Posted by Good123 > 2 weeks ago | Report Abuse

Macam casino, volatile :)

Posted by Good123 > 2 weeks ago | Report Abuse

Players n banker, same geng ka? Hehe

Posted by Good123 > 2 weeks ago | Report Abuse

Tunggu banker masuk haha

Posted by Good123 > 2 weeks ago | Report Abuse

Tunggu banker masuk haha

Posted by Good123 > 2 weeks ago | Report Abuse

minority shareholders could urge for capital reduction, refund to shareholders

Posted by Good123 > 2 weeks ago | Report Abuse

mlab is so cash rich.... just in the wrong group as the moment

Posted by Good123 > 2 weeks ago | Report Abuse

hidden hand gang should take it private... now 20sen++, offer to take it private at 30sen++, i think, the minority shareholders would say yes

Posted by Good123 > 2 weeks ago | Report Abuse

the minority watch dog group should help the minority shareholders of mlabs... prevent the misuse of the cash in mlabs.

Posted by Good123 > 2 weeks ago | Report Abuse

harga purata syer dari 9am sampai kini 21sen+++ wait n see later.

Posted by Good123 > 2 weeks ago | Report Abuse

cash equivalents @31/12/23~ RM50mil, total shares now ~72mil... cash per share~RM50mil/72mil~70sen per share...


the highest cash per share exceeding market price probably hahahaa 3 -4 times higher than current share price hehe

Posted by Good123 > 2 weeks ago | Report Abuse

VWAP:0.2111Avg Vol/Trans:143.75Buy Rate:34%

Posted by Good123 > 2 weeks ago | Report Abuse

Share Issued 72.470m
Market Cap RM14.494m@20sen

Posted by Good123 > 2 weeks ago | Report Abuse

AUDIT COMMITTEE
Chairman
Chuah Hoon Hong
Member
Mejar Dato’ Ismail bin Ahmad (R)
Professor Emeritus Dr. Sureswaran
Ramadass
NOMINATING COMMITTEE
Chairman
Professor Emeritus Dr. Sureswaran
Ramadass
Member
Mejar Dato’ Ismail bin Ahmad (R)
Chuah Hoon Hong
REMUNERATION COMMITTEE
Chairman
Professor Emeritus Dr. Sureswaran
Ramadass
Member
Mejar Dato’ Ismail bin Ahmad (R)
Chuah Hoon Hong
OPTION COMMITTEE
Chairman
Ong Tee Kein
Member
Tan Sik Eek
Chuah Hoon Hong

Posted by Good123 > 2 weeks ago | Report Abuse

Razif Mohar (“Razif”)
Malaysian | Male | 59
PROFILE OF HEAD OF BUSINESSES – IKHLAS AL DAIN
He acts as Head of Factoring of Ikhlas
Al Dain Sdn. Bhd.. He possesses
a master’s degree in Business
Administration (MBA) from Universiti
Technologi Mara (UiTM). Razif has
over 30 years of experience in the
banking and financial sector. He
started his career in a managerial
position at Maybank as Head of Dealer
& Receivables Financing. During his
tenure at Maybank, Razif and his team
were tasked to perform due diligence
for the bank’s branch operations in
the Philippines and Indonesia. He
also conducted a feasibility study on
automotive financing products for
Maybank in Jakarta, Indonesia. Razif
was one of the pioneers in setting up
Ikhlas Al Dain Sdn. Bhd..

