86 Annual Report 2025 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2025 (CONT’D) 7. INVESTMENT IN SUBSIDIARY COMPANIES (CONT’D) (c) Corporate Reorganisation Exercise (“Exercise Plan”) (cont’d) In the previous financial year (cont’d) (ii) Disposal of subsidiary companies As part of implementation of the Exercise Plan, the Company has entered into Share Sale Agreements (“SSAs”) with EFI, to disposal of its 100% equity interest in Insage and Xifu for a sale consideration of RM1,980,918, which had resulted a loss of RM869,085. 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 SSAs, subject to the terms and conditions as stipulated in the SSAs. Upon completion of SSAs, Insage and Xifu become wholly-owned subsidiary companies of EFI as disclosed in Note 7(b). The completion of the above-mentioned Exercise Plan did not result any changes in equity interest at group level. (iii) Additional investment in Excel Force Innovations Sdn. Bhd. (“EFI”) (Formerly known as E2 Trade Sdn. Bhd.) EFI had increased its paid up capital from 2 to 210,068,172 ordinary shares. The Company had subscribed for an additional of 210,068,170 new ordinary shares in EFI, for total consideration of RM21,006,817 as settlement of sale consideration in BSA and SSAs as disclosed above. The additional subscription did not result in changes in equity interest. (d) Acquisition of subsidiary companies In the previous financial year (i) Universal Capital Co Ltd (“UCCL”) The Company has completed its acquisition of 100% issued and paid up capital in UCCL for a purchase consideration of RM18,150,000 which satisfied by an issuance of 50,500,000 new ordinary shares in Excel Force MSC Berhad at issue price of RM0.335 per share and the balance of RM1,232,500 was satisfied in cash. UCCL was incorporated in the British Virgin Island on 30 May 2013 and has an issued share capital of USD2 consisting of 2 ordinary shares. UCCL is principally involved in investment holding activity. The following summarises the major classes of consideration transferred, and the recognised amounts of assets acquired and liabilities assumed at the acquisition date: UCCL RM Fair value of consideration transferred Cash consideration 1,232,500 Issuance of share capital 16,917,500 Total consideration transferred 18,150,000 Fair value of identifiable assets acquired and liabilities assumed Other investments 14,161,500 Cash and cash equivalents 9 Net identifiable assets 14,161,509
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