88 Annual Report 2025 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2025 (CONT’D) 8. INVESTMENT IN AN ASSOCIATE (CONT’D) In the previous financial year, as part of implementation of Corporate Reorganisation Exercise mentioned in Note 7(c), the Company has transferred 28.57% of issued share capital in Millapp Sdn. Bhd. to Excel Force Innovations Sdn. Bhd. (Formerly known as E2 Trade Sdn. Bhd.), a wholly-owned subsidiary company. Upon completion of the transfer, Millapp become an associate of Excel Force Innovations Sdn. Bhd. (Formerly known as E2 Trade Sdn. Bhd.). The changes in ownership above did not result any changes in equity interest at group level. Details of the associate is as follows: Name of company Place of business/ Country of incorporation Effective interest 2025 2024 % % Principal activities Indirect holding: Millapp Sdn. Bhd.*# (“Millapp”) Malaysia 28.57 28.57 Development and maintenance of stock trading application * Associates not audited by TGS TW PLT. # Financial year end 31 March. For the purpose of applying the equity method for associate with financial year end of 31 March, the management financial statements up to 30 June of the associate has been used. Summarised financial information of the Group’s associate are set out below. (a) Summarised statement of financial position 2025 2024 RM RM Millapp Sdn. Bhd. Non-current assets 1,659,333 1,596,581 Current assets 823,588 939,411 Current liabilities (85,648) (97,578) Net assets 2,397,273 2,438,414 Interest in associate 28.57% 28.57% Group’s shares of net assets 684,901 696,655 Goodwill (337,973) (337,973) Carrying value of Group’s interest in associate 346,928 358,682
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