Posted by Good123 > 2 weeks ago | Report Abuse

Here’s an overview of our business segments within the Group:-
• Investment and holding of
investment properties
• Network Integration
• Data Center Build & Solution
• Cybersecurity
• Collaboration
• Cloud computing &
Co-Location
• Microsoft Solution
• Performance Optimisation
Inbase Partners
• Blockchain & Digital Assets
Advisory Services
• Fintech Technology Research
and Development
• High-Frequency and Quant
Trading Solutions
• Investment Managed
Account Services
• Software Application
Development
• Trading of Precious Metals
• Branding
• Digital Marketing
• Online Media Portal
• Offline Marketing
• Business Events
Organiser
• Seminar and Training
Organiser
• Trading of kitchen
equipment and related
products
• Private fine-dining
services
• Information technology
related services
• E-Commerce
• R&D and Provisioning
of Digital Business Card
(Mobile Application)
• Application and Web
Development
• Invoice Factoring
• Leasing
• Development Finance
• Building Credit
Winelouvre
• Trading of alcohol product

Posted by Good123 > 2 weeks ago | Report Abuse

Revenue information based on geographical location of customers are as follows:
Group
2023 2022
RM RM
Malaysia 14,702,438 16,076,506
Cayman Islands 7,309,192 4,497,194
Taiwan 481,534 295,351
22,493,164 20,869,051
(b) Non-current assets based on where the assets of core businesses and geographical locations of the key
operating companies, excluding financial instruments defined under MFRS 9, are as follows:
Group
2023 2022
RM RM
Malaysia 43,599,460 42,494,356
Taiwan 6,391,422 8,648,655
Hong Kong 610,418 713,661
50,601,300 51,856,672

Posted by Good123 > 2 weeks ago | Report Abuse

MOVING FORWARD
Overall, we anticipate that the short and medium-term trend macro environment remains challenging as global economies
continue to seek a sustainable and lasting solution in taming the inflation and rising interest rate and growing geopolitical tension
stemming from ongoing Russo-Ukrainian and Isreali-Hamas conflicts. Coupled with additional concerns about Malaysia lower
than expected gross domestic product results for the second and third quarters of 2023, coupled with a potential increase of
Sales and Service Tax (SST) from 6.0% to 8.0% announced in the federal government’s 2024 budget, businesses will continue
to exercise prudence and selective spending which continues to put pressure towards several of our business segments namely
on Enterprise Systems Integration, Trading, Distribution, Digital Marketing & Event Management business segments.
Nevertheless, we foresee that our Factoring Services, Enterprise System Integrator, Fintech Development, and investment
businesses to remain our main revenue drivers for the Group in the financial year ending 30 June 2024 (“FYE 2024”). These
three business segments have established their customer network and pursuing ongoing business strategies by exploring new
opportunities to secure more projects and contracts.
Domestically, we expect more activities from our factoring services and enterprise system integrator businesses as the Country’s
drive to improve MSMEs and tech venture ecosystem. However, with the proposed increase in SST, we foresee direct products
and services pricing pressure on our enterprise system integrator business due to the higher SST impacting directly on our
software-based solutions and professional services which results in higher acquisition costs by our customers. Our factoring
services will benefit from the federal government’s 2024 budget proposal for the procurement of goods and services remains
at an estimated RM38.2 million or about 9.7% of the total RM393.8 billion, which gives an avenue for our team to engage new
government contractors in this area.
Whilst our overseas-based fintech development and investment business is in the early stage talks with prospective corporate
clients to partner up with our own Catch Markets trading platform to be offered to their clientele.
Our training service and digital mobile application business segments are still in their infancy stage and both business heads have
placed their emphasis on improving their product innovation and service quality while exercising prudence in their expenditures.
We will closely monitor the recent federal government’s 2024 budget presentation and implementation to mitigate potential
impacts against the Group’s overall business activities. A potential areas for us to tap on are the government-approved contractors
and suppliers for the Rumah Mesra Rakyat programme by Syarikat Pembangunan Nasional Berhad (“SPNB”) to offer affordable
housing to low monthly income groups of RM5,000, 5G technology enhancements, and maintenance and upgrade works for
various public institutions.
The Group aims to continuously seek other growth opportunities within domestic markets and all business heads are endeavoured
towards bolstering our market presence to increase sales and customer base in FYE 2024.

