \n -  \n -  \n (1,551,971) \n -  \n 1,551,971  \n -  \n -  \n - \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nExchange differences on translating\nforeign operations \n  \n -  \n -  \n -  \n 587,526  \n -  \n 587,526  \n -  \n 587,526 \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nDividend paid \n  \n -  \n -  \n -  \n -  \n (103,809) \n (103,809) \n -  \n (103,809)\n\nTotal comprehensive income \n  \n -  \n -  \n (1,033,683) \n 587,526  \n 9,219,755  \n 8,773,598  \n (534,076) \n 8,239,522 \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nIssuance of share capital \n  \n 6,729,066  \n -  \n -  \n -  \n -  \n 6,729,066  \n -  \n 6,729,066 \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nCurrency realignment \n  \n (121,370) \n (60,397) \n (59,363) \n -  \n 1,526  \n (239,604) \n 15,174  \n (224,430)\n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nBalance at December 31, 2023 \n  \n 9,589,508  \n 1,423,433  \n 365,389  \n 587,526  \n 9,183,823  \n 21,149,679  \n (891,718) \n 20,257,961 \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nProfit for the year \n  \n -  \n -  \n -  \n -  \n 7,874,203  \n 7,874,203  \n (297,376) \n 7,576,827 \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nFair value gain on financial assets,\nat fair value through other comprehensive income \n  \n -  \n -  \n (10,196,302) \n -  \n -  \n (10,196,302) \n -  \n (10,196,302)\n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nTransfer upon disposal of equity\ninstruments \n  \n -  \n -  \n 9,340,598  \n -  \n (9,340,598) \n -  \n -  \n - \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nExchange differences on translating\nforeign operations \n  \n -  \n -  \n -  \n (1,584,687) \n -  \n (1,584,687) \n -  \n (1,584,687)\n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nTotal comprehensive income for the\nyear \n  \n -  \n -  \n (855,704) \n (1,584,687) \n (1,466,395) \n (3,906,786) \n (297,376) \n (4,204,162)\n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nDisposal of controlling interest\nin subsidiaries \n  \n -  \n -  \n -  \n -  \n 1,967,042  \n 1,967,042  \n 1,211,556  \n 3,178,598 \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nIssuance of share capital \n  \n 66,550,613  \n -  \n -  \n -  \n -  \n 66,550,613  \n -  \n 66,550,613 \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nCurrency realignment \n  \n 255,054  \n 37,859  \n 9,719  \n 15,627  \n 244,264  \n 562,523  \n (23,717) \n 538,806 \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nBalance at\nDecember 31, 2024 \n  \n 76,395,175  \n 1,461,292  \n (480,596) \n (981,534) \n 9,928,734  \n 86,323,071  \n (1,255) \n 86,321,816 \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nProfit for the year \n  \n -  \n -  \n -  \n -  \n (30,259,560) \n (30,259,560) \n (67) \n (30,259,627)\n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nFair value gain on financial assets,\nat fair value through other comprehensive income \n  \n -  \n -  \n (32,476,445) \n -  \n    \n (32,476,445) \n -  \n (32,476,445)\n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nTransfer upon disposal of equity\ninvestments, fair value through other comprehensive income \n  \n -  \n -  \n 409,000  \n -  \n (409,000) \n -  \n -  \n - \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nExchange differences\non translating foreign operations \n  \n -  \n -  \n -  \n (2,873,505) \n -  \n (2,873,505) \n -  \n (2,873,505)\n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nTotal comprehensive income for the\nyear \n  \n -  \n -  \n (32,067,445) \n (2,873,505) \n (30,668,560) \n (65,609,510) \n (67) \n (65,609,577)\n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nIssuance of share capital \n  \n 75,177,664  \n -  \n -  \n -  \n -  \n 75,177,664  \n -  \n 75,177,664 \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nExchange differences\non translating foreign operations \n  \n (1,082,036) \n 148,331  \n (161,771) \n 981,534  \n 435,248  \n 321,306  \n (117) \n 321,189 \n\n  \n  \n    \n    \n    \n    \n    \n    \n    \n   \n\nBalance at December 31, 2025 \n  \n 150,490,803  \n 1,609,623  \n (32,709,812) \n (2,873,505) \n (20,304,578) \n 96,212,531  \n (1,439) \n 96,211,092 \n\n \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements\n\n \n\nF-7\n\n \n\n \n\n**VCI GLOBAL LIMITED AND ITS SUBSIDIARIES**\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n \n\n  \nDecember 31,\n\n2023  \nDecember 31,\n\n2024  \nDecember 31,\n\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nOperating\nactivities \n   \n   \n  \n\nProfit/(loss)\nbefore income tax \n 7,102,486  \n 7,685,243  \n (29,621,520)\n\nAdjustments\nfor: \n    \n    \n   \n\nImpairment\nloss on intangible assets \n -  \n -  \n 918,324 \n\nProvision\nfor allowance for expected credit losses - trade receivables \n 342,353  \n 549,924  \n 5,155,117 \n\nProvision\nfor allowance for expected credit losses - other receivables \n -  \n 369,347  \n 3,268,968 \n\nProvision\nfor allowance for expected credit losses - loan receivables \n 59,317  \n 53,252  \n 31,867 \n\nNon-cash\nrevenue received in shares \n -  \n -  \n (4,476,756)\n\nAcquisition\nof financial assets in shares \n -  \n -  \n (31,974,000)\n\nReversal\non impairment allowance of trade receivables \n -  \n -  \n (60,808)\n\nReversal\non impairment allowance of other receivables \n -  \n -  \n (265,920)\n\nReversal\non impairment allowance of loan receivables \n -  \n -  \n (5,780)\n\nLoss\non investment \n -  \n -  \n 868,346 \n\nFair\nvalue loss on financial assets, at fair value through profit or loss \n -  \n 14,407  \n - \n\nShare-based\ncompensation awards \n 970,024  \n 1,890,495  \n 6,651,698 \n\nShare\noption expenses \n -  \n -  \n 308,878 \n\nDirector\nfees paid in shares \n -  \n -  \n 4,487,613 \n\nShare\nbased payment – consultancy fees \n -  \n 2,900,939  \n 4,511,659 \n\nFair\nvalue loss on derivative liabilities through profit and loss \n -  \n -  \n 1,067,076 \n\nWrite-off\non intangible assets \n -  \n 4,251  \n 45,765 \n\nDepreciation\nof property and equipment \n 69,315  \n 89,414  \n 130,652 \n\nDepreciation\nof right-of-use assets \n 92,571  \n 148,644  \n 405,866 \n\nAmortisation\nof intangible assets \n -  \n 207,989  \n 955,970 \n\nChange\nin working capital, net of effects from acquisition and disposal of subsidiaries \n -  \n 399,540  \n 42,108,520 \n\nBad\ndebt written off \n -  \n -  \n 4,271,583 \n\nConversion\nof convertible notes \n -  \n -  \n   \n\nIssuance\nof warrant liabilities \n -  \n -  \n 503,709 \n\nLoss\non dissolve of subsidiaries \n -  \n 1,033  \n - \n\nChange\nin fair value of warrant liabilities \n -  \n 33,977  \n - \n\nInterest\nexpense \n 19,787  \n 131,912  \n 619,994 \n\nInterest\nincome \n (1,596) \n (4,140) \n (4,908)\n\nOperating\ncash flows before movements in working capital \n 8,654,257  \n 14,476,227  \n 9,901,913 \n\nTrade\nand other receivables \n (3,119,228) \n 11,989,387  \n (15,982,127)\n\nInventories \n -  \n -  \n (257,485)\n\nLoan\nreceivables \n (8,029,277) \n (8,717,135) \n - \n\nTrade\nand other payables \n 3,829,793  \n 4,693,637  \n 8,821,916 \n\nCash\ngenerated from/(used in) operations \n 1,335,545  \n 22,442,116  \n 2,484,217)\n\n  \n    \n    \n   \n\nIncome\ntax (paid)/refund \n (184,317) \n (162,609) \n 133,573 \n\nNet\ncash generated from/(used in) operating activities \n 1,151,228  \n 22,279,507  \n 2,617,790)\n\n  \n    \n    \n   \n\nInvesting\nactivities \n    \n    \n   \n\nAcquisition\nof property and equipment \n (433,922) \n (327,077) \n (953,191)\n\nAcquisition\nof intangible assets \n (24,316) \n (2,290,423) \n (5,920,209)\n\nInterest\nreceived \n 1,596  \n 4,140  \n 4,908 \n\nAcquisition\nof financial assets, at fair value through other comprehensive income \n (9,494,041) \n (47,710,805) \n (7,515,616)\n\nProceeds\nfrom disposal of financial assets, at fair value through other comprehensive income \n 5,975,424  \n 1,678,000  \n 4,248,592 \n\nProceeds\nfrom disposal of subsidiaries, net of cash and cash equivalents disposed of \n -  \n -  \n (62,833,133)\n\nProceeds\nfrom disposal of financial assets, at fair value through profit and loss \n -  \n 1,785  \n - \n\nNet\ncash used in investing activities \n (3,975,259) \n (48,644,380) \n (72,968,649)\n\n  \n    \n    \n   \n\nFinancing\nactivities \n    \n    \n   \n\nProceeds\nfrom issuance of ordinary shares \n -  \n 35,013,797  \n 53,681,106 \n\nProceeds\nfrom lease liabilities \n -  \n -  \n 1,159,035 \n\nRepayment\nof other borrowings \n (10,829) \n -  \n - \n\nRepayment\nof bank borrowings \n (26,273) \n (23,989) \n (9,673)\n\nInterest\npaid – lease obligation \n (19,787) \n (9,491) \n   \n\nInterest\npaid – convertible notes \n -  \n -  \n   \n\nInterest\npaid \n -  \n -  \n (619,994)\n\nProceeds\nfrom initial public offering, net of transaction cost \n 3,804,044  \n -  \n - \n\nPayment\nfor initial public offering expense \n (99,535) \n -  \n - \n\nPayment\nfor lease liabilities \n (81,867) \n (160,827) \n (1,585,022)\n\nRepayment\nof advances made from related parties \n (498,178) \n (290,882) \n (439,048)\n\nProceeds\nfrom issuance of convertible notes \n -  \n -  \n 14,000,000 \n\nDividend\npaid \n (103,809) \n -  \n - \n\nNet\ncash generated from financing activities \n 2,963,766  \n 34,528,608  \n 66,186,404 \n\n  \n    \n    \n   \n\nNet\nincrease/(decrease) in cash and cash equivalents \n 139,735  \n 8,163,735  \n (4,164,455)\n\nForeign\nexchange effect \n -  \n (1,073,291) \n (2,995,481)\n\nCash\nand bank balances at beginning of year \n 870,720  \n 1,010,455  \n 8,100,899 \n\nCash\nand bank balances at end of year \n 1,010,455  \n 8,100,899  \n 940,963 \n\n \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-8\n\n \n\n \n\n**VCI GLOBAL LIMITED AND ITS SUBSIDIARIES**\n\n**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**1**\n**ORGANIZATION AND PRINCIPAL ACTIVITIES**\n\n \n\n**Organization and reorganization**\n\n \n\nVCI\nGlobal Limited was incorporated in the British Virgin Islands on April 29, 2020. The registered office of the Company is situated at Vistra\nCorporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands. The principal place of business of the Company\nis situation at BO3-C-8, Menara 3A, KL Eco City, No.3 Jalan Bangsar, 59200 Kuala Lumpur, Malaysia. During the year, VCI Global\nLimited implemented a group-wide restructuring exercise aimed at streamlining its business portfolio and enhancing strategic alignment\nwith its core growth initiatives. In line with the Group’s strategic direction to focus on the AI sector, technology infrastructure, and\nRWA consultancy services, management disposed of subsidiaries operating in non-core business segments.\n\n \n\nThe divested subsidiaries were primarily\ninvolved in business consultancy, financing provider activities, and real property consultancy services. The disposal enables the Group\nto reallocate resources towards its core business segments and strengthen its position in the targeted growth sectors. The details can\nrefer to the below table:\n\n  \n\nThe\nCompany and its subsidiaries are in the table as follows:\n\n \n\n    Percentage of effective ownership\n\n    December 31,\n\nName   Date of\nincorporation   2023   2024   2025   Place of incorporation   Principal activities\n\n        %   %   %        \n\nVCI Global Limited   29.04.2020   100   100   100   British Virgin Island   Holding company.\n\nV Capital Kronos Berhad   01.09.2020   100   100   100   Malaysia   Holding company.\n\nAB Management and Consultancy Services Sdn Bhd   04.05.2020   80   93.34   93.34   Malaysia   Holding company.\n\nElmu Education Group Sdn Bhd   03.12.2020   56   -   20   Malaysia   Education and training services.\n\nElmu Higher Education Sdn Bhd   24.05.2021   56   -   20   Malaysia   Education and training services and holding company\n\nV Capital Real Estate Sdn Bhd   05.07.2021   100   100   30   Malaysia   Provision of real estate management consultancy services.\n\nVCI Energy Sdn Bhd   12.11.2021   100   100   30   Malaysia   Dormant.\n\nV Galactech Sdn Bhd   12.01.2022   100   100   100   Malaysia   Provision of information technology development.\n\nV Capital Real Estate Limited   08.02.2024   -   100   30   British Virgin Island   Holding company\n\nV Gallant Limited (formerly known as VC AI Limited)   19.08.2024   -   100   34.68   British Virgin Island   Holding company.\n\nVC AI Sdn Bhd   16.12.2024   -   100   100   Malaysia   Holding company\n\nV Gallant Sdn Bhd   18.09.2024   -   100   100   Malaysia   Trading of high-performance servers, information technology hardware\n\nRoboDAX Limited (formerly known as Smart Bridge Technologies Limited)   13.05.2024   -   100   100   British Virgin Island   Holding company\n\nSmart Bridge Technologies Sdn Bhd   22.10.2025   -   -   100   Malaysia   Technology solution consultancy\n\nVCI Global (Singapore) Pte. Ltd.   10.03.2025   -   -   100   Singapore   Management consultancy services\n\nAiSecure Limited   09.01.2025   -   -   100   British Virgin Island   Dormant\n\nVCI Energy Limited   05.02.2025   -   -   30   British Virgin Island   Holding company\n\nVCI (HK) Limited   04.12.2025   -   -   100   Hong Kong   Management consultancy services\n\n \n\nF-9\n\n \n\n \n\n**Principal activities**\n\n** **\n\nThe Company is a holding company. The\nprincipal activities of the Company and its subsidiaries (collectively referred to as the “Company” or “the Group”)\nare the provision of business strategy consultancy and technology development solution consultancy.\n\n \n\nThe Company is headquartered in Malaysia and conducts its primary operations\nthrough its significant direct and indirectly held subsidiaries that are incorporated and domiciled in Malaysia, namely V Capital Kronos\nBerhad, V Galactech Sdn. Bhd., V Gallant Sdn Bhd., and V Gallant Limited were incorporated in the British Virgin Islands.\n\n \n\n**2**\n**MATERIAL ACCOUNTING POLICIES**\n\n  \n\n**BASIS OF ACCOUNTING**\n\n \n\nThese financial statements have been\nprepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting\nStandards Board (“IASB”) under the historical cost convention, except as disclosed in the accounting policies below.\n\n \n\nThe preparation of financial statements\nin conformity with IFRS requires management to exercise its judgement in the process of applying the Company’s accounting policies.\nIt also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or\ncomplexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3.\n\n \n\nIn the current financial year, the Company\nhas adopted the new or amended IFRS that are mandatory for application for the financial year. Changes to the Company’s accounting\npolicies have been made as required, in accordance with the transitional provisions in the respective IFRS.\n\n \n\nThe adoption of these new or amended\nIFRS did not result in substantial changes to the Company’s accounting policies and had no material effect on the amounts reported\nfor the current or prior financial years.\n\n \n\nStandards issued but not yet effective\n\n \n\nAt the date of authorization of these\nfinancial statements, a number of new/revised standards that are relevant to the Company were issued but not yet effective. Consequential\namendments were also made to various standards as a result of these new/revised standards.\n\n \n\nThe Company does not intend to early\nadopt any of the new/revised standards, interpretations and amendments to the existing standards. Management anticipates that the adoption\nof the revised/new standards will not have a material impact on the financial statements of the Company in the period of their initial\nadoption.\n\n \n\n**FAIR VALUE MEASUREMENTS**\n\n \n\nFair value is the price that would be\nreceived to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date,\nregardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of\nan asset or a liability, the Company takes into account the characteristics of the asset or liability which market participants would\ntake into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in\nthese financial statements is determined on such a basis.\n\n \n\nIn addition, for financial reporting\npurposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements\nare observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:\n\n \n\n●Level\n1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement\ndate;\n\n \n\n●Level\n2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly\nor indirectly; and\n\n \n\n●Level\n3 inputs are unobservable inputs for the asset or liability.\n\n \n\nF-10\n\n \n\n \n\n**BASIS OF CONSOLIDATION**\n\n \n\n \n**(a)**\n**Consolidation**\n\n* *\n\nAs the Company were under same control\nof the controlling shareholders and their entire equity interests were also ultimately held by the controlling shareholders immediately\nprior to the group reorganization, the consolidated statements of profit or loss and other comprehensive income, consolidated statements\nof changes in equity and consolidated statements of cash flows statements are prepared as if the current group structure had been in existence\nthroughout the three-year period ended December 31, 2025, or since the respective dates of incorporation/establishment of the relevant\nentity, where this is a shorter period. The consolidated statements of financial position as at December 31, 2024 and 2025 present the\nassets and liabilities of the aforementioned companies now comprising the Company which had been incorporated/established as at the relevant\nbalance sheet date as if the current group structure had been in existence at those dates based on the same control aforementioned. The\nCompany eliminates all significant intercompany balances and transactions in its consolidated financial statements.\n\n \n\nSubsidiary corporations are all entities\n(including structured entities) over which the Company has control. The Company controls an entity when the Company is exposed to, or\nhas rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over\nthe entity. Subsidiary corporations are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated\nfrom the date that control ceases.\n\n \n\nIn preparing the consolidated financial\nstatements, transactions, balances and unrealized gains on transactions between group entities are eliminated. Unrealized losses are also\neliminated unless the transaction provides evidence of an impairment indicator of the transferred asset. Accounting policies of subsidiary\ncorporations have been changed where necessary to ensure consistency with the policies adopted by the Company.\n\n \n\nNon-controlling interests comprise the\nportion of a subsidiary corporation’s net results of operations and its net assets, which is attributable to the interests that\nare not owned directly or indirectly by the equity holders of the Company. They are shown separately in the consolidated statements of\ncomprehensive income, statements of changes in equity, and statements of financial position. Total comprehensive income is attributed\nto the non-controlling interests based on their respective interests in a subsidiary, even if this results in the non-controlling interests\nhaving a deficit balance. \n\n \n\nAcquisition of entities under an internal\nreorganization scheme does not result in any change in economic substance. Accordingly, the consolidated financial statements of the Company\nare a continuation of the acquired entities and is accounted for as follows:\n\n \n\n \n(i)\nThe results of entities are presented as if the internal reorganization occurred from the beginning of the earliest period presented in the financial statements;\n\n \n\n(ii)The\nCompany will consolidate the assets and liabilities of the acquired entities at the pre-combination carrying amounts. No adjustments\nare made to reflect fair values, or recognize any new assets or liabilities, at the date of the internal reorganization that would otherwise\nbe done under the acquisition method; and\n\n \n\n(iii)No\nnew goodwill is recognized as a result of the internal reorganization. The only goodwill that is recognized is the existing goodwill\nrelating to the combining entities. Any difference between the consideration paid/transferred and the equity acquired is reflected within\nequity as merger reserve or deficit.\n\n \n\nF-11\n\n \n\n \n\n \n**(b)**\n**Acquisitions**\n\n* *\n\nThe acquisition method of accounting is\nused to account for business combinations entered into by the Company.\n\n \n\nThe consideration transferred for the\nacquisition of a subsidiary corporation or business comprises the fair value of the assets transferred, the liabilities incurred, and\nthe equity interests issued by the Company. The consideration transferred also includes any contingent consideration arrangement and any\npre-existing equity interest in the subsidiary measured at their fair values at the acquisition date.\n\n \n\nAcquisition-related costs are expensed\nas incurred.\n\n \n\nIdentifiable assets acquired and liabilities\nand contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at\nthe acquisition date.\n\n \n\nOn an acquisition-by-acquisition basis,\nthe Company recognizes any non-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling\ninterest’s proportionate share of the acquiree’s identifiable net assets.\n\n \n\nThe excess of (a) the consideration transferred,\nthe amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the\nacquiree over the (b) fair value of the identifiable net assets acquired is recorded as goodwill. \n\n \n\n \n**(c)**\n**Disposals**\n\n* *\n\nWhen a change in the Company’s ownership\ninterest in a subsidiary corporation result in a loss of control over the subsidiary corporation, the assets and liabilities of the subsidiary\ncorporation including any goodwill are derecognized. Amounts previously recognized in other comprehensive income in respect of that entity\nare also reclassified to profit or loss or transferred directly to retained earnings if required by a specific standard.\n\n \n\nAny retained equity interest in the entity\nis remeasured at fair value. The difference between the carrying amount of the retained interest at the date when control is lost, and\nits fair value is recognized in profit or loss or other comprehensive income.\n\n \n\n \n**(d)**\n**Transactions with non-controlling interests**\n\n* *\n\nChanges in the Company’s ownership\ninterest in a subsidiary corporation that do not result in a loss of control over the subsidiary corporation are accounted for as transactions\nwith equity owners of the Company. Any difference between the change in the carrying amounts of the non-controlling interest and the fair\nvalue of the consideration paid or received is recognized within equity attributable to the equity holders of the Company.\n\n** **\n\n**CHANGE IN PRESENTATION CURRENCY**\n\n** **\n\nEffective January 1, 2025, the Group changed its presentation currency\nfrom Ringgit Malaysia (“RM”) to United States Dollar (“US$”), which is also the Group’s functional currency.\n\n \n\nManagement believes that presenting\nthe Group's consolidated financial statements in U.S. dollars (\"US$\") provides more relevant information to existing and prospective\ninvestors and other users of the financial statements. This change is principally driven by the Group's status as a publicly traded company\nlisted on the Nasdaq Stock Market, where US$ is the predominant currency used by investors and market participants. Accordingly, presenting\nthe consolidated financial statements in US$ enhances comparability with peer companies and improves the usefulness of the financial information\nto users.