# EDGAR Filing Document

**Accession Number:** 0002099338
**File Stem:** 0001213900-26-028195
**Filing Date:** 2026-3
**Character Count:** 887872
**Document Hash:** 7eb68e4a36ced7c9fb91047a90deee80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-028195.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001213900-26-028195

**CONFORMED SUBMISSION TYPE**: DRS/A

**PUBLIC DOCUMENT COUNT**: 39

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MSAV Holdings Ltd
- **CENTRAL INDEX KEY:** 0002099338
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** N8
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** DRS/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-08859
- **FILM NUMBER:** 26755792

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO.35-1, JALAN 2/115A,TAMAN PAGAR RUYUNG
- **STREET 2:** JALAN KUCHAI LAMA, 58200 KUALA LUMPUR
- **CITY:** KUALA LUMPUR
- **PROVINCE COUNTRY:** N8
- **ZIP:** 58200
- **BUSINESS PHONE:** 6 0182820172

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** NO.35-1, JALAN 2/115A,TAMAN PAGAR RUYUNG
- **STREET 2:** JALAN KUCHAI LAMA, 58200 KUALA LUMPUR
- **CITY:** KUALA LUMPUR
- **PROVINCE COUNTRY:** N8
- **ZIP:** 58200

**As confidentially submitted to the U.S. Securities and Exchange Commission on March 16, 2026. This draft registration statement has not been publicly filed with the U.S. Securities and Exchange Commission and all information herein remains strictly confidential.**

#### Registration No. 333-[•]

#### UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549
**_________________________**

#### Amendment No. 1<br>To<br> FORM F-1<br>REGISTRATION STATEMENT<br>UNDER<br>THE SECURITIES ACT OF 1933
**_________________________**

#### MSAV HOLDINGS LTD<br> (Exact name of registrant as specified in its charter)

#### Not Applicable<br> (Translation of Registrant's name into English)
**_________________________**

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **7359** | **Not Applicable** |
|  **(State or Other Jurisdiction of Incorporation or Organization)** | **(Primary Standard Industrial<br>Classification Code Number)** | **(I.R.S. Employer <br>Identification No.)** |

---

**No. 35-1, Jalan 2/115a, <br>Taman Pagar Ruyung, <br>Jalan Kuchai Lama, <br>58200 Kuala Lumpur, Malaysia<br>(+6) 03 7972 3025<br>(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)**

**_________________________**

#### Puglisi & Associates<br>850 Library Avenue, Suite 204<br>Newark, Delaware 19711<br>+1 302-738-6680<br> (Name, address, including zip code, and telephone number, including area code, of agent for service)
**_________________________**

#### Copies to:

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| | |
|:---|:---|
|  **Henry F. Schlueter, Esq. <br>Celia Velletri, Esq. <br>Schlueter & Associates, P.C. <br>5655 South Yosemite Street, Suite 350 <br>Greenwood Village, CO 80111 <br>Telephone: (303) 292-3883** | **Jing Ye, Esq.**<br> **Ye & Associates, P.C.**<br> **275 5**<sup>th</sup> **Avenue. 2**<sup>nd</sup> **Floor**<br> **New York, NY 10016**<br> **Telephone: (929) 300**-7489 |

---

**_________________________**

Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box, and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box, and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

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**The information in this prospectus is not complete and may be changed or supplemented. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities in any jurisdiction where such offer or sale is not permitted.**

SUBJECT TO COMPLETION, DATED [•] [•], 2026

#### PROSPECTUS

#### MSAV HOLDINGS LTD
**3,750,000 Ordinary Shares**

This is the initial public offering of ordinary shares, par value US$0.00001 per share ("Ordinary Shares"), of MSAV HOLDINGS LTD, a Cayman Islands exempted company. Throughout this prospectus, unless the context indicates otherwise, references to "MSAVH" refers to MSAV HOLDINGS LTD, a holding company, and references to "we", the "Company" or "our company" are to MSAVH and/or its combined subsidiaries.

We anticipate that the initial public offering price of the Ordinary Shares to be in the range of US$4.00 and US$6.00 per Ordinary Share.

Prior to this offering, there has been no public market for our Ordinary Shares. We have applied to have our Ordinary Shares listed on the Nasdaq Capital Market ("Nasdaq") under the symbol "MSAV". At this time, Nasdaq has not yet approved our application to list our Ordinary Shares There can be no assurance our application for listing will be approved by Nasdaq. If our application is not approved, we will not proceed with this offering.

Our authorized share capital is US$50,000.00 divided into 5,000,000,000 ordinary shares of par value US$0.00001 each (the "Ordinary Shares").

We are a holding company incorporated in the Cayman Islands and conduct all our operations through our subsidiaries in Malaysia. The Ordinary Shares offered in this offering are shares of the holding company that is incorporated in the Cayman Islands. Investors of our Ordinary Shares should be aware that the Ordinary Shares do not represent or constitute equity interests in our subsidiaries.

Upon completion of this offering, our issued and outstanding shares will consist of 23,750,000 Ordinary Shares assuming the underwriters do not exercise their over-allotment option to purchase additional Ordinary Shares. We will be a controlled company as defined under Nasdaq Stock Market Rules because, immediately after the completion of this offering, LYS (BVI) LTD ("BVI-1), our controlling shareholder, of which Low You Siong, our Director, is the beneficial owner and sole shareholder, will own approximately 54.74% of our total issued and outstanding Ordinary Shares. See "*Principal Shareholders*" and *"Prospectus Summary — Implications of Being a Controlled Company*."

After this offering, LYS (BVI) LTD will control shares representing more than 50% of the total voting power of our issued shares. As a result, this concentrated control may limit or preclude your ability to influence corporate matters for the foreseeable future, including the election of directors, amendments of our memorandum and articles of association, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transaction requiring shareholder approval. In addition, this may have anti-takeover effects and may prevent or discourage unsolicited acquisition proposals or offers for our share capital that you may feel are in your best interest as one of our shareholders.

We are an "emerging growth company" and a "foreign private issuer" under applicable U.S. federal securities laws and, as such, are eligible for reduced public company reporting requirements. Investing in our common stock involves a high degree of risk. See *"Prospectus Summary — Implications of Being an Emerging Growth Company"* and *"Prospectus Summary — Implications of Being a Foreign Private Issuer".*

**Investing in our Ordinary Shares is highly speculative and involves a high degree of risk, including the risk of losing your entire investment. See *"Risk Factors"* beginning on page 14, for factors you should consider before investing in our Ordinary Shares.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Share** | **Per Share** | **Total** | **Total** |
|  Initial public offering price<sup>(1)</sup> | US$ | 5.00 | US$ | 18750000 |
|  Underwriting discounts<sup>(2)</sup> | US$ | 0.35 | US$ | 1312500 |
|  Proceeds, before expenses, to us<sup>(3)</sup> | US$ | 4.65 | US$ | 17437500 |

---

____________

(1) Assuming an initial public offering price of US$5.00 being the mid-point of the initial public offering price range.

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(2) We have agreed to provide Prime Number Capital LLC, as representative on behalf of the underwriters (the "Representative"), a gross discount equal to 7% of the public offering price on each Ordinary Share sold in this offering. This table does not include a non-accountable expense allowance equal to 1% of the gross proceeds of this offering payable to the Representative, or certain other expenses for which we have agreed to reimburse the Representative. See "Underwriting" starting on page 112 for a description of compensation payable to the underwriters.

(3) The amount of offering proceeds to us presented in this table does not give effect to the exercise of the over-allotment option issued to the underwriters, which is exercisable from time to time in whole or in part, to purchase up to 562,500 additional Ordinary Shares from us at the initial public offering price, less underwriting discounts, within 45 days after the closing of this offering, solely to cover over-allotments, if any. If the underwriters exercise the option in full, the total proceeds to us, before expenses and after deducting underwriting discounts, assuming an initial public offering price of US$5.00, being the mid-point of the initial public offering price range, will be US$20,053,125. See "Underwriting" starting on page 112 of this prospectus for more information regarding our arrangements with the underwriters.

The underwriters expect to deliver the Ordinary Shares to investors on or about [•] [•], 2026.

![](tprime_logo.jpg)

The date of this prospectus is [•] [•], 2026.

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![](timage_001.jpg)

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [ABOUT THIS PROSPECTUS](#T9901) | ii |
|  [MARKET, INDUSTRY, AND CERTAIN STATISTICAL DATA](#T9902) | ii |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#T9903) | iii |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#T9904) | v |
|  [DEFINITIONS](#T9905) | vi |
|  [PROSPECTUS SUMMARY](#T9906) | 1 |
|  [SUMMARY RISK FACTORS AND CHALLENGES](#T9907) | 6 |
| &nbsp;&nbsp;&nbsp; [*Risks Related to Our Business and Industry*](#T9908) | 6 |
| &nbsp;&nbsp;&nbsp; [*Risks Related to Our Securities and This Offering*](#T9909) | 7 |
|  [THE OFFERING](#T9910) | 11 |
|  [RISK FACTORS](#T9911) | 14 |
|  [USE OF PROCEEDS](#T9912) | 32 |
|  [CAPITALIZATION](#T9913) | 33 |
|  [DIVIDENDS AND DIVIDEND POLICY](#T9914) | 34 |
|  [DILUTION](#T9915) | 35 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION](#T9916) | 36 |
|  [HISTORY AND CORPORATE STRUCTURE](#T9917) | 48 |
|  [INDUSTRY OVERVIEW](#T9918) | 52 |
|  [BUSINESS](#T9919) | 60 |
|  [REGULATORY ENVIRONMENT](#T9920) | 77 |
|  [MANAGEMENT](#T9921) | 84 |
|  [PRINCIPAL SHAREHOLDERS](#T9922) | 90 |
|  [RELATED PARTY TRANSACTIONS](#T9923) | 92 |
|  [DESCRIPTION OF SHARE CAPITAL](#T9924) | 93 |
|  [CERTAIN CAYMAN ISLANDS COMPANY CONSIDERATIONS](#T9925) | 97 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T9926) | 104 |
|  [MATERIAL TAX CONSIDERATIONS](#T9927) | 106 |
|  [UNDERWRITING](#T9928) | 112 |
|  [SELLING RESTRICTIONS](#T9929) | 117 |
|  [EXPENSES RELATED TO THIS OFFERING](#T9930) | 119 |
|  [LEGAL MATTERS](#T9931) | 120 |
|  [EXPERTS](#T9932) | 120 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#T9933) | 120 |
|  [INDEX TO COMBINED FINANCIAL STATEMENTS](#T9934) | F-1 |
|  [EXHIBIT INDEX](#T9935) | II-2 |
|  [SIGNATURES](#T9936) | II-5 |

---

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#### ABOUT THIS PROSPECTUS
Neither we, nor any of the underwriters have authorized anyone to provide you with any information or to make any representations other than as contained in this prospectus or in any related free writing prospectus. Neither we, nor the underwriters take responsibility for, or provide any assurance about the reliability of, any information that you may receive from other parties. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of the securities. Our business, financial condition, results of operations and prospects may have changed since that date.

You should not assume that the information contained in the registration statement of which this prospectus is a part is accurate as of any date other than the date hereof, regardless of the time of delivery of this prospectus or of any sale of the Ordinary Shares being registered in the registration statement of which this prospectus forms a part.

No dealer, salesperson or any other person is authorized to give any information or make any representations in connection with this offering other than those contained in this prospectus, and, if given or made, the information or representations must not be relied upon as having been authorized by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any security other than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the offer or solicitation is not authorized or is unlawful.

Certain amounts, percentages and other figures included in this prospectus have been subject to rounding adjustments. Accordingly, amounts, percentages and other figures shown as totals in certain tables or charts may not be the arithmetic aggregation of those that precede them and amounts, and figures expressed as percentages in the text may not total 100% or, when aggregated may not be the arithmetic aggregation of the percentages that precede them.

For investors outside the United States: Neither we, nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the Ordinary Shares and the distribution of this prospectus outside the United States.

**Until** [•][•], **2026 (the 25**<sup>th</sup> **day after the date of this prospectus), all dealers that buy, sell or trade Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

#### MARKET, INDUSTRY, AND CERTAIN STATISTICAL DATA
Certain market data and forecasts used throughout this prospectus were obtained from internal company surveys, market research, consultant surveys, reports of governmental and international agencies and industry publications and surveys including Independent Market Research report prepared for the Company by Frost & Sullivan, a third-party global research organization, commissioned by our Company. Industry publications and third-party research, surveys and reports generally indicate that their information has been obtained from sources believed to be reliable. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Our estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed under the heading "Risk Factors" in this prospectus.

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements that relate to our current expectations and views of future events. These forward-looking statements are contained principally in the sections entitled "Prospectus Summary", "Risk Factors", "Use of Proceeds", "Management's Discussion and Analysis of Financial Condition and Results of Operations", "Industry Overview", and "Business". These statements relate to events that involve known and unknown risks, uncertainties, and other factors, including those listed under "Risk Factors", which may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, these forward-looking statements can be identified by words or phrases such as "believe", "plan", "expect", "intend", "should", "seek", "estimate", "will", "aim", and "anticipate", or other similar expressions, but these are not the exclusive means of identifying such statements. All statements other than statements of historical facts included in this document, including those regarding future financial position and results, business strategy, plans and objectives of management for future operations (including development plans and dividends) and statements on future industry growth are forward-looking statements. In addition, we and our representatives may, from time to time, make other oral or written statements which are forward-looking statements, including in our periodic reports that we will file with the United States Securities and Exchange Commission (the "SEC"), other information sent to our shareholders and other written materials.

These forward-looking statements are subject to risks, uncertainties, and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, regional, national, international, or global political, economic, business, competitive, market and regulatory conditions, the risk factors set forth in "Risk Factors" including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business strategies, operating plans, and business prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our capital commitment plans and funding requirements and the availability of financing and capital to fund these needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to effectuate and manage our planned business expansion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the regulatory and political environment in the jurisdictions in which our we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition in the rental and installation of audiovisual and LED display equipment industry in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract clients and maintain client loyalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain senior management team members and recruit qualified and experienced new team members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• breaches of laws or regulations in the operation and management of our current and future businesses and assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the overall global economic and general market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute our strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain our competitiveness and operational efficiency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to anticipate and respond to changes in the rental and installation of audiovisual and LED display equipment industry and in client demands, trends, and preferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the loss of key personnel and the inability to replace such personnel on a timely basis or on terms acceptable to us;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exchange rate fluctuations, including fluctuations in the exchange rates of currencies that are used in our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in interest rates or rates of inflation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal, regulatory, and other proceedings arising out of our operations.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus, and the documents that we reference in this prospectus and have filed as exhibits to the registration statement of which this prospectus is a part, completely and with the understanding that our actual future results or performance may be materially different from what we expect.

This prospectus contains certain data and information that we obtained from various government and private publications. Statistical data in these publications also include projections based on a number of assumptions. The market for rental and installation of audiovisual and LED display equipment may not grow at the rate projected by such market data, or at all. Failure of this industry to grow at the projected rate may have a material and adverse effect on our business and the market price of our Ordinary Shares. Furthermore, if any of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements.

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#### ENFORCEABILITY OF CIVIL LIABILITIES
We are an exempted company incorporated under the laws of the Cayman Islands with limited liability and our affairs are governed by our Amended and Restated Memorandum and Articles of Association and the Companies Act, and the common law of the Cayman Islands.

All of our assets are located outside the United States. In addition, substantially all of our executive Directors and our senior management reside outside the United States, and all or a substantial portion of such persons' assets are located outside the United States. As a result, it may be difficult or impossible for you to effect service of process within the United States upon us or these persons, or to enforce judgments obtained in U.S. courts against us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our executive officers and directors.

We have appointed Puglisi & Associates as our agent to receive service of process with respect to any action brought against us in the United States in connection with this offering under the federal securities laws of the United States of America or of any state of the United States of America.

Ogier, our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of the U.S. courts obtained against us or our directors or officers that are predicated upon the civil liability provisions of the U.S. federal securities laws or the securities laws of any state or other territory of the United States of America; or (ii) entertain original actions brought in the Cayman Islands against us or our directors or executive officers that are predicated upon the U.S. securities laws or the securities laws of any U.S. state.

We have been advised by Ogier that, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated upon, provided such judgment: (a) is given by a foreign court of competent jurisdiction; (b) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given; (c) is final; (d) is not in respect of taxes, a fine or a penalty; (e) was not obtained by fraud; and (f) is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely to enforce a judgment obtained from the U.S. courts under civil liability provisions of the U.S. federal securities law if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Because such a determination has not yet been made by a court of the Cayman Islands, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands. Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

Given that all of our assets are located in Malaysia and that most of our directors and officers are Malaysian nationals or residents whose assets are predominantly outside the United States, investors may encounter difficulties in effecting service of process in the United States on us or our directors and officers, or in enforcing United States court judgements, including those arising under the civil liability provisions of United States federal or state securities laws. There are currently no statutes, treaties, or arrangements between the United States and Malaysia providing for the reciprocal recognition and enforcement of court judgments. Under Malaysian law, a foreign judgment cannot be directly enforced and must first be recognized by a Malaysian court in accordance with applicable statutory or common law principles.

Recognition and enforcement of a foreign judgment in Malaysia require that the foreign jurisdiction be a reciprocating country listed under the Reciprocal Enforcement of Judgments Act 1958 ("REJA 1958"), the Maintenance Orders (Facilities for Enforcement) Act 1949, or the Probate and Administration Act 1959. The United States is not included, and therefore any United States judgment must be enforced through fresh proceedings in a Malaysian court.

Under REJA 1958, for a foreign judgment to be recognized and enforced in Malaysia, the judgment must: (i) be monetary in nature, excluding sums payable for taxes, fines, or penalties; (ii) be rendered by a foreign court with jurisdiction recognized by a Malaysian court; (iii) not have been obtained by fraud; (iv) not contravene Malaysian public policy; (v) have been issued in proceedings consistent with natural justice; and (vi) be final and conclusive.

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#### DEFINITIONS
"Amended and Restated Articles of Association" means the Amended and Restated Articles of Association of our Company, adopted on and effective as of November 27, 2025, and as further supplemented, amended, or otherwise modified from time to time.

"BVI" refers to the British Virgin Islands;

"BVI-1" refers to LYS (BVI) LTD a company incorporated under the laws of British Virgin Islands on November 12, 2025.

"CAGR" means compound annual growth rate.

"Companies Act" means the Companies Act (Revised) of the Cayman Islands.

"Controlling Shareholder" means LYS (BVI) LTD, a company incorporated under the laws of Malaysia of which Low You Siong, our Director, is the beneficial owner and sole shareholder.

"COVID-19" means the Coronavirus Disease 2019.

"Group" means MSAV HOLDINGS LTD, and its subsidiaries MSAV (BVI) LTD ("MSAV BVI") and Mekar Subur AV Sdn. Bhd.

"MSAV" means Mekar Subur AV Sdn. Bhd. a company incorporated in Malaysia with limited liability in 2013, an indirectly wholly owned subsidiary of MSAVBVI and our operating subsidiary in Malaysia.

"MSAVH" means MSAV HOLDINGS LTD, an exempted company incorporated in the Cayman Islands with limited liability under the Companies Act on November 4, 2025.