Posted by Good123 > 2 weeks ago | Report Abuse

INBASE PARTNERS
In FYE 2023, Inbase Partners dealt with a few significant challenges including the adaptation to the
client’s transition from their original desire for a software platform to trade dory gold to Lithium. This
switch required a considerable amount of time and effort especially to accommodate their preferences.
There were also delays from our client in initiating trading activities via our own developed “Catch Markets” commodity trading
platform. Aside from the investment in developing and refining of our products, external factors such as client readiness and
external dependencies also contributed to these delays. Furthermore, the ever-changing crypto market conditions pose constant
risks and challenges. The volatility in the banking sector, specifically relating to the failures of Silicon Valley Bank and Signature
Bank has had a direct impact on the client’s activities with Inbase Partners.
With the demand for Lithium Ore, indicating strong growth potential for Inbase Partners, recent news has also highlighted a
large transaction to secure this resource. The ongoing drive towards green energy has poised an early position and captured a
substantial share of this market.

Posted by Good123 > 2 weeks ago | Report Abuse

FACTORING SERVICES (IKHLAS AL DAIN)
This segment has been growing rapidly and benefited from steady government spending in procuring
services and supplies for everyday operations. With the government approval of RM32.0 billion in
the 2023 budget to procure recurring services and supplies, Ikhlas is presented with a significant
opportunity to source for vetted government suppliers who require financing assistance to complete
the delivery of their tenders.
Our target customer mainly focuses on MSMEs appointed contractors supplying various goods and services (e.g., agriculture,
cleaning service, F&B, IT, security service, etc) to the federal government and agencies. These customers are perceived to be
more credible and financially stable since they have been vetted by the government to provide the required goods and services.
These contracts also have predefined payment schedules and deliverables, which make them easier for Ikhlas to evaluate and
monitor the repayments, supported by direct payments that have already been assigned to Ikhlas through the e-Perolehan (eP)
platform, thus minimising collection risk.
Our primary focus is on eP-awardees of the federal government contracts from major federal ministries which include the
Ministry of Defence, Ministry of Education, Ministry of Home Affairs of Malaysia, Ministry of Health, Prime Minister’s Office, and
selected government agencies.
Moving forward, the team is studying non-eP-awarded contracts from selected Government-linked companies, public university
institutions, state governments, and statutory bodies. Similar to the eP contracts, the team is targeting short-term (i.e. less than
six (6) months) non-eP contract awardees that all have been approved and allocated yearly budgets for procurement of goods
and services (i.e. Supply contracts entailing delivery of goods such as machinery and equipment, food, etc and service contracts
involving provision of security and cleaning duties among many other recurring services.), thus ensuring that funds are readily
available to pay us upon delivery of contacts. We will identify appropriate public institutions and government agencies that have
a proper accounts payable system in place to secure our interest as the factoring house, thus minimising the potential collection
and performance delivery risks.
Mlabs had on 28 June 2023 diversified and included this factoring service as one of the Group’s core businesses after this business
has contributed more than 25% of the net profits of the Group under Section 10.13 of Chapter 10 Ace Listing Requirements
of Bursa Malaysia Securities Berhad. Furthermore, Mlabs had on 25 October 2023 announced a Rights Issue with Warrants
exercise (refer to page 23) to bolster this segment expansion plan. We are also actively identifying suitable funding from other
avenues to raise more working capital for the same purpose.

Posted by Good123 > 2 weeks ago | Report Abuse

Serius ka? :)

https://theedgemalaysia.com/node/667418

Posted by Good123 > 2 weeks ago | Report Abuse

Hah :)


Blogs Headlines
CEO Morning Brief
Mlabs to Diversify Into Factoring Industry

edgeinvest
Publish date: Thu, 18 May 2023, 09:06 AM

Mlabs to diversify into factoring industry
KUALA LUMPUR (May 17): Mlabs Systems Bhd, which principally engages in the business of research and development of mobile application solutions, has proposed to diversify its business activities to include factoring and related business activities.

This came after Mlabs completed the acquisition of an entire stake in Ikhlas Al Dain Sdn Bhd in December 2021, which aims to diversify the group’s earnings base and reduce business concentration risk.