\n\n \n\nIn addition, during 2025, the Malaysian\nRinggit experienced significant fluctuations against the US$. Presenting the consolidated financial statements in US$ reduces the effects\nof foreign currency translation on the presentation of the Group's financial position and results of operations, thereby providing users\nwith financial information that more faithfully reflects the Group's underlying economic performance.\n\n \n\nFurthermore, a substantial portion of the Group's revenue is generated\nfrom business strategy consultancy and technology consultancy contracts denominated in US$. The Group's cost structure has also increasingly\nshifted toward US$-denominated expenditures, particularly employee compensation and other operating costs. As of and for the year ended\nDecember 31, 2025, these factors have resulted in a significant increase in the Group's exposure to US$-denominated transactions. Accordingly,\nmanagement considers US$ to be the most appropriate presentation currency for the Group's consolidated financial statements.\n\n \n\nAccordingly, the accompanying consolidated financial statements for\nthe fiscal year ended December 31, 2025 are presented in US$. Comparative financial information for the fiscal year ended December 31,\n2024 has been translated from RM into US$ in accordance with IAS 21, The Effects of Changes in Foreign Exchange Rates. The comparative\namounts have been translated using the applicable exchange rates required under IAS 21 and are presented as if US$ had always been the\nGroup’s presentation currency.\n\n \n\nF-12\n\n \n\n \n\n**FINANCIAL ASSETS**\n\n** **\n\n \n**(a)**\n**Classification and measurement**\n\n* *\n\nThe Company classifies its financial assets\nat fair value through other comprehensive income, fair value through profit and loss and amortized cost.\n\n \n\nThe classification depends on the Company’s\nbusiness model for managing the financial assets as well as the contractual terms of the cash flows of the financial assets.\n\n \n\nFinancial assets at fair value through\nother comprehensive income (“FVOCI”) are equity securities which are not held for trading but more for strategic investments\nor debt securities where contractual cash flows are solely principal and interest and the objective of the Company’s business model\nis achieved both by collecting contractual cash flow and selling financial assets.\n\n \n\nOn initial recognition, the Company may\nmake an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVOCI. Designation\nat FVOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognised by an acquirer\nin a business combination.\n\n \n\nInvestments in equity instruments as FVOCI\nare initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising\nfrom changes in fair value recognised in other comprehensive income (“OCI”) and accumulated in the retained earnings. The\ncumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments and will be transferred to retained\nearnings. \n\n* *\n\nThe Company reclassifies debt instruments\nwhen and only when its business model for managing those assets changes.\n\n* *\n\n**At subsequent measurement - Debt\ninstrument**\n\n \n\nDebt instruments mainly comprise of cash\nand cash equivalents and other receivables (excluding prepayments).\n\n \n\nDebt instruments that are held for collection\nof contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. A\ngain or loss on a debt instrument that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized\nin profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in interest income\nusing the effective interest rate method. \n\n \n\nF-13\n\n \n\n \n\n \n**(b)**\n**Recognition and derecognition**\n\n* *\n\nRegular way purchases and sales of financial\nassets are recognized on trade date – the date on which the Company commits to purchase or sell the asset.\n\n \n\nFinancial assets are derecognized when\nthe rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially\nall risks and rewards of ownership.\n\n \n\nOn disposal of a debt instrument, the\ndifference between the carrying amount and the sale proceeds is recognized in profit or loss.\n\n \n\n**FINANCIAL LIABILITIES AND EQUITY INSTRUMENTS**\n\n \n\n**Classification as debt or equity**\n\n \n\nDebt and equity instruments issued by\nthe Company are classified as either financial liabilities or as equity in accordance with substance of the contractual arrangements and\nthe definitions of financial liability and equity instrument.\n\n \n\n**Equity instruments**\n\n \n\nAn equity instrument is any contract\nthat evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company\nare recognised at the proceeds received, net of direct issue costs.\n\n* *\n\n**Financial liabilities**\n\n \n\nExcept for derivative financial instruments\nwhich are stated at fair value through profit or loss, all other financial liabilities are subsequently measured at amortised cost using\nthe effective interest method.\n\n \n\nThe effective interest method is a method\nof calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective\ninterest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form\nan integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial\nliability, or (where appropriate) a shorter period, to the amortised cost of a financial liability.\n\n \n\n**Derecognition of financial\nliabilities**\n\n \n\nThe Company derecognises financial liabilities\nwhen, and only when, the Company’s obligations are discharged, cancelled or expired. The difference between the carrying amount\nof the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities\nassumed, is recognised in profit or loss.\n\n \n\n**OFFSETTING FINANCIAL INSTRUMENTS**\n\n** **\n\nFinancial assets and liabilities are\noffset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset and there is an intention\nto settle on a net basis or realize the asset and settle the liability simultaneously.\n\n** **\n\n**WARRANT LIABILITIES**\n\n** **\n\nWarrant liabilities are initially recognised\nat fair value on the date of issuance and subsequently carried at its fair value. Changes in fair value are recognised in the profit or\nloss. When the Company issues equity instruments to extinguish all or part of the liability, a gain or loss is recognised in profit or\nloss, which is measured as the difference between the carrying amount of financial liability and the fair value of the equity instruments\nissued. \n\n \n\nF-14\n\n \n\n** **\n\n**IMPAIRMENT OF FINANCIAL ASSETS**\n\n \n\nThe Company recognises provision for\nallowance for expected credit losses (“ECL”) for all debt instruments not held at FVPL. ECL are based on the difference between\nthe contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted\nat an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral\nheld or other credit enhancements that are integral to the contractual terms.\n\n \n\nECLs are recognised in two stages. For\ncredit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit\nlosses that result from default events that are possible within the next 12-months (a “12-month ECL”). For those credit exposures\nfor which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognised for credit losses\nexpected over the remaining life of the exposure, irrespective of timing of the default (a “lifetime ECL”).\n\n \n\nFor trade receivables, the Company applies\na simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a lost\nallowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical\ncredit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment which could affect debtors’\nability to pay.\n\n \n\nThe Company consider a financial asset to be in default when internal\nor external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into\naccount any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering\nthe contractual cash flows.\n\n** **\n\n**PROPERTY AND EQUIPMENT**\n\n \n\n \n**(a)**\n**Measurement**\n\n* *\n\n \n**(i)**\n**Property and equipment**\n\n* *\n\nProperty and equipment are initially\nrecognized at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.\n\n \n\n \n**(ii)**\n**Components of costs**\n\n* *\n\nThe cost of an item of property and\nequipment initially recognized includes its purchase price and any cost that is directly attributable to bringing the asset to the location\nand condition necessary for it to be capable of operating in the manner intended by management.\n\n* *\n\n \n**(b)**\n**Depreciation**\n\n \n\nDepreciation on other items of property\nand equipment is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives as\nfollowed;\n\n \n\nOffice renovation   -   10 years\n\nOffice equipment   -   5 years\n\nFurniture and fittings   -   5 years\n\nComputer and software   -   10 years\n\nRight of use asset       3 years\n\n \n\nWork-in-progress is not depreciated as\nthese assets are not yet in use as at the end of the financial year.\n\n \n\nThe residual values estimated useful lives\nand depreciation method of property and equipment are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of\nany revision are recognized in profit or loss when the changes arise.\n\n \n\n \n**(c)**\n**Subsequent expenditure**\n\n* *\n\nSubsequent expenditure relating to property\nand equipment that has already been recognized is added to the carrying amount of the asset only when it is probable that future economic\nbenefits associated with the item will flow to the entity and the cost of the item can be measured reliably. All other repair and maintenance\nexpenses are recognized in profit or loss when incurred.\n\n \n\n \n**(d)**\n**Disposal**\n\n* *\n\nOn disposal of an item of property and\nequipment, the difference between the disposal proceeds and its carrying amount is recognized in profit or loss.\n\n \n\nF-15\n\n \n\n \n\n**INTANGIBLE ASSETS**\n\n** **\n\nSoftware development costs are recognised\nin profit or loss as incurred.\n\n \n\nAn intangible asset arising from development\nis recognised when the following criteria are met:\n\n \n\n●it\nis technically feasible to complete the intangible asset so that it will be available for use or sale;\n\n \n\n●management\nintends to complete the intangible asset and use or sell it;\n\n \n\n●there\nis an ability to use or sell the asset;\n\n \n\n●it\ncan be demonstrated how the intangible asset will generate future economic benefits;\n\n \n\n●adequate\nresources to complete the development and to use or sell the intangible asset are available; and\n\n \n\n●the\nexpenditures attributable to the intangible asset during its development can be reliably measured.\n\n \n\nOther development costs that do not\nmeet these criteria are recognised in profit or loss as incurred. Development costs previously recognised as an expense are not recognised\nas an intangible asset in a subsequent period.\n\n \n\nCapitalised development costs are measured\nat cost less accumulated amortisation and accumulated impairment losses. The policy for the recognition and measurement of impairment\nlosses is in accordance with - Impairment of Non-Financial Assets.\n\n \n\nSoftware development costs are amortised\non straight-line basis based on the estimated useful lives of three to ten years.\n\n \n\nThe useful lives and amortisation methods\nare reviewed at the end of each reporting period.\n\n \n\n**TRADE AND LOAN RECEIVABLES**\n\n \n\nA receivable is recognised when the\nCompany has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage\nof time is required before payment of that consideration is due. If revenue has been recognised before the Company has an unconditional\nright to receive consideration, the amount is presented as a contract asset. Trade and loan receivables that do not contain a significant\nfinancing component are initially measured at their transaction price. Trade and loan receivables that contain a significant financing\ncomponent and other receivables are initially measured at fair value plus transaction costs. All receivables are subsequently stated at\namortised cost, using the effective interest method and including provision for expected credit losses.\n\n \n\n**IMPAIRMENT OF NON-FINANCIAL ASSETS**\n\n \n\nProperty and equipment, right-of-use\nassets and intangible assets are tested for impairment whenever there is any objective evidence or indication that these assets may be\nimpaired.\n\n \n\nFor the purpose of impairment testing,\nthe recoverable amount (i.e., the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset\nbasis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the\nrecoverable amount is determined for the Cash Generating units (“CGU”) to which the asset belongs.\n\n \n\nIf the recoverable amount of the asset\n(or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount.\nThe difference between the carrying amount and recoverable amount is recognized as an impairment loss in profit or loss.\n\n \n\nAn impairment loss for an asset is reversed\nif, and only if, there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment\nloss was recognized. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does\nnot exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment\nloss been recognized for the asset in prior years.\n\n \n\nA reversal of impairment loss for an\nasset other than goodwill is recognized in profit or loss.\n\n \n\nF-16\n\n \n\n \n\n**TRADE AND OTHER PAYABLES**\n\n \n\nTrade and other payables represent liabilities\nfor goods and services provided to the Company prior to the end of financial year which are unpaid. They are classified as current liabilities\nif payment is due within one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented\nas non-current liabilities.\n\n \n\nTrade and other payables are initially\nrecognized at fair value, and subsequently carried at amortized cost using the effective interest method.\n\n \n\n**BANK AND OTHER BORROWINGS**\n\n \n\nBorrowings are presented as current\nliabilities unless the Company has an unconditional right to defer settlement for at least 12 months after the balance sheet date, in\nwhich case they are presented as non-current liabilities.\n\n \n\n \n*(a)*\nBorrowings are initially recognized at fair value (net of transaction costs) and subsequently carried at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the period of the borrowings using the effective interest method.\n\n \n\n \n*(b)*\nBorrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.\n\n \n\nAll other borrowing costs are recognised\nin profit or loss in the period in which they are incurred.\n\n \n\n**LEASES**\n\n** **\n\nWhen the Company is the lessee\n\n \n\nAt the inception of the contract, the\nCompany assesses if the contract contains a lease. A contract contains a lease if the contract conveys the right to control the use of\nan identified asset for a period of time in exchange for consideration. Reassessment is only required when the terms and conditions of\nthe contract are changed.\n\n \n\n \n**●**\n**Right-of-use assets**\n\n \n\nThe Company recognizes a right-of-use\nasset and lease liability at the date which the underlying asset is available for use. Right-of-use assets are measured at cost which\ncomprises the initial measurement of lease liabilities adjusted for any lease payments made at or before the commencement date and lease\nincentive received. Any initial direct costs that would not have been incurred if the lease had not been obtained are added to the carrying\namount of the right- of-use assets.\n\n \n\nThe right-of-use asset is subsequently\ndepreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use\nasset or the end of the lease term.\n\n \n\nF-17\n\n \n\n \n\n \n**●**\n**Lease liabilities**\n\n \n\nThe initial measurement of a lease liability\nis measured at the present value of the lease payments discounted using the implicit rate in the lease, if the rate can be readily determined.\nIf that rate cannot be readily determined, the Company shall use its incremental borrowing rate.\n\n \n\nLease payments include the following:\n\n \n\n-Fixed\npayment (including in-substance fixed payments), less any lease incentives receivables;\n\n \n\n-Variable\nlease payment that are based on an index or rate, initially measured using the index or rate as at the commencement date;\n\n \n\n-Amount\nexpected to be payable under residual value guarantees;\n\n \n\n-The\nexercise price of a purchase option if is reasonably certain to exercise the option; and\n\n \n\n-Payment\nof penalties for terminating the lease, if the lease term reflects the Company exercising that option.\n\n \n\nFor contracts that contain both lease\nand non-lease components, the Company allocates the consideration to each lease component on the basis of the relative stand-alone price\nof the lease and non-lease component. The Company has elected to not separate lease and non-lease component for property leases and account\nthese as one single lease component.\n\n \n\nLease liability is measured at amortized\ncost using the effective interest method. Lease liability shall be remeasured when:\n\n \n\n-There\nis a change in future lease payments arising from changes in an index or rate;\n\n \n\n-There\nis a change in the Company’s assessment of whether it will exercise an extension option; or\n\n \n\n-There\nis modification in the scope or the consideration of the lease that was not part of the original term.\n\n \n\nLease liability is remeasured with a corresponding\nadjustment to the right-of-use assets, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced\nto zero.\n\n \n\n \n**●**\n**Short-term and low-value leases**\n\n \n\nThe Company has elected to not recognized\nright-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months or less and leases of low-value leases.\nLease payments relating to these leases are expensed to profit or loss on a straight-line basis over the lease term.\n\n \n\n \n**●**\n**Variable lease payments**\n\n \n\nVariable lease payments that are not based\non an index or a rate are not included as part of the measurement and initial recognition of the lease liability. The Company shall recognize\nthose lease payments in profit or loss in the periods that triggered those lease payments.\n\n \n\nF-18\n\n \n\n \n\n**EMPLOYEE BENEFITS**\n\n \n\nEmployee benefits are recognized as\nan expense, unless the cost qualifies to be capitalized as an asset.\n\n \n\n \n**(a)**\n**Defined contribution plans**\n\n* *\n\nDefined contribution plans are post-employment\nbenefit plans under which the Company pays fixed contributions into separate entities such as the Employees Provident Fund on a mandatory,\ncontractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid.\n\n \n\n \n**(b)**\n**Employee leave entitlement**\n\n* *\n\nEmployee entitlements to annual leave\nare recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services\nrendered by employees up to the balance sheet date.\n\n \n\n \n**(c)**\n**Share-based compensation awards**\n\n \n\nFor share-based compensation awards, the\nfair value of employee services received in exchange for the equity shares is recognized as an expense in the financial year in which\nservices is rendered.\n\n \n\n**PROVISIONS**\n\n \n\nProvisions are recognised when the Company\nhas a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle\nthe obligation, and a reliable estimate can be made of the amount of the obligation.\n\n \n\nThe amount recognised as a provision\nis the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account\nthe risks and uncertainties surrounding the obligation.  Where a provision is measured using the cash flows estimated to settle\nthe present obligation, its carrying amount is the present value of those cash flows.\n\n \n\nWhen some or all of the economic benefits\nrequired to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually\ncertain that reimbursement will be received and the amount of the receivable can be measured reliably.\n\n** **\n\n**REVENUE RECOGNITION**\n\n \n\nRevenue is recognised to depict the\ntransfer of promised services to clients at an amount that reflects the consideration to which an entity expects to be entitled in exchange\nfor those services. Specifically, the Company uses a five-step approach to recognise revenue:\n\n \n\n●Step\n1: Identify the contract(s) with a client\n\n \n\n●Step\n2: Identify the performance obligations in the contract\n\n \n\n●Step\n3: Determine the transaction price\n\n \n\n●Step\n4: Allocate the transaction price to the performance obligations in the contract\n\n \n\n●Step\n5: Recognise revenue when (or as) the Company satisfies a performance obligation\n\n \n\nF-19\n\n \n\n \n\nThe\nCompany recognises revenue when (or as) a performance obligation is satisfied, i.e., when “control” of the services underlying\nthe particular performance obligations is transferred to clients.\n\n \n\nA\nperformance obligation represents a service (or a bundle of services) that is distinct or a series of distinct services that are substantially\nthe same.\n\n \n\nControl\nis transferred overtime and revenue is recognised over time by reference to the progress towards complete satisfaction of the relevant\nperformance obligation if one of the following criteria is met:\n\n \n\n●the\nclient simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs;\n\n \n\n \n●\nthe Company’s performance\ncreates or enhances an asset that the client controls as the asset is created or enhanced; or\n\n \n\n \n●\nthe Company’s performance\ndoes not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance\ncompleted to date.\n\n \n\nOtherwise,\nrevenue is recognised at a point in time when the customer obtains control of the distinct service. \n\n \n\n \n**a)**\n**Business Strategy Consultancy**\n\n \n\nBusiness\nstrategy consultancy services primarily included listing advisory for IPO services, and non-IPO services such as advisory, investors\nrelations and boardroom strategies consultancy. The revenues generated from business strategy consultancy services are generally based\non the fixed fee billing arrangements that require the clients to pay a pre-established fee in exchange for a predetermined set of professional\nservices. The clients agree to pay a fixed fee periodically over the contract terms as specified in the service agreements.\n\n \n\nOur\ncontracts for listing advisory for IPO services are typically within 12 to 18 months in duration. Revenue is recognised over time. When\ncontractual billings represent an amount that corresponds directly with the value provided to the client, revenues are recognised as\namount become billable in accordance with the contract terms. Revenues from fixed-priced contracts are generally recognised using costs\nincurred to date relative to total estimated costs at completion to measure progress toward satisfying the Company performance obligations.\nIncurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the client.\n\n \n\nWhen\nthe Company is acting as a principal, the Company accounts for the revenue generated from IPO services on a gross basis as the Company\nis primarily responsible for fulfilling the promise to provide the specified services to customer, which the Company has control over\nthe services rendered and also obtain substantially all the benefits. In making this determination, the Company assesses whether it is\nprimarily obligated in these transactions, is subject to credit risk, has latitude in establishing prices, or has met several but not\nall of these indicators in accordance with IFRS 15. The Company determined that it is primarily responsible for fulfilling the promised\nservice as the Company has contractual obligation to engage various professional parties involved in the IPO, as well as settlement of\nprofessional fees to these professional parties.