Link: https://links.sgx.com/1.0.0/corporate-announcements/J3ZV4CZXGFLN1XZC/660a18ede0795d0b3d72363e66513f60a19534c622e3668f20e83dc8ad78d866

Summary:

• Company under judicial management since June 2022, with no Board control; Judicial Manager leading asset realization and restructuring.

• Trading of shares remains suspended on SGX; proposal for resumption and restructuring submitted June 2025, currently under review by regulators.

• For FY2022: group revenue plunged 66% to HK$33.2 million, net loss narrowed to HK$81.5 million (from HK$111.5 million), negative equity worsened to HK$133.5 million.

• Significant legal claims and asset recoveries underway, including High Court action against ex-directors for breach of fiduciary duty and unjust enrichment.

• Several subsidiaries incorporated in China and Malaysia during FY2025 for expected AI computing, data center, and TMT investments.

• No dividends for FY2022; going concern remains uncertain, heavily reliant on successful restructuring and regulatory approvals.

• Auditors issued a disclaimer of opinion due to lack of audit evidence, material uncertainties on going concern, and unresolved claims.

• Judicial Manager working with creditors and new investors toward a possible scheme of arrangement and Board reappointment upon discharge of JM Order.