Innovating The Future
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Notice of Annual General Meeting.................................................................................................................. 2 Financial Highlights........................................................................................................................................ 7 Corporate Information.................................................................................................................................... 9 Corporate Structure...................................................................................................................................... 10 Board of Directors’ Profile............................................................................................................................ 11 Key Senior Management Profile................................................................................................................... 14 Management Discussion and Analysis......................................................................................................... 16 Sustainability Statement.............................................................................................................................. 19 Corporate Governance Overview Statement............................................................................................... 29 Audit Committee Report............................................................................................................................... 41 Statement on Risk Management and Internal Control............................................................................... 44 Statement of Directors’ Responsibility........................................................................................................ 48 Additional Compliance Information............................................................................................................ 49 Financial Statements. ...........................................................................................................50 List of Properties......................................................................................................................................... 127 Analysis of Shareholdings........................................................................................................................... 128 Form of Proxy TABLE OF CONTENTS ANNUAL REPORT 2025 Innovating The Future Visit our website for more information www.excelforce.com.my
2 Annual Report 2025 NOTICE IS HEREBY GIVEN that the Twenty-Third Annual General Meeting (“23rd AGM”) of the Company will be held at Function Room 2 & 3, Level 1 Main Lobby, Kuala Lumpur Golf & Country Club of 10, Jalan 1/70D, Off Jalan Bukit Kiara, 60000 Kuala Lumpur, Wilayah Persekutuan, Malaysia on Thursday, 4 December 2025 at 2.30 p.m. or at any adjournment thereof for the transaction of the following businesses: A G E N D A Ordinary Business 1. To receive the Audited Financial Statements for the financial year ended 30 June 2025 together with the Reports of the Directors and Auditors thereon. Please refer to Note 1 2. To approve the payment of a final single-tier dividend of 0.50 sen per ordinary share for the financial year ended 30 June 2025. Ordinary Resolution 1 3. To re-elect the following Directors who are retiring by rotation pursuant to Clause 105 of the Company’s Constitution and being eligible, have offered themselves for re-election:- a) Dato’ Sri Ismail bin Ahmad Ordinary Resolution 2 b) Elisa Tan Mun-E Ordinary Resolution 3 4. To approve the Directors’ fees amounting to RM624,000.00 for the period from the 23rd AGM of the Company up to the Twenty-Fourth Annual General Meeting (“24th AGM”) of the Company. Ordinary Resolution 4 5. To re-appoint Messrs. TGS TW PLT as Auditors of the Company for the ensuing year and to authorise the Directors to fix their remuneration. Ordinary Resolution 5 Special Business To consider and if thought fit, to pass the following resolutions: - 6. Authority to allot and issue shares in general pursuant to Sections 75 and 76 of the Companies Act 2016 Ordinary Resolution 6 “THAT pursuant to Sections 75 and 76 of the Companies Act 2016 (“the Act”) and subject to the approvals of the relevant governmental/ regulatory authorities, the Directors be and are hereby empowered to issue shares in the capital of the Company from time to time and upon such terms and conditions and for such purposes as the Directors, may in their absolute discretion deem fit, provided that the aggregate number of shares issued pursuant to this resolution does not exceed 10% of the total number of issued shares of the Company for the time being and that the Directors be and are hereby also empowered to obtain approval from the Bursa Malaysia Securities Berhad for the listing and quotation of the additional shares so issued and that such authority shall continue to be in force until the conclusion of the next Annual General Meeting of the Company. AND THAT in connection with the above, pursuant to Section 85(1) of the Act read together with Clause 61 of the Company’s Constitution, the shareholders of the Company by approving this resolution are deemed to have waived their pre-emptive rights over all new shares, options over or grants of new shares or any other convertible securities in the Company and/or any new shares to be issued pursuant to such options, grants or other convertible securities, such new shares when issued, to rank pari passu with the existing shares in the Company.” NOTICE OF ANNUAL GENERAL MEETING
3 Annual Report 2025 7. Proposed Renewal of authority for the Company to purchase its own shares (“Proposed Renewal of Share Buy-Back Authority”) Ordinary Resolution 7 “THAT subject to the Act, the provisions of the Constitution of the Company, the Main Market Listing Requirements (“Listing Requirements”) of Bursa Malaysia Securities Berhad (“Bursa Securities”) and the approval of all relevant governmental and/or regulatory authorities, the Company be and is hereby authorised, to the fullest extent permitted by law, to purchase such amount of ordinary shares in the Company as may be determined by the Directors of the Company from time to time through Bursa Securities upon such terms and conditions as the Directors may deem fit and expedient in the interest of the Company provided that:- i) the aggregate number of shares purchased or held as treasury shares does not exceed 10% of the total number of issued and paid-up shares of the Company as quoted on Bursa Securities as at the point of purchase; ii) the maximum fund to be allocated by the Company for the purpose