\n\n \n\nFor\nnon-IPO services such as advisory and solutions, investors relations and boardroom strategies consultancy, revenue is recognized at a\npoint in time when services has been rendered and accepted by customers, and there is no unfulfilled obligation from the Company.\n\n \n\nNo\nelement of financing is deemed present as typical payment term is 30 days from the date of issuance of invoice.\n\n \n\n \n**b)**\n**Technology Development**\n\n \n\nTechnology\ndevelopment primarily included digital development, fintech solutions and software solutions.\n\n** **\n\nThe\ncontract is typically fixed priced and does not provide any post-contract client support or upgrades. The Company designs system based\non clients’ specific needs which require the Company to perform services including design/redesign, development, and integration.\nThese services also require significant customization. Upon delivery of the services, client acceptance is generally required. The Company\nassesses that software development services are considered as a performance obligation. The duration of the development period is usually\nsix months to two years.\n\n \n\nThe\nCompany’s system development service revenues are generated primarily from contracts with clients across various sectors. The contracts\ncontain negotiated billing terms which generally include multiple payment phases throughout the contract term and a portion of the contract\namount usually is billed upon the completion of the related milestone. Pursuant to the contract terms, the Company has enforceable right\non payments for the work performed.\n\n \n\nF-20\n\n \n\n \n\nThe\nCompany’s revenue from technology development contracts can be recognized over time or at a point in time. For revenue recognized\nover time, the Company uses an input method based on cost incurred as the Company believes that this method most accurately reflects\nthe Company’s progress toward satisfaction of the performance obligation, which usually takes 6 to 24 months. Under this method,\nthe Company could appropriately measure the fulfilment of a performance obligation. Assumptions, risks, and uncertainties inherent in\nthe estimates used to measure progress could affect the amount of revenues, receivables, and deferred revenues at each reporting period.\n\n \n\nFor\nrevenue recognized at a point in time, revenue is recognized upon services has been rendered and accepted by customers, and there is\nno unfulfilled obligation from the Company.\n\n \n\nNo\nelement of financing is deemed present as typical payment term is 30 days from the date of issuance of invoice.\n\n \n\n \n**c)**\n**Solutions and Consultancy**\n\n** **\n\nRevenue\nfrom solutions and consulting services is primarily comprised of fixed-fee contracts, which require the Company to provide professional\nsolutions and consulting services over contract terms beginning on the commencement date of each contract, which is the date its service\nis made available to clients. Billings to the clients are generally on a monthly or quarterly basis over the contract term, which is\ntypically 6 to 12 months. The solutions and consulting services contracts typically include a single performance obligation. The revenue\nfrom solutions and consulting services is recognized over the contract term.\n\n** **\n\n \n**d)**\n**Interest Income**\n\n** **\n\nThe\nCompany enter into loan arrangements with both corporate and individuals. Interest income is recognised on a time-proportion basis using\nthe effective interest method.\n\n**  **\n\n \n**e)**\n**Processing fee and late interest**\n\n \n\nA\nnon-refundable processing fee (0.5% to 2.5% of the loan) is charged to cover the administrative costs associated with evaluating, underwriting\nand originating a loan.\n\n** **\n\nThis\nfee is charged at the time of loan disbursement and will be deducted from the loan proceeds unless otherwise agreed in writing.\n\n \n\nIf\nthe borrower fails to make an installment payment within 7 days of the due date, a late interest fee of 0.08% will be charged on the\noverdue amount. This late fee is calculated on a simple interest basis.\n\n** **\n\n**CASH\nAND CASH EQUIVALENTS**\n\n \n\nFor\nthe purpose of presentation in the consolidated statements of cash flows, cash and cash equivalents include cash on hand, deposits with\nbanks and financial institutions and fixed deposits which are subject to an insignificant risk of change in value.\n\n \n\n**SHARE\nCAPITAL**\n\n \n\nOrdinary\nshares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against\nthe share capital account.\n\n \n\n**INCOME\nTAX**\n\n \n\nCurrent\nincome tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using\nthe tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Management periodically\nevaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and\nconsiders whether it is probable that a tax authority will accept an uncertain tax treatment. The Company measures its tax balances either\nbased on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the\nuncertainty.\n\n \n\nDeferred\nincome tax is recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts\nin the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability\nin a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.\n\n \n\nF-21\n\n \n\n \n\nA\ndeferred income tax liability is recognized on temporary differences arising on investments in subsidiaries, associates and joint ventures,\nexcept where the Company is able to control the timing of the reversal of the temporary difference and it is probable that the temporary\ndifference will not reverse in the foreseeable future.\n\n \n\nA\ndeferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which\nthe deductible temporary differences and tax losses can be utilized.\n\n \n\nDeferred\nincome tax is measured:\n\n \n\n \n(i)\nat the tax rates that are\nexpected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled, based on\ntax rates and tax laws that have been enacted or substantively enacted by the balance sheet date; and\n\n \n\n \n(ii)\nbased on the tax consequence\nthat will follow from the manner in which the Company expects, at the balance sheet date, to recover or settle the carrying amounts\nof its assets and liabilities except for investment properties. Investment property measured at fair value is presumed to be recovered\nentirely through sale.\n\n \n\nCurrent\nand deferred income taxes are recognized as income or expense in profit or loss, except to the extent that the tax arises from a business\ncombination or a transaction which is recognized directly in equity. Deferred tax arising from a business combination is adjusted against\ngoodwill on acquisition.\n\n \n\nThe\nCompany accounts for investment tax credits (for example, productivity and innovation credit) similar to accounting for other tax credits\nwhere a deferred tax asset is recognized for unused tax credits to the extent that it is probable that future taxable profit will be\navailable against which the unused tax credits can be utilized.\n\n \n\n**FOREIGN\nCURRENCY TRANSACTIONS**\n\n \n\n \n**(a)**\n**Functional and presentation currency**\n\n \n\nEffective\nJanuary 1, 2025, the Group changed its functional currency and presentation currency from Ringgit Malaysia (“RM”) to United\nStates Dollar (“US$”). Management determined that the change better reflects the economic substance of the Group’s underlying\ntransactions, events and conditions, as a significant portion of the Group’s revenue, financing activities, strategic investments and\nbusiness operations are denominated in or influenced by the US$.\n\n \n\nAccordingly,\nthe consolidated financial statements for the year ended December 31, 2025 are presented in US$. Comparative financial information has\nbeen translated from RM into US$ in accordance with the requirements of IAS 21, *The Effects of Changes in Foreign Exchange Rates*.\nAssets and liabilities were translated at the applicable closing exchange rates, while income and expenses were translated using the\napplicable exchange rates for the respective periods. The resulting exchange differences arising from the translation process have been\nrecognized in accordance with IAS 21.\n\n \n\nThe\nchange in functional and presentation currency has been accounted for prospectively from the date of change and reflects management’s\nassessment of the primary economic environment in which the Group operates.\n\n \n\nThe\nfollowing table outlines the currency exchange rates that were used in preparing the accompanying consolidated financial statements:\n\n \n\n  \nDecember 31, \n\n  \n2023  \n2024 \n\nRM to US$ Year End\n \n 4.5893  \n 4.4704 \n\nRM to US$ Average Rate\n \n 4.5680  \n 4.5606 \n\n \n\n  \nDecember 31, \n\n  \n2025 \n\nUS$ to RM Year End \n 0.2474 \n\nUS$ to RM Average Rate \n 0.2336 \n\n \n\nF-22\n\n \n\n \n\n \n**(b)**\n**Transactions and balances**\n\n \n\nTransactions\nin a currency other than the functional currency (“foreign currency”) are translated into the functional currency using the\nexchange rates at the dates of the transactions. Currency exchange differences resulting from the settlement of such transactions and\nfrom the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date\nare recognized in profit or loss. Monetary items include primarily financial assets (other than equity investments), contract assets\nand financial liabilities. However, in the consolidated financial statements, currency translation differences arising from net investment\nin foreign operations, are recognized in other comprehensive income and accumulated in the currency translation reserve.\n\n \n\nWhen\na foreign operation is disposed of or any loan forming part of the net investment of the foreign operation is repaid, a proportionate\nshare of the accumulated currency translation differences is reclassified to profit or loss, as part of the gain or loss on disposal.\n\n \n\nNon-monetary\nitems measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined.\n\n \n\n \n**(c)**\n**Translation of Group entities’ financial statements**\n\n \n\nThe\nresults and financial position of all the entities (none of which has the currency of a hyperinflationary economy) that have a functional\ncurrency different from the presentation currency are translated into the presentation currency as follows:\n\n \n\n \n(i)\nassets and liabilities\nare translated at the closing exchange rates at the reporting date;\n\n \n\n \n(ii)\nincome and expenses are\ntranslated at average exchange rates (unless the average is not a reasonable approximation of the cumulative effect of the rates\nprevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at the dates of the\ntransactions); and\n\n \n\n \n(iii)\nall resulting currency\ntranslation differences are recognized in other comprehensive income and accumulated in the currency translation reserve. These currency\ntranslation differences are reclassified to profit or loss on disposal or partial disposal with loss of control of the foreign operation.\n\n \n\nGoodwill\nand fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign operations\nand translated at the closing rates at the reporting date.\n\n** **\n\n**RELATED\nPARTIES**\n\n \n\n \n(a)\nA person, or a close member\nof that person’s family, is related to the Company if that person:\n\n \n\n \n(i)\nhas control or joint control\nover the Company;\n\n \n \n \n\n \n(ii)\nhas significant influence\nover the Company; or\n\n \n \n \n\n \n(iii)\nis a member of the key\nmanagement personnel of the Company or the Company’s parent. \n\n \n\nF-23\n\n \n\n \n\n \n(b)\nAn entity is related to\nthe Company if any of the following conditions applies:\n\n \n\n \n(i)\nThe entity and the group\nare members of the same Company (which means that each parent, subsidiary and fellow subsidiary is related to the others).\n\n \n \n \n\n \n(ii)\nOne entity is an associate\nor joint venture of the other entity (or an associate or joint venture of a member of a Company of which the other entity is a member). \n\n \n \n \n\n \n(iii)\nBoth entities are joint\nventures of the same third party.\n\n \n \n \n\n \n(iv)\nOne entity is a joint venture\nof a third entity and the other entity is an associate of the third entity. \n\n \n \n \n\n \n(v)\nThe entity is a post-employment\nbenefit plan for the benefit of employees of either the Company or an entity related to the group. \n\n \n \n \n\n \n(vi)\nThe entity is controlled\nor jointly controlled by a person identified in (a).\n\n \n \n \n\n \n(vii)\nA person identified in\n(a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of\nthe entity). \n\n \n \n \n\n \n(viii)\nThe entity, or any member\nof a Company of which it is a part, provides key management personnel services to the Company or to the Group’s parent. Close\nmembers of the family of a person are those family members who may be expected to influence, or be influenced by, that person in\ntheir dealings with the entity.   \n\n \n\n**EARNINGS\nPER SHARE**\n\n \n\nThe\nCompany presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share are calculated by dividing\nthe profit or loss attributable to ordinary shareholders of the Company by the weighted-average number of ordinary shares outstanding\nduring the year, adjusted for own shares held, if any. Diluted earnings per share is determined by adjusting the profit or loss attributable\nto ordinary shareholders and the weighted-average number of ordinary shares outstanding, adjusted for own shares held, if any, for the\neffects of all dilutive potential ordinary shares.\n\n \n\n**DIVIDENDS**\n\n \n\nDividends\nto the Company’s shareholders are recognized when the dividends are approved for payment.\n\n \n\n**SEGMENT\nREPORTING**\n\n \n\nOperating\nsegments, and the amounts of each segment item reported in the financial statements, are identified from the financial information provided\nregularly to the Company’s most senior executive management for the purposes of allocating resources to, and assessing the performance\nof, the Company’s various lines of business and geographical locations.\n\n \n\nIndividually\nmaterial operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics\nand are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers,\nthe methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments\nwhich are not individually material may be aggregated if they share a majority of these criteria.\n\n \n\nF-24\n\n \n\n \n\n**3**\n**CRITICAL ACCOUNTING\nJUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY**\n\n** **\n\nIn\nthe application of the Company’s accounting policies, which are described in Note 2 to the financial statements, management is\nrequired to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent\nfrom other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered\nto be relevant. Actual results may differ from these estimates.\n\n \n\nThe\nestimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in\nthe period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods.\n\n \n\n**Critical\njudgements in applying the Company’s accounting policies**\n\n \n\nThere\nare no critical judgements, apart from those involving estimation (see below) that the management has made in the process of applying\nthe Company’s accounting policy and that has the most significant effect on the amounts recognised in the financial statements.\n\n \n\n**Key\nsources of estimation uncertainty**\n\n \n\nThe\nkey assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a\nsignificant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are\ndisclosed below:\n\n \n\nFair value measurement of unquoted shares (Note 5\nand 6)\n\n \n\nIn\ndetermining the fair value of the unquoted shares, the Company relies on the net asset values of the investee companies or independent\nvaluation report.\n\n \n\nThe\navailability of observable inputs can vary from investment to investment. For certain investments classified under Level 3 of the fair\nvalue hierarchy, the valuation could be based on models or inputs that are less observable or unobservable in the market and the determination\nof the fair values require significant judgement. Those estimated values do not necessarily represent the amounts that may be ultimately\nrealized due to occurrence of future events which could not be reasonably determined as at the balance sheet date.\n\n \n\nProvision\nfor allowance for ECL for trade receivables, other receivables and loan receivables\n\n \n\nThe\nCompany uses a provision matrix to calculate ECLs for trade receivables, other receivables and loan receivables. The provision rates\nare based on days past due for groupings of various customer segments that have similar loss patterns.\n\n \n\nThe\nprovision matrix is initially based on the Company’s historical observed default rates. The Company will calibrate the matrix to\nadjust historical credit loss experience with forward- looking information. At every reporting date, historical default rates are updated\nand changes in the forward-looking estimates are analysed.\n\n \n\nThe\nassessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate.\nThe amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Company’s historical credit\nloss experience and forecast of economic conditions may also not be representative of customer’s actual default in the future.\n\n \n\nThe carrying amount of the Company’s trade receivables, net of\nallowance, other receivables, net of allowance and loan receivables, net of allowance as at December 31, 2025 are US$4,945,668, US$18,847,103\nand NIL (2024: US$3,586,735, US$15,623,663 and US$16,845,821), respectively.\n\n \n\nF-25\n\n \n\n \n\nDepreciation\nof plant and equipment\n\n \n\nThe\nCompany depreciates plant and equipment over their estimated useful lives after taking into account their estimated residual values.\nThe estimated useful life reflects management’s estimate of the period that the Company intends to derive future economic benefits\nfrom the use of the Company’s plant and equipment. Changes in the expected level of usage and technological developments could\naffect the economics, useful lives and the residual values of these assets which could then consequentially impact future depreciation\ncharges.\n\n \n\nThe carrying amount of the Company’s\nplant and equipment as at December 31, 2025 are US$1,061,170 (2024: US$573,084).\n\n \n\nFair\nvalue of warrant liabilities\n\n \n\nThe\nCompany accounts the warrants as financial liabilities in accordance with IFRS 9 Financial Instruments and IFRS 13 Fair Value Measurement,\nwhere the terms of the instruments do not meet the criteria for classification as equity under IAS 32 Financial Instruments: Presentation.\nThe warrants are not considered equity instruments because they are cash-settled and include features such as anti-dilution provisions,\nwhich prevent them from being considered as “fixed-for-fixed” equity instruments.\n\n \n\nThese\nwarrant liabilities are initially measured at fair value on the date of issuance. After initial recognition, the warrant liabilities\nare remeasured at fair value at each reporting period, with changes in fair value recognized through profit or loss in accordance with\nIFRS 9 Financial Instruments.\n\n \n\nFair\nvalue of warrant liabilities are determined using Black Scholes option pricing model as valuation technique, which is suitable for instruments\nwith complex features, including anti-dilution adjustments. Key valuation inputs include the Company’s share price, expected volatility,\ntime to expiry, risk-free interest rate, and dividend yield, if applicable.\n\n \n\nThe\nwarrant liabilities are classified as Level 3 in the fair value hierarchy as defined by IFRS 13, due to the use of significant unobservable\ninputs. The Company reviews the classification and valuation approach at each reporting date to ensure continued compliance with IFRS.\n\n \n\n**4****DISPOSAL\nOF SUBSIDIARIES**\n\n \n\nDuring the year ended 31 December 2025,\nthe Company disposed of its equity interests in several wholly owned subsidiaries as part of its corporate restructuring and strategic\nrealignment. Upon completion of the respective disposals, the Company ceased to control these subsidiaries and accordingly deconsolidated\ntheir financial position and results of operations from the respective disposal dates.\n\n \n\na. Disposal of Credilab Technology Sdn\nBhd and its subsidiary (Credilab Sdn Bhd) known as “Credilab Group”\n\n \n\nOn December 31, 2025, the Company disposed of its entire equity interest\nin Credilab Group, a wholly owned subsidiary principally engaged in financing provider activities, to two parties, which is 70% of total\nequity interest to VHKL Private Limited and 30% of total equity interest to Quanstar Capital Partners LLC for a total consideration of\nUS$30,618,000 and US$13,122,000 respectively. Upon completion of the disposal, the Company ceased to control Credilab Group and, accordingly,\ndeconsolidated the subsidiary from that date.\n\n \n\nThe assets and liabilities\nof Credilab Group at the date of disposal were as follows:\n\n \n\n  \nDecember 31,\n2025 \n\n  \n\nUS$\n \n\n  \n  \n\nCash and cash equivalents \n 10,922 \n\nTrade and other receivables \n 36,302,893 \n\nAmount due from related parties \n 33,749,553 \n\nProperty, plant and equipment \n 3,488 \n\nOther investment \n 16,915,265 \n\nOther assets \n 27,104 \n\n  \n 87,009,225 \n\n  \n   \n\nTrade and other payables \n 29,775,253 \n\nProvision for taxation \n 271,040 \n\n  \n 30,046,293 \n\n  \n   \n\nNet identifiable assets disposed of \n 56,962,932 \n\n \n\nF-26\n\n \n\n \n\nThe loss on disposal is calculated as below:\n\n \n\n  \nDecember 31,\n2025 \n\n  \n\nUS$\n \n\n  \n  \n\nConsideration \n 43,740,025 \n\nLess: Net assets disposed \n (56,962,932)\n\nAdd: Foreign currency translation reserve recycled \n 2,987,094 \n\n  \n (10,235,813)\n\n \n\nThe loss on disposal has been recognised in other operating expenses\nin the consolidated statement of profit or loss and other comprehensive income.\n\n \n\nAs of December 31, 2025, no consideration\nhad been received. Pursuant to the sale and purchase agreement, the purchaser is granted a period of five years from the date of the agreement\nto settle the purchase consideration, either in cash, by the issuance of shares, or through a combination of cash and shares.\n\n \n\nb. Disposal of V Capital Consulting\nGroup and its subsidiaries (V Capital Consulting Limited and V Capital Advisory Sdn Bhd) known as “VCCG”\n\n \n\nOn December 15, 2025, the Company disposed\nof its entire equity interest in VCCG, a wholly owned subsidiary principally engaged in business consultancy, to VHKL Private Limited\nfor total consideration of US$33,975,000. Upon completion of the disposal, the Company ceased to control VCCG and, accordingly, deconsolidated\nthe subsidiary from that date.\n\n \n\nThe assets and liabilities\nof VCCG Group at the date of disposal were as follows:\n\n \n\n  \nDecember 15,\n2025 \n\n  \n\nUS$\n \n\n  \n  \n\nOther investments \n 2,459,434 \n\nCash and cash equivalents \n 114,927 \n\nTrade and other receivables \n 11,830,285 \n\nAmount due from related parties \n 1,743,409 \n\nProperty, plant and equipment \n 3,252 \n\n  \n 16,151,307 \n\n  \n   \n\nTrade and other payables \n 743,500 \n\nAmount due to related parties \n 2,807,821 \n\nDeferred revenue \n 116,005 \n\n  \n 3,667,326 \n\n  \n   \n\nNet identifiable assets disposed of \n 12,483,981 \n\n \n\nThe gain on disposal is calculated as below:\n\n \n\n  \nDecember 15,\n2025 \n\n  \n\nUS$\n \n\n  \n  \n\nConsideration \n 33,975,000 \n\nLess: Net assets disposed \n (12,483,981)\n\nLess: Foreign currency translation reserve recycled \n (41,827)\n\nLess: Fair value reserve recycled \n (409,000)\n\n  \n 21,040,192 \n\n \n\nThe gain on disposal has been recognised\nin other income in the consolidated statement of profit or loss and other comprehensive income.