"Amended and Restated Memorandum of Association" means the Amended and Restated Memorandum of Association of our Company adopted on and effective as of November 27, 2025, and as further supplemented, amended, or otherwise modified from time to time.

"Amended and Restated Memorandum and Articles of Association" means the Amended and Restated Memorandum and Articles of Association of our Company adopted on and effective as of November 27, 2025, and as further supplemented, amended, or otherwise modified from time to time.

"Operating Subsidiary" refers to Mekar Subur AV Sdn. Bhd., a company incorporated in Malaysia with limited liability, an indirectly wholly owned subsidiary of MSAV BVI and our operating subsidiary in Malaysia;

"$", "US$", "USD" or "US dollars" refers to the legal currency of the United States.

"Ringgit", "MYR" or "RM" refers to the legal currency of Malaysia.

"Warehouses" refers collectively to the two warehouse facilities, located at Lot 5746B and Lot 5746C, Batu 4½, Jalan Kelang Lama, 58000 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.

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#### PROSPECTUS SUMMARY
This summary highlights information contained elsewhere in this prospectus. This summary may not contain all the information that may be important to you, and we urge you to read this entire prospectus carefully, including the "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business" sections and our combined financial statements and notes to those statements, included elsewhere in this prospectus, before deciding to invest in our Ordinary Shares. This prospectus includes forward-looking statements that involve risks and uncertainties. See "Special Note Regarding Forward-Looking Statements."

#### Overview and Corporate History
We are a holding company incorporated in the Cayman Islands with operations conducted in Malaysia by our Operating Subsidiary, Mekar Subur AV Sdn. Bhd., which was incorporated as a company with limited liability under the laws of Malaysia in 2013. With more than 10 years of operating history, our Operating Subsidiary has substantial expertise and strong capabilities in the sale, rental, and installation of audiovisual and LED display equipment for our customers in Malaysia.

We operate through three primary business activities, each providing a distinct revenue stream:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sales of equipment to customers, recognized upon receipt by the customer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) short-term event-driven rental arrangements, generally ranging from 1 day to 3 months, with revenue determined by the equipment employed and the length of the event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) long term semi-permanent installations at customer facilities, generally ranging from 2 – 7 years, with revenue determined on a usage-based lease calculated by the number of days and the specific configuration the equipment is used.

For the years ended June 30, 2024 and 2025, we served 153 customers in each year through our short-term, event-driven rental stream and 54 and 64 customers, respectively, through our long-term, usage-based lease stream. Customers may be included in both categories if they engaged the Company under both business streams during the relevant period. For the years ended June 30, 2024 and 2025, we completed 571 and 519 short-term event engagements (i.e., individual events for which equipment is rented for a limited period, typically days) and 1,805 and 2,116 long-term contract usages (i.e., billable usage periods under long-term, usage-based leases arrangements), respectively.

Our Operating Subsidiary maintains inventories of professional equipment including LED screens, projection systems, and audio systems, and provides comprehensive technical support encompassing system design, installation, operational support, and maintenance that helps ensure enhanced equipment performance.

The LED display segment provides LED screens with specifications ranging from P2 to P10 (representing the concentration of pixels resulting in variances of image sharpness and resolution resulting in appropriateness for various applications) for both short term and semi-permanent installations. Our LED display solutions include indoor and outdoor applications, and floor LED systems, each configured in accordance with specific venue requirements and event objectives. Our Operating Subsidiary has executed LED screen installations at various commercial venues including international hotels, convention centers, and commercial buildings throughout Malaysia.

The audiovisual segment encompasses both audio and visual equipment sales, rental and installation services. The projection systems are equipped with various ANSI-lumens specifications and multiple lens configurations including short zoom, short throw, and long throw applications. The audio component includes professional-grade mixers, speakers, line-array systems, amplification equipment, and playback systems. Our equipment portfolio also supports multi-camera production setups and video conferencing functions that enable transmission of video images and audio between multiple locations.

The implementation methodology encompasses several key phases, beginning with a technical feasibility assessment, followed by detailed system design and equipment specifications. The installation phase includes equipment deployment, system integration, and technical testing. For semi-permanent installations, this includes analyzing usage patterns to determine optimal structures. The installation phase includes equipment deployment, system integration, and technical testing. Our Operating Subsidiary provides ongoing technical support including system maintenance and technical supervision.

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Our Operating Subsidiary has established a track record in providing equipment and technical support through retail sales, short-term special event leases, and semi-permanent installation usage-based leases at international hotels and convention centers for corporate functions, government events, exhibits, conferences, entertainment productions, and concerts. Our equipment and technical capabilities have been deployed at various commercial venues including convention centers, hotels, and event spaces across Malaysia.

#### Our Competitive Strengths
We believe the following competitive strengths differentiate us from our competitors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a stable customer relationship with commercial enterprises and government organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Established market position as one of the largest audiovisual and LED display solutions in Malaysia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Experienced and dedicated management with proven track record in audiovisual and LED display solutions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Substantial experience in supporting major concerts and events.

See *"Business — Competitive Strengths" on page* 62

#### Our Challenges
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intense market competition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High fixed costs and significant capital investment required to maintain a broad inventory of professional audiovisual equipment.

See *"Business — Our Challenges" on page* 64

#### Our Growth Strategies
We intend to pursue the following strategies to further expand our business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhance our business presence in the hotel sector;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resume and expand our full-service event technical operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expand our presence into the concert organization segment to capture growing market opportunities.

See *"Business — Our Growth Strategies" on page* 65

#### Trends and Market Opportunities
Our management believe that the prospects of our Group are encouraging for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The robust development of Malaysia's tourism industry has emerged as a critical driver of our LED rental business, as expansion directly boosts demand from clients like shopping malls and high-end hotels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Malaysian cities such as Kuala Lumpur and Penang have surpassed destinations in Thailand and Myanmar to become top tourism choices in Southeast Asia prompting large shopping malls to frequently host themed promotions, cultural exhibitions and interactive events creating strong demand for our LED rental services and supporting audio equipment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The growth of Malaysia's tourism industry expands the addressable market for our LED and audiovisual sales and rental services, while the rising demand for tailored solutions also supports higher service value and revenue potential

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#### Reorganization
Effective December 10, 2025 our Group completed a reorganization to consolidate our business operations into an offshore structure in anticipation of listing on a recognized securities market.

Prior to the reorganization, MSAV was owned 100% by Low You Siong.

As part of the reorganization, MSAVH was incorporated on November 4, 2025, as the holding company of the Group. At incorporation, the authorized share capital of MSAVH was US$50,000 divided into (i) 4,000,000,000 Class A Ordinary Shares of par value US$0.00001 each and (ii) 1,000,000,000 Class B Ordinary Shares of par value US$0.00001 each. Upon incorporation, one Class A Ordinary Share was allotted and issued as fully paid to Ogier Global Subscriber (Cayman) Limited, the first subscriber. On November 7, 2025, the first subscriber transferred the one issued Class A Ordinary Share to Low You Siong.

On November 27, 2025, MSAVH re-classified and re-designated each issued and unissued Class A Ordinary Shares and Class B Ordinary Shares into Ordinary Shares of US$0.00001 each and all the Ordinary Shares shall rank pari passu with each other, such that the authorized share capital of the Company has become US$50,000 divided into 5,000,000,000 Ordinary Shares of US$0.00001 each (the "Share Re-designation") and the one issued Class A Ordinary Share held by Low You Siong was re-designated to one Ordinary Share. As a result of the Share Re-designation, on the same day the Company adopted the Amended and Restated Memorandum and Articles of Association with immediate effect.

On December 10, 2025 MSAVH entered into a share swap agreement with (i) Low You Siong, the sole shareholder of MSAV; (ii) MSAV BVI, a wholly-owned subsidiary of MSAVH; (iii) a company wholly-owned by Low You Siong, our Director, and (iv) MSAV. Pursuant to the share swap agreement, MSAV BVI acquired all of the issued and paid-up shares of MSAV and in consideration of this acquisition, MSAVH, as the parent holding company of MSAV BVI, allotted and issued an aggregate of 20,000,000 Ordinary Shares to LYS (BVI) LTD of which Low You Siong, our Director, is the beneficial owner and sole shareholder. Following the transaction, MSAV became an indirect wholly-owned subsidiary of MSAVH.

On December 12, 2025 Low You Siong surrendered one Ordinary Share held by him for no consideration in MSAVH.

On December 12, 2025 LYS (BVI) LTD transferred 2,400,000, 1,800,000, 1,600,000, 1,200,000 Ordinary Shares to E Team (BVI) Limited, CA (BVI) LIMITED, WP (BVI) LIMITED and other minority shareholders, respectively. Thereafter, MSAVH has become owned as to 13,000,000, 2,400,000, 1,800,000, 1,600,000, and 1,200,000 Ordinary Shares held by LYS (BVI) LTD, E Team (BVI) Limited, CA (BVI) LIMITED, WP (BVI) LIMITED and other minority shareholders, representing 65%, 12%, 9%, 8%, 6% of the issued Ordinary Shares of MSAVH respectively.

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Our corporate structure following the reorganization of the Company's legal structure before and upon completion of this offering is set forth in the chart below<sup>(1)</sup>.

![](tflowchart_001.jpg)

____________

(1) Assuming no exercise of the underwriter's over-allotment option.

#### Holding Company Structure
MSAV HOLDINGS LTD ("MSAVH") is a Cayman Islands holding company with no material operations of its own, and we conduct our operations primarily in Malaysia through Operating Subsidiary, Mekar Subur AV Sdn. Bhd ("MSAV"). This is an offering of the Ordinary Shares of MSAVH, an exempted company with limited liability incorporated under the laws of the Cayman Islands, instead of the shares of the Operating Subsidiary. Investors in this offering will not directly hold any equity interests in the Operating Subsidiary.

As a result of our corporate structure, MSAVH's ability to pay dividends may depend upon dividends paid by the Operating Subsidiary. If our Operating Subsidiary 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.

#### Transfers of Cash To and From Our Subsidiaries
No regulatory approval is required for MSAVH to transfer cash to its subsidiaries is subject to the following: MSAVH is permitted under the laws of the Cayman Islands and its Amended and Restated Memorandum and Articles to provide funding to our subsidiaries incorporated in the BVI (MSAV (BVI) LTD or MSAV BVI) and Malaysia (Mekar Subur AV Sdn. Bhd. or MSAV) through loans or capital contributions. MSAVH's subsidiary formed under the laws of the BVI is permitted under the laws of the BVI to provide funding to the Operating Subsidiary subject to certain restrictions laid down in the BVI Business Companies Act 2004 (as amended) and memorandum and articles of association of the relevant subsidiary incorporated under the laws of the BVI.

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The ability of MSAV BVI, the direct subsidiary of MSAVH, to transfer cash to MSAVH is subject to the following: according to the BVI Business Companies Act (as amended), MSAVBVI may make dividends distribution to the extent that immediately after the distribution, the value of the company's assets exceeds its liabilities and that such company is able to pay its debts as they fall due.

Save for (a) when future financing arrangements between our Malaysia subsidiary and its creditors may contain negative covenants that limit the ability of our subsidiary to declare or pay dividends or make distributions or (b) our Malaysia subsidiary is restricted from declaring or paying such dividends or making such distributions under the Malaysian Companies Act, 2016, which stipulates that dividends are to be paid out of our subsidiary's profits and that the dividends should not be paid if the payment of such dividends or making such distributions will cause our subsidiary to be insolvent (i.e. our subsidiary being unable to pay its debts as and when the debts become due within 12 months immediately after the payment distribution is made), there are no other restrictions on dividends transfers from Malaysia to the BVI. As of the date of this prospectus, all corporations in Malaysia are required to adopt a single-tier dividend. All dividends distributed by Malaysian resident companies under a single tier dividend are not taxable. Further, the Government of Malaysia does not levy withholding tax on dividends payment. Therefore, there is no withholding tax imposed on dividends paid to non-residents by Malaysian companies. For the transfer of assets from our subsidiary to the holding company, there are no governmental laws, decrees, regulations, or other legislations that may affect such transfer. However, such transfer of assets may be subject to withholding taxes (if any). The same applies to the transfer of cash from our subsidiary to the holding company upon the presentation of the necessary documentary evidence required by local banks or financial institutions. As of the date of this prospectus, there has not been any assets or cash transfer between the holding company and its subsidiary, and our subsidiary is not restricted from declaring any dividends as our subsidiary currently has sufficient profits and the payment of such dividends or making such distributions will not cause our subsidiary to be insolvent, save that certain financiers of the Operating Subsidiary have imposed negative covenants restricting the declaration or payment of dividends unless prior written consents of the relevant financiers are obtained. We have not installed any cash management policies that dictate the amount of such funding.

During the fiscal years ended June 30, 2025, and 2024, our Operating Subsidiary, MSAV, did not declare or pay any dividends and there was no transfer of assets among MSAVH and its subsidiaries.

We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our Board after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors our Board deems relevant, and subject to the restrictions contained in any future financing instruments.

Subject to the Cayman Islands laws and our Amended and Restated Memorandum and Articles, our Company may only pay dividends out of profits or share premium and, our Board may authorize and declare a dividend to shareholders at such time and of such an amount as they think fit if they are satisfied, on reasonable grounds, that immediately following payment of the dividend we will be able to pay our debts as they become due in the ordinary course of business. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our Board. There is no further Cayman Islands statutory restriction on the amount of funds which may be distributed by us by dividend.

The Cayman Islands does not impose a withholding tax on payments of dividends to shareholders in the Cayman Islands.

See *"Dividends and Dividend Policy"* on pages 34, and "Combined Statements of Change in Shareholders' Equity" in the audited financial statements contained in this prospectus for more information.

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#### SUMMARY RISK FACTORS AND CHALLENGES
Investing in our Ordinary Shares involves risks. The risks summarized below are qualified by reference to "Risk Factors" beginning on page 14 of this prospectus, which you should carefully consider before making a decision to purchase our Ordinary Shares. If any of these risks actually occurs, our business, financial condition or results of operations would likely be materially adversely affected. In such case, the trading price of our Ordinary Shares would likely decline, and you may lose part or all of your investment.

These risks include but are not limited to the following:

#### Risks Related to Our Business and Industry
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business success depends significantly on our ability to maintain technological competitiveness and adapt to evolving market trends. See "Risk Factors — "Risks Related to Our Business and Industry" on page 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operating results are affected by changes in market trends of the hotel and event management industry, marketing and/or entertainment industry, and we may not be able to adapt to changing market demands effectively, See "Risk Factors — "Risks Related to Our Business and Industry" on page 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our continued success depends on our ability to retain the services of our key management personnel and key technicians, and any loss of their services may impair our ability to maintain our continued success. See "Risk Factors — "Risks Related to Our Business and Industry" on page 15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any defect in the audio-visual equipment sourced from our suppliers may adversely affect the reliability and quality of our audio-visual solutions. See "Risk Factors — "Risks Related to Our Business and Industry" on page 15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business is highly related to the marketing and entertainment industry which is sensitive to changes in economic, political and social conditions in Malaysia. See "Risk Factors — "Risks Related to Our Business and Industry" on page 15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any postponement or cancellation of our rental or installation engagements may affect the availability of our LED and audio-visual equipment, disrupt our operations and result in a loss of income See "Risk Factors — "Risks Related to Our Business and Industry" on page 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delays in equipment logistics and delivery could significantly disrupt our operations and adversely affect our business performance. See "Risk Factors — "Risks Related to Our Business and Industry" on page 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to obtain adequate financing for our LED and audio-visual equipment business in the future. See "Risk Factors — "Risks Related to Our Business and Industry" on page 17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our equipment in Malaysia is placed in our warehouses which are vulnerable to natural disasters or other unforeseeable events which may severely disrupt our business operations. See "Risk Factors — "Risks Related to Our Business and Industry" on page 18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face intense competition in the LED and audio-visual solutions industry and may not be successful in competing against our competitors. See "Risk Factors — "Risks Related to Our Business and Industry" on page 18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our safety measures and procedures may not fully prevent industrial accidents, which could result in significant liability and adversely affect our operations. See "Risk Factors — "Risks Related to Our Business and Industry" on page 19.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may face intellectual property claims related to our LED and audio-visual solutions, which could adversely impact our operations and financial performance. See "Risk Factors — "Risks Related to Our Business and Industry" on page 19.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our insurance coverage may not be adequate to cover potential liabilities. See "Risk Factors — "Risks Related to Our Business and Industry" on page 20.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business plans and strategies may not be successful or be achieved within the expected time frame or within the estimated budget. See "Risk Factors — "Risks Related to Our Business and Industry" on page 20.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and the Operating Subsidiary are exposed to potential disruptions and risks from unforeseen disasters or crises. See "Risk Factors — "Risks Related to Our Business and Industry" on page 20.

**Risks Related to Our Securities and This Offering**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recent changes to Nasdaq listing standards and Nasdaq's expanded discretionary authority to deny initial listings may make it more difficult for us to qualify for or maintain a listing on Nasdaq, which could adversely affect the liquidity and market price of our Ordinary Shares. See "Risk Factors — "Risks Related to Our Securities and This Offering" on page 23.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An active trading market for our Ordinary Shares may not be established or, if established, may not continue, and the trading price for our Ordinary Shares may fluctuate significantly. See "Risk Factors — "Risks Related to Our Securities and This Offering" on page 24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain recent initial public offerings of companies with public floats comparable to our anticipated public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of the company. We may experience similar volatility, which may make it difficult for prospective investors to assess the value of our Ordinary Shares. See "Risk Factors — "Risks Related to Our Securities and This Offering" on page 24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not maintain the listing of our Ordinary Shares on Nasdaq, which could limit investors' ability to make transactions in our Ordinary Shares and subject us to additional trading restrictions. See "Risk Factors — "Risks Related to Our Securities and This Offering" on page 25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Ordinary Shares for a return on your investment. See "Risk Factors — "Risks Related to Our Securities and This Offering" on page 26.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because our public offering price per Ordinary Share is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution. See "Risk Factors — "Risks Related to Our Securities and This Offering" on page 27.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following this Offering, our Controlling Shareholder will continue to own more than a majority of the voting power of our outstanding Ordinary Shares. As a result, our Controlling Shareholder has the ability to control the outcome of matters submitted to the shareholders for approval*.*** See "Risk Factors — "Risks Related to Our Securities and This Offering" on page 27.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States federal income tax consequences. See "Risk Factors — "Risks Related to Our Securities and This Offering" on page 28.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law. See "Risk Factors — "Risks Related to Our Securities and This Offering" on page 28.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain judgments obtained against us by our shareholders may not be enforceable. See "Risk Factors — "Risks Related to Our Securities and This Offering" on page 29.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an emerging growth company within the meaning of the rules under the Securities Act and may take advantage of certain reduced reporting requirements applicable to other public companies that are not emerging growth companies. See "Risk Factors — "Risks Related to Our Securities and This Offering" on page 29.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We qualify as a foreign private issuer and, as a result, we will not be subject to U.S. proxy rules and will be subject to Exchange Act reporting obligations that permit less detailed and less frequent reporting than that of a U.S. corporation. See "Risk Factors — "Risks Related to Our Securities and This Offering" on page 30.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will incur significantly increased costs and devote substantial management time as a result of the listing of our shares. See "Risk Factors — "Risks Related to Our Securities and This Offering" on page 31.