Ikhlas has been approved by the Ministry of Finance (MOF) to conduct the business of factoring, development financing, leasing, and building credit since 2011. As an MOF-approved factoring company, Ikhlas is able to collect payment directly from the ministry for invoices factored from government contractors and service providers who are Ikhlas’ main clientele.

Ikhlas' company website showed that its financial products cover both accounts payable and receivable financing and it funds government procurement contracts as well as that from government-linked companies (GLC).

Mlabs’ bourse filing with Bursa Malaysia on Wednesday (May 17) showed that the rationale for the proposed diversification stems from the group facing intense competition in the market and was loss-making for years, including the latest cumulative six-month period ended Dec 31, 2022 (6MFY2023).

“In an effort to further expand its earning bases, Ikhlas serves as an entry point for the group to venture into the factoring industry. Should the proposed diversification be approved by the shareholders of the company, Mlabs is able to expand its revenue stream to include factoring and related business activities,” it said.

In view of the growing demand within the factoring market segment, Mlabs said the proposed diversification is expected to improve the group’s financial performance and would allow the group to be in a better financial footing in the long run.

However, the management of Mlabs remains cautiously optimistic of the long-term prospects associated with the expansion of the group to include factoring as part of its business activities.

Hence, the board anticipates that the proposed diversification will enhance the group’s financial performance and business portfolio moving forward.

The proposed diversification into the factoring business is anticipated to potentially contribute 25% or more of the group’s net profit, and/or result in a diversion of 25% or more of the group’s net assets, said Mlabs.

The diversification proposed is subject to the approval of the shareholders of Mlabs at the EGM.

It should be noted that the factoring business contributed revenue of RM2.63 million, or 23.56% of the group’s total revenue of RM11.01 million, for 6MFY2023, making the segment the second largest revenue contributor after research and development and the assembling segment, which contributed 63.45% or RM7.07 million of the group’s revenue.

For Ikhlas, audited financial results showed the company posting losses after tax (LAT) of RM1.05 million in FY2020, RM295,000 in FY2021 and RM721,000 in FY2022.

Shares in Mlabs settled unchanged at 1.5 sen, translating into a market value of RM22 million.

Source: TheEdge - 18 May 2023

Posted by Good123 > 2 weeks ago | Report Abuse

08MLABS SYSTEMS BERHAD | ANNUAL REPORT 2023
Karina binti Idris Ahmad Shah
Independent Non-Executive Director
Malaysian | Female | 54
Qualification She holds the following qualifications:-
(a) Bachelor of Laws (LLB Hons) from the National University of Malaysia (UKM)
Working Experience Ms. Karina binti Idris Ahmad Shah was appointed as the Independent Non-Executive Director
of the Company on 1 June 2023. She has over 15 years of extensive in house experience as a
legal consultant in a wide variety of disciplines, namely telecommunication, construction, fast
moving consumer goods (FMCG) and oil and gas industry.
She started her career in the Attorney Generals Chamber as Federal Counsel in 1994. Her
role was managing procurement contracts for the Army, Navy and Air Force. She moved to
private practice in 1996 with the firm Abu Talib Shahrom & Zahari as an Advocate & Solicitor.
She was then seconded to PLUS Bhd to manage the legal department and was involved in
various corporate exercises. In 2000 she moved to Johor Bahru and joined a commercial
property arm of the Kuok Group of Companies. In 2007 she was hired to set up the legal
unit for Iskandar Regional Development Authority (IRDA) a statutory body to develop Iskandar
Malaysia in Johor. She and her team successfully organised 5 members of the authority and
advisory council meetings with the Prime Minister’s office, government stakeholders and joint
ministerial meetings between Malaysia and Singapore.
In 2011, she took on a legal role in Doha, Qatar for a Malaysian construction firm that was
involved in the construction of the Ministry of Interior.
Upon her return from the Middle East she joined Zico Insource as a Legal Consultant. She has
been assigned to various organisations that include Time dot com, Heng Yuan Refining Co.
(fka Shell Refining Co.), Dutch Lady Milk Industries Bhd, Genting Bhd, Bumi Armada, Maxis
Bhd and Axiata Enterprise Sdn. Bhd..