of purchasing the shares be backed by an equivalent amount of retained profits; and iii) the Directors of the Company may decide either to retain the shares purchased as treasury shares, or cancel the shares, or retain part of the shares so purchased as treasury shares and cancel the remainder, or resell the shares, or transfer the shares or distribute the shares as dividends; AND THAT the authority conferred by this resolution will commence after the passing of this ordinary resolution and will continue to be in force until: i) the conclusion of the next AGM at which time it shall lapse unless by ordinary resolution passed at the meeting, the authority is renewed, either unconditionally or subject to conditions; or ii) the expiration of the period within which the next AGM of the Company is required by law to be held; or iii) revoked or varied by ordinary resolution passed by the shareholders of the Company in a general meeting; whichever occurs first. AND THAT the Directors of the Company be and are hereby authorised to take all such steps as are necessary or expedient to implement or to effect the purchase(s) of the shares with full power to assent to any condition, modification, variation and/or amendment as may be imposed by the relevant authorities and to take all such steps as they may deem necessary or expedient in order to implement, finalise and give full effect in relation thereto.” 8. Proposed Amendments to the Constitution of the Company Special Resolution 1 “THAT the proposed amendments to the Company’s Constitution, as annexed herewith as Appendix A, be and is hereby approved and adopted, with immediate effect. AND THAT the Directors of the Company be and are hereby authorised to assent to any conditions, modification, variation and/or amendments as may be required by any relevant authorities, and to do all acts and things and take all such steps as may be considered necessary to give full effect to the foregoing.” 9. To transact any other business of the Company for which due notice shall have been given. NOTICE OF ANNUAL GENERAL MEETING
4 Annual Report 2025 NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT NOTICE IS ALSO HEREBY GIVEN THAT the Final Single-tier Dividend of 0.50 sen per ordinary share in respect of the financial year ended 30 June 2025, if approved by shareholders at the forthcoming AGM, will be payable on 7 January 2026 to the shareholders whose names appear in the Record of Depositors of the Company at the close of business on 23 December 2025. A Depositor shall qualify for entitlement only in respect of: a) shares transferred to the Depositor’s Securities Account before 4.30 p.m. on 23 December 2025 in respect of transfer; and b) shares bought on Bursa Malaysia Securities Berhad on a cum-entitlement basis according to the Rules of Bursa Malaysia Securities Berhad. BY ORDER OF THE BOARD TAN TONG LANG (MAICSA 7045482 / SSM PC NO. 202208000250) LOW VEN SIN (MAICSA 7076080 / SSM PC NO. 202208000340) Company Secretaries Wilayah Persekutuan, Kuala Lumpur Date: 31 October 2025 NOTES: 1. The Audited Financial Statements laid at this meeting pursuant to Section 340(1)(a) of the Companies Act 2016 are meant for discussion only. It does not require shareholders’ approval, and therefore, it shall not be put forward for voting. 2. A member entitled to attend and vote at this meeting is entitled to appoint a proxy/proxies to attend and vote instead of him. A proxy may but need not be a member of the Company. There shall be no restriction as to the qualification of the proxy. A proxy appointed to attend and vote at the Meeting shall have the same rights as the member to speak at the Meeting. 3. Where a member appoints more than one proxy, the appointment shall be invalid unless he/she specifies the proportions of his/her holdings to be represented by each proxy. 4. The Form of Proxy, in the case of an individual, shall be signed by the appointer or his attorney, and in the case of a corporation, shall be executed under its Common Seal or under the hand of its attorney of the corporation duly authorised. 5. For the purpose of determining a member who shall be entitled to attend the 23rd AGM, the Company shall request Bursa Malaysia Depository Sdn Bhd to issue a Record of Depositors as at 26 November 2025. Only a depositor whose name appears on the Record of the Depositor as at 26 November 2025 shall be entitled to attend the said meeting or appoint proxies to attend and/or vote on his/her behalf. 6. To be valid, the proxy form duly completed and signed must be deposited at the Company’s Share Registrar, Aldpro Corporate Services Sdn Bhd at B-21-1, Level 21, Tower B, Northpoint Mid Valley City, No. 1 Medan Syed Putra Utara, 59200 Kuala Lumpur, Wilayah Persekutuan, Malaysia not less than forty-eight (48) hours before the time set for holding the meeting or any adjournment thereof. NOTICE OF ANNUAL GENERAL MEETING
5 Annual Report 2025 Explanatory Notes: Item 1 of the Agenda - Audited Financial Statements for the financial year ended 30 June 2025 This item of the Agenda is for discussion purposes only, as Section 340(1)(a) of the Companies Act 2016 does not require the shareholders to formally approve the Audited Financial Statements. Therefore, this item will not be put forward for voting. Ordinary Resolutions 2 & 3: Re-election of Directors who retire by rotation pursuant to Clause 105 of the Company’s Constitution Clause 105 of the Company’s Constitution states that an election of Directors shall take place each year at the annual general meeting of the Company, where one-third of the Directors for the time being, or, if their number is not three (3) or a multiple of three (3), then the number nearest to one-third shall retire from office and be eligible for re-election, PROVIDED ALWAYS that Directors shall retire from office once at least in each three (3) years but shall be eligible for re-election. A retiring Director shall retain office until the close of meeting at which he retires. Dato’ Sri Ismail bin Ahmad and Elisa Tan Mun-E are standing for re-election as Directors of the Company and being eligible, have offered themselves for re-election. For the purpose of determining the eligibility of the Directors to stand for re-election at the 23rd AGM, the Nomination Committee has considered and recommended Dato’ Sri Ismail bin Ahmad and Elisa Tan Mun-E for re-election as Directors pursuant to Clause 105 of the Company’s Constitution. Ordinary Resolution 6 : Authority to allot and issue shares in general pursuant to Sections 75 and 76 of the Companies Act 2016 The proposed Ordinary Resolution 6 is the renewal of the mandate obtained from the members at the last Annual General Meeting held on 5 December 