#### Implications of Being an Emerging Growth Company
As a company with less than $1.235 billion in revenue during our last completed fiscal year, we qualify as an "emerging growth company" as defined in the federal securities laws. An emerging growth company may take advantage of specified reduced reporting requirements that are otherwise applicable generally to public companies. These reduced reporting requirements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from compliance with the auditor attestation requirement on the effectiveness of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from compliance with any requirement that the Public Company Accounting Oversight Board may adopt regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the requirements to obtain a non-binding advisory vote on executive compensation or a stockholder approval of any golden parachute arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extended transition periods for complying with new or revised accounting standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being permitted to present only two years of audited financial statements and only two years of related "Management's Discussion and Analysis of Financial Condition and Results of Operations", in addition to any required unaudited interim financial statements in this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosures regarding executive compensation in our periodic reports, proxy statements and registration statements, including in this prospectus.

We will remain an emerging growth company until the earliest to occur of: (i) the end of the first fiscal year in which our annual gross revenue is $1.235 billion or more; (ii) the end of the first fiscal year in which we are deemed to be a "large accelerated filer", as defined in the Securities Exchange Act of 1934, as amended, (the "Exchange Act"); (iii) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities; and (iv) the end of the fiscal year during which the fifth anniversary of this offering occurs. We may choose to take advantage of some, but not all, exemptions afforded to emerging growth companies. We currently intend to take advantage of the exemptions discussed above. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you hold stock. The Company will take advantage of the extended transition period for complying with any new or revised financial account standards provided pursuant to Section 7(a)(2)(B).

#### Implications of Being a Foreign Private Issuer
We will become subject to the information reporting requirements of the Exchange Act that are applicable to "foreign private issuers", and under those requirements we will file reports with the SEC. As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that apply to domestic public companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to provide the same level of disclosure on certain issues, such as executive compensation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction.

Furthermore, Nasdaq listing rules allow foreign private issuers to rely on their home country corporate governance practices in lieu of Nasdaq corporate governance requirements, provided that we comply with the requirements relating to notification of noncompliance, voting rights and the composition of the audit committee. As we may choose to rely on our home country corporate governance requirements and certain exemptions thereunder to the extent permitted by Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the Nasdaq listing rules and will be required to comply with the applicable requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the cost we would incur as a foreign private issuer.

#### Implications of Being a "Controlled Company"
Controlled companies are exempt from the majority of independent director requirements. Controlled companies are subject to an exemption from Nasdaq standards requiring that the board of a listed company consist of a majority of independent directors within one year of the listing date.

Public companies that qualify as a "Controlled Company" with securities listed on the Nasdaq Stock Market, must comply with the exchange's continued listing standards to maintain their listings. Nasdaq has adopted qualitative listing standards. Companies that do not comply with these corporate governance requirements may lose their listing status. Under the Nasdaq rules a "controlled company" is a company with more than 50% of its voting power held by a single person, entity, or group. Under the Nasdaq rules, a controlled company is exempt from certain corporate governance requirements including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that a majority of the board of directors consist of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that a listed company have a nominating and governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that a listed company have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement for an annual performance evaluation of the nominating and governance committee and compensation committee.

Controlled companies must still comply with the Nasdaq Capital Market's other corporate governance standards. These include having an audit committee and the special meetings of independent or non-management directors.

Upon completion of this offering, our issued and outstanding shares will consist of 23,750,000 Ordinary Shares assuming the underwriters do not exercise their over-allotment option to purchase additional Ordinary Shares. Immediately after the completion of this offering, LYS (BVI) LTD, our Controlling Shareholder, of which Low You Siong, our Director, is the beneficial owner and sole shareholder, will own approximately 54.74% of our total issued and outstanding Ordinary Shares, representing approximately 54.74% of the total voting power of our capital stock.

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As a result, we will continue to be a "controlled company" as defined under Nasdaq Listing Rule 5615(c) because our Controlling Shareholder will hold more than 50% of the voting power for the election of directors. Therefore, our Controlling Shareholder will be able to exert significant control over our management and affairs requiring shareholder approval, including approval of significant corporate transactions. This concentration of ownership may not be in the best interests of all of our shareholders. As a "controlled company", we are permitted to elect not to comply with certain corporate governance requirements. As of the date of this prospectus, we have not relied on these exemptions, but we may elect to do so in the future.

#### Corporate Information
We were incorporated in the Cayman Islands on November 4, 2025. Our registered office in the Cayman Islands is at 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands. Our principal executive office is at No. 35-1, Jalan 2/115a, Taman Pagar Ruyung, Jalan Kuchai Lama, 58200 Kuala Lumpur, Malaysia. Our telephone number at this location is (+6) 03 7972 3025. Our principal website address is *www.msav.com.my*.

The information contained on our website does not form part of this prospectus. Our agent for service of process in the United States is Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711.

Because we are incorporated under the laws of the Cayman Islands, you may encounter difficulty protecting your interests as a shareholder, and your ability to protect your rights through the U.S. federal court system may be limited. Please refer to the sections entitled "Risk Factors *— Risks Related to our Securities and the Offering*" and "*Enforceability of Civil Liabilities*" for more information.

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#### THE OFFERING

---

| | |
|:---|:---|
|  **Offering Price** | We estimate that the initial offering price will be in the range of US$4.00 and US$6.00 per Ordinary Share. |
|  **Ordinary Shares offered by us** | 3,750,000 Ordinary Shares (or 4,312,500 Ordinary Shares if the underwriters exercise the over-allotment option in full). |
|  **Ordinary Shares issued and outstanding prior to this offering** | <br>20,000,000 Ordinary Shares. |
|  **Ordinary Shares issued and outstanding immediately after this offering** | <br>23,750,000 Ordinary Shares (or 24,312,500 Ordinary Shares if the underwriters exercise the over-allotment option in full). |
|  **Voting Rights** | Each Ordinary share is entitled to one (1) vote.<br> See the sections titled "*Principal Shareholders*" and "*Description of Share Capital*" for additional information. |
|  **Over-allotment option** | We have granted the underwriters an option, exercisable for 45 days after completion of this offering, to purchase up to an additional 562,500 Ordinary Shares at the initial public offering price, less underwriting discounts, solely for the purpose of covering over-allotments, if any. |
|  **Use of proceeds** | We estimate that we will receive approximately $15.86 million in net proceeds from this offering, assuming no exercise of the overallotment option granted by the Company to the underwriters, based on an assumed initial public offering price of US$5.00 the mid-point of the estimated range of the initial public offering price, after deducting underwriting fees, a non-accountable expense allowance and estimated offering expenses. We currently intend to use the net proceeds from this offering as follows:<br> &nbsp;&nbsp;&nbsp;&nbsp;• Approximately 35% for expansion of audio-visual equipment portfolio;<br> &nbsp;&nbsp;&nbsp;&nbsp;• Approximately 30% for enhancement of technical capabilities and manpower; and<br> &nbsp;&nbsp;&nbsp;&nbsp;• Approximately 35% for strengthening operational infrastructure and logistics<br> See "*Use of Proceeds*" for additional information. |
|  **Dividend policy** | We do not intend to pay any dividends on our Ordinary Shares for the foreseeable future. Instead, we anticipate that all of our earnings, if any, will be used for the operation and growth of our business. See *"Dividends and Dividend Policy"* for more information. |
|  **Lock-up** | We, each of our directors, executive officers and any shareholders owning five percent (5%) or more of our outstanding Ordinary Shares including our Controlling Shareholder with respect to its Ordinary Shares sold in this offering, have agreed, subject to certain exceptions, for a period of 180 days following the date of the commencement of sales of this offering, not to, except in connection with this offering offer, sell, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares of the Company. See "*Shares Eligible for Future Sale*" and "*Underwriting — Lock*-Up *Agreements*." |

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| | |
|:---|:---|
|  **Risk factors** | Investing in our Ordinary Shares involves risks. The risks could result in a material change in the value of the securities we are registering for sale or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. See "*Risk Factors*" beginning on page 14 of this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Ordinary Shares. |
|  **Listing** | We have applied to have our Ordinary Shares listed on the Nasdaq Capital Market under the symbol "MSAV". There can be no assurance that our application to have our Ordinary Shares listed on Nasdaq will be approved. If our application is not approved, we will not proceed with this offering. |
|  **Proposed Trading Symbol** | MSAV |
|  **Transfer agent** | Transhare Corporation |
|  **Payment and settlement** | The underwriters expect to deliver Ordinary Shares against payment therefore through the facilities of the Depository Trust Company on [•] [•], 2026 |

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#### Summary Combined Financial Data
You should read the following summary combined financial data together with our audited combined financial statements and the related notes appearing at the end of this prospectus, "*Capitalization*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" elsewhere in this prospectus.

**Results of Operations Data**:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **MYR** | **MYR** | **USD** |
|  **Revenues** |  |  |  |
|  – Rental Revenue | 14162565 | 14768987 | 3509408 |
| &nbsp;&nbsp;&nbsp; Short-term Event-Based | 7214170 | 7469243 | 1774842  |
| &nbsp;&nbsp;&nbsp; Long-term contracts | 6948395 | 7299744 | 1734566  |
|  – Sales Revenue | 295815 | 425780 | 101174 |
|  **Net revenue** | **14458380** | **15194767** | **3610582** |
|  Cost of revenues | (6482484) | (4539441) | (1078662) |
| &nbsp;&nbsp;&nbsp; Cost of equipment sold | (167226) | (233534) | (55492) |
| &nbsp;&nbsp;&nbsp; Other cost | (6315258) | (4305907) | (1023170) |
|  **Gross profit** | **7975896** | **10655326** | **2531920** |
|  **Operating expenses** |  |  |  |
|  Selling and marketing expenses | (1824250) | (1743973) | (414403) |
|  General and administrative expenses | (2612092) | (2995403) | (711769) |
|  Expected credit loss | (746746) | (911706) | (216641) |
|  **Total operating expenses** | **(5183088)** | **(5651082)** | **(1342813)** |
|  **Income from operations** | **2792808** | **5004244** | **1189107** |
|  **Other income/(expenses)** |  |  |  |
|  Financial income/(expenses), net | (405756) | (359931) | (85527) |
|  Other income/expense, net | (583) | (6126) | (1456) |
|  **Total other expenses, net** | **(406339)** | **(366057)** | **(86983)** |
|  **Income before income tax expense** | **2386469** | **4638187** | **1102124** |
|  Income tax expenses | (602418) | (1248165) | (296589) |
|  **Net income** | **1784051** | **3390022** | **805535** |
|  **Other comprehensive income/(loss):** |  |  |  |
|  Foreign currency translation adjustment |  |  |  |
|  **Total comprehensive income** | **1784051** | **3390022** | **805535** |
|  **Comprehensive income attributable to the Company** | **1784051** | **3390022** | **805535** |

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**Balance Sheet Data**:

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| | | | |
|:---|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **MYR** | **MYR** | **USD** |
|  **Total Assets** | **6859540** | **9810934** | **2331274**  |
|  **Total Current Liabilities** | **5342185** | **5310278** | **1261827** |
|  **Total Liabilities** | **6516959** | **6078331** | **1444332** |
|  **Total Shareholders' equity/(deficit)** | **342581** | **3732603** | **886942**  |
|  **Total Liabilities Shareholders' equity/(deficit)** | **6859540** | **9810934** | **2331274**  |

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#### RISK FACTORS
Investing in our shares is highly speculative and involves a significant degree of risk. You should carefully consider the following risks, as well as other information contained in this prospectus, before making an investment in the Company. The risks discussed below could materially and adversely affect our business, prospects, financial condition, results of operations, cash flows, ability to pay dividends and the trading price of our shares. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, prospects, financial condition, results of operations, cash flows and ability to pay dividends, and you may lose all or part of your investment.

#### Risks Related to Our Business and Industry

#### Our business success depends significantly on our ability to maintain technological competitiveness and adapt to evolving market trends
Our competitive position is substantially dependent on our ability to maintain pace with technological advancements in the audio-visual industry and provide cost-effective solutions to our customers. The audio-visual technology sector is characterized by rapid technological evolution, and there can be no assurance that we will consistently anticipate or adapt to such changes effectively.

The Operating Subsidiary's capacity to service clients is linked to the relevance and capabilities of our LED panel and audio-visual equipment portfolio. Our equipment procurement decisions are influenced by anticipated customer requirements, specific customer specifications, technological advancement trajectories, market trend analysis, and projected equipment utilization rates based on our management's industry experience.

We depreciate our equipment over their estimated useful lives. Failure to accurately anticipate market trends or customer requirements when investing in new equipment could result in suboptimal utilization rates while fixed depreciation costs continue to impact our financial performance. Such circumstances might necessitate equipment impairment provisions, adversely affecting our financial position.

Furthermore, rapid technological advancement may render our existing equipment portfolio obsolete faster than anticipated, potentially requiring accelerated replacement cycles or leading to impairment charges. Should we fail to maintain technological competitiveness, accurately predict market trends, or secure necessary equipment financing, our competitive position, profitability, and financial performance could be materially and adversely affected.

***Our operating results are affected by changes in market trends of the hotel and event management industry, marketing and/or entertainment industry, and we may not be able to adapt to changing market demands effectively***

The Operating Subsidiary's business and our operating results are significantly influenced by changes in both the hotel and event management industry and the marketing and entertainment industry in Malaysia. Changes in how business conduct meetings, conferences, corporate events, product launches, and entertainment shows could materially affect the demand for our services. For instance, shifts in marketing preferences toward digital platforms or alternative promotion methods could reduce demand for traditional in-person events requiring audio-visual equipment and solutions. Such change in business and marketing practices could adversely affect demand for our services.

The Operating Subsidiary provides audio-visual solutions primarily to convention centers, hotels, corporate clients, and entertainment event organizers. Changes in how these clients choose to present content, engage audiences, conduct marketing activities, or utilize their spaces could affect demand for our services. If our clients shift away from traditional audio-visual presentations or live events toward alternative methods of content delivery, marketing, or audience engagement, they may reduce their audio-visual equipment requirements or seek different technological solutions.

Our clients' preferences regarding audio-visual installations are also subject to change. Convention centers, hotels, and event venues may alter their audio-visual requirements based on evolving customer expectations or cost considerations. Similarly, changes in marketing trends, such as a shift from live product launches to digital campaigns, or changes in entertainment preferences could affect demand for our equipment and services.

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In providing our services, we are often required to implement our clients' specific requirements for their corporate events, conferences, marketing activities, and entertainment shows through our audio-visual solutions. Our ability to meet these requirements depends on our technical capabilities and understanding of our clients' needs across different industries.

Given the evolving nature of technology and changes in both the hotel and event management industry and marketing/ entertainment industry requirements, there is no assurance that we will continue to anticipate or respond effectively to our clients' changing preferences. Our failure to adapt our services to such changes could reduce our competitive advantage and materially affect our business, results of operations and financial condition.

***Our continued success depends on our ability to retain the services of our key management personnel and key technicians, and any loss of their services may impair our ability to maintain our continued success***

Our success has been largely attributable to the contributions, commitment, and experience of our key management personnel and key technicians, particularly their familiarity with our business operations and their experience in the audio-visual industry. Our director and Controlling Shareholder, Mr. You Siong Low, has over 20 years of experience in the audio-visual industry.

The Operating Subsidiary's continued success is dependent on our ability to retain the services of our key management personnel, including our directors and members of our senior management, as well as key technicians who possess the necessary experience and expertise in the audio-visual industry. If we fail to retain any of our key management personnel and key technicians, we may not be able to recruit experienced or qualified personnel in a timely manner or at all. Our ability to maintain business relationships with existing customers and suppliers, and to secure new business opportunities, particularly in the hotel and event management industry and for corporate events, may be negatively affected. We may also need to incur additional costs in the recruitment and training of new staff. This is particularly critical given the technical nature of our audio-visual equipment and the specialized knowledge required to operate and maintain such equipment effectively. The loss of key personnel could result in operational disruptions and reduced technical capability. In such events, our competitiveness, business performance, results of operations, and business prospects may be materially and adversely affected.

#### Any defect in the audio-visual equipment sourced from our suppliers may adversely affect the reliability and quality of our audio-visual solutions
The quality of our audio-visual equipment is pivotal to the reliability of the solutions we offer to our customers in Malaysia. While the Operating Subsidiary selects suppliers carefully based on various factors, including product quality, track record and business cale, and inspects equipment purchases after delivery, certain mechanical or technical defects may be latent and not detectable at the time of procurement. We cannot guarantee that our quality control measures would be effective in avoiding risks of substandard equipment purchases.

In the event of defective products, we may not be able to seek a timely replacement from our suppliers. We may also experience difficulties in finding alternative sources of supply readily available to provide equipment at comparable price, quality, and quantity in a timely manner to fulfil our requirements within the required timeline. Such supply chain disruptions may materially affect our ability to deliver our audio-visual solutions to our customers, particularly during periods when multiple events are scheduled. Equipment defects or failures during client events could damage our reputation and the audio-visual solutions industry and potentially lead to loss of future business opportunities. Additionally, any need to source replacement equipment on short notice could result in increased costs and reduced profit margins. As a result, our business reputation and results of operations may be materially and adversely affected by any significant issues with equipment quality or reliability.

#### Our business is highly related to the marketing and entertainment industry which is sensitive to changes in economic, political and social conditions in Malaysia
The Operating Subsidiary's performance and financial conditions depend on Malaysia economy, to which substantially all of our revenue for the fiscal years ended June 30, 2025 and 2024 was attributable. If there is a downturn in the Malaysian economy, our existing and potential customers, including convention centers, hotels, corporate clients, and event organizers, may reduce their discretionary spending. This could particularly affect spending on marketing activities, corporate events, conferences, and entertainment-related shows and exhibitions. As a result, the overall market demand for our audio-visual services may be reduced, and our results of operations and financial position may be significantly and adversely affected.

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Any change in Malaysia's existing political environment may affect the stability of the economy, thereby affecting our results of operations and financial position. Political changes could impact various aspects of our business environment, including regulations affecting the hotel and event management industry, entertainment industry, and business events. Economic uncertainty or volatility could lead businesses to postpone or cancel events and marketing activities that require our audio-visual solutions. Social and economic factors, such as changes in consumer confidence, corporate spending patterns, or business sentiment, could also affect our clients' willingness to invest in events and audio-visual presentations. Any significant reduction in corporate events, product launches, or entertainment shows could directly impact the demand for our services. As a result, any political and social instability in Malaysia, if significant and prolonger, could also have a material adverse effect on our business, financial condition, results of operations and prospects.

***Any postponement or cancellation of our rental or installation engagements may affect the availability of our LED and audio-visual equipment, disrupt our operations and result in a loss of income***

Due to the engagement-based nature of our business model, the Operating Subsidiary relies on careful scheduling of both rental and installation engagements to maximize the utilization of our LED displays and audio-visual equipment. However, engagements may be postponed or cancelled for reasons beyond our control, including, among others, delays in property construction or renovation projects, adverse weather conditions affecting installation work, or regulatory compliance issues regarding digital display installations.