Posted by Good123 > 2 weeks ago | Report Abuse

looking at the queue now, macam tsunami is coming

Posted by Good123 > 2 weeks ago | Report Abuse

look like ada gang mau sapu bersih mlabs nanti :)

Market Depth
Best Buy
Position

Price

Volume

Orders

1

0.20

118,800

3

2

0.195

2,150,500

13

3

0.19

1,170,000

7

4

0.185

1,400,100

6

5

0.18

1,420,500

7

Best Sell
Position

Price

Volume

Orders

1

0.19

14,900

1

2

0.195

155,800

2

3

0.20

217,700

12

4

0.205

187,000

4

5

0.21

133,300

10

Posted by Good123 > 2 weeks ago | Report Abuse

study the share price behaviour post consol... many hidden hand shares pun akan consol tak lama lagi hehe

VWAP:0.2064

Posted by Good123 > 2 weeks ago | Report Abuse

VWAP:0.2064 harga purata traded shares pagi hingga kini

Posted by Good123 > 2 weeks ago | Report Abuse

joe after consol naik... adakah hidden hand akan sokong? wait n see

Posted by Good123 > 2 weeks ago | Report Abuse

researchers should use mlab as a case study for strategies used by hidden hand gang hehe banker belum masuk kot?

Posted by Good123 > 2 weeks ago | Report Abuse

perlu beberapa RM juta untuk touch 30 to 40sen hehe

Posted by Good123 > 2 weeks ago | Report Abuse

jumlah syer tak banyak... senang dimanipulasi
Share Issued 72.470m

Posted by Good123 > 2 weeks ago | Report Abuse

mungkin hidden hand group collect enough then push up, taktik yg sama, jumlah syer terlalu sedikit kini ~72mil shares

Posted by Good123 > 2 weeks ago | Report Abuse

it would attract speculators or pejudi2, haha

Posted by Good123 > 2 weeks ago | Report Abuse

cash equivalents~rm50mil, market cap cuma rm10mil++ gearing sifar// salah dimana hehe

Posted by Good123 > 2 weeks ago | Report Abuse

geng hongkong, dll mungkin rush in bila2 masa wait n see hehe

Posted by Good123 > 2 weeks ago | Report Abuse

cayland island pun ada. haha

Posted by Good123 > 2 weeks ago | Report Abuse

18.5 to 24sen today, what a range hehe

Posted by Good123 > 2 weeks ago | Report Abuse

A Price/Book ratio of 0.1+ could imply that the stock is unreasonably valued in relation to the company's net assets.

Would hidden hand gang cash out by selling to others or privatising it b4 selling to others?

Any gameplay? :)

Posted by Good123 > 2 weeks ago | Report Abuse

It would be easily changed hand. On paper, hidden hand gang does not have a convincing controlling stake :)