2024 (“the Previous Mandate”). The Previous Mandate was not utilised and accordingly no proceeds were raised. The proposed Ordinary Resolution 6, if passed, will provide flexibility to the Directors to undertake fund raising activities, including but not limited to placement of shares for the funding of the Company’s future investments projects, working capital and/or acquisitions, by the issuance of shares in the Company to such persons at any time, as the Directors may deem fit, without having to convene a general meeting. This authority, unless revoked or varied by the Company in a general meeting will expire at the conclusion of next Annual General Meeting of the Company. Ordinary Resolution 7 : Proposed Renewal of Share Buy-Back Authority The proposed Ordinary Resolution 7 if passed, will allow the Directors of the Company to exercise the power of the Company to purchase not more than ten percent (10%) of the total number of issued shares of the Company at any time within the time period stipulated in the Listing Requirements. This authority, unless revoked or varied by the Company at a general meeting, shall continue to be in full force until the conclusion of the next AGM of the Company. Further details are set out in the Statement to Shareholders dated 31 October 2025. Special Resolution 1 : Proposed Amendments to the Constitution of the Company The proposed amendments to the existing Clause of the Constitution of the Company (“Proposed Amendments”) are made mainly to have express constitutional provisions to allow the appointment of proxy(ies) and/or representative(s) to attend, speak and vote at any general meeting/meeting of members of the Company and/or any adjournment thereof to be lodged via electronic means, to enhance administrative efficiency. The shareholders’ approval is being sought under a Special Resolution 1 for the Company to incorporate the Proposed Amendments into its existing Constitution. The Proposed Amendments to be made to the Constitution are listed as per Appendix A, which is circulated together with the Notice of 23rd AGM dated 31 October 2025. STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING No notice of nomination has been received to date from any member nominating any individual for election as a Director at the AGM of the Company. There is therefore no individual standing for election as Director, save for the above Directors who are standing for re-election. Further details of Directors standing for re-election as Directors are set out in their respective profiles which appear in the Board of Directors’ Profile of this Annual Report and the details of their interests in the securities of the Company are disclosed in the Analysis of Shareholdings of this Annual Report. Please refer to Explanatory Note 1 for information relating to general mandate for issue of securities. NOTICE OF ANNUAL GENERAL MEETING
6 Annual Report 2025 NOTICE OF ANNUAL GENERAL MEETING Appendix A Proposed Amendments to the Constitution of the Company This is the Appendix A referred to in Special Resolution 1 of the Notice of 23rd AGM of the Company dated 31 October 2025. The Constitution of the Company to be amended in the following manner: Clause Existing Clause Proposed Amendment 96 The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly authorised in writing or, if the appointor is a corporation, either under the corporation’s seal or under the hand of an officer or attorney duly authorised. The Directors may, but shall not be bound to require evidence of the authority of any such attorney or officer. An instrument appointing a proxy to vote at a meeting shall be deemed to include the power to demand a poll on behalf of the appointor. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly authorised in writing or, if the appointor is a corporation, either under the corporation’s seal or under the hand of an officer or attorney duly authorised. The Directors may, but shall not be bound to require evidence of the authority of any such attorney or officer. An instrument appointing a proxy to vote at a meeting (including the electronic proxy appointment and voting manner), shall be deemed to include the power to demand a poll on behalf of the appointor. 100 The instrument appointing a proxy and the power of attorney, or other authority (if any) under which it is signed, or a certified copy of such power or authority by a notary public, shall be deposited at the Office or at such other place within Malaysia, as is specified for that purpose in the notice convening the meeting, not less than forty-eight (48) hours before the time appointed for holding the meeting or adjourned meeting at which the person named in the instrument, proposes to vote or, in the case of a poll, not less than twenty-four (24) hours before the time appointed for the taking of the poll, and in default, the instrument of proxy shall not be treated as valid, PROVIDED ALWAYS that the Company may by written notice waive the prior lodgement of the above instrument appointing a proxy and the power of attorney or other authority. The instrument appointing a proxy and the power of attorney or other authority (if any) under which it is signed, or a certified copy of such power or authority by a notary public, shall be deposited at the Office or at such other place within Malaysia, or be lodged by electronic means in the manner prescribed by the Company, as specified for that purpose in the notice convening the meeting, not less than forty-eight (48) hours before the time appointed for holding the meeting or adjourned meeting at which the person named in the instrument, proposes to vote or, in the case of a poll, not less than twenty-four (24) hours before the time appointed for the taking of the poll, and in default, the instrument of proxy shall not be treated as valid, PROVIDED ALWAYS that the Company may by written notice waive the prior lodgement of the above instrument appointing a proxy and the power of attorney or other authority. 102 A member of the Company is permitted to give the Company notice of termination of a person’s authority to act as proxy not less than twenty-four (24) hours before the time appointed for holding the meeting. The notice of termination must be in writing and be deposited at the Office or at such other place within Malaysia. A member of the Company is permitted to give the Company notice of termination of a person’s authority to act as proxy not less than twenty-four (24) hours before the time appointed for holding the meeting. The notice of termination must be in writing or by electronic means in the manner prescribed by the Company and be deposited at the Office or at such other place within Malaysia.
