Company: MAGH
Filing Date: 2025-02-24
Form Type: DRS/A
Source: 0001493152-25-008050
Chunk: 58

Company: Magnitude International Ltd
Filing Date: 2025-02-24
Form: DRS/A
Chunk 58
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Stone Builders Group Limited, Kingkey Holdings (International) Limited, Canningale Investments Limited and SwiftBuild Solutions Group Limited subscribed for 762,998; 49,000; 49,000; 45,000; 45,000 and 49,000 Shares respectively for US$15,260, US$9,800, US$9,800, US$9,000, US$9,000 and US$9,800 in cash, representing approximately 76.3%, 4.90%, 4.90%, 4.50%, 4.50% and 4.90% of the issued share capital of the Company respectively.

On December 12, 2024, Elec was incorporated in the BVI with limited liability. Elec is authorized to issue a maximum of 50,000 shares of a single class each with a par value of US$1.00.

On December 12, 2024, the Company subscribed for, and Elec allotted and issued to it 1 share for cash at par.

On January 10, 2025, Mr. Lim’s nominee XJL transferred 2.7% of the issued share capital of Magnitude to Ms. Cheng, an independent third party for cash at par value.

On January 10, 2025, Mr. Lim’s nominee XJL transferred 3.0% of the issued share capital of Magnitude to Mr. Chi, an independent third party for cash at par value.

On February 20, 2025, Mr. Lim’s nominee XJL transferred 3.4% of the issued share capital of Magnitude to Mr. Choo Kay Chon, an independent third party for US$18,000.

Through an internal reorganization completed on [ ], the Company became the holding company of the subsidiaries comprising the Group. As the Group were under the same control of the ultimate controlling party, Mr. Lim, accordingly, the financial statements are prepared on a consolidated basis by applying the principles of common control as if the Reorganization had been completed at the beginning of the first reporting period.

On [ ], Mr. Lim and the Company entered into a reorganization agreement pursuant to which Mr. Lim transferred his shares in Herlin and BNL to Elec in consideration of the Company allotting and issuing 1 Share to Mr. Lim’s nominee, XJL International Ltd, credited as fully paid.

Our Group comprises our two principal operating subsidiaries, Herlin