\n\n \n\nAs of December 31, 2025, no consideration had been received. Pursuant\nto the sale and purchase agreement, the purchaser is granted a period of three years from the date of the agreement to settle the purchase\nconsideration, either in cash, by the issuance of shares listed on a major stock exchange or through a combination of both.\n\n \n\nF-27\n\n \n\n \n\nc. Disposal of several dormant companies\nfor group restructuring\n\n \n\nApart from the above disposal, the Company\ndisposed of its equity interests in several wholly-owned subsidiaries as part of its corporate restructuring and strategic realignment.\nUpon completion of the respective disposals, the Group ceased to control these subsidiaries and accordingly deconsolidated their financial\nposition and results of operations from the respective disposal dates. None of the disposals were individually material to the Group’s\nfinancial position or results of operations.\n\n \n\n  \nDecember 31,\n2025 \n\n  \nUS$ \n\n  \n  \n\nCash and cash equivalents \n 104,010 \n\nTrade and other receivables \n 1,080,000 \n\nAmount due from related parties \n 12,757 \n\nAmount due from director \n 558,887 \n\nProperty, plant and equipment \n 317,332 \n\nRight of Use Assets \n 54,315 \n\nOther Investment \n 123,200 \n\nOther Assets \n 103,145 \n\n  \n 2,353,646 \n\n  \n   \n\nTrade and other payables \n 1,428,808 \n\nBorrowings \n 43,430 \n\nLease liabilities \n 43,169 \n\nAmount due to related parties \n 3,373,276 \n\n  \n 4,888,683 \n\n  \n   \n\nNet identifiable assets disposed of \n (2,535,037)\n\n \n\nThe loss on disposal is calculated as below:\n\n \n\n  \nDecember 31,\n2025 \n\n  \nUS$ \n\n  \n  \n\nConsideration \n 321,092 \n\nLess: Net assets disposed \n 2,535,037 \n\nLess: Foreign currency translation reserve recycled \n (6,190)\n\n  \n 2,849,938 \n\n \n\nThe loss on disposal has been recognised in other operating expenses\nin the consolidated statement of profit or loss and other comprehensive income.\n\n \n\nF-28\n\n \n\n \n\nd. Disposal of Subsidiaries and Retained Investment in Associate –\nV Capital Real Estate Limited Group “VCRE” and VCI Energy Limited Group “VCIE”\n\n \n\nOn December 16, 2025, the Company disposed of 70% of its\ncontrolling interest in V Capital Real Estate Limited Group and VCI Energy Limited Group, resulting in loss of control over the subsidiaries.\nUpon disposal, the Company retained a 30% equity interest, which was recognized at its fair value of US$2 on the disposal date in accordance\nwith IFRS 10. The retained interest is subsequently accounted for as an investment in an associate using the equity method in accordance\nwith IAS 28.\n\n \n\n  \nDecember 31,\n2025 \n\n  \nUS$ \n\n  \n  \n\nCash and cash equivalents \n 5,695 \n\nTrade and other receivables \n 71,780 \n\nAmount due from related parties \n 17,564,667 \n\nProperty, plant and equipment \n 51,685 \n\nRight of Use Assets \n 76,797 \n\nIntangible Assets \n 7,240,408 \n\n  \n 25,011,032 \n\n  \n   \n\nTrade and other payables \n 846 \n\nLease liabilities \n 77,071 \n\nAmount due to related parties \n 673,324 \n\n  \n 751,241 \n\n  \n   \n\nNet identifiable assets disposed of \n 24,259,791 \n\n \n\nThe loss on disposal is calculated as below:\n\n \n\n  \nDecember 31,\n2025 \n\n  \nUS$ \n\n  \n  \n\nConsideration \n 28 \n\nLess: Net assets disposed \n (24,259,791)\n\nLess: Foreign currency translation reserve recycled \n (8,455)\n\nAdd: Non-controlling interests derecognised \n 1 \n\n  \n (24,268,217)\n\n \n\n**5**\n**FINANCIAL ASSETS MEASURED\nAT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME**\n\n \n\n  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$ \n\n  \n   \n  \n\nAt beginning of year \n 8,582,863  \n 28,547,482 \n\nAddition \n 47,710,805  \n 43,966,372 \n\nDisposal of controlling interest in subsidiaries \n 71,589  \n (17,815,915)\n\nDisposals \n (17,301,642) \n (5,116,938)\n\nFair value adjustment \n (10,196,302) \n (32,067,446)\n\nCurrency realignment \n (319,831) \n \n-\n \n\nAt end of year \n 28,547,482  \n 17,513,555 \n\n \n\nF-29\n\n \n\n \n\n \n \nDecember 31,\n2024\n \n \nDecember 31,\n2025\n \n\n \n \nUS$\n \n \nUS$\n \n\nQuoted securities\n \n \n \n \n \n \n\n- Founder Group Limited\n \n \n903,000\n \n \n \n\n-\n\n \n\n \n \n \n903,000\n \n \n \n\n-\n\n \n\n \n \n \n \n \n \n \n \n \n\nUnquoted securities\n \n \n \n \n \n \n \n \n\n- GlobexUS Holdings Corp (1)\n \n \n1,500,000\n \n \n \n\n-\n\n \n\n- Sagtec Global Limited (2)\n \n \n1,688,000\n \n \n \n\n-\n\n \n\n- Reveillon Group Limited (3)\n \n \n24,356,482\n \n \n \n17,513,555\n \n\n- Marvis (4)\n \n \n100,000\n \n \n \n\n-\n\n \n\n \n \n \n27,644,482\n \n \n \n17,513,555\n \n\n \n \n \n28,547,482\n \n \n \n17,513,555\n \n\n \n\nQuoted\nsecurities\n\n \n\nIn\nDecember 2024, the Company acquired 700,000 ordinary shares in Founder Group Limited, an entity listed on Nasdaq Stock Exchange, valued\nat US$ 903,000.\n\n \n\n \n\n(1)In\nMay 2023, the Company acquired 500 ordinary shares from Globexus Holding Corp via a share-swap arrangement, valued at US$ 1,500,000.\n\n \n\n(2)In\nOctober 2023, the Company received a total of 800,000 ordinary shares from Sagtec Global Limited as part of the consideration for the\nCompany’s business consultancy services rendered valued at US$ 1,600,000. On March 07, 2025, the Company received a total of 529,200\nordinary shares from Sagtec Global Limited as part of consideration for the Company’s business consultancy services rendered. From\nApril 28, 2025 to September 12, 2025 the Company disposed of all the shares to third party for a US$2,718,800 and recognized a loss on\ndisposal for US$1,086,000.\n\n \n\n(3) In December 2024, the Company acquired approximately 13% (previously 32%, percentage reduce due to share split), or 8,118,827 ordinary shares, in Reveillon Group Limited, an entity incorporated in the British Virgin Islands, valued at US$ 24,356,481.On March 3, 2025, the company acquired additional 13,130,000 ordinary shares or approximately 20.2% in Revellion Group Limited, valued at US$39,390,000. On December 30, 2025, the company disposed a total of 5,118,827 valued at US$15,356,481 through disposal of its’ subsidiaries, Credilab Technology Sdn Bhd. As at December 31, 2025, total investment in Reveillon Group Limited left approximately 24.8% which is 16,130,000 total of ordinary shares.\n\n \n\n(4)On\nDecember 20, 2024, the Company acquired approximately 0.3% of ownership interest in Marvis Inc, an entity incorporated in Delaware, valued\nat US$ 100,000.\n\n \n\nOn June 26, 2025, the Company acquired approximately\n30% of ownership interest in Quantgold Data Group Limited, an entity incorporated in British Virgin Island, valued at US$ 30,000,000 through\nshare swap agreement. On September 15, 2025, the Company and Quantgold Data Group Limited mutually agreed to terminate the transaction\nas the intellectual property rights underlying the proposed investment could not be transferred outside the People’s Republic of China.\nAccordingly, the acquisition was rescinded, and the share swap agreement was terminated.\n\n  \n\nDuring\nthe financial year ended December 31, 2024, the Company disposed its investment in Agroz Inc, Fintech Scion Limited and Treasure Global\nInc at cost for total consideration of US$ 16,096,482 to various third parties, and as at the end of the reporting period, the outstanding\nbalance due from these third parties are included in “other receivables” (Note 11).\n\n \n\nF-30\n\n \n\n \n\nUnquoted\nsecurities\n\n \n\nDuring\nthe financial year December 31, 2024 and 2025, the fair value of certain unquoted investments was determined by the Company using a third-party\nindependent valuer using the income approach - discounted cash flow and market approach – price earnings approach. The Company\ntakes full responsibility for the determination of the fair value of unquoted investment.\n\n \n\nThe\nsignificant unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy, together\nwith a quantitative sensitivity analysis as of December 31, 2024 and 2025 are shown below:\n\n \n\n**As of December 31, 2025**    \n\n     \n\n**Revenue and cost of sales**  \n10% declined in the revenue and cost of sales would reduce the fair\nvalue approximately US$11,080,907\n\n     \n\n**Gross Profit (“GP”) Margin**  \nGP margin reduced by 100 basic point would have resulted in the fair\nvalue to reduce approximately US$43,085,303\n\n     \n\n**Weighted Average Cost of Capital (“WACC”)**  \n100 basis points increase in the WACC would result in a decrease in\nthe fair value approximately US$40,667,327\n\n \n\n**As of December 31, 2024**    \n\n     \n\n**Revenue and cost of sales**   5% declined in the revenue and cost of sales would reduce the fair value approximately MYR297,000 to MYR1,072,000\n\n     \n\n**Gross Profit (“GP”) Margin**   GP margin reduced by 5% would have resulted in the fair value to reduce approximately MYR1,502,000\n\n     \n\n**Weighted Average Cost of Capital (“WACC”)**   100 basis points increase in the WACC would result in a decrease in the fair value approximately MYR250,000\n\n     \n\n**Price Earnings (“P/E”) Multiples**   10% discount on the P/E multiples would result in a decrease in the fair value approximately MYR929,000\n\n \n\n**6**\n**FINANCIAL ASSETS MEASURED\nAT FAIR VALUE THROUGH PROFIT AND LOSS**\n\n  \n\n  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$ \n\nQuoted/Unquoted shares \n   \n  \n\n  \n   \n  \n\nAt beginning of year \n 16,283  \n \n-\n \n\nDisposal \n (1,785) \n \n-\n \n\nChanges in fair value \n (14,498) \n \n-\n \n\nCurrency realignment \n \n-\n  \n \n-\n \n\nAt end of year \n \n-\n  \n \n-\n \n\n \n\nThe Company held an equity investment\nin Unique Fire Holding Berhad., with a carrying amount of US$ 1,785. During the year 2024, the Company disposed the investment to a third\nparty for a cash consideration of US$ 1,785.\n\n \n\nThe Company held an equity investment\nin Zero Carbon Farms Ltd., with a carrying amount of US$ 14,498. During the year 2024, Zero Carbon Farms Ltd. ceased business operation.\nAs a result, the Company assessed the fair value of investment and a full fair value loss of US$ 14,498 was recognized in the profit or\nloss.\n\n \n\nThe\nabove valuations are categorised under Level 3 of the fair value hierarchy and are generally sensitive to the unobservable inputs. Any\nincrease or decrease in transacted price would result in an increase or decrease in the fair value of the unquoted investments.\n\n \n\nAny\nsignificant movement in inputs would result in a significant change to the fair value of the unquoted investment. There are no transfers\nbetween Levels 1 and 2 and into or out of Level 3 during the year.\n\n \n\nF-31\n\n \n\n \n\n**7**\n**PROPERTY AND EQUIPMENT**\n\n \n\n  \nOffice\nequipment  \nFurniture\nand fittings  \nOffice\nrenovation  \nComputer\n& software  \nMachinery  \nWork-\nin-progress  \nTotal \n\n  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$ \n\n  \n   \n   \n   \n   \n   \n   \n  \n\nCost \n   \n   \n   \n   \n   \n   \n  \n\nAt January 1, 2024 \n 66,374  \n 78,771  \n 467,157  \n 71,561  \n \n-\n  \n 155,418  \n 839,281 \n\nAdditions \n 6,035  \n 2,638  \n 68,032  \n 12,282  \n \n-\n  \n 238,091  \n 327,078 \n\nDisposal of controlling interest in subsidiaries \n (1,453) \n \n-\n  \n \n-\n  \n (1,006) \n \n-\n  \n (375,576) \n (378,035)\n\nCurrency realignment \n 1,301  \n 2,034  \n 10,032  \n 1,903  \n \n-\n  \n 4,133  \n 19,403 \n\nAt December 31, 2024 \n 72,257  \n 83,443  \n 545,221  \n 84,740  \n \n-\n  \n 22,066  \n 807,727 \n\nAdditions \n 40,986  \n 117,224  \n 578,055  \n 65,678  \n 173,314  \n \n-\n  \n 975,257 \n\nDisposal of controlling interest in subsidiaries \n (82,794) \n (90,196) \n (144,579) \n (47,008) \n (173,314) \n (22,066) \n (559,957)\n\nCurrency realignment \n 7,122  \n 8,235  \n 46,212  \n 8,500  \n \n-\n  \n \n-\n  \n 70,069 \n\nAt December 31, 2025 \n 37,571  \n 118,706  \n 1,024,909  \n 111,910  \n \n-\n  \n \n-\n  \n 1,293,096 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nAccumulated depreciation: \n    \n    \n    \n    \n    \n    \n   \n\nAt January 1, 2024 \n 12,835  \n 30,008  \n 80,622  \n 18,951  \n \n-\n  \n \n-\n  \n 142,416 \n\nCharges \n 7,507  \n 14,856  \n 51,236  \n 15,816  \n \n-\n  \n \n-\n  \n 89,415 \n\nDisposal of controlling interest in subsidiaries \n (277) \n \n-\n  \n \n-\n  \n (339) \n \n-\n  \n \n-\n  \n (616)\n\nCurrency realignment \n 337  \n 788  \n 1,803  \n 500  \n \n-\n  \n \n-\n  \n 3,428 \n\nAt December 31, 2024 \n 20,402  \n 45,652  \n 133,661  \n 34,928  \n \n-\n  \n \n-\n  \n 234,643 \n\nCharges \n 6,827  \n 25,094  \n 78,847  \n 19,885  \n \n-\n  \n \n-\n  \n 130,653 \n\nDisposal of controlling interest in subsidiaries \n (26,081) \n (60,533) \n (49,342) \n (26,178) \n \n-\n  \n \n-\n  \n (162,134)\n\nCurrency realignment \n 2,400  \n 5,922  \n 15,854  \n 4,589  \n \n-\n  \n \n-\n  \n 28,765 \n\nAt December 31, 2025 \n 3,548  \n 16,135  \n 179,020  \n 33,223  \n \n-\n  \n \n-\n  \n 231,926 \n\n  \n    \n    \n    \n    \n    \n    \n   \n\nCarrying amount: \n    \n    \n    \n    \n    \n    \n   \n\nAt December 31, 2024 \n 51,855  \n 37,791  \n 411,560  \n 49,812  \n \n-\n  \n 22,066  \n 573,084 \n\nAt December 31, 2025 \n 34,023  \n 102,571  \n 845,889  \n 78,687  \n \n-\n  \n \n-\n  \n 1,061,170 \n\n \n\n**8**\n**RIGHT-OF-USE ASSETS**\n\n \n\n  \nOffice\npremises  \nMotor\nvehicles  \nTotal \n\n  \nUS$  \nUS$  \nUS$ \n\nCost \n   \n   \n  \n\n  \n   \n   \n  \n\nAt January 1, 2024 \n 346,738  \n 60,040  \n 406,778 \n\nAdditions \n \n-\n  \n \n-\n  \n \n-\n \n\nCurrency alignment \n 9,222  \n 1,597  \n 10,819 \n\nAt December 31, 2024 \n 355,960  \n 61,637  \n 417,597 \n\nAdditions \n 1,159,035  \n \n-\n  \n 1,159,035 \n\nDisposal of controlling in subsidiaries \n (249,629) \n (67,894) \n (317,523)\n\nCurrency alignment \n 36,132  \n 6,257  \n 42,389 \n\nAt December 31, 2025 \n 1,301,498  \n \n-\n  \n 1,301,498 \n\n  \n    \n    \n   \n\nAccumulated depreciation \n    \n    \n   \n\nAt January 1, 2024 \n 138,437  \n 6,004  \n 144,441 \n\nCharges \n 142,480  \n 6,164  \n 148,644 \n\nCurrency alignment \n 3,682  \n 160  \n 3,842 \n\nAt December 31, 2024 \n 284,599  \n 12,328  \n 296,927 \n\nCharges \n 405,866  \n \n-\n  \n 405,866 \n\nDisposal of controlling in subsidiaries \n (172,832) \n (13,579) \n (186,411)\n\nCurrency alignment \n 49,169  \n 1,251  \n 50,420 \n\nAt December 31, 2025 \n 566,802  \n \n-\n  \n 566,802 \n\n  \n    \n    \n   \n\nCarrying amount: \n    \n    \n   \n\nAt December 31, 2024 \n 71,361  \n 49,309  \n 120,670 \n\nAt December 31, 2025 \n 734,696  \n \n-\n  \n 734,696 \n\n \n\nF-32\n\n \n\n \n\n**9**\n**INTANGIBLE ASSETS**\n\n \n\n \n\n \n\n \n\n  \nSocializer\nMessenger\nPlatform\nSoftware  \nAI-Powered\nTravel\nPlatform\nSoftware  \nCredit\nservice\nManagement\nSystem  \nFinance\nManagement\nSystem  \nRobotic Arms  \nRestaurant\nOnline\nOrdering\nManagement\nSystem  \nDigital\nassets  \nOther\nSoftware\nPackage  \nTotal \n\n  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$ \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\nAt January 1, 2024 \n \n-\n  \n 1,000,000  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 24,316  \n 1,051,559 \n\nAdditions \n 3,465,820  \n \n-\n  \n 1,503,848  \n 1,467,386  \n \n-\n  \n \n-\n  \n \n-\n  \n 33,151  \n 6,470,205 \n\nDisposal of controlling in subsidiaries \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (2,546) \n (2,546)\n\nCurrency realignment \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 646  \n 646 \n\nAt December 31, 2024 \n 3,465,820  \n 1,000,000  \n 1,503,848  \n 1,467,386  \n \n-\n  \n \n-\n  \n \n-\n  \n 55,567  \n 7,492,621 \n\nAdditions \n    \n    \n \n \n  \n \n \n  \n 3,461,867  \n 1,447,342  \n 1,011,000  \n \n-\n  \n 5,920,209 \n\nWritten off \n    \n    \n    \n    \n    \n    \n    \n (58,029) \n (58,029)\n\nDisposal of controlling in subsidiaries \n (3,465,820) \n (1,000,000) \n \n-\n  \n \n-\n  \n (3,461,867) \n \n-\n  \n \n-\n  \n \n-\n  \n (7,927,687)\n\nCurrency realignment \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 2,462  \n 2,462 \n\nAt December 31, 2025 \n \n-\n  \n \n-\n  \n 1,503,848  \n 1,467,386  \n \n-\n  \n 1,447,342  \n 1,011,000  \n \n-\n  \n 5,429,576 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nAccumulated depreciation: \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nAt January 1, 2024 \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\nCharges \n 202,292  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 5,697  \n 207,989 \n\nCurrency realignment \n (4,001) \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n -  \n (4,001)\n\nAt December 31, 2024 \n 198,291  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 5,697  \n 203,988 \n\nCharges \n 323,116  \n 93,750  \n 130,674  \n 317,934  \n 72,121  \n 12,061  \n \n-\n  \n 6,314  \n 955,970 \n\nDisposal \n (458,228) \n (75,000) \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n (12,264) \n (545,492)\n\nDisposal of controlling in subsidiaries \n (63,179) \n (18,750) \n \n-\n  \n \n-\n  \n (72,121) \n \n-\n  \n \n-\n  \n \n-\n  \n (154,050)\n\nImpairment loss \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 918,324  \n \n-\n  \n 918,324 \n\nCurrency realignment \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n 253  \n 253 \n\nAt December 31, 2025 \n \n-\n  \n \n-\n  \n 130,674  \n 317,934  \n \n-\n  \n 12,061  \n 918,324  \n \n-\n  \n 1,378,993 \n\n  \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nCarrying amount: \n    \n    \n    \n    \n    \n    \n    \n    \n   \n\nAt December 31, 2024 \n 3,267,529  \n 1,000,000  \n 1,503,848  \n 1,467,386  \n \n-\n  \n \n-\n  \n \n-\n  \n 49,870  \n 7,288,633 \n\nAt December 31, 2025 \n \n-\n  \n \n-\n  \n 1,373,174  \n 1,149,452  \n \n-\n  \n 1,435,281  \n 92,676  \n \n-\n  \n 4,050,583 \n\n \n\nThe\nCompany’s intangible assets primarily comprise the Socializer Messenger Platform Software, AI-Powered Travel Platform Software,\nCredit Service Management Software, Financial Fund Management System, Restaurant Online Ordering Management System, digital assets and\nother software packages.\n\n \n\nThe\nSocializer Messenger Platform Software is an externally acquired solution from a third-party vendor. It is a highly secure messaging\nplatform designed to safeguard users’ privacy and data from unauthorized access, surveillance, and cyberattacks. The platform employs\nend-to-end encryption, ensuring that only the sender and the intended recipient can access the messages. This software is initially recognized\nat cost and amortized on a straight-line basis over the useful life of 10 years. During the financial year, the intangible asset was\nderecognized following the disposal of the subsidiaries that owned the software. Accordingly, the carrying amount of the asset was removed\nfrom the Group’s consolidated statement of financial position upon completion of the disposal.\n\n \n\nF-33\n\n \n\n \n\nThe\nAI-Powered Travel Platform Software is an externally acquired solution from a third-party vendor. It utilizes artificial intelligence\nto personalize and optimize travel planning by suggesting destinations, planning itineraries, securing the best deals on flights and\nhotels, and providing real-time updates based on users’ preferences, behaviors, and travel histories. The software is in the final\nstage of development as of December 31, 2024 and expected to be completed in July 2025. The software is completed in year 2025. However,\nthe intangible asset was derecognized following the disposal of the subsidiaries that owned the software. Accordingly, the carrying amount\nof the asset was removed from the Group’s consolidated statement of financial position upon completion of disposal.\n\n \n\nThe\nCredit Service Management Software includes both externally purchased software and internally developed enhancements and modifications.\nIt supports the Company’s loan operation activities by automating and streamlining processes such as capturing and processing loan\napplications, conducting credit assessments, managing approval workflows, assessing and mitigating credit risks, tracking repayments,\ncalculating interest, managing overdue loans, issuing payment reminders, and generating reports for internal and regulatory purposes.\nThe development and testing phases were completed in September 2025, upon which the software became available for its intended use and\ncommenced operations. During the year, the Company disposed of the subsidiary engaged in financing activities that previously utilized\nthe software. However, ownership of the software was retained by the Company and was not included in the disposal. Following the disposal,\nthe Company intends to lease or license the software to third parties, including the disposed subsidiary, for the provision of credit\nservice management solutions.\n\n \n\nFinance\nManagement System is an externally acquired solution from a third-party vendor that assists users in managing investment funds, including\nportfolio tracking, asset allocation, risk assessment, performance analysis, and compliance. It enables fund managers to make informed\ndecisions and ensures transparency for investors. The software was completed in September 2025. This software is initially recognized\nat cost and amortized on a straight-line basis over the useful life of 5 years.\n\n \n\nRestaurant\nOnline Ordering Management System is a software platform designed to facilitate and manage online food ordering operations for restaurants\nand food service providers. The system enables customers to browse menus, place orders, make online payments, and track order status\nthrough web-based or mobile applications. The software was completed during the year. This software is initially recognized at cost and\namortized on a straight-line basis over the useful life of 10 years.\n\n \n\nDigital\nassets is the cryptocurrency called OOBT token. This token appears to be the native utility token of the Oobit ecosystem, a crypto payment\nplatform that enables users to spend digital assets at merchants that accept traditional payment networks. The token is used for payments,\nrewards, fee reductions, staking, and ecosystem participation. The tokens are traded on both centralized exchanges (“CEXs”)\nand decentralized exchanges (“DEXs”). On November 12, 2025, the token was first listed on a major centralized exchange at a\nquoted market price of approximately US$0.20 per token. Subsequently, the market value of the token declined significantly. As at December\n31, 2025, the quoted market price was approximately US$0.02218 per token. In view of the significant decline in market value, management\nassessed the recoverable amount of the digital assets based on the observable market price as at the reporting date. Accordingly, an\nimpairment loss was recognized during the financial year to reduce the carrying amount of the digital assets to their estimated recoverable\namount of US$0.02218 per token as at December 31, 2025.\n\n \n\nOther\nSoftware Packages comprise the Robosale SaaS Platform software, Make-A-Wish app, and XVI websites, all of which were developed internally.