7 Annual Report 2025 31.12.2020 31.12.2021 18 months 30.6.2023 12 months 30.6.2024 12 months 30.6.2025 Financial Performance (RM’000) Turnover 31,386 37,289 43,380 29,020 27,386 Profit before Tax 14,175 16,886 16,354 11,281 7,362 Profit for the Year 10,766 12,320 11,784 8,282 5,075 PATANCI 10,766 12,320 12,119 8,282 5,075 Key Statement of Financial Position Data (RM’000) Cash and Bank Balances 22,853 32,356 31,171 21,004 22,170 Total Assets 102,390 110,300 107,146 148,093 142,186 Total Liabilities 11,637 10,596 10,250 19,961 16,669 Total Net Tangible Assets 78,821 87,529 81,434 106,699 102,562 Share Capital 89,303 81,176 81,176 98,094 98,094 Equity Attributable to the Owners of the Company 90,752 99,159 96,896 128,132 125,517 Share Information (sen) Basic Earnings Per Share1 1.91 2.20 2.17 1.44 0.83 Diluted Earnings Per Share2 1.91 2.20 2.17 1.44 0.83 Dividend Per Share 1.50 1.50 1.00 1.00 0.50 Financial Ratios Current Ratio (times) 6.11 6.95 7.31 7.70 10.48 Net Asset Per Share (RM) 0.15 0.18 0.17 0.21 0.21 Return on Equity (ROE) 12% 12% 13% 6% 4% Dividend Payout Ratio 79% 68% 46% 71% 60% Debts to Equity Ratio - - - 5% 5% Notes: 1. Earnings per share (“EPS”) is computed by dividing the PATANCI by the weighted average number of ordinary shares in issue during the financial year. PATANCI represents Profit after Tax and Non-Controlling Interests, being profit attributable to equity holders of the Company. 2. The diluted earnings per ordinary share is computed by dividing the PATANCI by the weighted average number of ordinary shares in issue during the financial year adjusted for the dilutive effects of all potential ordinary shares in issued at the end of the reporting period. 3. ROE is calculated by dividing the PATANCI by the equity attributable to equity holders of the Company. FIVE-YEARS FINANCIAL HIGHLIGHTS
8 Annual Report 2025 2020 2020 2020 2020 31,386 8,931 16,648 22,853 37,289 8,391 20,609 32,356 2021 2021 2021 2021 43,380 5,594 22,059 31,171 2023 2023 ■ Application Solution ■ Maintenance Services ■ Application Services Provider ■ Application Solution ■ Maintenance Services ■ Application Services Provider 2023 2023 29,020 6,099 15,524 21,004 2024 2024 2024 2024 27,386 3,049 11,916 22,170 2025 2025 2025 2025 Turnover (RM’000) Dividend Paid & Proposed (RM’000) EBITDA (RM’000) Cash & Cash Equivalent (RM’000) Group Segmental Revenue 2024 Group Segmental Revenue 2025 Notes: • Application Solutions ("AS') represent sales of software applications and products on an outright purchase basis. • Application Services Provider ("ASP') represents provision of application services on monthly recurring fixed and variable charges. • Maintenance Services represent provision of maintenance services. • EBITDA represents Earnings before Interest, Taxation, Depreciation and Amortisation. 71% 18% 11% FIVE-YEARS FINANCIAL HIGHLIGHTS 70% 20% 10%
9 Annual Report 2025 BOARD OF DIRECTORS Executive Chairman Dato’ Seri Farhash Wafa Salvador Managing Director Mr Wong Kok Chau Executive Director Mr Eng Shao Hon Independent Non-Executive Directors Datuk Mat Noor bin Nawi Dato’ Sri Ismail bin Ahmad Ms Elisa Tan Mun-E AUDIT COMMITTEE Chairman Datuk Mat Noor bin Nawi Members Dato’ Sri Ismail bin Ahmad Ms Elisa Tan Mun-E REMUNERATION COMMITTEE Chairman Dato’ Sri Ismail bin Ahmad Members Datuk Mat Noor bin Nawi Ms Elisa Tan Mun-E NOMINATION COMMITTEE Chairman Dato’ Sri Ismail bin Ahmad Members Datuk Mat Noor bin Nawi Ms Elisa Tan Mun-E COMPANY SECRETARIES Tan Tong Lang (MAICSA 7045482 / SSM PC No. 202208000250) Low Ven Sin (MAICSA 7076080 / SSM PC No. 202208000340) BUSINESS OFFICE Level 31, Zetrix Tower, Empire City No. 8, Jalan Damansara, PJU 8 47820 Petaling Jaya Selangor Darul Ehsan Tel: 03-7735 2288 (Hunting line) Fax: 03-7735 2289 REGISTERED OFFICE B-21-1, Level 21, Tower B Northpoint Mid Valley City No. 1 Medan Syed Putra Utara 59200 Kuala Lumpur Wilayah Persekutuan Tel: 03-9770 2200 Fax: 03-2201 7774 Email: boardroom@boardroom.com.my SOLICITORS Cheong Wai Meng & Van Buerle No. 30, 2nd Floor, Jalan USJ 10/1 47620 Subang Jaya Selangor Darul Ehsan Tel: 03-5638 7621 Fax: 03-5638 2313 PRINCIPAL BANKER Hong Leong Bank Berhad AUDITORS TGS TW PLT 202106000004 (LLP0026851-LCA) & AF002345 Chartered Accountants E-16-2B, Level 16, ICON Tower (East) No.1 , Jalan 1/68F, Jalan Tun Razak 50400 Kuala Lumpur Tel: 03-9771 4326 Fax: 03-9771 4327 SHARE REGISTRAR Aldpro Corporate Services Sdn Bhd B-21-1, Level 21, Tower B Northpoint Mid Valley City No. 1 Medan Syed Putra Utara 59200 Kuala Lumpur Wilayah Persekutuan Tel: 03-9770 2200 Fax: 03-2201 7774 Email: admin@aldpro.com.my STOCK EXCHANGE LISTING Main Market of Bursa Malaysia Berhad Stock Name: EFORCE Stock Code: 0065 Sector: Technology WEBSITE www.excelforce.com.my CORPORATE INFORMATION
10 Annual Report 2025 CORPORATE STRUCTURE AS AT 30 JUNE 2025 EXCEL FORCE MSC BERHAD EXCEL FORCE SOLUTIONS SDN BHD INSAGE (MSC) SDN BHD XIFU SDN BHD MILLAPP SDN BHD EXCEL FORCE INNOVATIONS SDN BHD (formerly known as E2 Trade Sdn Bhd) UNIVERSAL CAPITAL CO LTD 100% 100% 100% 28.6% 100% 100%
11 Annual Report 2025 DATO’ SERI FARHASH WAFA SALVADOR Executive Chairman Male, Aged 43 Dato’ Seri Farhash Wafa Salvador (“Dato’ Seri Farhash”), a Malaysian, was appointed to the Board on 9 May 2023. Dato’ Seri Farhash was graduate with professional qualification major in Executive Certificate in Public Leadership from Harvard Kennedy School, Harvard University, a masters holder major in Master Science in Finance from University of Portsmouth, United Kingdom and a degree holder major in Honours Degree of Bachelor of Arts in Business Administration from University of Portsmouth, United Kingdom. Dato’ Seri Farhash brings with him over more than a decades worth of experience in the field of business, consultancy and advisory. In the business front, his illustrious career spans across a broad range of sectors which includes construction, technology, hotel, food & beverage. He is also a staunch advocate to promoting the development of the Small Medium Enterprise (“SME”) industry in the country. Moreover, Dato’ Seri Farhash is a multi-talented innovator with five award-winning patents held across the world including the United States, United