Analysis of Shareholdings
As at 29 September 2023
LIST OF TOP 30 HOLDERS
(Without Aggregating Securities from Different Securities Accounts Belonging to the same Registered Holder)
NO. NAME HOLDINGS %
1. M&A NOMINEE (ASING) SDN BHD
EXEMPT AN FOR SANSTON FINANCIAL GROUP LIMITED (A/C CLIENTS)
324,704,900 22.40
2. TAN YOUNG TAT 21,789,900 1.50
3. SU HOW GIONG 20,000,000 1.38
4 LIAN FONG CHEE 14,000,000 0.97
5. CHAN TIN WAI 11,700,000 0.81
6. AU SHIUN CHOUR 11,540,000 0.80
7. WONG AH YONG 11,456,800 0.79
8. SOO OON LAM 11,000,000 0.76
9. UOB KAY HIAN NOMINEES (ASING) SDN BHD
EXEMPT AN FOR UOB KAY HIAN PTE LTD (A/C CLIENTS)
10,000,000 0.69
10. HSBC NOMINEES (ASING) SDN BHD
EXEMPT AN FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED (GCHK-LAZARUS)
9,000,000 0.62
11. CHUNG KIN CHUAN 7,500,000 0.52
12. NG KIM HUAT 6,961,300 0.48
13. BAN BOON SENG 6,900,000 0.48
14. CHIN CHEE KEONG 6,389,900 0.44
15. TA SECURITIES HOLDINGS BERHAD IVT (P06) 6,199,000 0.43
16. LIEW SWEE MIN 6,000,000 0.41
17. OOI KOON CHUAN 6,000,000 0.41
18. KENANGA NOMINEES (TEMPATAN) SDN BHD
PLEDGED SECURITIES ACCOUNT FOR GAN POH MUN
5,850,000 0.40
19. PUBLIC NOMINEES (TEMPATAN) SDN BHD
PLEDGED SECURITIES ACCOUNT FOR LIM KHEK KENG (E-TAI)
5,750,000 0.39
20. TEOH HIN HENG 5,750,000 0.39
21. KENANGA NOMINEES (TEMPATAN) SDN BHD
PLEDGED SECURITIES ACCOUNT FOR CHIN LEONG CHOY
5,700,000 0.39
22. EE KIM CHENG 5,500,000 0.38
23. CITIGROUP NOMINEES (ASING) SDN BHD
EXEMPT AN FOR OCBC SECURITIES PRIVATE LIMITED (CLIENT A/C-NR)
5,000,000 0.35
24. ROBERT TANG ENG HUI 5,000,000 0.35
25. TING KWONG KEONG 5,000,000 0.35
26. SEE CHII WEI 4,999,700 0.35
27. CHIA GIN FOOK 4,500,000 0.31
28. MAYBANK NOMINEES (TEMPATAN) SDN BHD
FOR TAN SUN PING
4,500,000 0.31
29. SOO KEE HIN 4,400,000 0.30
30. KENANGA NOMINEES (TEMPATAN) SDN BHD
CHIN KIAM HSUNG
4,200,000 0.29
TOTAL 556,068,200 38.45

Posted by Good123 > 2 weeks ago | Report Abuse

https://www.ikhlasaldain.com/ mlabs' focus now :)

Posted by Good123 > 2 weeks ago | Report Abuse

www.ikhlasaldain.com/ mlabs' focus now :)

Ikhlas Al Dain
• Invoice Factoring
• Leasing
• Development Finance

• Building Credit

Posted by Good123 > 2 weeks ago | Report Abuse

Cash rich with zero gearing, high cash per share... Any white knight like in KNM to fight with the hidden hand gang? Famous yah hehe

Posted by Good123 > 2 weeks ago | Report Abuse

Can sell their stake to papajack... Hahaha

PPJACK (0242) Overview - PAPPAJACK BERHAD - I3investor
Stock name: PPJACK, Stock Code: 0242, Company: PAPPAJACK BERHAD, Sector: FINANCIAL SERVICES. ... Stock on Radar - Pappajack ... share price at above Rm1. 2023-12-27

Posted by Good123 > 2 weeks ago | Report Abuse

usah banyak cerita, jualkan semua kpd papajack, habis cerita haha

MLABS SYSTEMS BERHAD
Registration No. 200401014724 (653227-V)
(Incorporated in Malaysia)
CIRCULAR TO SHAREHOLDERS IN RELATION TO
PROPOSED DIVERSIFICATION OF THE PRINCIPAL ACTIVITIES OF MLABS SYSTEMS
BERHAD AND ITS SUBSIDIARIES TO INCLUDE FACTORING, DEVELOPMENT
FINANCING, LEASING AND BUILDING CREDIT BUSINESS (“PROPOSED
DIVERSIFICATION”)
AND
NOTICE OF EXTRAORDINARY GENERAL MEETING
Adviser
The Notice of Extraordinary General Meeting (“EGM”) of our Company together with the Proxy Form are
enclosed in this Circular.

