85 Annual Report 2025 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2025 (CONT’D) 7. INVESTMENT IN SUBSIDIARY COMPANIES (CONT’D) (b) Details of the subsidiary companies are as follows: Name of company Place of business/ Country of incorporation Principal activities Effective interest 2025 2024 % % Direct holding: Excel Force Innovations Sdn. Bhd. (Formerly known as E2 Trade Sdn. Bhd.)(“EFI”) Malaysia 100 100 Development, provision and maintenance of computer software application solutions for the financial services industry and investment holding Excel Force Solutions Sdn. Bhd. Malaysia 100 100 Development, provision and maintenance of computer software application solutions for the financial services industry Universal Capital Co Ltd (“UCCL”)* British Virgin Islands 100 100 Investment holding Held under Excel Force Innovations Sdn. Bhd. (Formerly known as E2 Trade Sdn. Bhd.) (“EFI”) Insage (MSC) Sdn. Bhd. (“Insage”) Malaysia 100 100 Provision of software solutions Xifu Sdn. Bhd. (“Xifu”) Malaysia 100 100 Provision of consultants other than architecture, engineering and management consultant and to provide investment advisory services * Not audited by TGS TW PLT. (c) Corporate Reorganisation Exercise (“Exercise Plan”) In the previous financial year (i) Business Sale Agreement (“BSA”) The Company has entered into BSA with EFI to dispose of the existing Company’s businesses and operations of development, provision and maintenance of software application solutions for financial services industry, including the assets and liabilities of the Company to EFI, subject to terms and conditions as stipulated in the BSA for a sale consideration of RM19,025,899, which had resulted a gain of RM679,018. The sale consideration was satisfied through the issuance of share by EFI as disclosed in Note 7(c)(iii), equivalents to the value of the net assets as on 30 September 2023 of the BSA, subject to the terms and conditions as stipulated in the BSA. The BSA has been completed on 30 September 2023, upon satisfaction of sale consideration to the Company.
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