Kingdom, France, Germany, and China. As testament to his talents and invaluable contribution to the industry, he was named, amongst the many, Emerging Entrepreneur of the Year in 2020 by the Global Business Leadership Awards, Enterprising Entrepreneur of the Year in 2019 and Technopreneur of the Year in 2018 by SEBA, Malaysia Outstanding National Entrepreneur Bumiputra in Business in 2018, 100th most influential young entrepreneur in 2017 and Bumiputera Entrepreneur Startup Scheme Award by the Bumiputera Agenda Leadership Unit (TERAJU) in 2016. He is or had been a director and/or shareholder in at least ten (10) private companies which includes Swag Technologies Sdn Bhd, Salvador & Sons Sdn Bhd and Pacific Samudera Sdn Bhd. He was also an Independent Non-Executive Director of Bluemont Group Limited (now known as Southern Archipelago Limited) from 2014 to 2016, a Public Listed Company listed on the Mainboard of the Singapore Exchange (“SGX”). He presently sits in the Board of Advisory of Yayasan Usahawan Malaysia, a non-government organisation that thrives on the frontier of gathering, creating and developing sustainable companies with strong entrepreneurship traits. He is also a Group Executive Chairman of Apex Equity Holdings Berhad, an Executive Chairman of Key Alliance Group Berhad, a NonIndependent and Non-Executive Chairman of MMAG Holdings Berhad and a Director of Berjaya Construction Berhad and Bukit Kiara Resort Berhad. He has attended all five (5) Board meetings held during the financial year ended 30 June 2025. WONG KOK CHAU Managing Director Male, Aged 56 Wong Kok Chau (“Kok Chau”), a Malaysian, was appointed to the Board on 24 November 2016 and re-designated as Managing Director on 1 July 2020. He is a member of the Chartered Global Management Accountant (CGMA) and the Malaysian Institute of Accountants (MIA). He started his career with Ernst & Young providing corporate advisory services to business investors. Next, he joined a French based fast-moving consumer goods, BIC, as their Regional Controller for Asia. Kok Chau was a member of the Asian growth strategy execution team. He was subsequently recruited by Kepner-Tregoe (KT), a US-based training and consulting company as Financial Controller for Asia Pacific. His responsibility included financial and management reporting, treasury, costing, logistic and administration, and managed a team of back office support resources across 6 countries. Midway in his career with KT, he switched role to be a full time Consultant. He was a key resource in margin improvement and strategy formulation consulting projects, assuming the role of analyst and process consultant. He managed a regional inside sale team, responsible for selling training services and identifying consulting opportunities. He left KT to establish his own business in Singapore. A Davids & Company (ADC) is a productivity improvement consulting company, focus on increasing the thinking capability of people to solve problems and get the right things done right first time. Amongst the projects he implemented were formulating business direction of a global facilities management company and improving cross functional team communication and coordination of a regional telco. In EForce, he is responsible to formulate and execute strategic projects for business growth, increase operational efficiency, improve service delivery quality and business development. On 9 July 2018, Kok Chau was appointed as an independent and non-executive director of Zetrix AI Berhad. He is also Chairman of the Audit Committee, Chairman of Employees’ Share Option Scheme Committee, and a member of the Risk Management and Remuneration Committee of Zetrix AI Berhad. He has attended all five (5) Board meetings held during the financial year ended 30 June 2025. BOARD OF DIRECTORS’ PROFILE
12 Annual Report 2025 ENG SHAO HON Executive Director Male, Aged 50 Eng Shao Hon (“Shao Hon”), a Malaysian, was appointed to the Board on 2 January 2013. He graduated with a Bachelor Degree in Electrical and Electronic Engineering from Universiti Teknologi Malaysia in 1999. He is a Microsoft Certified Solutions Developer, holding a MCSD certification from Microsoft Corporation in 2003. Shao Hon started his career in 1999 with Motorola Malaysia as Research & Development (R&D) Software Engineer. He was responsible for the design and development of software for new telecommunication products. Two years later, he joined EForce as a Senior Software Engineer and subsequently, he was transferred to R&D department to assist in the development of the CyberBroker suite of solutions. He was the solution designer and key person in the development of StockBanking System, where his knowledge and expertise in Share Margin Financing System was applied. He did not hold any directorship in public companies and listed issuer. Presently, he is the Chief Technology Officer responsible for research and development function in EForce. He has attended all five (5) Board meetings held during the financial year ended 30 June 2025. DATUK MAT NOOR BIN NAWI Independent Non-Executive Director Male, Aged 70 Datuk Mat Noor bin Nawi (“Datuk Mat Noor”), a Malaysian, was appointed to the Board of the Company on 27 September 2019. He graduated with a Bachelor of Science (Resource Economics) from Universiti Putra Malaysia and Master of Science (Policy Economics) from University of lllinois, Urbana-Champaign, USA. Datuk Mat Noor had served with the Government of Malaysia for over 30 years where he started his career in the Malaysian civil service in 1981 as an Agriculture Economist at the Federal Agriculture Marketing Authority (FAMA) before joining the Economic Planning Unit (EPU), Prime Minister’s Department in 1983. He had since continued to serve the EPU in various capacities and his last position was the Deputy Director General I, EPU, prior to joining the Ministry of Finance (MOF) in October 2011. He was the Deputy Secretary General, Treasury (Investment) in MOF and later became the Deputy Secretary General, Treasury (Policy) at the MOF, a position he held since 16 November 2012. He then retired from the Malaysian civil service on 6 June 2015. On 1 October 2015, Datuk Mat Noor was appointed as Chairman of Export-Import Bank of Malaysia Berhad (EXIM Bank) and retired on 31 September 2018. Currently, he is the Chairman of MX Global Sdn Bhd, Executive Director in Asiapac Oil & Gas Sdn Bhd, an Independent Non-Executive Director of Cuscapi Berhad. He also sits on the Board of Megah Perkasa Security Services Sdn Bhd, Longbow Solutions Sdn Bhd and Longbow Digital Sdn Bhd. He is the Chairman of the Audit Committee and a member of the Remuneration Committee and Nomination Committee of EForce. He has attended all five (5) Board meetings held during the financial year ended 30 June 2025. BOARD OF DIRECTORS’ PROFILE