\nDuring the financial year, management performed a review of these intangible assets and determined that they were no longer capable of\ngenerating sufficient future economic benefits for the Company. The assets were either no longer actively utilized, commercially viable,\nor expected to contribute to the Company’s future operations and cash flows. As a result, management concluded that the recoverable amounts\nof these intangible assets were negligible. Accordingly, the Company recognized a full impairment loss on these intangible assets during\nthe year, reducing their carrying amounts to nil as at the reporting date.\n\n   \n\nF-34\n\n \n\n \n\n**10**\n**DEFERRED TAX ASSETS**\n\n \n\nThe\nfollowing are the major deferred tax assets recognised by the Company and the movements thereon, during the current and prior reporting\nperiods:\n\n \n\n  \nDecember 31,\n\n2024  \nDecember 31,\n\n2025 \n\n  \n\nUS$\n  \n\nUS$\n \n\nProvisions: \n   \n  \n\n  \n   \n  \n\nAt beginning of the year \n 75,978  \n - \n\nCharge to profit\nand loss \n (75,978) \n - \n\nAt end of the year \n -  \n           - \n\n  \n\n**11**\n**TRADE AND OTHER RECEIVABLES**\n\n \n\n  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$ \n\nTrade receivables \n   \n  \n\n- Third parties \n 4,055,836  \n 9,494,364 \n\n- Related parties \n \n-\n  \n \n-\n \n\n  \n 4,055,836  \n 9,494,364 \n\nLess: Provision for allowance for expected credit losses - trade receivables \n (469,101) \n (4,548,696)\n\n  \n 3,586,735  \n 4,945,668 \n\n  \n    \n   \n\nOther receivables \n 15,990,071  \n 21,420,605 \n\nLess: Provision for allowance for expected credit losses - other receivables \n (366,408) \n (2,573,502)\n\n  \n 15,623,663  \n 18,847,103 \n\n  \n    \n   \n\nDeposits \n 167,652  \n 281,671 \n\nPrepayments \n 10,631,125  \n 5,438,233 \n\n  \n 26,422,440  \n 24,567,007 \n\nTotal trade and other receivables \n 30,009,175  \n 29,512,675 \n\n  \n    \n   \n\nMovement in provision for allowance for expected credit losses on trade receivables is as follows: \n    \n   \n\n  \n    \n   \n\nAt beginning of the year \n 563,288  \n 469,101 \n\nAdditions \n 549,924  \n 5,155,117 \n\nWrite off / Reversal \n (646,790) \n (60,807)\n\nDisposal of subsidiaries \n \n-\n  \n (637,425)\n\nCurrency realignment \n 2,679  \n (377,290)\n\nAt end of the year \n 469,101  \n 4,548,696 \n\n  \n    \n   \n\nMovement in provision for allowance for expected credit losses on other receivables is as follows: \n    \n   \n\n  \n    \n   \n\nAt beginning of the year \n \n-\n  \n 366,408 \n\nAdditions \n 369,347  \n 2,866,997 \n\nWrite off / Reversal \n \n-\n  \n (265,921)\n\nDisposal of subsidiaries \n    \n (317,633)\n\nCurrency realignment \n (2,939) \n (76,349)\n\nAt end of the year \n 366,408  \n 2,573,502 \n\n \n\nF-35\n\n \n\n \n\nThe\naverage credit period for services rendered is 30 (2024: 30) days. No interest is charged on the outstanding balances.\n\n \n\n \n \nDecember 31,\n2024\n \n \nDecember 31,\n2025\n \n\n \n \nUS$\n \n \nUS$\n \n\nNot past due\n \n \n2,296\n \n \n \n1,161,427\n \n\nPast due (i)\n \n \n4,053,540\n \n \n \n8,332,937\n \n\nLess: Provision for allowance for expected credit losses\n \n \n(469,101\n)\n \n \n(4,548,696\n)\n\n \n \n \n3,586,735\n \n \n \n4,945,668\n \n\n \n\nA\nmajority of the Company’s trade receivables that are neither past due nor impaired are with creditworthy counterparties with good\ntrack record of credit history.\n\n \n\n \n\n(i)Aging\nof receivables that are past due the average credit period:\n\n \n\n \n \nDecember 31,\n2024\n \n \nDecember 31,\n2025\n \n\n \n \nUS$\n \n \nUS$\n \n\n< 30 days\n \n \n824,795\n \n \n \n21,842\n \n\n31 days to 60 days\n \n \n101,561\n \n \n \n23,193\n \n\n61 days to 210 days\n \n \n1,396,810\n \n \n \n234,297\n \n\n211 days to 240 days\n \n \n792,072\n \n \n \n879\n \n\n241 days to < 1 year\n \n \n938,302\n \n \n \n8,052,726\n \n\nTotal (ii)\n \n \n4,053,540\n \n \n \n8,332,937\n \n\n \n\n \n\n(ii)These\namounts are stated before any deduction for provision for allowance for ECL and are not secured by any collateral or credit enhancements.\n\n \n\nIn\ndetermining the recoverability of trade and other receivables, the Company considers any changes in the credit quality of the trade receivables\nfrom the date credit was initially granted up to the reporting date. There was no significant change in credit quality for the Company’s\ntrade and other receivables balances which are past due and partially impaired. \n\n \n\nThe\nallowance for ECL has been determined by taking into consideration recovery prospects and past doubtful experience.\n\n \n\nAs\npart of the Company’s credit risk management, the Company assesses the impairment for its customers based on different group of\ncustomers which share common risk characteristics that are representative of the customers’ abilities to pay all amounts due in\naccordance with the contractual terms.\n\n \n\nAllowance\nfor ECL on trade and other receivables has been measured at an amount equal to lifetime ECL. The ECL on trade and loan receivables are\nestimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor’s current\nfinancial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors\noperate.\n\n \n\nAs of December 31, 2025, the provision matrix applies the following\nECL rates to trade receivables, based on the age of the receivables ranged from 5.35% to 6.78%: For other receivables, the Company applies\nthe ECL rate ranged from 0.50% to 15.00%\n\n \n\nF-36\n\n \n\n \n\nIn\naddition to the general provision matrix, the Company assesses certain specific trade and other receivables individually. This individual\nassessment is based on direct contact with the debtor, historical payment behavior, and other relevant factors to determine whether there\nare specific recoverability issues.\n\n \n\nThe\nCompany assesses ECL on an annual basis to ensure that the ECL allowance remains appropriate and reflective of current credit risk conditions.\nThere have been no changes in estimation techniques or significant assumptions used in calculating ECL during the current reporting period.\nA receivable is written off when there is objective evidence that the debtor is experiencing significant financial hardship and there\nis no reasonable expectation of recovery. Indicators of such conditions include the debtor entering liquidation or significant deterioration\nin creditworthiness with no expected future cash flows.\n\n \n\nThe\nfollowing table details the provision for ECL based on the Company’s provision matrix, based on past due status is not further\ndistinguished between the Company’s different customer base:\n\n \n\n  \nTrade\nreceivables – days past due \n\n  \nNot\n\npast due  \n1\nto 30\ndays  \n31-60\n\ndays  \n61-210\n\ndays  \n211\n- 240\ndays  \nOver\n241\ndays  \nTotal \n\n  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$ \n\nLifetime ECL – December\n31, 2024 \n   -  \n 30,241  \n 12,280  \n 213,390  \n 149,995  \n 63,195  \n 469,101 \n\nLifetime ECL – December 31, 2025 \n -  \n 1,169  \n 1,210  \n 14,163  \n 58  \n 4,532,096  \n 4,548,696 \n\n  \n\nThe\ncurrency profiles of the Company’s trade and other receivables at the end of the reporting date are as follows: \n\n \n\n  \nDecember 31,\n\n2024  \nDecember 31,\n\n2025 \n\n  \nUS$  \nUS$ \n\nMalaysia\nringgit \n 15,967,201  \n 19,577,555 \n\n \n\nAs\nof December 31, 2025, prepayment mainly consists of:\n\n \n\n  1. The Company made an advance payment of US$7.0 million to a third-party vendor for IT and AI-related consultancy services. During the year, consultancy services amounting to US$4.53 million were utilized and recognized accordingly. The remaining balance of US$2.47 million represents prepaid consultancy services to be utilized in future periods.\n\n \n\n  2. The development of Vendor and Customer relationship management system\n(“VCRM”) by a third-party company. This VCRM will streamline vendor onboarding, customer engagement, relationship tracking,\nperformance reporting, and communication while ensuring high usability, data accuracy, and system scalability. The system is estimated\nto be utilised within 2 years. The total contract value sum is US$1.7 million, which is settle via issuance of the Company ordinary shares\n(Note 20). During the year, services amounting to US$ 800 thousand were utilized and recognized accordingly. The remaining balance of\nUS$ 900 thousand represents technology services to be utilized in future period.\n\n \n\n  3. The development of Cloud Management Platform Development (“CMP”)\nwas outsourced to a third-party company at a total cost of US$ 1.8 million, which is settle via issuance of the Company ordinary shares\n(Note 20). The CMP will enable centralized monitoring, providing, billing and management of multi-cloud environments with robust user\ncontrol, automation, and analytics capabilities. The system is estimated to be utilized within 2 years.  During the year, services\namounting to US$700 thousand were utilized and recognized accordingly. The remaining balance of US$1.1 million represents technology services\nto be utilized in future period.\n\n \n\n  4. Legal service from a third-party US legal entity for total cost of\nUS$ 1.4 million.  During the year, services amounting to US$ 462 thousand were utilized and recognized accordingly. The remaining\nUS$938 thousand represents consultancy services to be utilized in future period.\n\n \n\nF-37\n\n \n\n \n\n \n \n \n\n \n5.\nPursuant to a Securities\nPurchase Agreement entered into with S2MA Capital Limited, the Company issued 880,000 ordinary shares with a fair value of US$880\nthousand as a deposit toward the acquisition of 250 million OOBT digital assets for an aggregate purchase consideration of US$50.0\nmillion. The US$880 thousand fair value of the shares issued was recognized as a prepayment toward the total purchase consideration\npending completion of the acquisition and delivery of the digital assets.\n\n \n\nOther\nreceivables primarily consist of third parties who purchased shares from the Company that were acquired through its IPO projects. \n\n \n\n**12**\n**INVENTORIES**\n\n \n\nInventories consist of the following:\n\n \n\n  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$ \n\nFinished goods \n \n-\n  \n 257,485 \n\n \n\nInventories are stated at the lower of cost and\nnet realizable value. Cost is determined using the weighted average cost method and comprises the purchase cost and other costs incurred\nin bringing the inventories to their present location and condition.\n\n \n\nManagement reviews inventories periodically for\nslow-moving, obsolete, or damaged items. Where necessary, inventories are written down to their estimated net realizable value based on\nmanagement’s assessment of future demand, expected selling prices, and market conditions.\n\n \n\n**13**\n**LOAN RECEIVABLES**\n\n \n\n  \nDecember 31,\n\n2024  \nDecember 31,\n\n2025 \n\n  \nUS$  \nUS$ \n\n  \n   \n  \n\nPersonal\nloans \n 34,429  \n - \n\nTerm\nloans \n 20,926,943  \n - \n\n  \n 20,961,372  \n - \n\nLess:\nUnearned interest \n (4,001,404) \n - \n\n  \n 16,959,968  \n - \n\nLess:\nProvision for allowance for expected credit losses on loan receivables \n (114,147) \n - \n\n  \n 16,845,821  \n - \n\nMovement\nin provision for allowance for expected credit losses on loan receivables as follows: \n    \n   \n\n  \n    \n   \n\nAt\nbeginning of the year \n 60,895  \n 114,147 \n\nAdditions \n 53,252  \n - \n\nReversal \n -  \n (114,147)\n\nAt\nend of the year \n 114,147  \n - \n\n \n\n  \nDecember 31,\n\n2024  \nDecember 31,\n\n2025 \n\n  \nUS$  \nUS$ \n\n  \n   \n  \n\nCurrent asset \n 10,283,529  \n      - \n\nNon-current asset \n 6,562,292  \n - \n\n  \n 16,845,821  \n - \n\n  \n\nLoans\nreceivables bears interest of NIL (2024: 5% to 18%) per annum and is due within the next one to five years.\n\n \n\nF-38\n\n \n\n \n\nThe\naverage credit period for services rendered is NIL (2024: 30) days. No interest is charged on the outstanding balances.\n\n \n\n  \nDecember 31,\n\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$ \n\nNot past due \n 16,445,408  \n       - \n\nPast\ndue (i) \n 514,560  \n - \n\n  \n 16,959,968  \n - \n\nLess: Provision for\nallowance for expected credit losses on loan receivables \n (114,147) \n - \n\n  \n 16,845,821  \n - \n\n  \n\nA\nmajority of the Company’s loan receivables that are neither past due nor impaired are with creditworthy counterparties with good\ntrack record of credit history.\n\n \n\n(i)Aging\nof loan receivables that are past due the average credit period:\n\n \n\n  \nDecember 31,\n\n2024  \nDecember 31,\n\n2025 \n\n  \nUS$  \nUS$ \n\n< 30 days \n 46,653  \n       - \n\n31 days to 60 days \n 217,911  \n - \n\n61 days to 210 days \n 221,556  \n - \n\n211 days to 240 days \n 28,440  \n - \n\n241 days to <\n1 year \n -  \n - \n\nTotal\n(ii) \n 514,560  \n - \n\n  \n\n(ii) These amounts are stated before any deduction for provision for allowance for ECL and are not secured by any collateral or credit enhancements.\n\n \n\nIn\ndetermining the recoverability of loan receivables, the Company considers any changes in the credit quality of the loan receivables from\nthe date credit was initially granted up to the reporting date. There was no significant change in credit quality for the Company’s\nloan receivables balances which are past due and partially impaired.\n\n \n\nThe\nallowance for ECL in loan receivables has been determined by taking into consideration recovery prospects and past doubtful experience.\n\n \n\nAs\npart of the Company’s credit risk management, the Company assesses the impairment for its customers based on different group of\ncustomers which share common risk characteristics that are representative of the customers’ abilities to pay all amounts due in\naccordance with the contractual terms.\n\n \n\nAllowance\nfor ECL on loan receivables has been measured at an amount equal to lifetime ECL. The ECL on loan receivables are estimated using a provision\nmatrix by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted\nfor factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate.\n\n \n\nThe\nCompany has recognized 2.71% ECL against past due loan receivables and 0.5% ECL against not past due receivables. For specific and individual\nloan receivables, the Company has access them individually to decide whether the loan receivables have recoverable issues based on the\nclosely contact and past experience to justify it.\n\n \n\nThe\nCompany assesses ECL on an annual basis to ensure that the ECL allowance remains appropriate and reflective of current credit risk conditions.\nThere have been no changes in estimation techniques or significant assumptions used in calculating ECL during the current reporting period.\nA loan receivable is written off when there is objective evidence that the debtor is experiencing significant financial hardship and\nthere is no reasonable expectation of recovery. Indicators of such conditions include the debtor entering liquidation or significant\ndeterioration in creditworthiness with no expected future cash flows.\n\n \n\nF-39\n\n \n\n \n\nThe\nfollowing table details the provision for ECL based on the Company’s provision matrix, based on past due status is not further\ndistinguished between the Company’s different customer base:\n\n \n\n  \nLoan\nreceivables – days past due \n\n  \nNot\npast\ndue  \n1\nto 30\ndays  \n31-60\n\ndays  \n61-210\n\ndays  \n211\n– 240\ndays  \nOver\n241\ndays  \nTotal \n\n  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$ \n\nLifetime\nECL – December 31, 2024 \n 102,981  \n 1,012  \n 4,729  \n 4,808  \n 617  \n -  \n 114,147 \n\nLifetime\nECL – December 31, 2025 \n -  \n -  \n -  \n -  \n -  \n -  \n - \n\n \n\n**14**\n**CASH AND BANK BALANCES**\n\n \n\n  \nDecember 31,\n\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$ \n\nCash and bank balances \n 7,877,205  \n 940,963 \n\nFixed deposit \n 223,694  \n - \n\nTotal \n 8,100,899  \n 940,963 \n\n \n\nCash\nat share trading accounts are readily convertible to a known amount of cash which are subject to an insignificant risk of changes in\nvalue. \n\n \n\nFixed\ndeposit bear interest at NIL (2024: 3.2%) per annum and mature in NIL (2024: 30) days.\n\n \n\nThe\ncurrency profiles of the Company’s cash and cash equivalents at the end of the reporting date are as follows:\n\n \n\n  \nDecember 31,\n\n2024  \nDecember 31,\n\n2025 \n\n  \nUS$  \nUS$ \n\nSingapore dollar \n      -  \n 90,615 \n\nMalaysia ringgit \n 1,794,977   \n 365,263 \n\n \n\n**15**\n**TRADE AND OTHER PAYABLES**\n\n \n\n  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$ \n\nTrade payables \n 2,513,802  \n 450,593 \n\nAccruals \n 1,653,008  \n 668,344 \n\nSundry payables \n 248,323  \n 12,118,112 \n\n  \n 4,415,133  \n 13,237,049 \n\n \n\nTrade payables as of December 31, 2025\nconsist of technology consultancy cost. Trade payables as of December 31, 2024 mainly consist of amount owing to Treasure Global Inc.\n(“TGL”) as part of the partnership agreement signed on August 1, 2024 between the Company and TGL, in which TGL shall periodically\nprovide funds and its customer database access to the Company to support its credit service activities in exchange of long term profit sharing.\n\n \n\nAccruals consist mainly of staff salaries\nand consultant fees for which services have been performed but not been billed.\n\n \n\nF-40\n\n \n\n \n\nSundry payables as of December 31, 2025,\nconsist of amount owing to Treasure Global Inc. (“TGL”) as part of the partnership agreement signed on August 1, 2024 between\nthe Company and TGL, in which TGL shall periodically provide funds and its customer database access to the Company to support its credit\nservice activities in exchange of long term profit sharing.\n\n \n\nSundry payables also include a loan\npayable to Blue Rock Capital Ltd.\n\n \n\nThe\ncurrency profiles of the Company’s trade and other payables at the end of the reporting date are as follows: \n\n \n\n  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$ \n\nMalaysia ringgit \n 4,220,536  \n 4,501,621 \n\n \n\n**16**\n**LEASE LIABILITIES**\n\n \n\nThe\nCompany has lease contracts for office premises and motor vehicles. The Company’s obligations under these leases are secured by\nthe lessor’s title to the leased assets. The Company is restricted from assigning and subleasing the leased assets.\n\n \n\nThe\nCompany also has certain leases with lease terms of 12 months or less. The Company applies ’short-term lease’ recognition\nexemptions for these leases.\n\n \n\nCarrying\namount of lease liabilities is as follows:\n\n \n\n  \nDecember 31, 2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$ \n\nAt beginning of the year \n 280,811  \n 119,984 \n\nAdditions \n \n-\n  \n 1,159,035 \n\nDisposal of controlling interest in subsidiaries \n \n-\n  \n (120,240)\n\nFinance cost \n 6,803  \n 32,750 \n\nPayment \n (167,630) \n (458,737)\n\nCurrency alignment \n \n-\n  \n 13,820 \n\nAt end of the year \n 119,984  \n 746,612 \n\n  \n    \n   \n\nLease liabilities: \n    \n   \n\n-    Not later than one year \n 82,431  \n 399,858 \n\n-    More than one year to five years \n 37,553  \n 346,754 \n\n  \n 119,984  \n 746,612 \n\n \n\nDetails\nof the carrying amounts of right-of-use assets recognized and the movements during the financial year are disclosed in Note 7 to\nthe financial statements.\n\n \n\nThe\nlease liabilities at the end of the reporting period bear weighted average incremental borrowing rate of 4.31% (2024: 4.31%)\nper annum.\n\n \n\nF-41\n\n \n\n \n\nAmount\nrecognized in profit or loss as is follows:\n\n \n\n  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$ \n\nDepreciation of right-of-use asset \n 148,644  \n 405,866 \n\nInterest expense on lease liabilities \n 6,803  \n 32,750 \n\nLease expense not capitalised in lease liabilities: \n \n \n  \n \n \n \n\n- Expense relating to short-term leases \n 100,530  \n 112,726 \n\nTotal amount recognised in profit or loss \n 255,977  \n 551,342 \n\n \n\n**17**\n**BANK AND OTHER BORROWINGS**\n\n \n\n  \nDecember  31, 2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$ \n\nAt beginning of the year \n 201,033  \n 182,391 \n\nDisposal of controlling interest in subsidiaries \n \n-\n  \n (191,270)\n\nPayment \n (23,989) \n (9,673)\n\nCurrency alignment \n 5,347  \n 18,552 \n\nAt end of the year \n 182,391  \n \n-\n \n\n \n\n  \nDecember 31,\n\n2024  \nDecember 31,\n\n2025 \n\n  \nUS$  \nUS$ \n\nBank borrowings \n   \n  \n\n-  Current \n 26,239  \n      - \n\n-  Non-current \n 21,936  \n - \n\n  \n 48,175  \n - \n\n  \n    \n   \n\nOther borrowings\n– current \n 134,216  \n - \n\n  \n    \n   \n\nTotal borrowings \n 182,391  \n - \n\n  \n    \n   \n\nThe Company borrowings is presented as : \n    \n   \n\nCurrent \n 160,455  \n - \n\nNon-current \n 21,936  \n - \n\n  \n 182,391  \n - \n\n \n\nNotes:\n\n \n\n(A)\nBank borrowings:\n\n \n\nThis\nis made up of the following loans:\n\n \n\n  Loan 1 :\nA principal amount of RM 200,000 from a financial institution, which charged an interest rate at 3.50% (2024: 3.50%) per annum and repayable over 60 months in equal monthly instalments (principal and interest) of RM 3,639. The maturity date is June 2026.\n\n \n\nDuring the financial year, the loan was derecognized following the disposal of the subsidiary to which the borrowing related. Accordingly, the outstanding loan balance was removed from the Group’s consolidated statement of financial position upon completion of the disposal.\n\n \n\nF-42\n\n \n\n \n\n  Loan 2 :\nA principal amount of RM 300,000 from a financial institution, which charged a fixed interest rate at 3.50% (2024: 3.50%) per annum and repayable over 60 months in equal monthly instalments (principal and interest) of RM 6,136. The maturity date is October 2026.\n\n \n\nDuring the financial year, the loan was derecognized following the disposal of the subsidiary to which the borrowing related. Accordingly, the outstanding loan balance was removed from the Group’s consolidated statement of financial position upon completion of the disposal.\n\n \n\nThe\nbank borrowings of the Company are secured against:\n\n \n\n  a) Guarantee in favour of the lender by Credit Guarantee Corporation (“CGC”) under the portfolio guarantee scheme for 70% of the approved limit;\n\n \n\n \nb)\nCorporate guarantee in\nfavour of the lender by a company which Khoo Ter Kern @ Stanley Khoo, the director has interests;\n\n \n\n  c) Assignment of single premium reducing term plan issued by Sun Life Malaysia Assurance Berhad under Khoo Ter Kern @ Stanley Khoo, a director of the Company, for the sum insured of not less than RM 150,000 to the lender; and\n\n \n\n \nd)\nJointly and severally guaranteed\nin favour of the lender by Khoo Ter Kern @ Stanley Khoo, a director of the Company.\n\n \n\n(B)\nOther borrowings\n\n \n\nThis\nrelates to redeemable preference shares issued by a subsidiary. The redeemable preference shares are liability in nature as the subsidiary\nhas to redeem the shares at a particular date by paying agreed amount to the holder of the shares. Non-discretionary dividends paid on\nredeemable preference shares is recorded as expenses in income statement as any return paid towards liabilities is treated as an interest\nexpense in the income statement.\n\n \n\nThe\nredeemable preference shares have a face value of RM 600,000 representing 600,000 shares at RM 1.00 each. It is redeemable at a fair\nvalue of RM 600,000. \n\n \n\n**18**\n**WARRANT LIABILITIES**\n\n \n\nAs of December 31, 2024 and December\n31, 2025, the Company had issued few types of warrants that are classified as financial liabilities in accordance with IFRS 9 –\nFinancial Instruments and IAS 32 – Financial Instruments: Presentation.\n\n \n\nWarrant – Exchange\nListing\n\n \n\nPursuant to an advisory agreement entered\nwith Exchange Listing, LLC, a Nevada limited liability company, the Company issued a total of 250,000 warrants on March 26, 2023, exercisable\nat US$ 4.00 per share.