Posted by Good123 > 2 weeks ago | Report Abuse

i think, bursa would reject any right issue request. just use the existing funds in the company ... divest in those related co punya shares

Posted by Good123 > 2 weeks ago | Report Abuse

for example, pasukhas, also up like crazy b4 the right issue... to attract investors to subscribe the RI, see whether the same tactic is recycled for Mlabs if the right issue is approved

Posted by Good123 > 2 weeks ago | Report Abuse

total share issued was ~72mil after consol, yesterday ~7% of total shares traded/// with current low total shares, the price is very volatile.. wait n see.. macam belum ada gameplay by hidden hand geng lagi hehe

Posted by Good123 > 2 weeks ago | Report Abuse

mau bertaubat ka? jadi islamic ahlong kini haha nampak papajack or RCE buat duit, ikut kini pulak




www.ikhlasaldain.com/ mlabs' focus now :)


Ikhlas Al Dain
• Invoice Factoring
• Leasing
• Development Finance

• Building Credit

MLABS SYSTEMS BERHAD
Registration No. 200401014724 (653227-V)
(Incorporated in Malaysia)
CIRCULAR TO SHAREHOLDERS IN RELATION TO
PROPOSED DIVERSIFICATION OF THE PRINCIPAL ACTIVITIES OF MLABS SYSTEMS
BERHAD AND ITS SUBSIDIARIES TO INCLUDE FACTORING, DEVELOPMENT
FINANCING, LEASING AND BUILDING CREDIT BUSINESS (“PROPOSED
DIVERSIFICATION”)
AND
NOTICE OF EXTRAORDINARY GENERAL MEETING
Adviser
The Notice of Extraordinary General Meeting (“EGM”) of our Company together with the Proxy Form are
enclosed in this Circular.

Posted by Good123 > 2 weeks ago | Report Abuse

hehe

On 14 December 2021, our Company had completed the acquisition of 100% equity interest in
Ikhlas via our wholly-owned subsidiary, Mlabs Capital Sdn Bhd. The Acquisition of Ikhlas is a
strategic move by our Group to venture into the Factoring Business, diversifying our Group’s
earning bases and reduce business concentration risk. For information purpose, the Acquisition of
Ikhlas was not subject to the approval of the shareholders of our Company or other relevant
authorities.
After the Acquisition of Ikhlas, our Group’s principal activities are segmented into the following
segments:
(i) Research and development, and assembling;
(ii) Factoring Business;
(iii) Trading; and
(iv) Others.
Our Group has a diverse portfolio of products and services that cater to our clients’ needs, including
mobile messaging, digital advertising, and e-commerce.
Based on the latest audited financial results for the FYE 30 June 2022 and the unaudited 9M FPE
31 March 2023, the key financial performance of our Group are as follows:
For the unaudited 9M FPE 31 March 2023, the Factoring Business has generated higher revenue of
approximately RM4.25 million as compared to RM1.15 million generated for the FYE 30 June 2022
which was mainly due to the following:
(i) increase in demand from government contractors who required funding to bridge their
working capital pending collection for goods sold under the government’s centralised
procurement platform, namely, ePerolehan; and
(ii) increase in funding available for the Factoring Business. In this regard, on 5 April 2023, our
Company had announced to vary up to RM8.54 million of the un-utilised proceeds raised
from the Private Placement to fund the working capital of the Factoring Business
(“Variation”), which mainly comprises the funds or capital required to be disbursed to its
customers for the Factoring Business.
Audited Unaudited
FYE 30 June 2022 9M FPE 31 March 2023
Operating
segments
Revenue
Contribution
to our
Group’s total
revenue
PAT/
(LAT) Revenue
Contribution
to our
Group’s total
revenue
PAT/
(LAT)
(RM’000) (%) (RM’000) (RM’000) (%) (RM’000)
Research and
development,
and assembling
16,996 80.85 (17,683) 9,715 61.14 (3,804)
Factoring
Business 1,145 5.45 (1,015) 4,249 26.74 1,088
Trading 1,056 5.02 (647) 1,041 6.55 (730)
Others 1,825 8.68 (1,628) 884 5.57 (2,206)
Subtotal 21,022 100.00 (20,973) 15,889 100.00 (5,652)
Eliminations (153) 6,629 (168) 2,749
Total 20,869 (14,344) 15,721 (2,903)
2
3
The Variation was not subject to the approval of the shareholders of our Company or any
regulatory authorities as the Private Placement was undertaken pursuant to the general mandate
obtained from the shareholders of Mlabs during the annual general meeting convened on 26
November 2020.
Premised on the above, our Board anticipates that the Factoring Business will potentially
contribute 25% or more of our Group’s net profit and/or result in a diversion of 25% or more of
the NA of our Group. As such, in accordance with Rule 10.13(1) of the ACE LR, our Board
proposes to seek approval from our shareholders in the forthcoming EGM for the Proposed
Diversification.
Notwithstanding the Proposed Diversification, our Group remains committed to our other existing
businesses