13 Annual Report 2025 DATO’ SRI ISMAIL BIN AHMAD Independent Non-Executive Director Male, Aged 69 Dato’ Sri Ismail bin Ahmad, a Malaysian, was appointed to the Board of the Company on 1 July 2020. He is a graduate with Bachelor of Science (Agriculture), Universiti Putra Malaysia and Masters of Business Administration, University of Hull, United Kingdom. He started his career as a diplomatic and administrative officer. He has more than 35 years of experience in public service, in 1991 he work as Assistant Secretary for Economic Planning Unit, in 1988 he is Deputy Registrar for National Institute of Public Service (INTAN), in 2006 he is the Senior Director of Ministry of Domestic Trade, Co-operation and Consumer Affairs and in 2013 he is the Director General of Road & Transport Department. He did not hold any directorship in public companies and listed issuer. He is Chairman of Nomination Committee and Remuneration Committee and a member of Audit Committee of EForce He has attended all five (5) Board meetings held during the financial year ended 30 June 2025. ELISA TAN MUN-E Independent Non-Executive Director Female, Aged 42 Elisa Tan Mun-E, a Malaysian, was appointed to the Board of the Company on 1 December 2021. She graduated from The One Academy with Diploma in Graphic Designer. She has vast working experience in private sector. In 2006, she worked as Assistant Designer at White Fairy Sdn Bhd. In 2012 she was the Business Development Executive at Megastonic Sdn Bhd. In 2013 she was a Director at Beyond Entity Sdn Bhd and subsequently taken additional rule as Talent Manager. Currently she was the Managing Director at Awesome Loungh Sdn Bhd. On 1 June 2023, she was appointed as Independent NonExecutive Director of MYTECH Group Berhad. She is a member of Audit Committee, Nomination Committee and Remuneration Committee of EForce. She has attended four (4) out of five (5) Board meetings held during the financial year ended 30 June 2025. Other information in respect of all Directors 1. Save as disclosed above, none of the Directors have any family relationship with any director and/or major shareholder of the Company. 2. Details of the conflicts of interest involving Dato’ Seri Farhash Wafa Salvador are disclosed in the Audit Committee Report in this Annual Report. 3. Save as disclosed in item (2), none of the Directors have any conflict of interest or potential conflict of interest, including interest in any competing business that the person has with Excel Force MSC Berhad or its subsidiaries. 4. None of the Directors have been convicted for offences (other than traffic offences), if any, within the past five (5) years. 5. None of the Directors have any public sanction or penalty imposed by the relevant regulatory bodies during the financial year. BOARD OF DIRECTORS’ PROFILE
14 Annual Report 2025 The Management team is headed by the Managing Director, Mr. Wong Kok Chau. He is assisted by Mr. Eng Shao Hon and the following key senior management. GAN TECK BAN Head, Sales and Business Development | Male, Aged 59 Gan Teck Ban, a Malaysian, graduated with a Diploma in Computer Studies from Informatics Computer Centre in 1990. He obtained the MCSD certification from Microsoft Corporation in 2003. He began his career with Wise Industries Sdn. Bhd., a rubber glove manufacturer as an Information Technology Supervisor where he was responsible for the maintenance of office computer hardware. Thereafter, he joined Rapid Computer Centre Sdn. Bhd., a company involved in development of educational software, as Software Specialist, and was later promoted to Technical Specialist. His responsibilities include managing a software team, project planning and management. On 1 October 1997, he joined EForce as Senior Programmer. He was involved in a number of software and system developments. In 2005, he was promoted as Customer Service Manager. His responsibilities included managing a support team, liaise with various departments for resource planning and project implementation in EForce. He is now Head of Sales and Business Development, responsible for formulating marketing plan, product and proposal presentation, secure new business and maintain good relationship with customers. CH’NG SWEE TIONG Head, Customer Service | Male, Aged 45 Ch’ng Swee Tiong, a Malaysian, joined EForce on 1 April 2011. He holds a degree in Business Information Systems. He began his career at EForce as a System Engineer. During his tenure, he actively participated in technical discussions, provided system infrastructure diagrams, and led system implementations. He also played a key role in supporting daily operations, including performing system health checks, managing Disaster Recovery deployments, and offering technical support. He has gained valuable experience in both technical and system support while demonstrating exceptional dedication and capabilities. Over the years, he has excelled in several critical operational and management areas, gaining a deep understanding of our daily operations and customer needs. As the Head of Customer Service, he leads the customer service and support teams, working to enhance service quality while ensuring the smooth operation of both hardware and software systems. WONG BOON LEONG Head, Solution Design and Assurance | Male, Aged 45 Wong Boon Leong, a Malaysian, joined EForce on 23 August 2005 as a Software Developer. He graduated with Bachelor of Information Systems Engineering degree from Universiti Tunku Abdul Rahman. He is also a Project Management Professional (PMP) certified practitioner. Throughout his employment service with EForce, he has held various positions such as System Analyst, Project Manager and Head of System Design. He has vast overseas and local projects experience, engaging with our clients from stock trading, banking and insurance industries. He helps them to fulfill not just their business needs but gain competitive advantages by leveraging on IT systems and products. Currently he is responsible for Solution Design and Assurance function. KEY SENIOR MANAGEMENT PROFILE