While our standard service agreements include compensation provisions for event cancellations, these provisions may not fully protect our financial interests. Under our current terms, where a cancellation is made on or after the rehearsal date or the event date, clients are required to compensate us with 50% of the agreed fee. However, there is no assurance that we will be able to successfully enforce these compensation terms or that clients will honor these payment obligations in all circumstances.

For our installation projects and long-term rental engagements, the risk of financial impact from cancellations or postponement remains significant. While we may have already incurred costs in equipment preparation, transportation, or preliminary installation work, the compensation terms may not fully recover our actual costs and potential loss of alternative business opportunities. Furthermore, sudden cancellations or postponements can create operational challenges, as our LED and audio-visual equipment portfolio and technical personnel may have been specifically allocated for these engagements. Even with compensation, we may face difficulties in quickly redeploying these resources to alternative projects, potentially resulting in underutilization of our assets and personnel. Additionally, while our compensation terms may provide some financial protection, it does not mitigate the potential long-term impact on client relationships and future business opportunities that may arise from engagement cancellations or postponements. Market reputation and client confidence could be materially and adversely affected regardless of compensation received.

#### Delays in equipment logistics and delivery could significantly disrupt our operations and adversely affect our business performance
Our Operating Subsidiary's LED and audio-visual solutions business depends heavily on the timely transportation and delivery of equipment from its warehouses to various event venues and installation sites throughout Malaysia. We rely on third-party logistics providers to transport our Operating Subsidiary's sensitive and valuable LED displays, audio systems, and related equipment. This dependence on external logistics services exposes the Operating Subsidiary's operations to factors beyond its direct control.

The transportation of our Operating Subsidiary's equipment may be subject to various disruptions including severe weather conditions, traffic congestion, road accidents, vehicle breakdowns, or labor disputes affecting the logistics providers. These disruptions could result in significant delays in equipment delivery. Equipment delivery delays could have cascading effects on our Operating Subsidiary's project timelines. Late arrivals of LED displays and audio-visual equipment could delay installation schedules, potentially causing our Operating Subsidiary to miss contracted setup deadlines. This could result in client dissatisfaction, contractual penalties, or damage to our Operating Subsidiary's reputation for reliability in the LED and audio-visual solutions market.

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The risk of logistics disruption is particularly acute for engagements requiring simultaneous delivery of multiple sets or coordinated deliveries across different locations. Our Operating Subsidiary's ability to serve multiple clients or manage multiple events could be compromised by logistics delays, potentially resulting in lost business opportunities or damage to client relationships.

Furthermore, delivery delays may require our Operating Subsidiary to incur additional costs for expedited shipping or alternative logistics arrangements to meet project deadlines. These unexpected costs could reduce the Operating Subsidiary's profit margins on affected projects. In cases where equipment cannot arrive in time, our Operating Subsidiary might need to source substitute equipment at higher costs.

Our Operating Subsidiary's warehouse management and logistics planning processes aim to minimize these risks, but we cannot guarantee that our processes will be sufficient in all circumstances. The nature of LED and audio-visual equipment transportation, combined with time-sensitive nature of many of the Operating Subsidiary's engagements, makes it particularly vulnerable to logistics disruptions. These logistics-related risks could materially and adversely affect our business operations, financial performance, and market reputation in the LED and audio-visual solutions industry.

#### We may not be able to obtain adequate financing for our LED and audio-visual equipment business in the future
Our business requires substantial working capital for daily operations, including equipment maintenance, technical staff salaries, and execution costs. Additionally, significant capital investment is required to purchase new LED displays and audio-visual equipment to maintain technological competitiveness and support our business growth in both rental and installation segments. The advancement in LED and audio-visual technology necessitates regular equipment updates to meet evolving client demands and industry standards.

For the fiscal years ended June 30, 2025, and 2024, we have utilized cash generated from our operations and bank borrowings to maintain our cash flow and finance our capital expenditure. Our ability to raise additional capital will depend on various factors, including our business performance, market conditions, and the overall economic environment in Malaysia. We are unable to assure you that we will be able to obtain bank borrowings and other external financing on commercially acceptable terms or in a timely manner in the future.

If we are unable to obtain necessary financing or are required to repay our bank borrowings on demand or to pledge additional cash deposits as securities, or we fail to obtain such financing on favorable terms due to factors beyond our control, we may face working capital constraints. This could force us to defer essential equipment upgrades, limit our ability to make on new installation projects or large-scale rental engagements, or result in a net current liabilities position. Such limitations could materially and adversely affect our competitive position and growth prospects in the LED and audio-visual solutions market.

The availability and terms of financing are critical for our ability to maintain an up-to-date inventory of LED displays and audio-visual equipment, which is essential for securing and executing both rental and installation engagements. Any limitation in our ability to finance equipment upgrades could adversely affect our service quality and market competitiveness.

#### We may, on occasion, not enter into full formal agreements with our customers for the supply and rental of our audio-visual equipment and accessories.
In certain cases, our Operating Subsidiary previously entered into formal agreements with customers for the supply and rental of our audio-visual equipment and accessories, but some of these agreements have since expired. These arrangements are now renewed on an event-by-event basis through the issuance of purchase orders.

Operating without formal agreements may expose us to contractual and operational risks. In the absence of a binding contract, disputes or disagreements with customers may arise regarding the terms of supply, rental, and payment, even after our equipment has been delivered and services rendered. Such disputes could result in delayed payments, non-payment, or reputational harm.

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While our Operating Subsidiary intends to minimize reliance on informal arrangements and will use its best efforts to enter into formal agreements prior to providing equipment or services, there can be no assurance that this will always be feasible. This is particularly true in cases involving long-standing customers whom we consider reputable and strategically important. In such instances, we may proceed with supplying equipment and services without a formal agreement, which may increase our exposure to legal and financial risks

***Our equipment in Malaysia is placed in our warehouses which are vulnerable to natural disasters or other unforeseeable events which may severely disrupt our business operations***

The Operating Subsidiary relies primarily on our equipment for the provision of audio-visual solutions to our customers in Malaysia. Our equipment could be damaged or ruined by flooding, outbreak of fire, electricity outage, and/or other unforeseeable events while they are stored in our warehouses in Malaysia. They are also exposed to risks of theft, burglary, robbery, or human sabotage at our warehouses or event venues, including convention centers, hotels, and other commercial properties where our equipment is deployed. The risk of equipment damage or loss is significant given that Malaysia experiences periodic monsoon season and flooding in certain regions. Our warehouses may still be susceptible to extreme weather conditions, natural disasters, or other catastrophic events that could result in damage to our inventory of audio-visual equipment.

There is no assurance that all risks are adequately insured under our insurance policies. Even if a certain risk is covered by insurance currently maintained by us, there may be terms in our insurance policies which will render the insured loss irrecoverable under such policies. Insurance claims, if any, may also be subject to lengthy processing times and may not fully compensate us for the replacement cost of our equipment or business interruption losses.

If the quantity of our available equipment is reduced because of the occurrence of any of the aforementioned events and our suppliers are not able to provide us with replacements promptly, our operations may be severely interrupted. Any significant loss or damage to our equipment could result in project delays, customer dissatisfaction, and potential loss of business opportunities. Furthermore, the customized nature of our audio-visual equipment means that immediate replacement may not always be possible, as certain equipment may need to be specially ordered or customized to meet our specifications. Our business, financial condition, and results of operations may therefore be materially and adversely affected by any significant disruption to our equipment portfolio or warehouse operations.

#### We face intense competition in the LED and audio-visual solutions industry and may not be successful in competing against our competitors
The LED and audio-visual solutions industry in Malaysia is becoming increasingly competitive, with service providers expanding their capabilities to offer comprehensive solutions encompassing both rental and installation services. We anticipate that more competitors may evolve into one-stop solution providers, offering integrated services spanning from equipment rental to semi-permanent installations, thereby enhancing their client retention capabilities.

Competition in our industry may intensify as both local and international players expand their presence in the Malaysian market. The increased competition may result in downward pressure on our rental and installation service fees, reduced profit margins, loss of market share in both rental and installation segments, increased marketing and customer acquisition costs, price competition in equipment rental and installation projects, and higher costs in maintaining technological competitiveness.

Our competitors may possess certain competitive advantages over us, including more extensive equipment portfolio, greater financial resources for equipment acquisition and technological upgrades, stronger relationships with corporate clients, more comprehensive service offerings, more competitive pricing structures, and broader geographical coverage.

There is no assurance that we can maintain our current market position in either the rental or installation segments. New competitors may emerge with superior technology, better financing, or stronger client relationships. Existing competitors may substantially expand their operations or enhance their technical capabilities, potentially affecting our ability to secure new contracts or retain existing clients. The rapidly evolving nature of LED and audio-visual technology also means that competitors who successfully adopt new technologies or business models may gain significant advantages. If we fail to keep pace with technological advancements or adapt our service offerings to changing market demands, our competitive position may be materially weakened.

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Additionally, market consolidation through mergers and acquisitions among our competitors could create larger, better-resourced entities that may compete more effectively against us. Our business strategy and market positioning, which focuses on providing high-quality LED and audio-visual solutions for both rental and installation segments, may become less effective as competitors enhance their service offerings and technical capabilities. The success of our business model relies heavily on maintaining technological competitiveness and service quality, which requires continuous investment in new equipment and technical expertise.

If we fail to compete effectively in this dynamic market environment, we may lose potential customers and market share. Such competitive pressures could materially and adversely affect our business prospects, financial condition, and results of operations. Furthermore, the need to remain competitive may require us to reduce our service fees or increase our investment in equipment and technology, which could negatively impact our profitability.

#### Our safety measures and procedures may not fully prevent industrial accidents, which could result in significant liability and adversely affect our operations
The installation and dismantling of LED displays and audio-visual equipment, along with general stage setup activities, involve inherent occupational risks due to the nature of heavy manual operations, working at heights, and handling of electrical equipment. While we maintain safety protocols, we cannot guarantee that these measures will prevent all workplace accidents.

The risks are particularly significant in our installation projects, where work often involves complex equipment setup in various commercial environments. Even with safety measures and supervision, accidents may occur due to various factors including human error, equipment malfunction, or challenging installation conditions. Such incidents could result in serious injuries to our employees.

Under Malaysian employment and workplace safety laws, we may be liable for injuries sustained by both our direct employees and workers employed by our subcontractors during the course of installation or dismantling work. This liability could extend to compensation for medical expenses, loss of income, permanent disability, or fatal accidents. Additionally, we could face regulatory penalties and enforcement actions for workplace safety violations.

The occurrence of workplace accidents could result in compensation claims and legal expenses, increased insurance premiums, delays and additional costs. Such incidents could significantly damage our reputation in the LED and audio-visual solutions industry. We may also face regulatory investigations and penalties, potentially requiring temporary suspension of installation operations and additional costs for implementing enhanced safety measures.

While we maintain insurance coverage for workplace injuries, such insurance may not fully cover all potential claims and liabilities. Moreover, serious accidents could lead to temporary work stoppages, affecting our ability to complete projects on schedule and potentially resulting in contract breaches or client dissatisfaction. The impact of workplace accidents could extend beyond immediate financial costs. Any serious incidents could damage our reputation as a reliable LED and audio-visual solutions provider, potentially affecting our ability to secure new contracts, particularly for large-scale installation projects. Furthermore, heightened regulatory scrutiny following accidents could result in more stringent safety requirements, increasing our operational costs and affecting our project execution capabilities.

#### We may face intellectual property claims related to our LED and audio-visual solutions, which could adversely impact our operations and financial performance
Our LED and audio-visual solutions business involves the integration of various technologies and content in delivering visual displays for our clients. In providing these services, we may inadvertently infringe upon patents, copyrights, or other intellectual property rights owned by third parties. The complexity of intellectual property rights in the LED and audio-visual industry creates inherent risks. When providing rental services or installing fixed location LED displays, we integrate various technological components and systems. The technological solutions we implement may unknowingly incorporate elements that are subject to third-party intellectual property rights, exposing us to potential infringement claims.

A significant portion of our business involves displaying content provided by our clients through our LED systems and audio-visual equipment. While our clients are responsible for ensuring they have the necessary rights to use and display such content, we may become involved in disputes regarding content rights or usage. Our involvement in content display, even as a service provider, could result in our being named in intellectual property infringement

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claims. Intellectual property litigation can be lengthy and expensive, requiring significant management attention and financial resources to defend. Such proceedings could divert our focus from core business operations and development initiatives. Legal defense costs, settlement payments, or adverse judgments in intellectual property cases could substantially impact our financial performance. If we are found to have infringed intellectual property rights, we may be required to pay substantial damages or ongoing royalty fees, modify our technical solutions or service offerings, invest in developing or acquiring alternative solutions, or restructure certain aspects of our business operations. The costs associated with these remedial measures could significantly impact our financial position and operational capabilities. Furthermore, adverse outcomes in intellectual property disputes could harm our reputation in the LED and audio-visual solutions market, potentially affecting our ability to retain existing clients or attract new business. The need to modify our solutions or service offerings in response to intellectual property claims could also impact our ability to deliver services effectively and maintain our competitive position in the market. These intellectual property risks and potential consequences could materially and adversely affect our business operations, financial condition, and market position in the LED and audio-visual solutions industry.

#### Our insurance coverage may not be adequate to cover potential liabilities
Certain risks disclosed elsewhere in this section such as risks in relation to customer concentration, our ability to obtain new contracts, our ability to retain and attract personnel, availability and performance of subcontractors, project and cost management, our ability to maintain and renew our registrations, credit risk and liquidity risk, are generally not covered by insurance because they are either uninsurable or it is not cost justifiable to insure against such risks. Insurance policies covering losses from acts of war, terrorism, or natural catastrophes are also either unavailable or cost prohibitive.

Further, we may be subject to liabilities against which we are not insured adequately or at all or liabilities against which cannot be insured. Should any significant liabilities arise due to accidents, natural disasters, or other events which are not covered or are inadequately covered by our insurance, our business may be adversely affected, potentially lead to a loss of assets, lawsuits, employee compensation obligations, or other forms of economic loss.

We cannot guarantee that our current levels of insurance are sufficient to cover all potential risks and losses. In addition, we cannot guarantee that we can renew our policies or can renew our policies on similar or other acceptable terms. If we suffer from severe unexpected losses or losses that far exceed the policy limits, it could have a material and adverse effect on our business, financial position, results of operations and prospect.

#### Our business plans and strategies may not be successful or be achieved within the expected time frame or within the estimated budget
Our business objectives and strategies as set out in this prospectus are based on our existing plans and intentions. They are based on prevailing circumstances and the development trend of the visual and audio solutions industry currently known to our directors and senior management. These plans are subject to inherent risks and uncertainties at different development stages. We intend to expand our existing business in accordance with our business objectives. We also intend to further increase our capital reserve for financing our equipment purchases, enhancing our equipment, strengthen or manpower in order to cope with the expected increase in demand for our services. The implementation of our strategies and plans will result in significant capital expenditure incurred by us, which may or may not be recoverable, and may divert management's attention from other business concerns. Our plans and strategies may be hindered by risks including but not limited to those mentioned elsewhere in this section.

There is no assurance that we will successfully implement our strategies or that our strategies will be able to achieve our business objectives. The execution of our future plans may also be hindered by other broader factors beyond our control, such as general market conditions, the economic and political environment of Malaysia. There is also no assurance that we will be able to successfully maintain or increase our market share or grow our business successfully after deploying our management and financial resources. Any failure in maintaining our current market position or implementing our plans could materially and adversely affect our business, financial condition and results of operations.

#### We and the Operating Subsidiary are exposed to potential disruptions and risks from unforeseen disasters or crises.
The operations and business continuity of our Operating Subsidiary depend on its ability to operate without significant interruption. Unforeseen events such as natural disasters, pandemics, power outages, or other catastrophic events could potentially disrupt their operations, leading to business interruption, financial loss, and damage to

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our reputation. While our Operating Subsidiary has in place business continuity plans, these plans might not be sufficient to mitigate all potential disruptions. Furthermore, in the context of a global pandemic, our operations may be severely impacted due to government-imposed restrictions, widespread illness among the employees of the Operating Subsidiary, or disruptions in supply chain. There is no guarantee that the contingency plans could fully prevent or remediate the effects of such unforeseen disasters or crises. Thus, our financial condition, results of operations, and business prospects may be adversely affected.

***We may be a party to legal proceedings from time to time and we cannot assure you that such legal proceedings will not have a material adverse impact on our business.***

We may be involved in claims and litigations in respect of various matters from our customers, subcontractors, workers and other parties concerned with our works from time to time. Such claims may include in particular employees' compensation claims and personal injury claims in relation to personal injuries suffered by workers as a result of accidents arising out of and in the course of employment of the injured workers. There is no assurance that we will not be involved in any claims or legal proceedings, nor can we assure you that any such claims or legal proceedings would not have a material adverse impact on our business. Should any claims against us fall outside the scope and/or limit of insurance coverage, our financial position may be adversely affected. Regardless of the merits of any outstanding and potential claims, we need to divert management resources and incur extra costs to handle these claims, which could affect our corporate image and reputation if they were published by the press. If the aforesaid claims were successfully made against us and are not covered by insurance policies, we may need to pay damages and legal costs, which in turn could adversely affect our results of operations and financial position.

#### We may not be able to obtain or maintain the necessary certificates of approval for our audio-visual equipment and related accessories.
Under Malaysian law, certain categories of communication and multimedia equipment are subject to certification by the Energy Commission.

We are currently in the process of applying for the required Certificates of Approval (CoA) for some of our equipment. There can be no assurance that we, or any agents engaged to assist in the certification process, will be able to obtain or maintain such certificates in a timely manner, or at all. The certification process may involve technical testing, documentation review, and compliance with applicable standards.

Failure to obtain or maintain the required CoAs could result in regulatory non-compliance, prevent us from importing, supplying, or renting affected equipment in Malaysia, and materially and adversely affect our business, financial condition, results of operations, and prospects.

#### We may be required to relocate our warehouse operations if the tenancy for our current premises is not renewed.
Our Operating Subsidiary, MSAV, currently utilizes the premises located at Lot 5746B and Lot 5746C, Batu 4½, Jalan Klang Lama, 58000, Wilayah Persekutuan, Kuala Lumpur ("**Warehouses**") as warehouses for storage purposes. The tenancy agreement commenced on February 1, 2026 and will expire on January 31, 2028, with an option to further renew the tenancy for an additional two (2) years.

If we are unable to secure a renewal or enter into new tenancy arrangement for these premises upon expiration of the term (including any renewal term), we may be required to relocate our warehouse operations. Such relocation could result in temporary disruption to our logistics and inventory management, increased operating costs, and potential delays in fulfilling customer orders, which could adversely affect our business, financial condition, and results of operations.

#### Our Warehouses tenancy agreement may be subject to unilateral termination by the landlord, which could disrupt our operations.
The tenancy agreement for the Warehouses contains provisions that allow the landlord to unilaterally terminate the agreement under certain circumstances, including but not limited to the sale or development of the Warehouses or for any reason whatsoever. In such instances, the landlord may terminate the tenancy by providing MSAV with one (1) month's written notice, without any compensation payable to MSAV. If the landlord exercises this right, we

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may be required to vacate the premises on short notice. Any such termination could result in the loss of access to our warehouse facilities, disruption of storage and logistics operations and increased costs associated with securing alternative premises, all of which could adversely affect our business, financial condition, and results of operations.

