Company: MAGH
Filing Date: 2025-07-18
Form Type: F-1/A
Source: 0001641172-25-020173
Chunk: 188

Company: Magnitude International Ltd
Filing Date: 2025-07-18
Form: F-1/A
Chunk 188
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|:----------------------------------------------------|:-------------------|:------------------------------------------------------------------------------------------------------------|:-----------|:-----------------------|---------:|:--|:----|:----|---------:|:--|
| Elec Power Ltd (“Elec”)                             |                    | Investment holding                                                                                          |            |                        |      100 | % |     |     |      100 | % |
| (British Virgin Islands)                            |                    |                                                                                                             |            |                        |          |   |     |     |          |   |
| BNL Engineering Private Limited (“BNL”) (Singapore) |                    | Provision of electrical installation and licensing services for greenfield electrical installation projects |            |                        |      100 | % |     |     |      100 | % |
| Herlin Pte. Ltd. (“Herlin”) (Singapore)             |                    | Provision of electrical installation and licensing services for brownfield electrical installation projects |            |                        |      100 | % |     |     |      100 | % |

Significant judgment: Control over BNL

BNL was incorporated in November 2012 by Mr. Lim and a non-controlling interest. Immediately before Mr. Lim acquired the non-controlling interest’s stake on April 5, 2023, BNL’s share capital totaled SGD 250,000, comprising 100,000 issued shares held by Mr. Lim and 150,000 issued shares held by the non-controlling interest, representing SGD100,000 and SGD150,000 of BNL’s share capital, respectively.

The Company has concluded that Mr. Lim controls BNL since its incorporation, even during the period when he holds less than half of the voting right of BNL. In making the judgement, the Company considered the purpose and design of BNL, assessed that Mr. Lim is the key decision-making authority in all the major strategic and operational decisions, Mr. Lim has the practical ability to direct relevant activities of BNL unilaterally including the ability to use his power over BNL to affect the amount of the investor’s return, no major operational and financial decisions that must be referred to a shareholder vote and operational barriers to remove Mr. Lim.

Transactions with non-controlling interest

On April 5, 2023, Mr. Lim acquired the non-controlling interest’s entire equity stake in BNL and became its sole shareholder for a cash consideration of SGD200,000. Immediately before the purchase, the carrying amount of the existing 60% non-controlling interest