15 Annual Report 2025 ALICIA CHAN SAU HSIA Head, Human Resources and Administration | Female, Aged 52 Alicia Chan Sau Hsia, a Malaysian, was appointed as the Manager of Human Resources and Administration on 1 March 2012. She graduated with a Bachelor of Management (Marketing) from the University of South Australia. She also obtained professional certificate in Human Resources Management. Prior to joining EForce, she was attached to several large corporations with operational roles in retail, service and human resources management. She has more than 15 years of experience in human resources and administration with over 10 years of experience at managerial level. She is experienced in recruitment, compensation and benefits, training and development, payroll management and in initiating Corporate Social Responsibility. Currently as Head of Human Resources and Administration, she is responsible in formulating and implementing human resources strategy and productivity, aligning them to the organisation’s aspirations and objectives. She also assists in creating balance amongst people, work environment and performance. LIEW KEAN FATT Head, Finance | Male, Aged 57 Liew Kean Fatt, a Malaysian, joined EForce on 15 May 2013 as Finance Manager. He completed his Chartered Accountancy qualification with the Association of Charted Certified Accountants (ACCA) and subsequently admitted as member of ACCA in 2000. He is a member of the Malaysian Institute of Accountants (MIA) and member of Chartered Taxation Institute of Malaysia (CTIM). Prior to joining EForce, he worked in various industries, including manufacturing, share broking house, trading and travel agency. He joined MBP Malaysia Sdn. Bhd. (MBP) in 1995, a wholly owned subsidiary of Sime Darby Berhad (SDB), a multi-national company, involved in manufacturing of road construction product. Thereafter, he worked in another subsidiary of SDB, Sime Darby Travel Sdn Bhd (SDT) as Accounts Executive, upon completion of his ACCA qualification, he has promoted to Finance Manager position. In SDT, he was responsible for operation of finance department, prepare monthly financial report and variance analysis report. He was also involved in the preparation of consolidated financial statements, tax computation, management budget and treasury management. Currently, he is the Head of Finance, his responsibilities include overseeing the operation of finance and accounts functions, reviewing monthly management accounts, preparing quarterly interim financial report, annual report, risk management report and treasury management of the Group as well as ensuring compliance to the Main Market Listing Requirement of Bursa Malaysia Securities Berhad. He is member of Risk Management Committee and Sustainability Committee. Conflict of Interest None of the key senior management have any conflict of interest or potential conflict of interest, including interest in any competing business that the person has with Excel Force MSC Berhad or its subsidiaries. Conviction of Offences None of the key senior management has been convicted of any offences (other than ordinary traffic offences, if any) within the past five (5) years. Family Relationship None of the key senior management has family relationship with any Directors and/or major shareholders of the Company. Other directorship in public companies and listed issuers None of the key senior management hold any directorship in public companies and listed issuer. KEY SENIOR MANAGEMENT PROFILE
16 Annual Report 2025 This Statement contains the Group’s review and analysis of the business operation and performance for the financial year ended 30 June 2025. It should be read in conjunction with the audited financial statements of the Group as set out in this Annual Report. BUSINESS REVIEW EForce is a leading information technology solution provider involved in the development, provision and maintenance of application and system solutions for the financial services industry, specifically stockbroking companies and investment banks. EForce organises its business activities into four (4) segments. They are: 1. Application Solutions (“AS”) for sales of software applications and products on outright purchase basis. 2. Maintenance Services (“MS”) for provision of maintenance services. 3. Application Services Provider (“ASP”) for provision of application services on monthly recurring fixed and variable charges. 4. Others for investment holding and etc. The Group’s products include CyberBroker Front Office (for client-server, web and mobile-based stock trading system), CyberBroker Middle Office, CyberBroker Back Office (including Custodian and Nominee System), StockBanking System (including Share Margin Financing System) and Fundamental Analysis System. EForce customers are familiar with our reliable and stable solutions to fulfil their mission critical role as capital market intermediaries. Over the years, EForce earned and retained a solid reputation in consistently meeting, and at times, exceeding customers’ expectations. The Group adopts a collaborative approach with customers to continuously assess their evolving business needs and develop good quality and timely applications to fulfil them. REVIEW OF FINANCIAL RESULTS For the year up to 30 June 2025, the Group achieved total revenue of RM27.4 million, RM1.6 million or 6% lower compared to last year, with ASP segment contributing 71% of total revenue. The primary reason for reduced performance is lower overall trading activities at Bursa Malaysia and lower billings recorded for AS segment. Compared to previous financial year, Profit Before Tax registered a drop of RM3.9 million to RM7.4 million, while Profit After Tax recorded at RM5.1 