#### Failure to comply with local regulatory requirements may result in fines, penalties and adverse effects on our operations.
Our Operating Subsidiary is required to comply with various Malaysian laws and obtain necessary licenses and approvals to lawfully carry out its business, the failure of which may subject us to the imposition of material fines and penalties. We are specifically subject to several key regulatory regimes on business licensing, workplace safety and equipment approval. See "*Regulatory Environment*" on page 77.

As at the date of this prospectus, our Operating Subsidiary is not in full compliance with the requirements to secure certificates of approval for regulated equipment and certain workplace safety requirements. The Operating Subsidiary is currently implementing remedial measures and expects to achieve compliance. Failure to achieve compliance may affect our business, cash flows, financial condition, results of operations and/or result in the imprisonment of members of our management, which would adversely affect our operations and financial performance.

#### We are subject to risks associated with loan and financing arrangement
In the ordinary course of business, our Operating Subsidiary has obtained loans and financing facilities to support its liquidity during the COVID-19 outbreak, as a prudent move to safeguard operations amidst heightened uncertainties during the COVID-19 period.

As at the financial year ended 30 June 2025, our Operating Subsidiary has three (3) outstanding banking facilities, as follows: (a) On or about 22 April 2020, MSAV obtained a term loan of RM860,000 from AmBank (M) Berhad ("Ambank") ("AmBank TL"). The AmBank TL carries a tenure of seven (7) years, with repayments commencing on the 5th day of the month following full drawdown, which took place on 18 June 2020. The interest rate is 4.5% per annum above AmBank's base lending rate, which is currently 6.45% (as at the date of this prospectus); (b) On or about 24 February 2020, MSAV obtained a term loan of RM700,000 from RHB Bank Berhad ("RHB") ("RHB TL"). The RHB TL carries a tenure of seven (7) years from the date of full drawdown, which occurred on 4 May 2020, and bears a flat interest rate of 7.19% per annum, subject to variations in RHB's base lending rate; and (c) On or about March 2020, MSAV obtained a business instalment loan of RM1,000,000 from Standard Chartered Bank Malaysia Berhad ("Standard Chartered") ("SC Loan"). This SC Loan carries a tenure of seven (7) years from the date of full drawdown, which occurred on 30 March 2020, and bears a spread interest rate of 6.75% per annum above Standard Chartered's base lending rate, which is currently 6.45% (as at the date of this prospectus).

During the Movement Control Order ("MCO") imposed by the Government of Malaysia, the following moratoriums on the repayment of these banking facilities as part of the relief measures were granted by the respective banks: (a) Ambank TL: a moratorium for the period from July 2021 to March 2022 (both months inclusive); (b) RHB TL: a moratorium for the period from April 2021 to December 2021 (both months inclusive); and (c) SC Loan: a moratorium for the period from May 2021 to November 2021 (both months inclusive). These moratoriums resulted in the deferment of instalments during the respective periods and the repayment tenures of the AmBank TL, RHB TL and SC Loan were correspondingly extended. No additional fees or penalties were imposed on MSAV in connection with these moratoriums. As at the date of this prospectus, the outstanding amounts under the AmBank TL, RHB TL and SC Loan were RM350,400, RM367,041and RM234,000, respectively.

While these facilities were obtained as a precautionary measure to strengthen our financial position during that period, they nonetheless expose us to various risks, including fluctuations in interest rates, compliance with financial and operating covenants, liquidity constraints, exposure to changes in credit ratings, regulatory and legal risks and potential loss of ownership over receivables or assets in the event of default.

Any of these risks could materially and adversely affect our financial condition, operating results, and business prospects.

The agreements governing these loans and financing facilities also impose certain operating and financial restrictions on our Operating Subsidiary. These restrictions include, among other things, limitations on (a) changes in ownership and/or management structure; (b) incurrence of additional indebtedness, (c) mergers, acquisitions, or corporate reorganization; and (d) declaration and distribution of dividends.

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Additionally, the RHB Loan was under the Working Capital Guarantee Scheme for Bumiputera Companies, which the Government of Malaysia guarantees 80% of the facility. Following the completion of our corporate reorganization in connection with this offering, we are no longer classified as a Bumiputera company. As a result, RHB may terminate this RHB Loan.

These restrictions may pose obstacles to the Operating Subsidiary's ability to obtain additional financing. There is no assurance that the Operating Subsidiary will be able to obtain the necessary waivers, consents, or approvals from its financiers, or that such approvals, if obtained, will be on terms favorable to us or our Operating Subsidiary.

A breach of any of these covenants or restrictions could result in an event of default. In such an event, the financier may accelerate repayment of the relevant loan or financing facility, and such default may also trigger cross-default provisions in other financing arrangements, further exacerbating our financial exposure.

Despite these risks, we note that these facilities were obtained solely in response to the unprecedented circumstances of the COVID-19 outbreak and the MCO imposed by the Government of Malaysia. In the absence of such extraordinary events, we have historically operated without reliance on external bank financing and have funded our day-to-day operations and equipment purchases through internal resources and related-party support.

#### We rely on freelance personnel to support our audio-visual equipment supply, rental, and installation business
We may occasionally engage freelance personnel on an as-needed basis to assist with lighting and sound system adjustments as part of our audio-visual equipment supply, rental, and installation services. If a freelancer breaches any applicable law or regulation while providing services, we may experience operational disruptions, reputational damage, or legal and financial liabilities. Furthermore, improper actions by freelancers, such as damage to equipment or violation of safety regulations could result in claims against us. In addition, if any freelancers are engaged without proper verification of their work permits or in contravention of applicable labor or immigration laws, we may be exposed to additional regulatory or enforcement risks, including fines, penalties, or prosecution, which could further adversely affect our operations and reputation.

#### Risks Related to Our Securities and This Offering
***Recent changes to Nasdaq listing standards and Nasdaq's expanded discretionary authority to deny initial listings may make it more difficult for us to qualify for or maintain a listing on Nasdaq, which could adversely affect the liquidity and market price of our Ordinary Shares.***

On December 18, 2025, the SEC approved amendments to Nasdaq's listing rules that increased the minimum market value of unrestricted publicly held shares required for new listings under the net income standard. Under the amended rules, companies seeking to list on either the Nasdaq Global Market or the Nasdaq Capital Market must have a minimum public float of $15 million, consisting of unrestricted publicly held shares that are not held by officers, directors or 10% shareholders and are not subject to resale restrictions. This represents a significant increase from the prior thresholds applicable to these markets. These amendments became effective on January 17, 2026.

In addition, on December 19, 2025, the SEC approved Nasdaq's proposal to expand its discretion to deny initial listings, even when an applicant otherwise meets all applicable quantitative and qualitative listing requirements. Under new Rule IM-5101-3 (Application of Discretion to Deny Initial Listing), Nasdaq may deny an initial listing if it determines that the company's securities may be particularly susceptible to manipulation or present risks to investors or the orderly functioning of the market. In making this determination, Nasdaq may consider, among other factors, the company's business profile, geographic nexus, ownership structure, and relationships with professional advisors such as auditors, underwriters, law firms, brokers, clearing firms or other service providers, as well as similarities to previously listed companies that experienced problematic or unusual trading patterns identified by Nasdaq or other regulators. This rule became effective immediately upon approval and applies to companies in the listing application process.

To list our Ordinary Shares on Nasdaq, including under the net income standard, we must satisfy the increased minimum public float requirement and successfully complete Nasdaq's initial listing review, which includes the application of Nasdaq's discretionary authority under Rule IM-5101-3. There can be no assurance that we will be able to meet these requirements or that Nasdaq will approve our listing, based on the size, structure or pricing of this offering, prevailing market conditions, investor demand for our Ordinary Shares, or Nasdaq's assessment of factors

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relating to potential market manipulation risk. If our application is denied or delayed, we may be required to pursue an alternative listing venue or delay or restructure this offering, which may be less favorable and could involve additional costs, delays, or regulatory uncertainty.

Any failure to qualify for or maintain a listing on Nasdaq could materially reduce the liquidity of our Ordinary Shares, impair the ability of investors to buy or sell our Ordinary Shares at desired prices or at all, increase volatility in the trading price of our Ordinary Shares and adversely affect our visibility and credibility with investors, analysts and other market participants. Any of these outcomes could have a material adverse effect on the market price of our Ordinary Shares and on our ability to raise additional capital in the future.

***An active trading market for our Ordinary Shares may not be established or, if established, may not continue, and the trading price for our Ordinary Shares may fluctuate significantly.***

We cannot assure you that a liquid public market for our Ordinary Shares will be established. If an active public market for our Ordinary Shares does not occur following the completion of this offering, the market price and liquidity of our shares may be materially and adversely affected. The initial public offering price for our shares in this offering was determined by negotiation between us and the representative of the underwriters based on several factors, and we can provide no assurance that the trading price of our shares after this offering will not decline below the public offering price. As a result, investors in our shares may experience a significant decrease in the value of their shares.

***Certain recent initial public offerings of companies with public floats comparable to our anticipated public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of the company. We may experience similar volatility, which may make it difficult for prospective investors to assess the value of our Ordinary Shares.***

The trading price of our Ordinary Shares could fluctuate widely due to factors beyond our control and may be subject to extreme volatility that is seemingly unrelated to the underlying performance of our business. Recently, companies with comparable public floats and initial public offering sizes have experienced instances of extreme stock price run-ups followed by rapid price declines due to market and industry factors as well as to factors specific to a company's own operations including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in our revenues, earnings, and cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in financial estimates by securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential litigation or regulatory investigations.

Any of these factors may result in significant and sudden changes in the volume and price at which our shares will trade.

Although the specific cause of such volatility is unclear, our anticipated public float may amplify the impact the actions taken by a few shareholders have on the price of our Ordinary Shares, which may cause our share price to deviate, potentially significantly, from a price that better reflects the underlying performance of our business. Should our Ordinary Shares experience run-ups and declines that are seemingly unrelated to our actual or expected operating performance and financial condition or prospects, prospective investors may have difficulty assessing the rapidly changing value of our Ordinary Shares. In addition, investors in our Ordinary Shares may experience losses, which may be material, if the price of our Ordinary Shares declines after this offering or if such investors purchase our Ordinary Shares prior to any price decline.

Holders of our Ordinary Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Ordinary Shares. As a result of this volatility, investors may experience losses on their investment in our Ordinary Shares. Furthermore, the potential extreme volatility may confuse the public investors of the value of our stock, distort the market perception of our stock price and our Company's financial performance and public image and negatively affect the long-term liquidity of our Ordinary

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Shares, regardless of our actual or expected operating performance. If we encounter such volatility, including any rapid stock price increases and declines seemingly unrelated to our actual or expected operating performance and financial condition or prospects, it will likely make it difficult and confusing for prospective investors to assess the rapidly changing value of our Ordinary Shares and understand the value thereof.

In the past, shareholders of public companies have often brought securities class action suits against companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

***We may not be able to maintain the listing of our Ordinary Shares on Nasdaq, which could limit investors' ability to make transactions in our Ordinary Shares and subject us to additional trading restrictions.***

We intend to list our Ordinary Shares on Nasdaq concurrently with this offering. In order to continue listing our shares on Nasdaq, we must maintain certain financial and share price levels, and we may be unable to meet these requirements in the future. We cannot assure you that our shares will continue to be listed on Nasdaq in the future.

If Nasdaq delists our Ordinary Shares, and we are unable to list our shares on another national securities exchange, we expect our shares could be quoted on an over-the-counter market in the United States. If this were to occur, we could face significant material adverse consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited availability of market quotations for our Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced liquidity for our Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a determination that our Ordinary Shares are "penny stock" which will require brokers trading in our shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limited amount of news and analyst coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decreased ability to issue additional securities or obtain additional financing in the future.

Moreover, if we were no longer listed on Nasdaq or another national securities exchange, we would be subject to state securities laws of each state in which we offer our shares.

***If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding our Ordinary Shares, the market price for our Ordinary Shares and trading volume could decline.***

The trading market for our Ordinary Shares will be influenced by research or reports that industry or securities analysts publish about our business. If one or more analysts downgrade our shares, the market price for our shares would likely decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume of our shares to decline.

#### The sale or availability for sale of substantial amounts of our Ordinary Shares could adversely affect their market price.
Sales of substantial amounts of our Ordinary Shares in the public market after the completion of this offering, or the perception that these sales could occur, could adversely affect the market price of our shares, and could materially impair our ability to raise capital through equity offerings in the future. Prior to the sale of our shares in this offering, we have 20,000,000 Ordinary Shares outstanding. The shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, and shares held by our existing shareholders may also be sold in the public market in the future, subject to the restrictions in Rule 144 and Rule 701 under the Securities Act and applicable lock-up agreements. There will be 23,750,000 Ordinary Shares outstanding immediately after this offering

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(or 24,312,500 if the over-allotment is exercised in full). In connection with this offering, our directors and officers and any other holder of five percent (5%) or more of the outstanding Ordinary Shares of the Company have agreed not to sell any shares until 180 days following the date of the commencement of sales of this offering without the prior written consent of the representative of the Representative, subject to certain exceptions. However, the representative of the underwriters may release these securities from these restrictions at any time. We cannot predict what effect, if any, market sales of securities held by any shareholders or the availability of these securities for future sale will have on the market price of our shares.

#### Short selling may drive down the market price of our Ordinary Shares.
Short selling is the practice of selling shares that the seller does not own but rather has borrowed from a third party with the intention of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than they received in the sale. As it is in the short seller's interest for the price of the shares to decline, many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These short attacks have, in the past, led to selling of shares in the market. If we were to become the subject of any unfavorable publicity, whether such allegations are proven to be true or untrue, we could have to expend a significant amount of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial confidentiality.

***Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Ordinary Shares for a return on your investment.***

We currently intend to retain all of our available funds and any future earnings after this offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our shares as a source for any future dividend income. Our board of directors has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman law. Even if our board of directors decides to declare and pay dividends, the timing, amount, and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions, and other factors as determined by our board of directors. Accordingly, the return on your investment in our Ordinary Shares will likely depend entirely upon any future price appreciation of our Ordinary Shares. There is no guarantee that our Ordinary Shares will appreciate in value after this offering or even maintain the price at which you purchased our shares. You may not realize a return on your investment in our shares, and you may even lose your entire investment.

***Our controlling shareholder has substantial influence over the Company. Its interests may not be aligned with the interests of our other shareholders, and it could prevent or cause a change of control or other transactions.***

Immediately prior to the completion of this offering, the controlling shareholder, LYS (BVI) LTD, of which Low You Siong, our Director, is the beneficial owner and sole shareholder, directly controls an aggregate of approximately 54.74% of our issued and outstanding Ordinary Shares. Upon completion of this offering LYS (BVI) LTD will, indirectly control approximately 54.74% of our issued and outstanding Ordinary Shares.

Accordingly, our controlling shareholder will have considerable influence or control over the outcome of any corporate transactions or other matters submitted to the shareholders for approval, including (i) mergers, consolidations, (ii) the election or removal of Directors, (iii) the sale of all or substantially all of our assets, (iv) making amendments to our Amended and Restated Memorandum and Articles of Association, (v) whether to issue additional shares, including to him, (vi) employment, including compensation arrangements, and (vii) the power to prevent or cause a change in control. The interests of our largest shareholder may differ from the interests of our other shareholders. Without the consent of our controlling shareholder, we may be prevented from entering into transactions that could be beneficial to us or our other shareholders. The concentration in the ownership of our shares may cause a material decline in the value of our shares or your ability to influence corporate matters. See "*Principal Shareholders*".

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***Following this Offering, our Controlling Shareholder will continue to own more than a majority of the voting* power *of our outstanding Ordinary Shares. As a result, our Controlling Shareholder has the ability to control the outcome of matters submitted to the shareholders for approval. Additionally, we may be deemed to be a "controlled company" under Nasdaq rules and may follow certain exemptions from certain corporate governance requirements that could adversely affect our public shareholders.***

Upon completion of this Offering, LYS (BVI) LTD, of which Low You Siong, our Director, is the beneficial owner and sole shareholder, will indirectly control approximately 54.74% of our issued and outstanding Ordinary Shares (assuming no exercise of the over-allotment option) of the aggregate voting power of our outstanding Ordinary Shares. As a result, our Controlling Shareholder will have the ability to control the outcome of matters submitted to the shareholders for approval, including the election of directors and any merger, consolidation, or sale of all or substantially all of our assets.

Under the Nasdaq Listing Rules, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and is permitted to elect to rely, and may rely, on certain exemptions from the obligation to comply with certain corporate governance requirements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that our director nominees must be selected or recommended solely by independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that we have a corporate governance and nominating committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

Although we do not intend to rely on the "controlled company" exemptions under the Nasdaq Listing Rules even if we are deemed to be a "controlled company," we could elect to rely on these exemptions in the future. If we were to elect to rely on the "controlled company" exemptions, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Accordingly, if we rely on the exemptions, during the period we remain a controlled company and during any transition period following a time when we are no longer a controlled company, you will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq.

***In the event that our Board decides to declare and pay dividends, they may be prohibited from doing so due to certain regulations and contractual restrictions.***

There are no foreign exchange controls or foreign exchange regulations under current applicable laws of the Cayman Islands or Malaysia, that would affect the payment or remittance of dividends. However, if Malaysia or any country in which we operate introduces such restrictions in the future, our ability to repatriate dividends or other payments from our Operating Subsidiary or other countries may be adversely affected. Furthermore, current Malaysia regulations permit a Malaysian subsidiary to pay dividends to its respective shareholders only out of its profits, if any, determined in accordance with Malaysian accounting standards and regulations.

As our Company is a holding company and relies primarily on dividends and other payments from its Operating Subsidiary to meet its cash requirements, any restrictions on such dividends or other payments could materially and adversely affect our liquidity, financial condition, and results of operations.

***Because our public offering price per Ordinary Share is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution.***

If you purchase shares in this offering, you will pay substantially more than our net tangible book value per share. As a result, you will experience immediate and substantial dilution of US$4.29 per share, representing the difference between our as adjusted net tangible book value per share of US$0.71 as of June 30, 2025, after giving effect to the net proceeds to us from this offering, assuming no change to the number of shares offered by us as set forth on the cover page of this prospectus and an assumed initial public offering price of US$5.00 per share being the mid-point of the initial public offering price range. See *"Dilution"* for a more complete description of how the value of your investment in our shares will be diluted upon the completion of this offering.

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***Our Pre-IPO Investors have purchased their shares at a price less than the purchase price of the shares in this offering and will be able to sell their shares after completion of this offering subject to restrictions under the lock-up requirement.***

Our Pre-IPO shareholders have purchased their Ordinary Shares at an average price of approximately US$0.20 per share, which is substantially lower than the assumed initial public offering price of US$5.00 per share being the mid-point of the initial public offering price range. The Ordinary Shares issued to the Company's existing shareholders are "restricted" securities under applicable U.S. federal and state securities laws and are being registered to provide the Pre-IPO Investors the opportunity to sell those Ordinary Shares. The Pre-IPO Investors who own more than 5% of the Company's shares are subject to lock-up or leakage agreements. Because these shareholders have paid a lower price per Ordinary Share than participants in this offering, when they are able to sell their Pre-IPO shares, they may be more willing to accept a lower sales price than the IPO price. This fact could impact the trading price of the Ordinary Shares following completion of the offering, to the detriment of participants in this offering.