\n\n \n\nWarrant – Series\nA and Series B\n\n \n\nOn January 17, 2024, the Company issued\nan aggregate of 2,200,000 ordinary shares, together with Series A Warrants and Series B Warrants, each to purchase up to 2,200,000 ordinary\nshares. The Series A Warrants have a term of five years and are exercisable at US$ 1.25 per share, while the Series B Warrants have a\nterm of 18 months, also exercisable at US$ 1.25 per share.\n\n \n\nDetachable warrant – convertible\nnote\n\n \n\nOn August 13, 2025, the Company entered\ninto a Securities Purchase Agreement (“SPA”) with Alumni Capital LP for the issuance of senior secured convertible notes with\nan aggregate principal amount of up to US$61.2 million, together with detachable warrants. Under the terms of the SPA, the Company may\nissue the convertible notes in multiple tranches. During the financial year, the Company issued Tranche 1 with a principal amount of US$3.0\nmillion, together with detachable warrants representing US$375,000; Tranche 2 with a principal amount of US$4.2 million, together with\ndetachable warrants representing US$525,000; and Tranches 3 and 4, each with a principal amount of US$4.8 million, together with detachable\nwarrants representing US$600,000 for each tranche. The detachable warrants issued in connection with each tranche represent 15% of the\npurchase price of the respective convertible note. (convertible noted details see Note19)\n\n \n\nF-43\n\n \n\n \n\nDetachable warrant – Equity\nline of credit “ELOC”\n\n \n\nOn May 21, 2025, the Company entered\ninto an Equity Line of Credit (“ELOC”) Purchase Agreement with Alumni Capital LP (“Alumni”), pursuant to which Alumni\ncommitted to purchase up to US$135.0 million of the Company’s ordinary shares, at the Company’s discretion, during the commitment period\nand subject to the terms and conditions of the agreement. Concurrently, the Company issued a detachable warrant representing US$20.25\nmillion to Alumni as consideration for entering and performing its obligations under the ELOC arrangement. The ELOC represents a committed\nequity financing arrangement and does not create a contractual obligation for the Company to repay cash or another financial asset. Accordingly,\nno financial liability is recognised in respect of the ELOC commitment itself until individual Purchase Notices are exercised.\n\n \n\nThe warrant entitles the holder to acquire\nordinary shares during the contractual exercise period. The exercise price is determined using a contractual formula based on the Company’s\noutstanding ordinary shares at the exercise date and includes cashless exercise and adjustment provisions. Management concluded that the\nwarrant does not satisfy the fixed-for-fixed criterion under IAS 32 and is therefore classified as a derivative financial liability, which\nis initially recognised at fair value and subsequently measured at fair value through profit or loss (“FVTPL”) in accordance\nwith IFRS 9. Changes in fair value are recognised in profit or loss.\n\n \n\nAs of December 31, 2025, the Company\nfully wrote off the carrying value of all three classes of warrants following the reverse stock split. As a result of the anti-dilution\nadjustments, the exercise prices of the warrants increased significantly and were substantially higher than the prevailing market price\nof the Company’s common shares. Accordingly, management concluded that it was highly unlikely that the warrant holders would exercise\nthe warrants, as it would be more economical to purchase the Company’s common shares directly in the open market. Consequently, management\ndetermined that the warrants had no recoverable value and fully impaired their carrying amount.\n\n \n\nManagement assessed the classification\nof these instruments in accordance with the provisions of IAS 32 – Financial Instruments: Presentation. Under IAS 32, a contract\nthat may result in the issuance of a variable number of shares does not meet the definition of an equity instrument and must instead be\nclassified as a derivative financial liability, measured at fair value through profit or loss.\n\n \n\nAs the warrants contain contingent settlement provisions that could\nresult in variability in the settlement amount depending on the occurrence of uncertain future events, they do not qualify for equity\nclassification. Accordingly, these warrants have been recognized as derivative financial liabilities, with changes in fair value recognized\nin the consolidated statement of comprehensive income at each reporting date.\n\n \n\nType of Warrants \nIssued  \nExercise  \nWritten off  \nRemaining \n\nDecember 31, 2025 \nUnits  \nUnits  \nUnits  \nUnits \n\nSeries A \n 2,200,000  \n 1,246,992  \n (953,008) \n \n     -\n \n\nSeries B \n 2,200,000  \n 1,271,992  \n (928,008) \n \n-\n \n\nExchange Listing \n 250,000  \n 229,453  \n (20,547) \n \n-\n \n\n \n\nType of Warrants \nIssued  \nExercise  \nWritten off  \nRemaining \n\nDecember 31, 2025 \nUS$  \nUS$  \nUS$  \nUS$ \n\nAlumni Capital – Convertible notes detachable warrant \n 2,100,000  \n \n-\n  \n \n-\n  \n 2,100,000 \n\nAlumni Capital – ELOC detachable warrant \n 20,250,000  \n 18,569,495  \n \n-\n  \n 1,680,505 \n\n \n\nType of Warrant  Issued   Exercise   Remaining \n\nDecember 31, 2024            \n\nSeries A   2,200,000    1,246,992    953,008 \n\nSeries B   2,200,000    1,271,992    928,008 \n\nExchange Listing   250,000    229,453    20,547 \n\n \n\nF-44\n\n \n\n \n\nThe Company applied a Black-Scholes and Monte\nCarlo pricing model to estimate the fair value of the warrant liabilities. The significant inputs into the model are shown below.\n\n \n\n   December 31,\n2024   December 31,\n2025 \n\nExchange Listing        \n\n         \n\nShare price  US$         2.26   US$       2.26 \n\nExercise price / warrant  US$4.00   US$4.00 \n\nExpected volatility   130.14%   130.14%\n\nDividend yield   Nil    Nil \n\nExpected term (years)   4.24 years    4.24 years \n\nAnnual risk-free interest rate   3.918%   3.918%\n\n \n\n   December 31,\n2024   December 31,\n2025 \n\nSeries A        \n\n         \n\nShare price  US$1.08    US$1.08 \n\nExercise price / warrant  US$1.25    US$1.25 \n\nExpected volatility   236.94%   236.94%\n\nDividend yield   Nil    Nil \n\nExpected term (years)   4.00 years    4.00 years \n\nAnnual risk-free interest rate   3.918%   \n3.918\n%\n\n \n\n   December 31,\n2024   December 31,\n2025 \n\nSeries B        \n\n         \n\nShare price  US$1.08    US$\n1.08\n \n\nExercise price / warrant  US$1.25    US$1.25 \n\nExpected volatility   236.94%   236.94%\n\nDividend yield   Nil    Nil \n\nExpected term (years)   0.5 years    0.5 years \n\nAnnual risk-free interest rate   3.918%   3.918%\n\n \n\n          December 31,\n\n2025  \n\nAlumni Capital – Convertible notes detachable warrant            \n\n             \n\nShare price\n\n        US$ 0.53  \n\nExercise price / warrant           US$ 0.359  \n\nExpected volatility             178.65 %\n\nDividend yield             Nil  \n\nExpected term (years)             1.00 year  \n\nAnnual risk-free interest rate             4.15 %\n\n \n\nF-45\n\n \n\n \n\n          December 31,\n\n2025  \n\nAlumni Capital – ELOC detachable warrant            \n\n             \n\nShare price           US$ 0.53  \n\nExercise price / warrant           US$ 0.57  \n\nExpected volatility             178.65 %\n\nDividend yield             Nil  \n\nExpected term (years)             1.58 years  \n\nAnnual risk-free interest rate             4.15 %\n\n \n\nMovement\nof the fair value of the warrant liabilities during the year is as follows:\n\n \n\n  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$ \n\n  \n   \n  \n\nAt beginning of the year \n 439,409  \n 33,305 \n\nAdditional \n \n-\n  \n 2,758,696 \n\nExercised \n (428,025) \n (228,271)\n\nFair value change \n 33,977  \n 95,015 \n\nWritten off \n \n-\n  \n (33,305)\n\nCurrency realignment \n (12,056) \n \n-\n \n\nAt end of the year \n 33,305  \n 2,625,440 \n\n \n\n**19**\n**CONVERTIBLE NOTES LIABILITIES**\n\n \n\nOn August 13, 2025, the Company entered\ninto a Securities Purchase Agreement (“SPA”) with Alumni Capital LP for the issuance of senior secured convertible notes with\nan aggregate principal amount of up to US$61.2 million, together with detachable warrants. The financing arrangement comprises an initial\nTranche 1 note of US$3.0 million, a Tranche 2 note of US$4.2 million, and additional tranches of up to US$54.0 million that may be subscribed\nfor by the investor from the date of the SPA through August 13, 2027, subject to the terms and conditions of the SPA. The proceeds are\nintended to be used for general working capital purposes.\n\n \n\nEach convertible note is convertible\ninto the Company’s ordinary shares in accordance with the conversion provisions set forth in the applicable note agreement. The\nnotes were issued together with detachable warrants entitling the holder to subscribe for additional ordinary shares pursuant to a predetermined\nformula. To the extent a note is not converted prior to maturity, it is redeemable in accordance with its contractual terms.\n\n \n\nDuring the year, the Company issued\nfour tranches of convertible notes. Tranches 1, 2 and 3 were fully converted into the Company’s ordinary shares. Alumni Capital\nLP confirmed that the Tranche 1 note of US$3.0 million, the Tranche 2 note of US$4.2 million, and the Tranche 3 note of US$4.8 million\nhad each been fully satisfied through such conversions.\n\n \n\nAs of December 31, 2025, Tranche 4,\nwith an original principal amount of US$4.8 million, remained partially outstanding. Following conversions during the year, the outstanding\nprincipal balance as of December 31, 2025 was US$2.1 million, which remained convertible into ordinary shares in accordance with the terms\nof the related note agreement. \n\n \n\nF-46\n\n \n\n \n\nMovement of the fair value of the convertible notes\nliabilities during the year is as follows:\n\n \n\n  \n   \nDecember 31,\n2025 \n\n  \n   \nUS$ \n\n  \n   \n  \n\nAt beginning of the year \n    \n \n-\n \n\nAddition \n    \n 11,490,233 \n\nInterest expenses incurred \n    \n 483,000 \n\nExercised \n    \n (10,015,013)\n\nFair value change \n    \n 972,061 \n\nAt end of the year \n    \n 2,930,281 \n\n \n\n**20**\n**SHARE CAPITAL**\n\n \n\n  \nDecember 31,\n2024  \nDecember 31,\n2025  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nNumber of\nordinary\nshares *  \nNumber of\nordinary\nshares *  \nUS$  \nUS$ \n\nPaid up capital: \n   \n   \n   \n  \n\nAt January 1 \n 22  \n 416  \n 9,844,562  \n 76,395,175 \n\nIssuance of shares (1) \n 1  \n    \n 2,501,841  \n   \n\nIssuance of shares (2) \n 1  \n    \n 4,709,783  \n   \n\nIssuance of shares (3) \n 5  \n    \n 5,092,362  \n   \n\nIssuance of shares (4) \n 2  \n    \n 1,445,306  \n   \n\nIssuance of shares (5) \n 2  \n    \n 4,181,487  \n   \n\nIssuance of shares (6) \n 6  \n    \n 2,763,961  \n   \n\nIssuance of shares (7) \n 1  \n    \n 2,900,938  \n   \n\nIssuance of shares (8) \n 218  \n    \n 18,335,607  \n   \n\nIssuance of shares (9) \n 5  \n    \n 761,111  \n   \n\nIssuance of shares (10) \n 57  \n    \n 13,506,382  \n   \n\nIssuance of shares (11) \n 1  \n    \n 297,673  \n   \n\nIssuance of shares (12) \n 90  \n    \n 8,461,340  \n   \n\nIssuance of shares (13) \n 5  \n    \n 1,592,822  \n   \n\nIssuance of shares (14) \n    \n 1,571  \n    \n 4,865,142 \n\nIssuance of shares (15) \n    \n 521  \n    \n 18,393,468 \n\nIssuance of shares (16) \n    \n 37,182  \n    \n 10,561,000 \n\nIssuance of shares (17) \n    \n 846  \n    \n 3,000,000 \n\nIssuance of shares (18) \n    \n \n-\n  \n    \n \n-\n \n\nIssuance of shares (19) \n    \n 69,168  \n    \n 10,435,015 \n\nIssuance of shares (20) \n    \n 2  \n    \n 53,932 \n\nIssuance of shares (21) \n    \n 1  \n    \n 100,000 \n\nIssuance of shares (22) \n    \n 134  \n    \n 4,629,898 \n\nIssuance of shares (23) \n    \n 141,784  \n    \n 10,015,039 \n\nIssuance of shares (24) \n    \n 104,569  \n    \n 6,274,169 \n\nIssuance of shares (25) \n    \n 14,735  \n    \n 970,000 \n\nIssuance of shares (26) \n    \n 14,667  \n    \n 880,000 \n\nIssuance of shares (27) \n    \n 46,296  \n    \n 5,000,000 \n\nCurrency realignment \n    \n    \n    \n (1,082,035)\n\n  \n    \n    \n    \n   \n\nAt December 31 \n 416  \n 431,892  \n 76,395,175  \n 150,490,803 \n\n \n\n* Giving retroactive effect to the to 49 reverse share split effected on November 5, 2024, 1 to 20 reverse share split effected on April 3, 2025, 1 to 30 reverse share split effected on September 16, 2025 and 1 to 60 reverse share split effected on February 27, 2026\n\n \n\nF-47\n\n \n\n \n\n(1) In January 2024, 1 (2,200,000 prior to 4 rounds of reverse share splits) ordinary shares were issued as part of our following offering at US$1,225 (US$ 1.25 per ordinary share prior to both reverse share splits), before deduction the discounts and expenses.\n\n \n\n(2) During February 2024 to April 2024, 1 (2,518,984 prior to 4 rounds of reverse share splits) ordinary shares were issued, in aggregate, to pursuant to the exercise of warrants.\n\n \n\n(3) In May 2024, 5 (8,000,000 prior to 4 rounds of reverse share splits) were issued to several third-party companies as prepayment for the development of proprietary softwares. The software under development - Vendor and Customer Relationship Management (“VCRM”) system and Cloud Management Platform (“CMP”).\n\n \n\n(4) In August 2024, 2 (3,138,113 prior to 4 rounds of reverse share splits) ordinary shares were issued for At-The-Market offering at the price ranged from US$245 to US$794 (US$ 0.25 to US$ 0.81 prior to both reverse share splits), before deduction the discounts and expenses.\n\n \n\n(5) On July 2 and July 12, 2024, 1 and 2 (434,783 and 3,465,820 prior to 4 rounds of reverse share splits, respectively) ordinary shares, were issued Boustead Securities LLC and Cogia GmbH as consideration for the acquisition of Socializer Messenger, an intellectual property that provides a highly secure messaging platform\n\n \n\n(6) In March 2024, 6 (11,191,047 prior to 4 rounds of reverse share splits) ordinary shares were issued to Sichenzia Ross Ference Carmel LLP as consideration for services rendered to the Company.\n\n \n\n(7) In April 2024, 1 (1,697,447 prior to 4 rounds of reverse share splits) ordinary shares were issued to Exchange Listing, LLC at US$1,696 (US$ 1.73 per share prior to 4 rounds of reverse share splits) as a true up shares.\n\n \n\n(8) During August 8, 2024, until December 26, 2024, 31 (55,775,747 prior to 4 rounds of reverse share splits) and 187 (6,724,360 prior to 3 rounds of reverse share split) ordinary shares were issued to Alumni Capital LP, in aggregate, to pursue the purchase and sale of securities agreement signed with Alumni Capital LP in August 1, 2024\n\n \n\n(9) On September 24, 2024, US$ 1,000,000 convertible bridging notes had been converted to 5 (9,099,181 prior to 4 rounds of reverse share splits) ordinary shares at US$108 (US$ 0.11 per share prior to 4 rounds of reverse share splits).\n\n \n\n(10) In 2024, 30 (51,839,411 prior to 4 rounds of reverse share splits) and 27 (981,194 prior to 3 rounds of reverse share split) ordinary shares were issued to Codetext Limited as prepayment for services rendered to the Company.\n\n \n\n(11) On December 11, 2024, the Company issued 1 (48,316 prior to 3 rounds of reverse share split) ordinary shares to 3 independent directors as gratuity payment for their past services upon their resignation.\n\n \n\n(12) From July 16, 2024 until December 5, 2024, 8 (13,408,550 prior to 4 rounds of reverse share splits) and 82 (2,961,189 prior to 3 rounds of reverse share split) ordinary shares were issued to various investors between US$490 to US$1,843 (US$ 0.50 to US$ 1.88 per share prior to both reverse share splits).\n\n \n\n(13) From January 1, 2024 until December 13, 2024, 1 (1,398,625 prior to 4 rounds of reverse share splits) and 4 (142,224 prior to 3 rounds of reverse share split) ordinary shares were issued to executive director and independence director pursuant to their employment agreements\n\n \n\n(14) From January 7, 2025, until September 29, 2025, 71 (2,549,431 prior to 3 rounds of reverse share splits), 409 (737,061 prior to 1 to 30 & 1 to 60 reverse share split) and 1,091 (65,451 prior to 1 to 60 reverse share split) ordinary shares were issued to some management staff, executive director and independence director pursuant to their employment agreements.\n\n \n\nF-48\n\n \n\n \n\n(15) From January 8, 2025, until April 4, 2025, 413 (14,869,873 prior to 3 rounds of reverse share splits) and 108 (194,315 prior to 1 to 30 & 1 to 60 reverse share split) ordinary shares were issued to various investors between US$392 to US$1,200 (US$ 0.65 to US$ 6.32 per share prior to 3 rounds of reverse share splits).\n\n \n\n(16) During January 15, 2025, until November 11, 2025, 193 (6,970,607 prior to 3 rounds of reverse share splits), 839 (1,510,000 prior to 1 to 30 & 1 to 60 reverse share split) and 36,150 (2,169,000 prior to 1 to 60 reverse share split) ordinary shares were issued to Alumni Capital LP, in aggregate, to pursue the purchase and sale of securities agreement signed with Alumni Capital LP in August 1, 2024.\n\n \n\n(17) On June 12, 2025, 846 (1,522,288 prior to 1 to 30 & 1 to 60 reverse share split) ordinary shares were issued to various investor as share pledge to pursuant the friendly loan agreement.\n\n \n\n(18) On June 26, 2025, 6,614 (11,904,764 prior to 1 to 30 & 1 to 60 reverse share split) ordinary shares were issued to various investors in exchange of the 20% ownership in Quantgold Data Group Limited.\n\n \n\n(19) From January 15, 2025, until December 3, 2025, 283 (10,168,212 prior to 3 rounds of reverse share splits), 6,952 (12,512,634 prior to 1 to 30 & 1 to 60 reverse share split) and 61,933 (3,716,005 prior 1 to 60 reverse share split) ordinary shares were issued to Alumni Capital LP, in aggregate, to the exercise of warrants.\n\n \n\n(20) On January 7, 2025, 2 (56,180 prior to 3 rounds of reverse share splits) ordinary shares were issued to Carlson Thow, pursuant to the legal consultancy services agreement.\n\n \n\n(21) On January 9, 2025, 1 (39,370 prior to 3 rounds of reverse share splits) ordinary shares were issued to W capital Markets Pte. Ltd. to pursue the engagement letter to act as Arranger dated December 3, 2024.\n\n \n\n(22) From January 2, 2025, until January 7, 2025, 134 (4,822,810 prior to 3 rounds of reverse share splits) ordinary shares were issues to CEO Dato Hoo Voon Him, in aggregate, to pursuant the securities purchase agreement.\n\n \n\n(23) From August 18, 2025 until December 12, 2025, 141,784 (14,596,659 prior to 1 to 30 & 1 to 60 reverse share splits) ordinary shares were issued to Alumni Capital LP, in aggregate, pursuant to securities purchase agreement in which Alumni could purchase convertible notes (“Convertible Notes”).\n\n \n\n(24) On November 11, 2025, 104,569 (6,274,169 prior to 1 to 60 reverse share splits) ordinary shares were issued, in aggregate, to certain of our executive officers pursuant to Employee Stock Ownership Plan.\n\n \n\n(25) From October 3, 2025 until October 22, 2025, 14,735 (884,090 prior to 1 to 60 reverse share splits) ordinary shares were issued as referral fees, paid in VCIG ordinary shares, in connection with the introduction of new clients.\n\n \n\n(26) On November 10, 2025, 14,667 (880,000 prior to 1 to 60 reverse share splits) ordinary shares were issued to subscribe Oobit token, which functions as the native utility token for the Oobit cryptocurrency.\n\n \n\n(27) From October 31, 2025 until November 11, 2025, 46,296 (2,777,778 prior to 1 to 60 reverse share share splits) ordinary shares were issued as our following offering at US 108 (US 1.80 per ordinary share prior to 1 to 60 reverse share splits), before deduction the discounts and expenses.\n\n \n\nF-49\n\n \n\n \n\n**21**\n**CAPITAL RESERVE**\n\n \n\nThis is in relation to merger reserves.\n\n \n\nThe merger reserve represents effects\nof changes in ownership interests in subsidiaries when there is no change in control. Under merger accounting, the assets, liabilities,\nrevenue, expenses and cash flows of all the entities within the Company are combined after making such adjustments as are necessary to\nachieve consistency of accounting policies. This manner of presentation reflects the economic substance of combining companies, which\nwere under common control throughout the relevant period, as a single economic enterprise.\n\n \n\n**22**\n**FAIR VALUE RESERVE**\n\n \n\nFair value reserve represents the cumulative\nfair value changes, net of tax, of financial assets, FVOCI until it is disposed of and is distributable.\n\n \n\n**23**\n**TRANSLATION RESERVE**\n\n \n\nThe translation reserve comprises all\nforeign exchange differences arising from the translation of the consolidated financial statements of foreign operations whose functional\ncurrency is different from that of the Company’s presentation currency and is non-distributable.\n\n \n\n**24**\n**REVENUE**\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nBusiness strategy consultancy \n 12,065,760  \n 14,557,914  \n 10,472,912 \n\nTechnology development \n 4,472,559  \n 11,412,582  \n 12,935,361 \n\nSolutions and consultancy \n 2,588,360  \n 266,588  \n 13,436 \n\nInterest income \n 413,354  \n 1,214,842  \n 2,285,415 \n\nOther revenue * \n 244,715  \n 372,965  \n 380,298 \n\nTotal \n 19,784,748  \n 27,824,891  \n 26,087,422 \n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nPoint in time \n 13,649,034  \n 23,496,785  \n 18,487,308 \n\nOver time \n 6,135,714  \n 4,328,106  \n 7,600,114 \n\nTotal \n 19,784,748  \n 27,824,891  \n 26,087,422 \n\n \n\n  * Other revenue consist primarily of loan processing fees, management fees, and training fees.\n\n \n\nF-50\n\n \n\n \n\n**25**\n**OTHER INCOME**\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nInterest income \n 1,596  \n 4,140  \n 4,908 \n\nForeign exchange gain, net \n \n-\n  \n 208,335  \n 5,928,813 \n\nIPO conference \n 109,592  \n \n-\n  \n \n-\n \n\nReimbursement income for expenses incurred \n 52,726  \n 4,190  \n \n-\n \n\nReversal of impairment allowance on trade and other receivables \n \n-\n  \n \n-\n  \n 326,728 \n\nReversal of impairment allowance on loan receivables \n    \n    \n 5,780 \n\nRental income \n \n-\n  \n \n-\n  \n 122,283 \n\nCompensation for decline in share value \n \n-\n  \n \n-\n  \n 2,584,944 \n\nOthers \n \n-\n  \n 24,926  \n 391,172 \n\nTotal \n 163,914  \n 241,591  \n 9,364,628 \n\n \n\n**26**\n**COST OF SERVICES**\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nConsultant fee \n 2,413,237  \n 2,194,536  \n 1,087,392 \n\nIT expenses \n 239,426  \n 2,408,554  \n 5,660,899 \n\nSubscription fee \n 30,720  \n 10,892  \n 8,116 \n\nReferral fee \n 552,263  \n 181,139  \n \n-\n \n\nOthers \n 116,503  \n 153,072  \n 304 \n\nTotal \n 3,352,149  \n 4,948,193  \n 6,756,711 \n\n \n\nThe “consultant fee”\nrefers to the Company costs incurred from assisting its clients, in engaging all the relevant professionals required during the\nlisting process, including but not limited to legal counsel, auditors, finance consultants, US capital markets consultant, which such\nconsultant fee payment shall be included and be treated as part of our consultation services for its clients during the IPO’s process.\n\n \n\nThe IT expenses refer to the costs\nincurred for the technology-related resources and services. These include hardware, cloud services, subcontractor cost, IT consultancy\nservice from outside expert and so on. IT expenses have increased dramatically compared to the previous year due to the increase in IT\nprojects and lack of internal resources, thus highly dependent on outside IT subcontractors.