million, lower by RM3.2 million, primarily due to lower revenue and unrealized loss on foreign exchange. Profit After Tax would have been RM6.7 million in current financial year against RM7.5 million last year if translation loss in foreign exchange is excluded. REVIEW OF OPERATIONS The Group’s business performance is supported by a cohesive and flexible operational management structure, agile to adapt to changing business needs and maintained clear focus and discipline to execute projects critical to our long-term growth. EForce works closely with our customers and monitors emerging trends locally and globally to uncover opportunities for new applications and enhancements to our product line-up. To expand our competitive edge, the Group continues to research innovative solutions and ensures a healthy product development pipeline. The latest focus is on Artificial Intelligence (“AI”) whereby we have enabled Microsoft Co-Pilot for developers to increase their work rate and actively research on AI applications to help our broking customers increase their business volume and productivity. In the year under review, The Group participated in a few Requests for Proposal exercises and successfully secured a multi-year project with an existing customer. EForce has also developed its own multi factor authentication solution in response to recent industry wide cyber-security incident, and currently is in implementation stage. Fortunately, none of our customers reported any system breach that resulted in unauthorized trading in that incident. During this period, the Group embarked on enhancement projects to implement government’s Expanded Sales and Service Tax (“SST”) scope. EForce also launched a new application called “Engage”, enabling customers to engage and reward users for using their platform to trade. Roll out of our new web trading platform (eForce One), new mobile app (Mobile Trader 3.5G), advanced charting tools (eForce Interactive X-Chart), new back-office system (eForce EmPower) and enhanced market data feed distribution engine are gathering pace, with a mix of on-going implementations and some are now live. MANAGEMENT DISCUSSION AND ANALYSIS
17 Annual Report 2025 MANAGEMENT DISCUSSION AND ANALYSIS REVIEW OF OPERATIONS (CONT’D) The Group remains steadfast in investing in our people to strengthen our core capability and explore new technology to create new income stream. We are open to collaboration opportunities, with local and overseas partners, that will further solidify our leading position in Malaysia as an innovative technology solution provider. EForce continues to optimise and improve our resource utilisation, leveraging on our deep domain and system knowledge to increase efficiency in service delivery, troubleshooting and supporting our customers’ operations. The Group seeks to eliminate non-value adding activities in our application development process and improve time to market of applications launch. To this end, we continue to emphasize on our “Customer Centricity and Getting Things Right First Time” initiative to achieve better and faster business outcome for the Group. Excel Force Innovations Sdn Bhd - Subsidiaries Review The business performance of Insage (MSC) Sdn Bhd (“Insage”) is stable and profitable, notwithstanding a challenging business environment. Insage is a market leading provider of online investor relation websites and built up a database with more than 13 years of Bursa quoted companies’ financial and corporate information. Insage continues to attract new customers yearly due to its reliable and high-quality service and continuous features and functions enhancements. New Initial Public Offerings (IPOs) and those existing public listed companies looking for outsourced investor relation services are the target customers. Xifu Sdn Bhd (“Xifu”) and i4value jointly developed a new feature called Fundamental Mapper on Xifu mobile app. Fundamental Mapper is an educational tool designed to help users visualize how their preferred stock performed compared to their peers, based on fundamentals and investment potential. The full feature is available on subscription basis. The Group is also marketing Xifu infrastructure to broking customers who are interested in creating and/or expanding their digital content hosting and broadcasting capabilities. This will transform their front-end trading platforms with social engagement function. KEY BUSINESS RISK AND MITIGATION STRATEGIES Changes to government policies, banking and securities regulations and stockbroking rules have an impact to EForce’s business and operational performance. The Group monitors trends in regulatory development, and through regular engagements with brokers, regulators and relevant governmental agencies, the Group can better anticipate risks and formulate appropriate responses. The Group’s business operation is highly dependent on the stability, availability and reliability of our application solutions, data centre, network infrastructure and equipment. EForce mitigates the operational and system risk through pre-trading system health check, close monitoring of equipment resource use for preventive actions, regular back up procedures to ensure business continuity, and fine tune our applications for performance improvement. Keeping abreast and updated on technology advancement is critical to ensure timely and effective maintenance of our application solutions and provide quick response to customers when issues arise. EForce mitigate this risk by providing training and exposure to our employees on relevant technology development, and update on changes in the broking business landscape to ensure our solutions remain current. The growing threats of cyber-attack to steal data for ransom, unauthorized trading and deny genuine user access to systems requires timely and effective countermeasures. To mitigate this risk, the Group tracks cybersecurity trends and development, and periodically reviews its system security settings to strengthen cyber-defences. The Group also works closely with customers security teams to periodically review our application and fix any vulnerabilities found.
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