***If we are classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States federal income tax consequences.***

We are a non-U.S. corporation and, as such, we will be classified as a passive foreign investment company, which is known as a PFIC, for any taxable year if, for such year, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At least 75% of our gross income for the year is passive income; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The average percentage of our assets (determined at the end of each quarter) during the taxable year that produce passive income or that are held for the production of passive income is at least 50%.

Passive income generally includes dividends, interest, rents, royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets.

If we are determined to be a PFIC for any taxable year (or any portion thereof) that is included in the holding period of a U.S. taxpayer who holds our securities, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.

It is possible that, for our current taxable year or for any subsequent year, more than 50% of our assets may be assets which produce passive income. We will make this determination following the end of any tax year. We treat our affiliated entities as being owned by us for United States federal income tax purposes, not only because we exercise effective control over the operation of such entities but also because we are entitled to substantially all of their economic benefits, and, as a result, we consolidate their operating results in our combined financial statements. For purposes of the PFIC analysis, in general, a non-U.S. corporation is deemed to own its pro rata share of the gross income and assets of any entity in which it is considered to own at least 25% of the equity by value.

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.***

We are an exempted company incorporated under the laws of the Cayman Islands with limited liability. Our corporate affairs are governed by the provisions of our Amended and Restated Memorandum and Articles of Association (as amended from time to time), and by the provisions of the Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action against our directors, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding on a court in the Cayman Islands.

The rights of our shareholders and the fiduciary duties of our directors and officers under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States, and some states (such as Delaware) have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the United States.

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Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to obtain copies of the register of members or corporate records of the company. They will, however, have such rights as may be set out in the company's memorandum and articles of association. A Cayman Islands exempted company may maintain its principal register of members and any branch registers in any country or territory, whether within or outside the Cayman Islands, as the company may determine from time to time. There is no requirement for an exempted company to make any returns of members to the Registrar of Companies in the Cayman Islands. The names and addresses of the members are, accordingly, not a matter of public record and are not available for public inspection. However, an exempted company shall make available at its registered office, in electronic form or any other medium, such register of members, including any branch register of member, as may be required of it upon service of an order or notice by the Tax Information Authority pursuant to the Tax Information Authority Act (Revised) of the Cayman Islands. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

As a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken by our management, or members of the board of directors than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions of the Companies Act and the laws applicable to companies incorporated in the United States and their shareholders.

#### Certain judgments obtained against us by our shareholders may not be enforceable.
We are a Cayman Islands exempted company and substantially all of our assets are located outside of the United States. In addition, all of our current directors and officers are nationals and residents of countries other than the United States. Substantially all of the assets of these persons are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these persons or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands may render you unable to enforce a judgment against our assets or the assets of our directors and officers. For more information regarding the relevant laws of the Cayman Islands, see "*Enforcement of Civil Liabilities*." As a result of all of the above, our shareholders may have more difficulties in protecting their interests through actions against us or our officers, directors or major shareholders than would shareholders of a corporation incorporated in a jurisdiction in the United States.

#### We are an "emerging growth company" within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.
We are an "emerging growth company" in the U.S. federal securities laws, and we may take advantage of certain exemptions from various requirements applicable to other public companies that are not emerging growth companies, including, most significantly, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for so long as we are an emerging growth company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important.

#### We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an "emerging growth company".
Upon consummation of this Offering, we will incur significant legal, accounting, and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley"), as well as rules subsequently implemented by the SEC, impose various requirements on the corporate governance practices of public companies. We are an "emerging growth company", as defined in the U.S. federal securities laws will remain an emerging growth company until the earlier of (1) the last day of the financial year (a)following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Ordinary Shares that is held by non-affiliates exceeds $700 million as of the prior March 31<sup>st</sup>, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 in the assessment of the emerging growth company's internal control over financial reporting and permission to delay the adoption of new or revised accounting standards until such time as those standards apply to private companies.

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Compliance with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming and costly. After we are no longer an "emerging growth company", or until five years following the completion of our initial public offering, whichever is earlier, we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of Sarbanes-Oxley and the other rules and regulations of the SEC. For example, as a public company, we will be required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We will incur additional costs in obtaining director and officer liability insurance. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

***We qualify as a foreign private issuer and, as a result, we will not be subject to U.S. proxy rules and will be subject to Exchange Act reporting obligations that permit less detailed and less frequent reporting than that of a U.S. corporation.***

Upon the closing of this Offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including (i) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; (ii) the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and (iii) the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K upon the occurrence of specified significant events. Therefore, our shareholders may not know on a timely basis when our officers, directors and principal shareholders purchase or sell our Shares. In addition, foreign private issuers are not required to file their annual report on Form 20-F until one hundred twenty (120) days after the end of each financial year, while U.S. domestic issuers that are accelerated filers are required to file their annual report on Form 10-K within seventy-five (75) days after the end of each financial year. Foreign private issuers also are exempt from Regulation Fair Disclosure (FD), aimed at preventing issuers from making selective disclosures of material information. As a result of the above, you may not have the same protections afforded to shareholders of companies that are not foreign private issuers.

The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second quarter, and, accordingly, the next determination will be made with respect to us on March 31, 2026. In the future, we would lose our foreign private issuer status if (i) more than 50% of our outstanding voting securities are owned by U.S. residents and (ii) a majority of our directors or executive officers are U.S. citizens or residents, or if we fail to meet additional requirements necessary to avoid loss of foreign private issuer status.

If we lose our foreign private issuer status on such date, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms beginning at the end of the first fiscal year ending after such date, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the Nasdaq listing rules and will be required to comply with the applicable requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the cost we would incur as a foreign private issuer. As a result, we expect that a loss of foreign private issuer status would increase our legal and financial compliance costs and would make some activities highly time consuming and costly. These expenses will relate to, among other things, the obligation to reconcile our financial information that is reported according to IFRS to U.S. GAAP and to report future results according to U.S. GAAP. We also expect that if we were required to comply with the rules and regulations applicable to U.S. domestic issuers, obtaining and maintaining directors' and officers' liability insurance would become more difficult and expensive for us, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These rules and regulations could also make it more difficult for us to attract and retain qualified members of our board of directors.

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***As a foreign private issuer, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from Nasdaq corporate governance listing standards. These practices may afford less protection to shareholders than they would enjoy if we complied fully with Nasdaq corporate governance listing standards.***

As a foreign private issuer, we are permitted to take advantage of certain provisions in the Nasdaq rules that allow us to follow our home country law for certain governance matters. Certain corporate governance practices in our home country, the Cayman Islands, may differ significantly from corporate governance listing standards. Currently, we do not plan to rely on any home country practices with respect to our corporate governance after we complete this offering. However, if we do choose to follow home country practices in the future, our shareholders may be afforded less protection than they would otherwise enjoy under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers. could also make it more difficult for us to attract and retain qualified members of our board of directors.

#### We will incur significantly increased costs and devote substantial management time as a result of the listing of our shares.
We will incur additional legal, accounting, and other expenses as a public reporting company, particularly after we cease to qualify as an emerging growth company. For example, we will be required to comply with the additional requirements of the rules and regulations of the SEC and the Nasdaq, including applicable corporate governance practices. We expect that compliance with these requirements will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. In addition, we expect that our management and other personnel will need to divert attention from operational and other business matters to devote substantial time to these public company requirements. We cannot predict or estimate the number of additional costs we may incur as a result of becoming a public company nor the timing of such costs.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs, and making some activities more time-consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidelines are provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may also initiate legal proceedings against us, and our business may be adversely affected.

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#### USE OF PROCEEDS
Assuming an initial public offering price of US$5.00 per Ordinary Share, being the mid-point of the initial public offering price range, we estimate that we will receive net proceeds from this offering, after deducting the estimated underwriting discounts and the estimated offering expenses payable by us, of approximately US$15.86 million if the Underwriters do not exercise their Over-Allotment Option, and US$18.44 million if the Underwriters exercise their Over-Allotment Option in full, after deducting the underwriting discounts and commissions, non-accountable expense allowance, and estimated offering expenses payable by us.

Each $1.00 increase (decrease) in the assumed IPO price of $5.00 per Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus) would increase (decrease) the net proceeds to us from this offering by $3.45 million, assuming that the number of Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts and commissions, non-accountable expense allowance and estimated offering expenses payable by us. An increase (decrease) of 1 million in the number of Shares we are offering would increase (decrease) the net proceeds to us from this offering by $4.6 million, assuming the assumed IPO price remains the same, and after deducting the underwriting discounts and commissions, non-accountable expense allowance, and estimated offering expenses payable by us.

The primary purpose of this offering is to create a public market for the Shares for the benefit of all shareholders. We plan to use the net proceeds of this offering as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately 35% for expansion of audio-visual equipment portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately 30% for enhancement of technical capabilities and manpower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately 35% for strengthening operational infrastructure and logistics

The actual allocation of proceeds realized from this offering will depend upon our operating revenues and cash position and our working capital requirements and may change. Our management, however, will have significant flexibility and discretion to apply the net proceeds of this offering. If an unforeseen event occurs, or business conditions change, we may use the proceeds of this offering differently than as described in this prospectus. See *"Risk Factors."*

To the extent that the net proceeds we receive from this offering are not immediately used for the above purposes, we intend to invest our net proceeds in short-term, interest-bearing obligations, investment-grade instruments, or certificates of deposit.

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#### CAPITALIZATION
The following table sets forth our capitalization and our indebtedness as of June 30, 2025, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma basis to reflect the issuance and sale of 3,750,000 Ordinary Shares by us in this offering at an assumed initial public offering price of US$5 per Ordinary Share being the mid-point of the initial public offering price range, assuming the underwriters do not exercise the over-allotment option.

The pro forma as adjusted information below is illustrative only, and our capitalization following the completion of this offering is subject to adjustment based on the actual net proceeds to us from the offering. You should read this table in conjunction with "*Use of Proceeds*," "*Selected Combined Financial and Other Data,*" "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our combined financial statements and related notes included elsewhere in this prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | **Actual** | **Pro Forma <br>as adjusted <br>(Over-allotment <br>option not <br>exercised)<sup>(1)</sup>** | **Pro Forma <br>as adjusted <br>(Over-allotment <br>option fully <br>exercised)<sup>(2)</sup>** |
|  | **(US$)** | **(US$)** | **(US$)** |
|  **Cash and Cash Equivalents** | 78448 | 15933848 | 18521348 |
|  Long-term borrowings and interest payables, current portion | 129959 | 129959 | 129959 |
|  Long-term borrowings and interest payables | 179843 | 179843 | 179843 |
|  **Total Indebtedness** | **309802** | **309802** | **309802** |
|  **Shareholders' Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary Shares, par value US$0.00001 per share, 4,000,000,000 Ordinary Shares authorized, 20,000,000 Ordinary Shares outstanding on an actual basis<sup>(3)</sup> | 200 | 238 | 243 |
|  Additional paid-in capital | 308906 | 16164268 | 18751763 |
|  Subscription receivables | (200) | (200) | (200) |
|  Retained earnings | 578036 | 578036 | 578036 |
|  **Total Equity** | **886942** | **16742342** | **19329842** |
|  **Total Capitalization** | **1196744** | **17052144** | **19639644** |

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(1) In the event that the underwriters' over-allotment option is not exercised in this offering, pro forma as-adjusted total ordinary shares outstanding would be 23,750,000 shares, pro forma as-adjusted additional paid-in capital would be approximately US$16.16 million, and pro forma as-adjusted total equity would be approximately US$16.74 million, reflecting the sum of net proceeds of this offering in the approximate amount of US$15.86 million and the actual equity of US$0.89 million.

(2) In the event that the underwriters' over-allotment option is exercised in full in this offering, pro forma as-adjusted total ordinary shares outstanding would be 24,312,500 shares, pro forma as-adjusted additional paid-in capital would be approximately US$18.75 million, and pro forma as- adjusted total equity would be approximately US$19.33 million, reflecting the sum of net proceeds of this offering in the approximate amount of US$18.44 million and the actual equity of US$0.89 million.

(3) The share and per share information are presented on a retrospective basis to reflect the Reorganization completed on December 10, 2025.

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#### DIVIDENDS AND DIVIDEND POLICY
We do not intend to pay any dividends on our Ordinary Shares for the foreseeable future. Instead, we anticipate that all of our earnings, if any, will be used for the operation and growth of our business.

Any future determination to declare cash dividends would be subject to the discretion of our board of directors and would depend upon various factors, including our results of operations, financial condition and liquidity requirements, restrictions that may be imposed by applicable law and our contracts and other factors deemed relevant by our board of directors.

The declaration, amount, and payment of any future dividends will be at the sole discretion of our board of directors, subject to compliance with applicable Cayman Islands laws. Our board of directors will take into account general economic and business conditions; our financial condition and results of operations; our available cash and current and anticipated cash needs; capital requirements; contractual, legal, tax, and regulatory restrictions; and other implications on the payment of dividends by us to our shareholders or by our subsidiaries to us, and such other factors as our board of directors may deem relevant. In addition, our shareholders may by ordinary resolution declare a dividend, but no dividend may exceed the amount recommended by our board of directors

Subject to the Companies Act and our Amended and Restated Memorandum and Articles of Association, our board of directors may authorize payment of a dividend to shareholders at such time and of such an amount out of profits and/or our share premium account, if shares have been issued at a premium, provided that in no circumstances may a dividend be paid if the dividend payment would result in the company being unable to pay its debts as they fall due in the ordinary course of business.

Even if our board of directors decides to pay dividends, the form, frequency, and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions, and other factors that the board of directors may deem relevant. In addition, we are a holding company and depend upon the receipt of dividends and other distributions from our subsidiaries to pay dividends on our Ordinary Shares. When making recommendations on the timing, amount, and form of future dividends, if any, our board of directors will consider, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our results of operations and cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expected financial performance and working capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our capital expenditures and other investment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other investment and growth plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dividend yields of comparable companies globally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the payment of dividends that may be imposed on us by our financing arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the general economic and business conditions and other factors deemed relevant by our board of directors and statutory restrictions on the payment of dividends.

We are a holding company and depend on the receipt of dividends and other distributions from our subsidiaries to pay dividends on our Ordinary Shares. There are no foreign exchange controls or foreign exchange regulations under current applicable laws of the Cayman Islands, or the places of incorporation of our significant subsidiaries, or contractual restrictions that would affect the payment or remittance of dividends save for restrictions on the payment of dividends imposed on us by our financing arrangements. In the event that the group strategy is to have the subsidiaries raise capital and retain such financing for their operations, such loan or financing agreements may contain covenants which could restrict the payment of dividends. Furthermore, current Malaysia regulations permit a Malaysia subsidiary to pay dividends to its respective shareholders only out of its profits, if any, determined in accordance with Malaysian accounting standards and regulations.

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#### DILUTION
Investors purchasing our Ordinary Shares in this offering will experience immediate and substantial dilution in the pro forma as adjusted net tangible book value of their Ordinary Shares. Dilution in pro forma as adjusted net tangible book value represents the difference between the initial public offering price of our Ordinary Shares and the pro forma as adjusted net tangible book value per share of our Ordinary Shares immediately after the offering.

As of June 30, 2025, we had a historical net tangible book value of US$0.88 million or US$0.04 per share. Historical net tangible book value per share represents our total tangible assets (total assets excluding goodwill and other intangible assets, net) less total liabilities, divided by the number of outstanding Ordinary Shares. After giving effect to the sale of Ordinary Shares in this offering by the Company at an assumed initial public offering price of US$5.00 per share, being the mid-point of the initial public offering price range, after deducting estimated underwriting discounts and commissions, the non-accountable expense allowance and offering expenses payable by the Company, the pro forma as adjusted net tangible book value as of June 30, 2025 would have been approximately US$16.73 million, or US$0.70 per share. This represents an immediate increase in pro forma as adjusted net tangible book value of US$0.66 per share to our existing shareholders and an immediate dilution of US$4.30 per share to new investors purchasing Ordinary Shares in this offering.

The following table illustrates this dilution on a per share basis to new investors.

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| | | |
|:---|:---|:---|
|  | **No Exercise of <br>Over-Allotment <br>Option<br>US$** | **Full Exercise of <br>Over-Allotment <br>Option<br>US$** |
|  Assumed initial public offering price per Ordinary Share | 5.00 | 5.00 |
|  Historical net tangible book value per share as of June 30, 2025 | 0.04 | 0.04 |
|  Increase in as adjusted net tangible book value per share attributable to the investors in this offering | 0.66 | 0.75 |
|  Pro forma net tangible book value per share after giving effect to this offering | 0.70 | 0.79 |
|  Dilution per share to new investors participating in this offering | 4.30 | 4.21 |

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If the underwriters exercise the option to purchase additional shares to cover over-allotments in full, the pro forma net tangible book value per Ordinary Share after giving effect to this offering would be approximately US$0.79 per share, and the dilution to investors in this offering would be approximately US$4.21 per Ordinary Share.

The following table illustrates our pro forma proportionate ownership, upon completion of this offering, by (i) the Existing shareholders; and (ii) investors purchasing Ordinary Shares in this Offering, assuming the underwriters do not exercise their over-allotment option, together with the total price and average price per Ordinary Share paid by each of these groups of shareholders.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares purchased** | **Shares purchased** | **Total consideration** | **Total consideration** | **Total consideration** |
|  | **Number** | **Percent<sup>(1)</sup>** | **Amount <br>(US$)** | **Percent<sup>(1)</sup>** | **Average <br>price per <br>share <br>(US$)** |
|  Existing shareholders<sup>(2)</sup> | 20000000 | 84.20% | $308906  | 1.60% | $0.02 |
|  Public Investors | 3750000<br><sup>(3)</sup> | 15.80% | $18750000<br><sup>(3)</sup> | 98.40%<sup>(3)</sup> | $5.00 |
|  **Total** | 23750000<br><sup>(3)</sup> | 100.00% | $19058906 | 100.00% | 0.80 |

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(1) Represents the percent ownership after this offering.

(2) Prior to the offering, the Existing shareholders, together, own an aggregate of 100% of the outstanding Ordinary Shares of the Company.

(3) Assumes no exercise of the over-allotment option by the underwriters.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF<br>FIN ANCIAL CONDITION AND RESULTS OF OPERATION S
*You should read the following discussion of our financial condition and results of operations in conjunction with the combined financial statements and the notes to those statements included elsewhere in this prospectus. The discussion in this prospectus contains forward*-looking *statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. The cautionary statements made in this prospectus should be read as applying to all related forward*-looking *statements wherever they appear in this prospectus. Our actual results could differ materially from those discussed here. Factors that could cause or contribute to these differences include those discussed in "Risk Factors," as well as those discussed elsewhere. See "Risk Factors" and "Special Note Regarding Forward*-Looking *Statements and Industry Data."*

#### Overview
Founded in late 2013 and based in Malaysia, we are a diversified technology and media partner delivering end-to-end solutions in audio-visual (AV) system consulting and design.

