Company: MAGH
Filing Date: 2025-09-15
Form Type: 20-F
Source: 0001493152-25-013424
Chunk: 40

Company: Magnitude International Ltd
Filing Date: 2025-09-15
Form: 20-F
Item: Item 4
Chunk 40
---
 was able to exercise absolute control before Mr. Lim’s acquisition of the business partner’s equity stake by reference
to the IFRS 10 Consolidated Financial Statements including the Appendix B Application Guidance Assessing Control (i) the purpose and
design of BNL’s business activities; (ii) power over BNL’s decision making; (iii) exposure or rights to variable returns
from its involvement with BNL; and (iv) the ability to use its power over BNL to affect the amount of the investor’s returns.

The
chart below sets out our corporate structure as of the date of this Annual Report with percentages held pre and post IPO.

Notes:

  (1)      A company wholly-owned                                          
  (2)      A company wholly-owned                                          
  (3)      A company wholly-owned                                          
  (4)      A company wholly-owned                                          
  (5)      A company wholly-owned                                          
  (6)      A company wholly-owned                                          

Holding
Company Structure

Magnitude
International Ltd is an exempted company incorporated in the Cayman Islands with no material operations of its own. We conduct our operations
primarily in Singapore through Herlin and BNL, our operating subsidiaries in Singapore.

As
a result of our corporate structure, our ability to pay dividends to our shareholders depends upon dividends paid by our operating subsidiaries
through our BVI subsidiary, Elec Power Ltd. If our existing operating subsidiaries or any newly formed ones incur debt on their own behalf
in the future, the instruments governing their debt may restrict their ability to pay dividends to us.

  24  

Implications
of Being an Emerging Growth Company

As
a company with less than US$1.235 billion in revenue for our last fiscal year, we qualify as an “emerging growth company”
pursuant to the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of specified
reduced reporting and other requirements compared to those that are otherwise applicable generally to public companies. These provisions
include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002, or Section 404, in the
assessment of the emerging growth company’s internal control over financial reporting. Emerging growth companies are also permitted
to provide only two years of selected financial information (rather than five years) and only two years of audited financial statements
(rather than three years), in addition to