Posted by Good123 > 2 weeks ago | Report Abuse

Details of Ikhlas
2.2.1 History and principal activities
Ikhlas was incorporated in Malaysia on 24 May 2010 under the laws of Malaysia as a
private limited company. Ikhlas is principally engaged in factoring, development finance,
leasing and building credit business. As at the LPD, Ikhlas is operating from its principal
office located in Petaling Jaya, Selangor and does not have any branch or outlet for its
Factoring Business. At this juncture, the principal market for the Factoring Business is
Malaysia as Ikhlas’ target customers are contractors and suppliers appointed by
government through the e-Perolehan platform.
Its operations have been approved by the MOF since 2011 (which is not subject to renewal
and/or any further conditions to be complied with), allowing it to engage in activities such
as development financing, leasing, building credit and factoring. Pursuant thereto, Ikhlas
has commenced its operations on 1 June 2011. Being a MOF-approved factoring company
enables Ikhlas to receive payment directly from the MOF for invoices factored from
government contractors and service providers, who are its primary customers.

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The selected financial information of Ikhlas based on its audited financial statements for the
FYEs 31 December 2020 and 31 December 2021 and 6M FPE 30 June 2022 as well as
unaudited financial statements for the 9M FPE 31 March 2023 are as follows:
Audited Unaudited
FYE 31
December 2020
FYE 31
December 2021
6M FPE 30
June 2022(1)
9M FPE 31
March 2023
(RM’000) (RM’000) (RM’000) (RM’000)
Revenue 2 Nil 1,145 4,249
PAT/(LAT) (1,045) (295) (721) 1,088
NA (7) 4,698 3,978 5,066
Note:
(1) Ikhlas changed its financial year end from 31 December to 30 June to coincide with the
financial year end of our Company.
For the 6M FPE 30 June 2022, Ikhlas recorded a revenue of approximately RM1.15 million
mainly due to administrative / processing and factoring fees charged on the factoring clients
for its factoring services.
In 6M FPE 30 June 2022, Ikhlas recorded a LAT of approximately RM0.72 million mainly
due to professional fees of RM1.06 million, comprising legal fees and feasibility study
expenses, incurred in relation to the joint venture agreement entered into between Ikhlas and
Seacera Builders Sdn Bhd, a wholly-owned subsidiary of Seacera Group Berhad, on 25
March 2022 to jointly development of the Malay reserved lands located in Mukim Sungai
Karang, Daerah Kuantan, Negeri Pahang into 137 holiday home villas with all necessary
infrastructure, facilities and development components, as announced by our Company on 25
March 2022.
2.2.2 Share capital
As at the LPD, Ikhlas is a wholly-owned subsidiary of Mlabs Capital Sdn Bhd, which in turn
is a wholly-owned subsidiary of our Company. The issued and paid-up share capital of Ikhlas
is RM2,500,000, comprising 2,500,000 ordinary shares