We operate through three primary business activities, each providing a distinct revenue stream:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sales of equipment to customers, recognized upon receipt by the customer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) short-term event-driven rental arrangements, generally ranging from 1 day to 3 months, with revenue determined by the equipment employed and the length of the event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) long term semi-permanent installations at customer facilities, generally ranging from 2 – 7 years, with revenue determined on a usage-based lease calculated by the number of days and the specific configuration the equipment is used.

For the years ended June 30, 2024 and 2025, we served 153 customers in each year through our short-term, event-driven rental stream and 54 and 64 customers, respectively, through our long-term, usage-based lease stream. Customers may be included in both categories if they engaged the Company under both business streams during the relevant period. For the years ended June 30, 2024 and 2025, we completed 571 and 519 short-term event engagements (i.e., individual events for which equipment is rented for a limited period, typically days) and 1,805 and 2,116 long-term contract usages (i.e., billable usage periods under long-term, usage-based leases arrangements), respectively.

Our operations align with the robust growth of Southeast Asia's digital economy, while the booming commercial and cultural events are boosting demand for AV rentals. We leverage three key strengths: deep local market insights to meet customized needs, integrated AV rental and on-site technical support capabilities, and ongoing technology upgrades to maintain service quality.

#### Key Factors that Affect Our Results of Operations
Our business and results of operations are affected by a number of factors. While these factors present significant opportunities for our business, they also pose important risks and challenges we need to successfully address in order to growth our business.

#### Macroeconomic Conditions in Malaysia
Our results of operations are significantly influenced by Malaysia's macroeconomic performance, particularly the synergistic effect of economic growth and consumption upgrading, which directly fuels demand for the LED rental industry. Driven by robust domestic economic momentum, Malaysia's GDP grew by 5.1% year-on-year in 2024, significantly exceeding expectations. This growth has propelled a significant rebound in demand for business events, cultural entertainment activities, and brand marketing initiatives, all of which are core application scenarios for our LED rental services.

Additionally, rising disposable income has strengthened consumers' willingness to pay for high-end audio-visual experiences. This trend has translated into sustained expansion in the scale of LED equipment rentals for large-format events such as concerts and sports tournaments, further supporting our revenue growth.

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However, during periods of economic uncertainty or downturn, enterprises often cut expenditures on exhibitions and promotions. This directly impacts event management companies' demand for LED rental services, thereby affecting our revenue. To address such cyclical demand fluctuations, we have developed strategies to enhance our resilience — for instance, expanding our service scope to include areas with relatively stable demand, such as livelihood services and government projects, and establishing long-term customer relationships to ensure a steady stream of projects.

Additionally, we have learned from past crisis, such as the COVID-19 pandemic, which highlighted the industry's vulnerability in the face of unforeseen events. In response, we have implemented comprehensive emergency response measures to mitigate risks, including partial retention of the advance payments in the event of customer order cancellations (to be credited against future orders), regular equipment checks and maintenance to prevent damage from idleness, and flexible employee placement arrangements. These measures ensure a rapid response when a crisis occurs, helping to minimize losses.

#### Growth of Malaysia's Tourism Industry
The robust development of Malaysia's tourism industry has emerged as a critical driver of our LED rental business, as its recovery and expansion directly boost demand from core sectors like shopping malls and high-end hotels — key clients for our services.

In recent years, against shifting global dynamics, Malaysian cities such as Kuala Lumpur and Penang have surpassed destinations in Thailand and Myanmar to become top tourism choices in Southeast Asia. This trend was underscored by Malaysia's 28 million international tourist arrivals in 2024, representing a 35% year-on-year increase. Concurrently, foot traffic in prime commercial districts — including Kuala Lumpur's Petronas Twin Towers (KLCC) area and Penang's George Town — rose by 42% year-on-year, fueling heightened business activity for local merchants. To attract tourist spending amid this influx, large shopping malls frequently host themed promotions, cultural exhibitions and interactive events. These initiatives create strong demand for our LED rental services, including large LED screens (for event promotion), small-sized LED modules (for in-store counter displays), and supporting audio equipment — all aimed at enhancing the visual experience for tourists and driving engagement.

Meanwhile, the tourism recovery has lifted hotel occupancy rates, spurring a surge in events such as corporate meetings and cross-border business receptions. High-end hotels (e.g., luxury international chains) are prioritizing service quality upgrades, leading them to seek LED rental solutions tailored to their specific needs. This includes LED display systems (for meeting live streams and brand logo showcases) and stage lighting equipment, with a clear preference for customized rental plans — such as LED video walls adapted to the size of conference halls — to align with their venue requirements and event standards.

Collectively, the growth of Malaysia's tourism industry expands the addressable market for our LED rental services, while the rising demand for tailored solutions also supports higher service value and revenue potential.

#### Rising Equipment Upgrade Costs
The rapid evolution of LED display technology directly impacts the rental market by driving demand for high-end solutions and increasing equipment obsolescence risks. Clients now prioritize advanced LED technologies for events — such as Mini LED screens (for superior image quality and durability) and XR-compatible displays (for immersive visual effects). To meet this demand, we must continuously invest in new, high-tech equipment. At the same time, older LED models quickly become obsolete (as clients no longer prefer them), forcing us to replace or upgrade existing equipment portfolio sooner. These mandatory equipment upgrades require significant capital expenditure, which directly impacts our operating expenses and cash flow.

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#### Results of Operations
The following table sets forth a summary of our combined results of operations, in absolute amount and as a percentage of our revenues for the years ended June 30, 2024, and 2025. This information should be read together with our combined financial statements and related notes included elsewhere in this prospectus. The results of operations in any period are not necessarily indicative of the results that may be expected for any future periods.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **Variance** | **Variance** |
|  | **2024** | **2024** | **2025** | **2025** | **Amount** | **Percentage** |
|  | **MYR** | **%** | **MYR** | **%** | **MYR** | **%** |
|  Revenues | 14458380 | 100.00 | 15194767 | 100.00 | 736387 | 5.09 |
|  Cost of revenues | (6482484) | (44.84) | (4539441) | (29.88) | 1943043 | (29.97) |
|  **Gross profit** | **7975896** | **55.16** | **10655326** | **70.12** | **2679430** | **33.59** |
|  **Operating expenses** |  |  |  |  |  |  |
|  Selling and marketing expenses | (1824250) | (12.62) | (1743973) | (11.48) | 80277 | (4.40) |
|  General and administrative expenses | (2612092) | (18.07) | (2995403) | (19.71) | (383311) | 14.67 |
|  Expected credit losses | (746746) | (5.16) | (911706) | (6.00) | (164960) | 22.09  |
|  **Total operating expenses** | **(5183088)** | **(35.85)** | **(5651082)** | **(37.19)** | **(467994)** | **9.03**  |
|  **Income from operations** | **2792808**  | **19.32** | **5004244**  | **32.93**  | **2211436** | **79.18**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **Variance** | **Variance** |
|  | **2024** | **2024** | **2025** | **2025** | **Amount** | **Percentage** |
|  | **MYR** | **%** | **MYR** | **%** | **MYR** | **%** |
|  **Other income/(expenses)** |  |  |  |  |  |  |
|  Financial expenses, net | (405756) | (2.81) | (359931) | (2.37) | 45825 | (11.29) |
|  Other income, net | (583) | (0.00) | (6126) | (0.04) | (5543) | 950.77 |
|  **Total other expenses, net** | **(406339)** | **(2.81)** | **(366057)** | **(2.41)** | **40282** | **(9.91)** |
|  **Income before income tax expense** | 2386469 | 16.51 | 4638187  | 30.52  | 2251718 | 94.35  |
|  Income tax expense | (602418) | (4.17) | (1248165) | (8.21) | (645747) | 107.19  |
|  **Net income** | **1784051** | **12.34** | **3390022**  | **22.31** | **1605971**  | **90.02**  |

---

#### Key Components of Results of Operations

#### Revenues
We are principally engaged in the business of renting LED equipment. Ancillary to the principal LED equipment rental business, we also sell the audio-visual equipment and offer certain services to support our customers.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **Variance** | **Variance** |
|  | **2024** | **2024** | **2025** | **2025** | **Amount** | **Percentage** |
|  | **MYR** | **%** | **MYR** | **%** | **MYR** | **%** |
|  **Revenues** |  |  |  |  |  |  |
|  – Rental Revenue | 14162565 | 97.95 | 14768987 | 97.20 | 606422 | 4.28 |
| &nbsp;&nbsp;&nbsp; Short-term Event-Based | 7214170 | 49.90 | 7469243 | 49.16 | 255073 | 3.54  |
| &nbsp;&nbsp;&nbsp; Long-term contracts | 6948395 | 48.06 | 7299744 | 48.04 | 351349 | 5.06  |
|  – Sales Revenue | 295815 | 2.05 | 425780 | 2.80 | 129965 | 43.93 |
|  **Total revenues** | **14458380** | **100.00** | **15194767** | **100.00** | **736387** | **5.09** |

---

[**Table of Contents**](#TOC001)

#### Cost of Revenues
The following are the primary components of our cost of revenue.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **Variance** | **Variance** |
|  | **2024** | **2024** | **2025** | **2025** | **Amount** | **Percentage** |
|  | **MYR** | **%** | **MYR** | **%** | **MYR** | **%** |
|  **Cost of revenues** |  |  |  |  |  |  |
|  Payroll costs | 1388310 | 21.42 | 1530119 | 33.71 | 141809 | (7.30) |
|  Outsourced labor costs | 1593911 | 24.59 | 760710 | 16.76 | (833201) | 42.88 |
|  Subcontract rental costs | 2450489 | 37.80 | 1122189 | 24.72 | (1328300) | 68.36 |
|  Depreciation costs | 814191 | 12.56 | 835995 | 18.42 | 21804 | (1.12) |
|  Cost of equipment sold | 167226 | 2.58 | 233534 | 5.14 | 66308 | (3.41) |
|  Other costs | 68357 | 1.05 | 56894 | 1.25 | (11463) | 0.59 |
|  **Total cost of revenues** | **6482484** | **100.00** | **4539441** | **100.00** | **(1943043)** | **100.00** |

---

Cost of Revenue consists of costs for equipment sold and other costs for renting. For the years ended June 30, 2024, and 2025, the Group recorded costs for equipment selling of MYR 167,226 and MYR 233,534 (USD 55,492), respectively. Other costs for renting included costs directly related to revenue generating activities, which primarily includes payroll costs including salaries and related social insurance costs for operations personnel, depreciation of property and equipment, outsourced labor costs related to operation. Such costs also include amounts paid to third-party suppliers for rental of sound and lighting systems and certain specialized equipment when required, as well as transportation costs and other miscellaneous costs.

#### Gross Profit and Gross Profit Margin
Gross profit represents revenues less cost of revenues. Gross profit margin represents gross profit as a percentage of our revenues. Our gross profit is primarily affected by our ability to generate revenues and the fluctuation of our costs. The following table below sets forth our gross profit and gross profit margin in respect of revenue streams for the periods indicated.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **Variance** | **Variance** |
|  | **2024** | **2024** | **2025** | **2025** | **Amount** | **Percentage** |
|  | **MYR** | **Margin %** | **MYR** | **Margin %** | **MYR** | **%** |
|  **Net revenue** | 14458380 |  | 15194767 |  | 736387 | 5.09 |
|  **Cost of revenues** | (6482484) |  | (4539441) |  | 1943043 | (29.97) |
|  **Gross profit and gross profit margin** | **7975896** | **55.16** | **10655326** | **70.12** | **2679430** | **33.59** |

---

#### Operating Expenses
*<u>*<u>Selling and Marketing Expenses</u>*</u>*

Selling and marketing expenses primarily consist of (i) commission fees paid for third-parties, and (ii) employee compensation for sales and market-development activities.

*<u>*<u>General and Administrative Expenses</u>*</u>*

General and administrative expenses primarily consist of (i) payroll expenses including salaries, allowances, bonus, expenses paid for over-time, and related social insurance expenses for management and administrative personnel, (ii) office and utilities expenses, (iii) rental expenses for office space, (iv) travelling expenses, (v) depreciation and amortization expenses for property and equipment used for office purpose, and (vi) other miscellaneous administrative expenses.

#### Financial Expenses, Net
Our financial expenses, net primarily consist of interest expenses for borrowings and miscellaneous bank charges, partially offset by interest income from bank deposits.

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#### Comparison of Years Ended June 30, 2024, and 2025

#### Revenues
For the fiscal year ended June 30, 2025, our revenue was MYR15,194,767, an increase of MYR736,387, or 5.09%, compared to MYR14,458,380 for the fiscal year ended June 30, 2024. We derive a significant portion of our total revenue from the rental of LED equipment and other supporting system, which comprise MYR14,162,565 or 97.95% and MYR14,768,987 or 97.20% of our total revenue for the fiscal year 2024 and 2025, respectively. The increase of MYR606,422 or 4.28% for the fiscal year 2025 was mainly attributable to stable growth of the rental of LED equipment, driven by the increase in the number of recurring customers and a steady recovery of event-related demand in Malaysia. Specifically, revenue from short-term event-based rentals increased by RM255,073 (or 3.54%), mainly attributable to a growing number of new customers compared to fiscal 2024; Revenue from long-term contracts increased by RM351,349 (or 5.06%), primarily due to a higher volume of events arranged during the year, and both business arrangements contributed effectively to the overall revenue growth. Apart from providing the rental of LED equipment and other supporting system, we generated revenue from the sale of LED and other equipment. During the fiscal years ended June 30, 2025, and 2024, we recognized sales revenue of MYR425,780 or 2.80% and MYR295,815 or 2.05% of our total revenue During the fiscal years ended June 30, 2024, and 2025, we recognized sales revenue of MYR295,815 or 2.05% and MYR425,780 or 2.80% of our total revenue, respectively. The increase of MYR129,965 or 43.93% for the fiscal year 2025 was mainly attributable to the expansion of this business activities.

#### Cost of Revenues
We recorded a total cost of revenues of MYR4,539,441 for the year ended June 30, 2025, representing a decrease of MYR1,943,043, or 29.97% compared to MYR6,482,484 for the year ended June 30, 2024. This was primarily driven by two key factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Labor costs for outsourced personnel decreased by MYR 833,201, while in-house employee costs increased by MYR 141,809. This net reduction resulted from our improved utilization of in-house employees and the optimization of our workforce structure, which reduced our reliance on external outsourcing and enabled more efficient overall cost control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subcontracted rental expenses decreased by MYR 1,328,300. Previously, we rented specialized LED equipment from external suppliers to meet certain customer requirements. Benefiting from a series of equipment purchases initiated at the end of fiscal year 2024, we were able to satisfy more orders using our own assets, which reduced the need for external rentals and lowered subcontracted rental costs.

#### Gross Profit and Gross Profit Margin
Our gross profits were MYR7,975,896 and MYR10,655,326 for the years ended June 30, 2024 and 2025, respectively, representing a gross profit margin of 55.16% and 70.12%, respectively, primarily attributable to our efforts to optimize operational efficiency and leverage internal resources, which led to improvement in overall cost control, particularly the labor costs of outsourced personnel.

#### Operating Expenses
*<u>*<u>Selling and Marketing Expenses</u>*</u>*

Our selling and marketing expenses decreased by 4.4%, from MYR1,824,250 for the year ended June 30, 2024, to MYR1,743,973 for the year ended June 30, 2025. The decrease was primarily driven by lower commission expenses, as sales incentive payments to marketing personnel declined following a more stable proportion of recurring customers.

*<u>*<u>General and Administrative Expenses</u>*</u>*

Our general and administrative expenses increased by 14.67% from MYR2,612,092 for the year ended June 30, 2024, to MYR2,995,403 for the year ended June 30, 2025, primarily due to an increase in salaries and related benefits for administrative and management personnel. The increase was mainly attributable to the expansion of the Company's operations, which required additional managerial and administrative support for daily operations, customer relationship management, and overall business coordination.

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*<u>*<u>Expected credit losses</u>*</u>*

Our expected credit losses primarily relate to accounts receivable arising from our equipment rental business. The expected credit losses increased from MYR 746,746 for the year ended June 30, 2024, to MYR 911,706 for the year ended June 30, 2025, mainly reflecting the higher level of accounts receivable balance associated with the growth in rental revenue. We continuously monitor the aging and recoverability of receivables and assess the adequacy of the allowance by considering historical loss experience, current economic conditions, and forward-looking information.

#### Financial Expenses, Net
Our financial expenses, net slightly decreased from MYR405,756 for the year ended June 30, 2024, to MYR359,931 for the year ended June 30, 2025, primarily attributable to the slight decrease of interest expenses incurred for bank borrowings.

#### Net income
As a result of the foregoing, we recorded a net income of MYR1,784,051 and MYR3,390,022 for the years ended June 30, 2024, and 2025, respectively. The increase in net income was primarily attributable to our efforts to optimize operational efficiency and leverage internal resources, which led to improvement in overall cost control, particularly the labor costs of outsourced personnel.

#### Taxation
*Cayman Islands*

The Company incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Act (As Revised) of the Cayman Islands and accordingly, are exempted from Cayman Islands income and corporate tax. As such, the Company is not subject to tax on either income or capital gain. In addition, no withholding tax is imposed upon any payments of dividends by subsidiaries to the Company.

*Malaysia*

Our subsidiary MSAV is governed by the income tax laws of Malaysia. The income tax provision in respect of operations in Malaysia is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations, and practices. Under the Income Tax Act of Malaysia, enterprises incorporated in Malaysia are usually subject to a unified 24% enterprise income tax rate while preferential tax rates, tax holidays, and tax exemptions may be granted on a case-by-case basis. The tax rate for small and medium sized companies (generally companies incorporated in Malaysia with paid-in capital of MYR 2,500,000 or less, and gross income of not more than MYR 50 million) is 15% for the first MYR 150,000 (approximately USD37,500) taxable income, and 17% for taxable income between MYR 150,001 (approximately USD37,500) to MYR 600,000 (approximately USD150,000), with the remaining balance of taxable income being taxed at the 24% rate.

#### Liquidity and Capital Resources
Our primary sources of liquidity have been cash flows from our operating activities, capital contributions from shareholders and borrowings from banks. As of June 30, 2024, and 2025, we had cash and cash equivalents of MYR 551,191 and MYR 330,139, respectively. Net working capital improved from a deficit of MYR 1,349,255 as of June 30, 2024, to a positive working capital position of MYR 433,402 as of June 30, 2025. The improvement was primarily attributable to the steady increase in net income and operating cash inflows during the year, reflecting enhanced profitability.

We recorded net income of MYR 1,784,051 and MYR 3,390,022 for the years ended June 30, 2024, and 2025, respectively. We recorded net cash provided by operating activities of MYR 1,144,860 and MYR 2,031,413 for the years ended June 30, 2024, and 2025, respectively. As a result of sustained profitability, our accumulated deficit of MYR 957,419 as of June 30, 2024, turned into retained earnings of MYR 2,432,603 as of June 30, 2025, indicating an overall strengthening of our financial position.