\n\n \n\nF-51\n\n \n\n \n\n**27**\n**EMPLOYEE BENEFIT EXPENSE**\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nWages and salaries \n 2,873,660  \n 3,172,983  \n 2,820,623 \n\nDefined contribution plans \n 245,296  \n 203,622  \n 242,319 \n\nShare-based compensation awards \n 970,024  \n 61,210  \n 6,651,698 \n\nDirectors’ fees \n 1,289,836  \n 3,357,992  \n 7,612,763 \n\nOther short-term benefits \n 18,667  \n 15,590  \n 17,942 \n\nTotal \n 5,397,483  \n 6,811,397  \n 17,345,345 \n\n \n\nIncluded in share-based compensation\nawards, and directors’ fees are amounts of US$6,651,698, and US$4,487,613, respectively, which are payable in share capital (Note 20).\n\n \n\nIncluded in the employee benefit expenses\nis remuneration and benefits to key management personnel of the Company (including the remuneration and benefits of certain executive\ndirectors).\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nWages and salaries \n 710,111  \n 839,309  \n 1,256,845 \n\nDefined contribution plans \n 75,120  \n 77,977  \n 227,793 \n\nShare-based compensation awards* \n 875,574  \n 61,210  \n 6,651,698 \n\nDirectors’ fees \n 1,294,639  \n 1,925,558  \n 7,612,763 \n\nOther short-term benefits \n 2,020  \n 1,863  \n 9,243 \n\nTotal \n 2,957,464  \n 2,905,917  \n 15,758,342 \n\n \n\n*Share-based compensation awards\nconsist primarily of Employee Share Option Plan (“ESOP”) and share-based compensation to director and management.\n\n \n\nEmployee Share Option Plan\n(“ESOP”)\n\n \n\nOn\nOctober 8, 2025, the Board of Directors of the Company approved the Employees’ Share Option Plan (“ESOP”), which became effective\non the same date. The ESOP was established to attract, retain and motivate qualified employees, align employees’ interests with those\nof shareholders, and provide long-term incentive compensation linked to the Company’s performance. The aggregate number of ordinary shares\navailable for issuance under the ESOP shall not exceed 20% of the Company’s issued and outstanding ordinary shares on a fully diluted\nbasis, subject to adjustment as approved by the Board or the ESOP Committee. Each option entitles the holder to subscribe for one ordinary\nshare of the Company at an exercise price specified in the applicable Letter of Grant. Options may be exercised during the exercise period\nspecified in the relevant Letter of Grant and generally expire two years after the date on which they first become exercisable unless\notherwise determined by the ESOP Committee.\n\n \n\nThe\nESOP permits settlement by either:\n\n \n\n●cash exercise, whereby the option holder pays the exercise\nprice in cash; or\n\n \n\n●cashless exercise, whereby the Company issues a net number\nof shares calculated based on the market price of the Company’s ordinary shares at the exercise date and the applicable exercise price.\n\n \n\nF-52\n\n \n\n \n\nOptions\ngranted under the ESOP may be subject to service and performance conditions. Unless otherwise specified in the applicable Letter of Grant,\nvesting is generally based on continued employment and the achievement of key performance indicators (“KPIs”) established by\nthe ESOP Committee.\n\n \n\nOption\nholders do not have voting rights, dividend rights or other shareholder rights until the underlying ordinary shares are issued upon exercise\nof the options. Unless otherwise determined by the Board or the ESOP Committee, unexercised options lapse upon resignation or termination\nof employment.\n\n \n\nThe\nESOP has an initial term of five years from the effective date and may be extended by the Board for an additional five-year period.\n\n \n\nAs\nat December 31, 2025, all granted options have been fully exercised and no more outstanding options.\n\n \n\nShare-Based\nCompensation to Directors and Management\n\n** **\n\nDuring\nthe year ended December 31, 2025, the Company granted ordinary shares to certain directors and members of senior management as performance-based\ncompensation for services rendered. These equity-settled awards were issued in lieu of cash compensation and bonuses.\n\n \n\nThe\nfair value of the shares granted was measured based on the quoted market price of the Company’s ordinary shares on the respective\ngrant dates. As the awards vested immediately upon grant and were not subject to any further service or performance conditions, the Company\nrecognized the full grant-date fair value as share-based compensation expense upon issuance in accordance with IFRS 2, Share-based Payment.\n\n \n\nFor\nthe year ended December 31, 2025, the Company recognized share-based compensation expense of US$6,651,698 in connection with these awards,\nwith a corresponding increase recognized in share capital and additional paid-in capital within equity.\n\n \n\n**28**\n**FINANCE COST**\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nInterest expenses on: \n   \n   \n  \n\nBank borrowings \n 3,040  \n 2,250  \n \n-\n \n\nLease liabilities \n 6,601  \n 7,231  \n 32,750 \n\nOther borrowings \n 10,145  \n 122,421  \n 104,244 \n\nConvertible notes \n \n-\n  \n \n-\n  \n 483,000 \n\nBank charges for investment securities \n 389  \n 10  \n \n-\n \n\nTotal \n 20,175  \n 131,912  \n 619,994 \n\n \n\nF-53\n\n \n\n \n\n**29**\n**OTHER OPERATING EXPENSES**\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nRegulatory compliance and statutory cost \n 35,064  \n 34,190  \n 52,951 \n\nLicense fee \n 30,534  \n 33,385  \n 5,651 \n\nChanges on fair value of warrant liabilities \n \n-\n  \n 33,977  \n 375,488 \n\nBad debt written off \n \n-\n  \n \n-\n  \n 4,271,583 \n\nBank charges \n 18,598  \n 22,218  \n 34,610 \n\nEntertainment \n 203,487  \n 128,157  \n 2,266,891 \n\nEvent fees \n 247,411  \n 135,782  \n 221,641 \n\nForeign exchange loss, net \n 272,643  \n 54,000  \n 566,866 \n\nFair value changes in derivative liabilities \n \n-\n  \n \n-\n  \n 1,067,076 \n\nFair value loss financial assets, FVPL \n \n-\n  \n 14,407  \n \n-\n \n\nImpairment loss of intangible assets \n \n-\n  \n \n-\n  \n 918,324 \n\nIntangible assets written off \n \n-\n  \n \n-\n  \n 45,765 \n\nLoss on disposal of controlling interest in subsidiaries \n \n-\n  \n 399,540  \n 10,613,900 \n\nMarketing expenses \n 341,323  \n 1,161,638  \n 658,659 \n\nSoftware and website usage fee \n 13,427  \n 10,142  \n 41,010 \n\nStaff welfare \n 191,190  \n 794,064  \n 663,399 \n\nOffice expenses \n 338,755  \n 311,801  \n 306,311 \n\nRecruitment fees \n 29,894  \n 52,931  \n 74,548 \n\nReferral fees \n \n-\n  \n 102,018  \n 3,421,734 \n\nResearch and development expenses \n \n-\n  \n 408,071  \n \n-\n \n\nTravelling expenses \n 311,168  \n 385,739  \n 595,020 \n\nUpkeep of office equipment \n 41,974  \n 195,134  \n 83,246 \n\nNet investment loss (1) \n \n-\n  \n 84,985  \n 459,347 \n\nTotal \n 2,075,468  \n 4,362,179  \n 26,744,020 \n\n \n\n  (1) Net investment loss is derived from the total net loss incurred from the trading of shares on recognized stock exchanges during the financial year.\n\n \n\nF-54\n\n \n\n \n\n**30**\n\n**INCOME TAX BENEFIT/EXPENSE**\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\n  \n   \n   \n  \n\nCurrent income tax expense \n \n-\n  \n 40,902  \n 647,318 \n\nDeferred tax \n \n-\n  \n 75,978  \n (4,085)\n\nOver provision in prior year \n (135,031) \n (8,464) \n (5,126)\n\nIncome tax (benefit)/expense \n (135,031) \n 108,416  \n 638,107 \n\n \n\nThe tax on the Company’s profit\nbefore income tax differs from the theoretical amount that would arise using the Malaysia’s standard rate of income tax as follows\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\n  \n   \n   \n  \n\nProfit /(Loss) before income tax \n 7,102,486  \n 7,685,243  \n (29,621,520)\n\n  \n    \n    \n   \n\nTax calculated at tax rate of 24% \n 1,704,597  \n 1,844,458  \n (7,109,165)\n\nEffects of: \n    \n    \n   \n\n- Non-taxable income \n (2,975,662) \n (2,837,492) \n 5,436,286 \n\n- Unutilised tax losses forfeited \n \n-\n  \n \n-\n  \n \n-\n \n\n- Unabsorbed tax losses \n 1,164,987  \n 392,552  \n 736,095 \n\n- Expenses not deductible for tax purposes \n 106,078  \n 641,384  \n 1,584,102 \n\n  \n \n-\n  \n 40,902  \n 647,318 \n\nDeferred tax \n \n-\n  \n 75,978  \n (4,085)\n\nOver provision in prior year \n (135,031) \n (8,464) \n (5,126)\n\n  \n (135,031) \n 108,416  \n 638,107 \n\n \n\nAs at December 31, 2025, the Company\nhad unutilised tax losses carried forward of US$1.4 million (2024: US$1.6 million) for which no deferred tax asset has been recognised.\nThese losses relate to subsidiaries that have been loss-making for several years, and no convincing evidence is currently available that\ntaxable profit will be available against which the tax losses can be utilised.\n\n \n\nThe tax losses can be carried forward\nfor 7 years, as applicable under Malaysia law. The potential deferred tax asset not recognised amounts to US$341.0 thousand (2024: US$392.6\nthousand), calculated at the applicable tax rate of 24%.\n\n \n\nManagement will continue to review the\nfuture profitability of the entities concerned to assess whether the recognition criteria for deferred tax assets are met.\n\n \n\n**31**\n**OPERATING LEASE**\n\n \n\n \n \nDecember 31,\n\n2023\n \n \nDecember 31,\n\n2024\n \n \nDecember 31,\n\n2025\n \n\n \n \nUS$\n \n \nUS$\n \n \nUS$\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\nShort-term leases\n \n \n50,570\n \n \n \n100,530\n \n \n \n112,726\n \n\n \n\nThe Company has elected not to recognise\nright-of-use assets and lease liabilities for certain short-term leases that have lease terms of 12 months or less. Lease payments relating\nto these leases are expensed to profit or loss on a straight-line basis over the lease term.\n\n \n\nF-55\n\n \n\n \n\n**32**\n**SIGNIFICANT RELATED PARTY TRANSACTIONS**\n\n \n\nRelated companies in these financial\nstatements refer to members of the ultimate holding company’s group of companies.\n\n \n\nSome of the Company’s transactions\nand arrangements are between members of the Company and the effect of these on the basis determined between the parties is reflected in\nthese financial statements. The intercompany balances are unsecured, interest-free and repayable on demand, unless otherwise stated.\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nBalance with related parties (common shareholders) \n   \n   \n  \n\n  \n   \n   \n  \n\nTrade receivables \n\n \n  \n\n \n  \n  \n\n  \n   \n   \n  \n\nHoo Voon Him \n 215,325  \n \n-\n  \n \n-\n \n\nV Invesco Sdn Bhd \n 296,587  \n \n-\n  \n \n-\n \n\n  \n    \n    \n   \n\nNon-trade receivables \n    \n    \n   \n\nVHKL Private Capital Limited (known as VCI Global Brands Limited) \n \n-\n  \n \n-\n  \n 62,833,133 \n\n  \n    \n    \n   \n\nTotal amount due from related parties \n 511,912  \n \n-\n  \n 62,833,133 \n\n  \n    \n    \n   \n\nNon-trade payables \n    \n    \n   \n\n  \n    \n    \n   \n\nHoo Voon Him \n 44,554  \n 63,185  \n 392,983 \n\nStanley Khoo \n \n-\n  \n 423,926  \n \n-\n \n\nNoraini Binti Aripin \n 202,839  \n \n-\n  \n \n-\n \n\nV Capital Sdn Bhd \n 35,953  \n \n-\n  \n \n-\n \n\nElmu Higher Education Sdn Bhd \n \n \n  \n \n \n  \n 63,101 \n\n  \n    \n    \n   \n\nTotal amount due to related parties \n 283,346  \n 487,111  \n 456,084 \n\n \n\nAmount due from /(to) related parties are not expected to be repaid\nwithin the next 12 months.\n\n \n\nF-56\n\n \n\n \n\n**Transactions with related\nparties**\n\n \n\nThe following represents the significant\nrelated party transactions for the years ended December 31, 2023, 2024 and 2025.\n\n \n\n                December 31,\n\n2023     December 31,\n\n2024     December 31,\n\n2025  \n\n    Relationship   Nature   Description   US$     US$     US$  \n\nV Capital Sdn Bhd   Common shareholder   Trade nature   Purchase of services     610,115       -       -  \n\nV Capital Sdn Bhd   Common shareholder   Non-trade nature   Advances paid by V Capital Sdn Bhd     (35,953 )     -       -  \n\nHoo Voon Him   Director   Non-trade nature   Advance receipt from Director     (44,554 )     (63,185 )      (392,983 ) \n\nHoo Voon Him   Director   Trade nature   Sales of business consultancy fee     (215,325 )     -       -  \n\nNoraini Binti Aripin   Director   Non-trade nature   Advance receipt from Director     (202,839 )     -       -  \n\nStanley Khoo   Director   Non-trade nature   Amount due to Director     -       (423,926 )      -  \n\nVHKL Private Capital Limited   Common shareholder   Non-trade nature   Disposal of subsidiaries                     62,833,133  \n\nElmu Higher Education Sdn Bhd   Common shareholder   Non-trade nature   Advance paid by Elmu Higher Education Sdn Bhd                     (63,101 )\n\n \n\nF-57\n\n \n\n \n\n**33**\n**OPERATING SEGMENTS**\n\n \n\nServices from which reportable segments\nderive their revenues reported to the Company’s chief operating decision maker (CODM – Hoo Voon Him) for the purposes of resource\nallocation and assessment of segment performance focuses on the types of services provided. Management has chosen to organise the Company\naround differences in services. Revenue from business strategy consultancy and from Solutions and consultancy is aggregated and reported\nas one single operating segment for reporting purposes.\n\n \n\n*Segment revenues and results*\n\n \n\n  \nRevenue  \nNet profit/(loss) \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$ \n\n  \n   \n   \n   \n   \n   \n  \n\nBusiness strategy consultancy \n 14,654,120  \n 14,824,502  \n 10,486,348  \n 4,773,738  \n 4,553,799  \n (8,681,919)\n\nTechnology development, solutions and consultancy \n 4,472,559  \n 11,412,582  \n 12,935,361  \n 2,161,264  \n 2,594,593  \n (15,037,186)\n\nInterest income \n 413,354  \n 1,214,842  \n 2,285,415  \n 225,855  \n 553,014  \n (1,655,166)\n\nOthers \n 244,715  \n 372,965  \n 380,298  \n 73,039  \n 16,707  \n (275,723)\n\nTotal \n 19,784,748  \n 27,824,891  \n 26,087,422  \n 7,233,896  \n 7,718,113  \n (25,649,994)\n\nOther gains and losses \n    \n    \n    \n (112,831) \n 94,902  \n (3,356,440)\n\nInterest income \n    \n    \n    \n 1,596  \n 4,140  \n 4,908 \n\nFinance cost \n    \n    \n    \n (20,175) \n (131,912) \n (619,994)\n\nProfit before income tax \n    \n    \n    \n 7,102,486  \n 7,685,243  \n (29,621,520)\n\nIncome tax benefit/(expense) \n    \n    \n    \n 135,031  \n (108,416) \n (638,107)\n\nProfit for the year \n    \n    \n    \n 7,237,517  \n 7,576,827  \n (30,259,627)\n\n* *\n\nRevenue reported above represents revenue generated from external customers,\nthere were no inter-segment sales in 2023, 2024 and 2025.\n\n \n\nThe accounting policies of the reportable\nsegments are the same as the Company’s accounting policies described in Note 2. Segment profit represents the profit earned by each\nsegment without allocation of central administration costs, finance income, finance cost and income tax expense. This is the measure reported\nto the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.\n\n \n\n*Segment assets*\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\n  \n   \n   \n  \n\nBusiness strategy consultancy \n 12,315,497  \n 34,052,672  \n \n-\n \n\nTechnology development, solutions and consultancy \n 3,376,588  \n 26,215,311  \n 115,942,779 \n\nInterest income \n 8,281,815  \n 2,790,556  \n \n-\n \n\nInvestments and others \n 1,748,462  \n 28,501,201  \n 961,483 \n\n  \n 25,722,362  \n 91,559,740  \n 116,904,262 \n\nUnallocated assets \n    \n \n-\n  \n \n-\n \n\nConsolidated total assets \n 25,722,362  \n 91,559,740  \n 116,904,262 \n\n \n\nNo geographical segment information\npresented as Company’s operations are conducted predominantly in Malaysia.\n\n \n\nF-58\n\n \n\n \n\n**34**\n**FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT**\n\n \n\n \na)\n*Categories of financial instruments*\n\n \n\nThe following table sets out the financial\ninstruments as at the end of the reporting period:\n\n \n\n  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$ \n\nFinancial assets \n   \n  \n\nCash and bank balances \n 8,100,899  \n 940,963 \n\nTrade and other receivables (excluding prepayments) \n 19,378,050  \n 24,074,442 \n\nInventories \n \n-\n  \n 257,485 \n\nLoan receivables \n 16,845,821  \n \n-\n \n\nFinance assets, at fair value through other comprehensive income \n 28,547,482  \n 17,513,555 \n\nAmount due from related parties \n \n-\n  \n 62,833,133 \n\n  \n    \n   \n\nFinancial liabilities \n    \n   \n\nTrade and other payables \n 4,415,133  \n 13,237,049 \n\nBank and other borrowings \n 182,391  \n \n-\n \n\nAmount due to related parties \n 487,111  \n 456,084 \n\nConvertible notes liabilities \n \n-\n  \n 2,930,281 \n\nWarrant liabilities \n 33,305  \n 2,625,440 \n\n \n\n \n**b)**\n**Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements**\n\n \n\nThe Company does not have any financial\ninstruments which are subject to enforceable master netting arrangements or similar netting agreements.\n\n \n\n \n**c)**\n**Financial risk management policies and objectives**\n\n \n\nManagement monitors and manages the financial\nrisks relating to the operations of the Company to ensure appropriate measures are implemented in a timely and effective manner. These\nrisks include market risk (including foreign currency risk and interest rate risk), credit risk and liquidity risk.\n\n \n\n \n**(i)**\n**Market risk management**\n\n \n\nThe Company’s activities are\nexposed primarily to the financial risks of changes in foreign currency exchange rates and interest rates. Management monitors risks associated\nwith changes in foreign currency exchanges rates and interest rates and will consider appropriate measures should the need arise.\n\n \n\nThere has been no significant change\nto the Company’s exposure to market risk or the manner in which it manages and measures the risk.\n\n \n\n \n**(ii)**\n**Foreign currency risk management**\n\n \n\nThe Company also transacts business\nin foreign currencies other than its functional currencies, as further disclosed below, and is therefore exposed to foreign exchange risk. \n\n \n\nThe currency exposure of financial\nassets and financial liabilities denominated in currencies other than the Company’s functional currency is as follows:\n\n \n\n \n \nAssets\n \n \nLiabilities\n \n\n \n \nDecember 31,\n\n2024\n \n \nDecember 31,\n\n2025\n \n \nDecember 31,\n\n2024\n \n \nDecember 31,\n\n2025\n \n\n \n \nUS$\n \n \nUS$\n \n \nUS$\n \n \nUS$\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\nSingapore Dollar\n \n \n-\n \n \n \n90,615\n \n \n \n-\n \n \n \n-\n \n\nMalaysia ringgit\n \n \n17,762,178\n \n \n \n24,079,176\n \n \n \n4,220,536\n \n \n \n4,501,621\n \n\n \n\nF-59\n\n \n\n \n\n*Foreign currency sensitivity*\n\n \n\nThe following table details the sensitivity\nto a 5% (2024: 5%) increase and decrease in the related foreign currencies against the functional currency (“US$”) with all\nthe other variables held constant. 5% (2024: is the sensitivity rate used when reporting foreign currency risk internally to key management\npersonnel and represents management’s assessment of the possible change 5%) in foreign exchange rates. The sensitivity analysis\nincludes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% (2024:\n5%) change in foreign currency rates.\n\n \n\n \n \nDecember 31,\n\n2024\n \n \nDecember 31,\n\n2025\n \n\n \n \nUS$\n \n \nUS$\n \n\n \n \n \n \n \n \n \n\nSingapore Dollar\n \n \n          -\n \n \n \n  4,531\n \n\nMalaysia ringgit\n \n \n677,082\n \n \n \n978,878\n \n\n \n\n \n**(iii)**\n**Interest rate risk management**\n\n \n\nThe Company is exposed to interest\nrate risk as the Company has interest-bearing bank loans. The interest rates and terms of repayment of the loans are disclosed in Note\n15. The Company currently does not have an interest rate hedging policy.\n\n \n\n*Interest rate sensitivity analysis*\n\n \n\nThe sensitivity analysis below has\nbeen determined based on the exposure to interest rate for non-derivative instruments at the end of the reporting period. A 50 (2024:\n50) basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s\nassessment of the reasonably possible change in interest rates.\n\n* *\n\nIf interest rates on loans had been\n50 (2024: 50) basis points higher/lower and all other variables were held constant, the Company’s profit for the year would decrease/increase\nby approximately US$3,600 (2024: US$1,118, 2023: US$370).\n\n \n\n \n**(iv)**\n**Credit risk management**\n\n \n\nCredit risk refers to the risk that\na counterparty will default on its contractual obligations resulting in financial loss to the Company. At the end of each reporting period,\nthe Company’s maximum exposure to credit risk which will cause a financial loss to the Company due to failure to discharge an obligation\nby the counterparties arises from the carrying amount of the respective recognized financial assets as stated in the statements of financial\nposition.\n\n \n\nIn order to minimise credit risk, the\nCompany has delegated its finance team to develop and maintain the Company’s credit risk grading to categorise exposures according\nto their degree of risk of default. The finance team uses publicly available financial information and the Company’s own historical\nrepayment records to rate its major customers and debtors. The Company’s exposure and the credit ratings of its counterparties are\ncontinuously monitored, and the aggregate value of transactions concluded is spread amongst approved counterparties.\n\n \n\nThe Company’s current credit\nrisk grading framework comprises the following categories:\n\n \n\nCategory   Description   Basis for recognising ECL\n\nPerforming   The counterparty has a low risk of default and does not have any past-due amounts   12-month ECL\n\nDoubtful   There has been a significant increase in credit risk since initial recognition   Lifetime ECL-\n\nnot credit-impaired\n\nIn default   There is evidence indicating the asset is credit impaired   Lifetime ECL - credit impaired\n\nWrite-off   There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery   Amount is written off\n\n \n\nF-60\n\n \n\n \n\nFor trade and loan receivables, the\nCompany has applied the simplified approach allowed in the accounting standard to measure the loss allowance at lifetime ECL. The Company\ndetermines the ECL on these items by using a provision matrix, estimated based on historical credit loss experience based on the past\ndefault experience of the debtor, general economic conditions of the industry in which the debtors operate and an assessment of both the\ncurrent as well as the forecast direction of conditions at the reporting date. To measure the expected credit losses, trade receivables\nhas been grouped based on shared credit risk characteristics (including high risk, normal risk and low risk type).\n\n \n\nAs at the end of the reporting period, the allowance for ECL is disclosed\nin Note 11 and 13 to the financial statements.\n\n** **\n\n \n**(v)**\n**Liquidity risk management**\n\n \n\nLiquidity risk is the risk that the\nCompany will encounter difficulty in meeting financial obligations due to shortage of funds.\n\n \n\nIn assessing our liquidity, we monitor\nand analyse our cash and cash equivalents and our operating expenditure commitments. Our liquidity needs are to meet our working capital\nrequirements and operating expenses obligations. To date, we have financed our operations primarily through cash flows from operations,\nequity financing, and short-term borrowing from banks and related parties.