Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 132

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 19
Chunk 132
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 activities                                                                                             April 30, 2024                                       
  Elec Power Ltd (“ Elec”)                                  Investment holding                                                                                                                                      100      100  
  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 SGD250,000, comprising100,000issued shares held by Mr.
Lim and150,000issued shares held by the non-controlling interest, representing SGD100,000and SGD150,000of BNL’s share capital,
respectively.

MAGNITUDE
INTERNATIONAL LTD AND ITS SUBSIDIARIES

NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS

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 has 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 existing60% non-controlling interest in
BNL was SGD1,696,763. The Group recognized a decrease in non-controlling interests of SGD1,696,763and a decrease in equity attributable
to owners of the parent of SGD1,696,763.

Schedule
of transactions with non-controlling interest

                                                                                            2023                 
                                                                                            SGD