\n\n \n\nBased on the above considerations,\nmanagement is of the opinion that the Company has sufficient funds to meet its working capital requirements and debt obligations, for\nat least the next 12 months from end of the reporting period. However, there is no assurance that management will be successful in their\nplans. There are several factors that could potentially arise that could undermine the Company’s plans, such as changes in the demand\nfor its services, economic conditions, its operating results not continuing to deteriorate and its bank and shareholders being able to\nprovide continued financial support.\n\n \n\nThe Company maintains sufficient cash\nand cash equivalents, and internally generated cash flows to finance their activities.\n\n \n\n**Liquidity risk analysis**\n\n \n\n**Non-derivative financial liabilities**\n\n \n\nThe following table details the remaining\ncontractual maturity for non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial\nliabilities based on the earliest date on which the Company can be required to pay. The table includes both interest and principal\ncash flows. The adjustment column represents the possible future cash flows attributable to the instrument included in the carrying\namount of the financial liabilities on the statement of financial position.\n\n \n\n  \nWeighted  \nOn  \n   \n  \n\n  \naverage  \ndemand  \n   \n  \n\n  \neffective  \nor within  \nWithin  \n  \n\n  \ninterest rate  \n1 year  \n2 to 5 years  \nTotal \n\n  \n%  \nUS$  \nUS$  \nUS$ \n\n  \n   \n   \n   \n  \n\n2025 \n   \n   \n   \n  \n\nNon-interest bearing \n \n-\n  \n 13,929,371  \n 456,084  \n 14,385,455 \n\nFixed interest rate \n 3.5-5%  \n 399,858  \n 346,754  \n 746,612 \n\nVariable interest rate \n BLR+2.6%  \n \n-\n  \n \n-\n  \n \n-\n \n\nTotal \n    \n 14,329,229  \n 802,838  \n 15,132,067 \n\n  \n    \n    \n    \n   \n\n2024 \n    \n    \n    \n   \n\nNon-interest bearing \n \n-\n  \n 4,902,244  \n \n-\n  \n 4,902,244 \n\nFixed interest rate \n 3.5-5%  \n 82,431  \n 37,553  \n 119,984 \n\nVariable interest rate \n BLR+2.6%  \n 160,455  \n 21,936  \n 182,391 \n\nTotal \n    \n 5,145,130  \n 59,489  \n 5,204,619 \n\n  \n    \n    \n    \n   \n\n2023 \n    \n    \n    \n   \n\nNon-interest bearing \n \n-\n  \n 4,507,068  \n \n-\n  \n 4,507,068 \n\nFixed interest rate \n 3.5-5%  \n 148,371  \n 191,363  \n 339,734 \n\nVariable interest rate \n BLR+2.6%  \n 9,520  \n 17,711  \n 27,231 \n\nTotal \n    \n 4,664,959  \n 209,074  \n 4,874,033 \n\n \n\nF-61\n\n \n\n \n\n \n**(vi)**\n**Fair value of financial assets and financial liabilities**\n\n \n\nManagement considers that the carrying\namounts of Company’s financial assets and financial liabilities approximate their respective fair values due to the relatively short-term\nmaturity of these financial instruments. The fair value of other classes of financial assets and liabilities are disclosed in the respective\nnotes to financial statements.\n\n \n\nThe fair value of non-current financial\nliabilities approximate their fair value due to frequent re-pricing of the interest rates, which are similar to other market instruments.\n\n \n\n \n**(d)**\n**Capital risk management policies and objectives**\n\n \n\nManagement manages its capital to ensure\nthat the Company will be able to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders\nand to maintain an optimal capital structure to reduce cost of capital.\n\n \n\nThe capital structure of the Company consists\nof equity attributable to owners of the Company, comprising issued share capital, capital reserve, fair value reserve, translation reserve\nand retained earnings, as disclosed in the notes to financial statements.\n\n \n\nManagement monitors capital based on debt-to-equity\nratio. The debt-to-equity ratio is calculated as total debt divided by total equity. Total debt is calculated as borrowings plus trade\nand other payables\n\n \n\n  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$ \n\nTotal debts \n 5,204,619  \n 20,693,170 \n\nTotal equity \n 86,321,816  \n 96,211,092 \n\n  \n    \n   \n\nDebt-to-equity % \n 6.02% \n 21.51%\n\n \n\nThe Company is not subject to externally\nimposed capital requirements for the financial years ended December 31, 2024 and 2025.\n\n \n\nThe Company’s overall strategy remains\nunchanged from prior years.\n\n \n\n \n**(e)**\n**Concentrations**\n\n* *\n\nFinancial instruments that potentially\nexpose the Company to concentrations of credit risk consist primarily of accounts receivables. The Company conducts credit evaluations\nof their customers, and generally does not require collateral or other security from them. The Company evaluates their collection experience\nand long outstanding balances to determine the need for an allowance for doubtful accounts. The Company conducts periodic reviews of the\nfinancial condition and payment practices of their customers to minimize collection risk on accounts receivable.\n\n \n\nThe following table sets forth a summary\nof single customers who represent 10% or more of the Company’s total revenue:\n\n \n\n  \nDecember 31, 2023  \nDecember 31, 2024  \nDecember 31, 2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nAmount of the Company’s revenue: \n    \n    \n   \n\nCustomer A \n 4,961,176  \n NA \n NA\n\nCustomer B \n 6,873,864  \n NA  \n NA \n\nCustomer C \n 1,693,885  \n NA  \n NA \n\n \n\nF-62\n\n \n\n \n\nThe following table sets forth a summary\nof single customers who represent 10% or more of the Company’s total trade receivable:\n\n \n\n  \n December 31,\n2024  \n December 31,\n2025 \n\n  \n US$  \n US$ \n\nAmount of the Company’s trade receivable: \n    \n   \n\nCustomer A \n 520,344  \n NA \n\n \n\n \n***\n*Revenue from relevant customer was less than 10% of the Company’s total revenue for the respective year.*\n\n \n\n**35**\n**FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS**\n\n \n\nThe carrying amounts and fair values of\nthe Company’s financial instruments, other than those with carrying amounts that reasonably approximate to fair value, are as follows:\n\n* *\n\n  \nCarrying amount  \nFair value \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$ \n\n  \n   \n   \n   \n   \n   \n  \n\nAssets \n   \n   \n   \n   \n   \n  \n\nFinancial assets, at fair value through profit or loss \n 15,861  \n \n-\n  \n \n-\n  \n 15,861  \n \n-\n  \n \n-\n \n\nFinancial assets, at fair value through other comprehensive income \n 8,360,497  \n 28,547,482  \n 17,513,555  \n 8,360,497  \n 28,547,482  \n 17,513,555 \n\n  \n    \n    \n    \n    \n    \n   \n\nLiabilities \n    \n    \n    \n    \n    \n   \n\nConvertible notes liabilities \n -  \n -  \n 2,930,281  \n -  \n -  \n 2,930,281 \n\nWarrant liabilities \n 428,025  \n 33,305  \n 2,625,440  \n 428,025  \n 33,305  \n 2,625,440 \n\n \n\nManagement has assessed that the fair\nvalue of financial assets measured at fair value through other comprehensive income approximate to their carrying amounts largely\ndue to the independent valuation performed and valuation technique that take into account key inputs such as P/E multiples, long-term\ngrowth rate and discount rate etc.\n\n \n\nAt each reporting date, management analyses\nthe movements in the values of financial instruments and determines the major inputs applied in the valuation.\n\n \n\nThe valuation procedures applied include\nconsideration of recent transactions in the same security or financial instrument, recent financing of the investee companies, economic\nand market conditions, current and projected financial performance of the investee companies, and the investee companies’ management\nteam as well as potential future strategies to realize the investments.\n\n \n\nManagement believes that the estimated\nfair values resulting from the valuation technique, which are recorded in the consolidated statements of financial position, and the related\nchanges in fair values, which are recorded in profit or loss and other comprehensive income, are reasonable, and that they were the most\nappropriate values at the end of the reporting periods.\n\n \n\nF-63\n\n \n\n \n\nFair value hierarchy\n\n \n\nThe following tables illustrate the\nfair value measurement hierarchy of the Company’s financial instruments:\n\n* *\n\n*Assets measured at fair value:*\n\n \n\n  \nFair value measurement using \n\n  \nQuoted\nprices in\nactive\nmarkets\n(Level 1)  \nSignificant\nobservable\ninputs\n(Level 2)  \nSignificant\nunobservable\ninputs\n(Level 3)  \nTotal \n\n  \nUS$  \nUS$  \nUS$  \nUS$ \n\nDecember 31, 2024 \n   \n   \n   \n  \n\nFinancial assets, at fair value through profit or loss \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\nFinancial assets, at fair value through other comprehensive income \n 903,000  \n \n-\n  \n 27,644,482  \n 28,547,482 \n\nFinancial liabilities, at fair value through profit or loss \n \n-\n  \n 33,305  \n \n-\n  \n 33,305 \n\n  \n    \n    \n    \n   \n\nDecember 31, 2025 \n    \n    \n    \n   \n\nFinancial assets, at fair value through other comprehensive income \n \n-\n  \n \n-\n  \n 17,513,555  \n 17,513,555 \n\nFinancial liabilities, at fair value through profit or loss \n \n-\n  \n 5,555,721  \n \n-\n  \n 5,555,721 \n\n \n\nThe movement in the fair value measurements within Level 1\nduring the years are as follow:\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\n  \n   \n   \n  \n\nFinancial assets, at fair value through other comprehensive income \n   \n   \n  \n\nAt January 1 \n 2,793,399  \n 8  \n 903,000 \n\nAdditions \n 80,615  \n 903,000  \n 3,904,416 \n\nDisposals \n (3,026,906) \n (8) \n (5,116,938)\n\nDisposal of controlling subsidiaries \n \n-\n  \n \n-\n  \n (99,478)\n\nFair value changes recognized in other comprehensive income/(loss) \n 152,900  \n \n-\n  \n 409,000 \n\nCurrency realignment \n \n-\n  \n \n-\n  \n \n-\n \n\nAt December 31 \n 8  \n 903,000  \n \n-\n \n\n \n\nDuring the year, YY Group Holding Limited\nwas successfully listed on Nasdaq, resulting in the fair value measurement moving from Level 3 to Level 1. The investment was subsequently\ndisposed of within the same year. \n\n \n\nThere were no transfers between Level\n1 and Level 2 during the financial year ended December 31, 2023, 2024 and 2025.\n\n \n\nF-64\n\n \n\n \n\nThe movement in fair value measurements\nwithin Level 3 during the years are as follow:\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\nFinancial assets, at fair value through other comprehensive income \n   \n   \n  \n\nAt January 1 \n \n-\n  \n 8,360,489  \n 27,644,482 \n\nAddition \n 10,921,564  \n 46,595,266  \n 41,749,956 \n\nDisposal \n (2,948,518) \n (17,301,634) \n \n-\n \n\nTransfer to level 1 \n \n \n  \n (903,000) \n (1,688,000)\n\nDisposal of controlling subsidiaries \n \n-\n  \n \n-\n  \n (17,716,438)\n\nFair value changes recognized in other comprehensive income \n 365,388  \n (9,009,166) \n (32,476,445)\n\nCurrency realignment \n        22,055  \n (97,473) \n \n-\n \n\nAt December 31 \n 8,360,489  \n 27,644,482  \n 17,513,555 \n\n \n\nThere were no transfers between Level\n2 and Level 3 during the financial year ended December 31, 2025 and 2024.\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nUS$  \nUS$  \nUS$ \n\n  \n   \n   \n  \n\nFinancial liabilities, at fair value through profit and loss \n   \n   \n  \n\nAt January 1 \n \n-\n  \n 439,409  \n 33,305 \n\nAddition \n 1,341,999  \n 3,916,074  \n 5,555,721 \n\nDisposal \n (913,974) \n (4,310,794) \n (33,305)\n\nCurrency realignment \n 11,384  \n (11,384) \n \n-\n \n\nAt December 31 \n 439,409  \n 33,305  \n 5,555,721 \n\n \n\n**36**\n**RECONCILIATIONS OF LIABILITIES ARISING FROM FINANCING ACTIVITIES**\n\n \n\n  \nAt\nbeginning\nof year  \nAddition  \nDisposal  \nPayment  \nInterest\ncharges  \nInterest\npaid  \nCurrency alignment  \nAt\nend of\nyear \n\n  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$  \nUS$ \n\n2025 \n   \n   \n   \n   \n   \n   \n   \n  \n\nBank borrowings \n 48,175  \n \n-\n  \n (38,502) \n (9,673) \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\nLease liabilities \n 119,984  \n 1,159,035  \n (120,240) \n (425,987) \n 32,750  \n (32,750) \n 13,820  \n 746,612 \n\nOther borrowings \n 134,216  \n \n-\n  \n (134,216) \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\n  \n 302,375  \n 1,159,035  \n (292,958) \n (435,660) \n 32,750  \n (32,750) \n 13,820  \n 746,612 \n\n \n\nF-65\n\n \n\n \n\n \n \nAt\n\nbeginning\n\nof year\n \n \nPrincipal\n \n \nInterest\n\ncharges\n \n \nInterest\n\npaid\n \n \nAt\n\nend of\n\nyear\n \n\n \n \nUS$\n \n \nUS$\n \n \nUS$\n \n \nUS$\n \n \nUS$\n \n\n**2024**\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nBank borrowings\n \n \n72,164\n \n \n \n(23,989\n)\n \n \n2,250\n \n \n \n(2,250\n)\n \n \n48,175\n \n\nLease liabilities\n \n \n280,811\n \n \n \n(160,827\n)\n \n \n7,251\n \n \n \n(7,251\n)\n \n \n119,984\n \n\nOther borrowings\n \n \n134,216\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n134,216\n \n\n \n \n \n487,191\n \n \n \n(184,816\n)\n \n \n9,501\n \n \n \n(9,501\n)\n \n \n302,375\n \n\n \n\n**37**\n**EARNINGS PER SHARE**\n\n \n\nOn November 5, 2024, the Company effected\n49-for-1 reverse share split of its issued and outstanding ordinary shares. On April 3, 2025, the Company effected 20-for-1 reverse share\nsplit exercise. On September 16, 2025, the Company effected 30-for-1 reverse share split exercise.\n\n \n\nSubsequently on February 27, 2026, the\nCompany effected 60-for-1 reverse share split exercise. The reverse share split did not affect the total amount of shareholders’\nequity.\n\n \n\nIn accordance with IAS 33, the weighted\naverage number of outstanding shares used in the calculation of basic and diluted earnings per share for all prior periods presented has\nbeen retroactively adjusted to reflect both reverse share split exercises. This adjustment ensures comparability across all reporting\nperiods.\n\n \n\nThe Company had\noutstanding warrants, convertible notes, and share options that could potentially dilute earnings per share in future periods.\n\n \n\nFor the year ended December 31, 2025, these potentially dilutive securities\nwere excluded from the computation of diluted loss per share because the Company incurred a net loss during the year, and their inclusion\nwould have been anti-dilutive. Accordingly, diluted loss per share is the same as basic loss per share.\n\n \n\nThe following table presents the impact\nof the reverse share splits on earnings per share:\n\n \n\nYear ended\n \nAs\n\nPreviously\n\nReported\n \n \nAdjusted for Reverse Share\n\nSplit\n \n\nEarnings per share – basic and diluted*\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n\nDecember 31, 2023 (US$)\n \n \n0.20\n \n \n \n353,254.27\n \n\nDecember 31, 2024 (US$)\n \n \n0.08\n \n \n \n98,427.54\n \n\n \n \n \n \n \n \n \n \n \n\nWeighted average number of ordinary shares used in computing earnings – basic and diluted*\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n\nDecember 31, 2023 (Number of ordinary shares)\n \n \n38,027,579\n \n \n \n22\n \n\nDecember 31, 2024 (Number of ordinary shares)\n \n \n100,718,632\n \n \n \n80\n \n\n \n\n**38**\n**SUBSEQUENT EVENTS**\n\n \n\nThe Company evaluated all events and transactions that occurred after\nDecember 31, 2025 up through July 3, 2026, which is the date that these consolidated financial statements are available for distribution.\nOther than the events disclosed below:\n\n \n\n  ● On January 16, 2026, 43,805  (2,628,270 prior to 1 to 60 reverse share splits), and on March 4, 2026,      107,737 ordinary shares were issued to Alumni Capital LP, in aggregate, to the exercise of warrants.\n\n \n\nF-66\n\n \n\n \n\n●On February 24, 2026, 205,000\n(12,300,000 prior to the 1-for-60 reverse share split) ordinary shares were issued to certain shareholders of Reveillon Group Limited\nas a deposit in connection with the Company’s right to acquire additional shares of Reveillon Group Limited from those shareholders\nat a predetermined price following the successful listing of Reveillon Group Limited on Nasdaq.\n\n \n\n  ● On February 24, 2026, 295,000 (17,700,000 prior to 1 to 60 reverse share splits) ordinary shares were issued as referral fees in connection with the introduction of new project and investor to the Group.\n\n \n\n  ● On March 17, 2026, 710,509 ordinary shares were issued, in aggregate, to certain of our executive officers pursuant to Employee Stock Ownership Plan.\n\n \n\n  ● During January 21, 2026, until March 4, 2026, 105,991 (6,359,432 prior to 1 to 60 reverse share splits) and 853,796 ordinary shares were issued to Esousa Group Holdings LLC, in aggregate, to pursue the purchase and sale of securities agreement signed with Esousa Group Holdings LLC in  January 20, 2026.\n\n \n\n  ● During March 6, 2026, until June 26, 2026, 2,102,494 ordinary shares were issued to Esousa Group Holdings LLC, in aggregate, to pursue the purchase and sale of securities agreement signed with Esousa Group Holdings LLC in  March 6, 2026.\n\n \n\n  ● On March 11, 2026, 223,608 ordinary shares were issued to Alumni Capital LP, pursuant to securities purchase agreement in which Alumni could purchase convertible notes (“Convertible Notes”).\n\n \n\n  ● On March 11, 2026 and March 31, 2026, 3,270 ordinary shares were issued to Alex Chua Siong Kiat, executive director, in aggregate, pursuant to his employment agreements.\n\n \n\n  ● On April 6, 2026, 200,000 ordinary shares were issued to certain suppliers pursuant to the commission agreements signed on 1 April 2026 in connection to the referral investor to the Group.\n\n \n\n  ● From May 20, 2026, until May 26, 2026, 1,854,135 ordinary shares were issues to CEO Dato Hoo Voon Him, in aggregate, to pursuant the securities purchase agreement.\n\n \n\n  ● On June 3, 2026, 818,258 ordinary shares were issued to S2MA Capital to subscribe Oobit token, which functions as the native utility token for the Oobit cryptocurrency.\n\n \n\n  ● On June 4, 2026, 132,329 ordinary shares were issued to various investors for US$7.86 per share pursuant the securities purchase agreement.\n\n \n\n  ● On March 11, 2026, and June 5, 2026, 717,000 ordinary shares were issued as referral fees in connection with the introduction of new project and investor to the Group.\n\n \n\n  ● On April 30, 2026, 480,000 ordinary shares were issued to Brown Stone Capital Limited and Abri Advisory Limited as consideration for service rendered to the Company.\n\n \n\nF-67\n\n \n\n16916101\n4945668\n3586735\n1061170\n\nFrom October 31, 2025 until November 11, 2025, 46,296 (2,777,778 prior to 1 to 60 reverse share share splits) ordinary shares were issued as our following offering at US108 (US 1.80 per ordinary share prior to 1 to 60 reverse share splits), before deduction the discounts and 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iesBWarrantMember\n\n2024-12-31\n\n0001930510\n\nvcig:ExistingListingWarrantMember\n\n2024-12-31\n\n0001930510\n\nvcig:ExchangeListingWarrantMember\n\n2024-01-01\n2024-12-31\n\n0001930510\n\nvcig:ExchangeListingWarrantMember\n\n2025-01-01\n2025-12-31\n\n0001930510\n\nvcig:SeriesAWarrantMember\n\n2024-01-01\n2024-12-31\n\n0001930510\n\nvcig:SeriesAWarrantMember\n\n2025-01-01\n2025-12-31\n\n0001930510\n\nvcig:SeriesBWarrantMember\n\n2024-01-01\n2024-12-31\n\n0001930510\n\nvcig:SeriesBWarrantMember\n\n2025-01-01\n2025-12-31\n\n0001930510\n\nvcig:AlumniCapitalConvertibleNotesDetachableWarrantMember\n\n2025-01-01\n2025-12-31\n\n0001930510\n\nvcig:AlumniCapitalELOCDetachableWarrantMember\n\n2025-01-01\n2025-12-31\n\n0001930510\n\nvcig:SeniorSecuredConvertibleNotesMember\nvcig:AlumniCapitalLPMember\nvcig:SecuritiesPurchaseAgreementsMember\n\n2025-08-13\n2025-08-13\n\n0001930510\n\nvcig:TrancheOneMember\nvcig:SeniorSecuredConvertibleNotesMember\nvcig:AlumniCapitalLPMember\nvcig:SecuritiesPurchaseAgreementsMember\n\n2025-08-13\n2025-08-13\n\n0001930510\n\nvcig:TrancheTwoMember\nvcig:SeniorSecuredConvertibleNotesMember\nvcig:AlumniCapitalLPMember\nvcig:SecuritiesPurchaseAgreementsMember\n\n2025-08-13\n2025-08-13\n\n0001930510\n\nvcig:TrancheThreeMember\nvcig:SeniorSecuredConvertibleNotesMember\nvcig:AlumniCapitalLPMember\nvcig:SecuritiesPurchaseAgreementsMember\n\n2025-08-13\n2025-08-13\n\n0001930510\n\nvcig:TrancheOneMember\nvcig:SeniorSecuredConvertibleNotesMember\nvcig:AlumniCapitalLPMember\nvcig:SecuritiesPurchaseAgreementsMember\n\n2025-01-01\n2025-12-31\n\n0001930510\n\nvcig:TrancheTwoMember\nvcig:SeniorSecuredConvertibleNotesMember\nvcig:AlumniCapitalLPMember\nvcig:SecuritiesPurchaseAgreementsMember\n\n2025-01-01\n2025-12-31\n\n0001930510\n\nvcig:TrancheThreeMember\nvcig:SeniorSecuredConvertibleNotesMember\nvcig:AlumniCapitalLPMember\nvcig:SecuritiesPurchaseAgreementsMember\n\n2025-01-01\n2025-12-31\n\n0001930510\n\nvcig:TrancheFourMember\nvcig:SeniorSecuredConvertibleNotesMember\nvcig:AlumniCapitalLPMember\nvcig:SecuritiesPurchaseAgreementsMember\n\n2025-12-31\n\n0001930510\n\nvcig:TrancheTwoMember\nvcig:SeniorSecuredConvertibleNotesMember\nvcig:AlumniCapitalLPMember\nvcig:SecuritiesPurchaseAgreementsMember\n\n2025-12-31\n\n0001930510\n\n2025-11-05\n2025-11-05\n\n0001930510\n\n2025-04-03\n2025-04-03\n\n0001930510\n\n2025-09-16\n2025-09-16\n\n0001930510\n\nvcig:PaidUpCapitalMember\n\n2024-01-31\n\n0001930510\n\nifrs-full:OrdinarySharesMember\n\n2024-01-31\n\n0001930510\n\nifrs-full:OrdinarySharesMember\n\n2024-02-01\n2024-04-30\n\n0001930510\n\nifrs-full:OrdinarySharesMember\n\n2024-04-30\n\n0001930510\n\nvcig:PaidUpCapitalMember\n\n2024-05-31\n\n0001930510\n\n2024-05-31\n\n0001930510\n\nvcig:PaidUpCapitalMember\n\n2024-08-31\n\n0001930510\n\nifrs-full:OrdinarySharesMember\n\n2024-08-31\n\n0001930510\n\nifrs-full:OrdinarySharesMember\nifrs-full:TopOfRangeMember\n\n2024-08-31\n\n0001930510\n\nifrs-full:BottomOfRangeMember\n\n2024-08-31\n\n0001930510\n\nifrs-full:TopOfRangeMember\n\n2024-08-31\n\n0001930510\n\nvcig:PaidUpCapitalMember\n\n2024-07-02\n\n0001930510\n\nvcig:PaidUpCapitalMember\n\n2024-07-12\n\n0001930510\n\n2024-07-02\n\n0001930510\n\n2024-07-12\n\n0001930510\n\nvcig:PaidUpCapitalMember\n\n2024-03-31\n\n0001930510\n\nvcig:SichenziaRossFerenceCarmelLLPMember\n\n2024-03-31\n\n0001930510\n\nvcig:ExchangeListingLLCMember\nifrs-full:OrdinarySharesMember\n\n2024-04-30\n\n0001930510\n\nvcig:ExchangeListingLLCMember\n\n2024-04-30\n\n0001930510\n\nvcig:AlumniCapitalLPMember\nifrs-full:OrdinarySharesMember\n\n2024-12-26\n\n0001930510\n\nvcig:AlumniCapitalLPMember\n\n2024-12-26\n\n0001930510\n\nifrs-full:OrdinarySharesMember\n\n2024-09-24\n2024-09-24\n\n0001930510\n\nvcig:ConvertibleBridgingNotesMember\n\n2024-09-24\n\n0001930510\n\nifrs-full:OrdinarySharesMember\n\n2024-09-24\n\n0001930510\n\nvcig:PaidUpCapitalMember\n\n2024-09-24\n\n0001930510\n\nvcig:CodetextLimitedMember\n\n2024-12-31\n\n0001930510\n\nvcig:OutsideTheBoxCapitalIncMember\n\n2024-12-31\n\n0001930510\n\nvcig:CodetextLimitedMember\nifrs-full:OrdinarySharesMember\n\n2024-12-31\n\n0001930510\n\nvcig:PaidUpCapitalMember\n\n2024-12-11\n\n0001930510\n\nifrs-full:OrdinarySharesMember\n\n2024-12-11\n\n0001930510\n\n2024-07-16\n2024-12-05\n\n0001930510\n\n2024-12-05\n\n0001930510\n\nvcig:PaidUpCapitalMember\n\n2024-12-05\n\n0001930510\n\nifrs-full:OrdinarySharesMember\nifrs-full:TopOfRangeMember\n\n2024-12-05\n\n0001930510\n\nifrs-full:OrdinarySharesMember\nifrs-full:BottomOfRangeMember\n\n2024-12-05\n\n0001930510\n\nifrs-full:TopOfRangeMember\n\n2024-12-05\n\n0001930510\n\nifrs-full:BottomOfRangeMember\n\n2024-12-05\n\n0001930510\n\nifrs-full:OrdinarySharesMember\n\n2024-12-13\n2024-12-13\n\n0001930510\n\n2024-12-13\n\n0001930510\n\nifrs-full:OrdinarySharesMember\nvcig:EmploymentAgreementsMember\n\n2024-12-13\n\n0001930510\n\nvcig:PaidUpCapitalMember\nvcig:EmploymentAgreementsMember\n\n2025-09-29\n\n0001930510\n\n2025-09-29\n\n0001930510\n\nvcig:PaidU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