[**Table of Contents**](#TOC001)

Our liquidity is based on our ability to generate cash from operating activities, obtain capital financing from equity interest investors and borrow funds from financial institutions. Our future capital requirements depend on many factors including our growth rate, the continuing market acceptance of our offerings, the expansion of sales and marketing activities, and the expansion and penetration of our business into different geographies and markets. To enhance our liquidity position or increase our cash reserve for future investments or operations through additional financing activities, we may in the future seek equity financing or obtain credit facilities. The issue of additional equity securities would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations. There can be no assurances, however, that the current operating plan will be achieved or that additional funding will be available on terms acceptable to us, or at all. If we are unable to obtain sufficient funding, we could be required to delay our development efforts and limit activities, which could adversely affect our business and combined financial statements.

#### Cash Flows
The following table sets forth a summary of our cash flows for the periods indicated.

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>June 30,** | **For the years ended <br>June 30,** |
|  | **2024** | **2025** |
|  | **MYR** | **MYR** |
|  Net cash provided by operating activities | 1144860 | 2031413 |
|  Net cash used in investing activities | (960260) | (1778952) |
|  Net cash used in financing activities | (267959) | (473513) |
|  Effect of exchange rate changes |  |  |
|  **Net change in cash** | **(83359)** | **(221052)** |
|  Cash, at beginning of the year | 634550 | 551191 |
|  **Cash, at end of the year** | **551191** | **330139** |

---

#### Operating Activities
Our net cash provided by operating activities was MYR 1,144,860 for the year ended June 30, 2024, which was primarily attributable to a net income of MYR 1,784,051, as adjusted for (i) certain non-cash items, primarily including amortization of right-of-use assets of MYR 23,867, depreciation of property and equipment of MYR 852,316, provision for expected credit losses of MYR 746,746 and a decrease of MYR 421,327 in deferred taxes; and (ii) changes in working capital that positively affected the cash flow from operating activities, primarily an increase of MYR 131,650 in prepaid expenses and other current assets, a decrease of MYR 12,103 in accrued liabilities and other payables mainly due to the increased accrued payroll and welfare, and an increase of MYR 118,091 in income taxes payable; partially offset by (iii) changes in working capital that negatively affected the cash flow from operating activities, primarily including a decrease of MYR 1,039,684 in amounts due to related parties, a decrease of MYR 23,867 in operating lease liabilities, and an increase of MYR1,594,234 in accounts receivable mainly due to the increased receivables for the rental of LED equipment.

Our net cash provided by operating activities was MYR2,031,413 for the year ended June 30, 2025, which was primarily attributable to a net income of MYR 3,390,022, as adjusted for (i) certain non-cash items, primarily including amortization of right-of-use assets of MYR43,474, depreciation of property and equipment of MYR839,282, provision for expected credit losses of MYR 911,706, and an increase of MYR 8,998 in deferred taxes; and (ii) changes in working capital that positively affected the cash flow from operating activities, primarily including an increase of MYR 455,025 in prepaid expenses and other current assets, an increase of MYR 1,200,163 in income taxes payable, an increase of MYR43,474 in operating lease liabilities; partially offset by (iii) changes in working capital that negatively affected the cash flow from operating activities, primarily including a decrease of MYR 24,068 in accrued liabilities and other payables mainly due to the decreased accrued payroll and welfare, a decrease of MYR1,403,885 in amounts due to related parties, an increase of MYR 2,201,846 in accounts receivable mainly due to the increased receivables for the rental of LED equipment, and an increase of MYR 215,938 in amounts due from relate parties due to the increased receivables for loans borrowed to related parties.

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#### Investing Activities
Our net cash used in investing activities for the year ended June 30, 2025, was MYR1,778,952 primarily attributable to purchase of property, equipment of MYR 1,778,952.

Our net cash used in investing activities for the year ended June 30, 2024, was MYR960,260 primarily attributable to purchase of property, equipment of MYR960,260.

#### Financing Activities
As at the financial year ended 30 June 2025, our Operating Subsidiary has three (3) outstanding banking facilities, as follows: (a) On or about 22 April 2020, MSAV obtained a term loan of RM860,000 from AmBank (M) Berhad ("Ambank") ("AmBank TL"). The AmBank TL carries a tenure of seven (7) years, with repayments commencing on the 5th day of the month following full drawdown, which took place on 18 June 2020. The interest rate is 4.5% per annum above AmBank's base lending rate, which is currently 6.45% (as at the date of this prospectus); (b) On or about 24 February 2020, MSAV obtained a term loan of RM700,000 from RHB Bank Berhad ("RHB") ("RHB TL"). The RHB TL carries a tenure of seven (7) years from the date of full drawdown, which occurred on 4 May 2020, and bears a flat interest rate of 7.19% per annum, subject to variations in RHB's base lending rate; and (c) On or about March 2020, MSAV obtained a business instalment loan of RM1,000,000 from Standard Chartered Bank Malaysia Berhad ("Standard Chartered") ("SC Loan"). This SC Loan carries a tenure of seven (7) years from the date of full drawdown, which occurred on 30 March 2020, and bears a spread interest rate of 6.75% per annum above Standard Chartered's base lending rate, which is currently 6.45% (as at the date of this prospectus).

Our net cash used in financing activities for the year ended June 30, 2025 was MYR473,513, primarily attributable to repayments of long-term bank loans of MYR473,513.

Our net cash used in financing activities for the year ended June 30, 2024, was MYR267,959, primarily attributable to repayments of long-term bank loans of MYR267,959.

#### Capital Expenditures
We incurred capital expenditures of MYR1,978,646 and MYR2,005,489 for the years ended June 30, 2024, and 2025, respectively, primarily for the purchase of LED equipment. We expect that our capital expenditures will increase in the foreseeable future as we expand our business, and that our level of capital expenditures will be significantly affected by customer demand for our products and services. Our future capital requirements may be uncertain and actual capital requirements may be different from those we currently anticipate. To the extent cash flows from our business activities are insufficient to fund future capital requirements, we may need to seek equity or debt financing. We will continue to incur capital expenditures to support the expected growth of our business.

#### Contractual Obligations
The following table sets forth our contractual obligations as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payments due by schedule** | **Payments due by schedule** | **Payments due by schedule** | **Payments due by schedule** |
|  | **Less than <br>1 year** | **1 – 3<br>years** | **More than <br>3 years** | **Total** |
|  Operating leases | 24952 | 11201 |  | **36153** |
|  Long-term bank loans plus accrued interests | 546921 | 756852 |  | **1303773** |

---

Operating lease agreements represented non-cancellable operating leases for our use of office in Malaysia. Other than those shown above, we did not have any other significant capital commitments, purchase commitments, long-term obligations or guarantees as of June 30, 2025.

#### Off-Balance Sheet Commitments and Arrangements
We have not entered into any off-balance sheet financial guarantees or other off-balance sheet commitments to guarantee payment obligations of any third party. We have not entered into any derivative contract that is indexed to our shares and classified as shareholder's equity or that is not reflected in our combined financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an uncombined entity that

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serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any uncombined entity that provides financing, liquidity, market risk or credit support to us, or engages in leasing, hedging or product development services with us.

#### Holding Company Structure
MSAV HOLDINGS LTD is a Cayman Islands incorporated investment holding company. It facilitates group treasury activities and international financial transactions such as fund raising but does not have substantive business operations. We conduct our operations in Malaysia primarily through our subsidiary. As a result, our ability to pay dividends depends upon dividends paid by our subsidiary. If our subsidiary or any newly formed subsidiary incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us.

In addition, as determined in accordance with local regulations, our subsidiary may be restricted from paying us dividends offshore or from transferring a portion of their assets to us, either in the form of dividends, loans or advances, unless certain requirements are met and regulatory approvals are obtained. Even though we currently do not require any such dividends, loans or advances from our entities for working capital and other funding purposes, we may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to our shareholders.

#### Emerging Growth Company Status
Currently, the Company is qualified as an "emerging growth company" as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. The Company will remain an emerging growth company until the earlier of: (i) the last day of the fiscal year (a) following the fifth anniversary of the date of our first sale of common equity securities pursuant to an effective registration statement, (b) in which the Company has total annual gross revenues of at least $1.235 billion, or (c) in which the Company is deemed to be a large accelerated filer, which means the market value of the Company's common equity that is held by non-affiliates exceeds $700 million as of the last Business Day of its most recently completed second fiscal quarter; and (ii) the date on which the Company has issued more than $1.00 billion in non-convertible debt securities during the prior three-year period. References herein to "emerging growth company" have the meaning associated with it in the JOBS Act. As such, the Company will be eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

#### Internal Control over Financial Reporting
As a company with less than US$1.235 billion in revenues for our last fiscal year, we qualify as an "emerging growth company" pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements 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, in the assessment of the emerging growth company's internal control over financial reporting. The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. We have elected to take advantage of such exemptions.

In the course of preparing and auditing our combined financial statements for the years ended June 30, 2024, and 2025, we and our independent registered public accounting firm identified two material weaknesses in our internal control over financial reporting as of June 30, 2025. The material weaknesses identified relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) our lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements to properly address U.S. GAAP technical accounting issues and prepare and review financial statements and related disclosures in accordance with U.S. GAAP and reporting requirements set forth by the SEC; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) our lack of formal risk assessment process and internal control framework over financial reporting, including lack of a formal group-wide risk assessment process to identify, assess, address or mitigate the risks in internal control, and lack of sufficient IT general controls designed and implemented surrounding the key financial related systems.

We have implemented and plan to implement the following measures to address the material weaknesses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) We will recruit staff with knowledge of U.S. GAAP in our financial reporting department and are in the process of and establishing an ongoing program to provide sufficient and appropriate training for financial reporting and accounting personnel, especially training related to U.S. GAAP and SEC reporting requirement. Currently, we engaged a consulting firm with experience on U.S GAAP and SEC regulations to advise on complex accounting transactions and standardize our financial reporting function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) We are continuing to (i) set up a system of internal control framework with formal documentation of polices in place, appointing independent directors, establishing an audit committee, as well as strengthening corporate governance; (ii) develop a group-wide risk assessment process to allow early detection, prevention and resolution of potential risks related to internal control, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) strengthen the supervision and control on the IT functions, including the enhancement of IT security policies and procedures setup, logical security, data backup and cyber security training.

However, we cannot assure you that we will remediate our material weaknesses in a timely manner. See "Risk Factors — *Risks Relating to Business and Industry — If we fail to implement and maintain an effective system of internal controls, we may be unable to accurately or timely report our results of operations or prevent fraud, and investor confidence and the market price of our ordinary shares may be materially and adversely affected."*

#### Recently Adopted or Issued Accounting Pronouncements
A list of recently issued accounting pronouncements that are relevant to us is stated in Note 2 to our combined financial statements as of and for the fiscal years ended June 30, 2024, and 2025, included elsewhere in this prospectus.

#### Critical Accounting Estimates
We prepare our combined financial statements in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. We continually evaluate these judgments and estimates based on our own experience, knowledge and assessment of current business and other conditions, and our expectations regarding the future based on available information and assumptions that we believe to be reasonable. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than others in their application.

When reading our combined financial statements, you should consider our selection of critical accounting policies, the judgment and other uncertainties affecting the application of such policies and the sensitivity of reported results to changes in conditions and assumptions. Our critical accounting policies and practices include the following: (1) revenue recognition, (2) expected credit losses and (3) income taxes. See "Note 2 — Summary of Significant Accounting Policies" to our combined financial statements for the disclosure of these accounting policies. We believe the following accounting estimates involve the most significant judgments used in the preparation of our financial statements: (1) provision of allowance for expected credit losses, and (2) valuation allowance for deferred tax assets.

#### Provision of Allowance for Expected Credit Losses
Our accounts receivable, amounts due from related parties, other receivables and deposits in prepaid expenses and other current assets are within the scope of ASC 326. We estimated provision of allowance for expected credit losses to reserve for potentially uncollectible receivable amounts periodically. We consider factors in assessing the collectability of the accounts receivable and related receivables and deposits in prepaid expenses and other current assets, such as historical distribution of the aging of the amounts due, historical collections data of the customers,

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creditworthiness, forward-looking adjustments to assess the credit risk characteristics. Additionally, external data and macroeconomic factors are also considered. We estimated the allowance by segmenting in-scope financial assets into groups based on their shared credit risk characteristics and the aging of the underlying receivables and assessed the expected credit loss rate for each group periodically. If there is strong evidence indicating that the accounts receivable is likely to be unrecoverable, we also make specific allowance in the period in which there is strong evidence that a loss is determined to be probable. We would consider factors such as the customer's financial condition and liquidity, the customer's willingness and ability to settle payment and historical and subsequent collections data in making specific allowance. Our estimate of the key assumptions did not change significantly throughout the periods presented. For the years ended June 30, 2024, and 2025, the Group recognized expected credit loss of MYR 746,746 and MYR 911,706 (USD 216,641), respectively.

#### Valuation Allowance for Deferred Tax Assets
Deferred income taxes are provided using assets and liabilities method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized. In making such a determination, we consider all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation. We establish a valuation allowance against deferred tax assets to the extent we believe that recovery is not likely.

In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the combined statements of operations become deductible expenses under applicable income tax laws, or loss or credit carry forwards are utilized. As we estimate the allowance for deferred tax assets by considering if sufficient future taxable income will be generated to utilize the existing deferred tax assets, it can be altered if we change our forecasts of future profitability. For the years ended June 30, 2024, and 2025, we did not record any valuation allowance for deferred tax assets.

#### Quantitative and Qualitative Disclosures about Market Risks

#### Interest Rate Risk
We are exposed to interest rate risk on our interest-bearing assets and liabilities. As part of our asset and liability risk management, we review and take appropriate steps to manage our interest rate exposures on our interest-bearing assets and liabilities. We have not been exposed to material risks due to changes in market interest rates and not used any derivative financial instrument to manage the interest risk exposure during the years ended June 30, 2024 and 2025.

#### Inflation Risk
Inflationary factors, such as increases in raw materials, personnel and overhead costs, could impair our operating results. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and operating expenses as a percentage of sales revenues if the revenues do not increase with such increased costs.

#### Credit Risk
Credit risk is controlled by the application of credit approvals, limits and monitoring procedures. We manage credit risk through in-house research and analysis of Malaysian and worldwide economy and the underlying obligors and transaction structures. We consider many factors in assessing the collectability of our receivables, such as the age of the amounts due, the customer's payment history, credit-worthiness and other specific circumstances related to the accounts.

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#### Liquidity Risk
We are also exposed to liquidity risk, which is risk that we will be unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. Liquidity risk is controlled by the application of financial position analysis and monitoring procedures. When necessary, we will turn to other financial institutions and related parties to obtain short-term funding to cover any liquidity shortage.

#### Foreign Currency Translation and Transaction
The accompanying combined financial statements are presented in the Malaysia ringgit ("MYR"), which is the reporting currency of the Group. The functional currency of the Company and its subsidiary in the British Virgin Islands is United States Dollars ("USD" or "US$"), its other subsidiary which is incorporated in Malaysia are Malaysia ringgit ("MYR"), respectively, which are their respective local currencies based on the criteria of ASC 830, "Foreign Currency Matters".

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#### HISTORY AND CORPORATE STRUCTURE

#### Overview and Corporate History
We are a holding company incorporated in the Cayman Islands with operations conducted in Malaysia by our Operating Subsidiary MSAV, which was incorporated as a company with limited liability under the laws of Malaysia in 2013. With more than 10 years of operating history, our Operating Subsidiary has substantial expertise and strong capabilities in the sale, rental, and installation of audiovisual and LED display equipment for our customers in Malaysia.

We operate through three primary business activities, each providing a distinct revenue stream:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sales of equipment to customers, recognized upon receipt by the customer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) short-term event-driven rental arrangements, generally ranging from 1 day to 3 months, with revenue determined by the equipment employed and the length of the event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) long term semi-permanent installations at customer facilities, generally ranging from 2 – 7 years, with revenue determined on a usage-based lease calculated by the number of days and the specific configuration the equipment is used.

For the years ended June 30, 2024 and 2025, we served 153 customers in each year through our short-term, event-driven rental stream and 54 and 64 customers, respectively, through our long-term, usage-based lease stream. Customers may be included in both categories if they engaged the Company under both business streams during the relevant period. For the years ended June 30, 2024 and 2025, we completed 571 and 519 short-term event engagements (i.e., individual events for which equipment is rented for a limited period, typically days) and 1,805 and 2,116 long-term contract usages (i.e., billable usage periods under long-term, usage-based leases arrangements), respectively.

Our Operating Subsidiary maintains inventories of professional equipment including LED screens, projection systems, and audio systems, and provides comprehensive technical support encompassing system design, installation, operational support, and maintenance that helps ensure enhanced equipment performance.

The LED display segment provides LED screens with specifications ranging from P2 to P10 (representing the concentration of pixels resulting in variances of image sharpness and resolution resulting in appropriateness for various applications) for both short term and semi-permanent installations. Our LED display solutions include indoor and outdoor applications, and floor LED systems, each configured in accordance with specific venue requirements and event objectives. Our Operating Subsidiary has executed LED screen installations at various commercial venues including international hotels, convention centers, and commercial buildings throughout Malaysia.

The audiovisual segment encompasses both audio and visual equipment sales, rental and installation services. The projection systems are equipped with various ANSI-lumens specifications and multiple lens configurations including short zoom, short throw, and long throw applications. The audio component includes professional-grade mixers, speakers, line-array systems, amplification equipment, and playback systems. Our equipment portfolio also supports multi-camera production setups and video conferencing functions that enable transmission of video images and audio between multiple locations.

The implementation methodology encompasses several key phases, beginning with technical feasibility assessment, followed by detailed system design and equipment specifications. The installation phase includes equipment deployment, system integration, and technical testing. For semi-permanent installations, this includes analyzing usage patterns to determine optimal structures. The installation phase includes equipment deployment, system integration, and technical testing. Our Operating Subsidiary provides ongoing technical support including system maintenance and technical supervision.

Our Operating Subsidiary has established a track record in providing equipment and technical capabilities through retail sales, short-term special event leases and semi-permanent installation usage-based leases at international hotels and convention centers for corporate functions, government events, exhibits, conferences, entertainment productions, and concerts. Our equipment and technical capabilities have been deployed at various commercial venues including convention centers, hotels, and event spaces across Malaysia.

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#### Our Competitive Strengths
We believe the following competitive strengths differentiate us from our competitors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a stable customer relationship with commercial enterprises and government organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Established market position as one of the largest audiovisual and LED display solutions in Malaysia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Experienced and dedicated management with proven track record in audiovisual and LED display solutions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Substantial experience in supporting major concerts and events.

See *"Business — Our Competitive Strengths" on page 62*

#### Our Challenges
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intense market competition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High fixed costs and significant capital investment required to maintain a broad inventory of professional audiovisual equipment

See *"Business — Our Challenges" on page 64*

#### Our Growth Strategies
We intend to pursue the following strategies to further expand our business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhance our business presence in the hotel sector;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Resume and expand our full-service event technical operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expand our presence into the concert organization segment to capture growing market opportunities.

See *"Business — Our Growth Strategies" on page* 65

#### Trends and Market Opportunities
Our management believe that the prospects of our Group are encouraging for the following reasons:

#### Reorganization
Effective December 10, 2025 our Group completed a reorganization to consolidate our business operations into an offshore structure in anticipation of listing on a recognized securities market. MSAVH, our company, was incorporated on November 4, 2025.

Prior to the reorganization, MSAV, our operating subsidiary, was owned 100% by Low You Siong.

As part of the reorganization, MSAVH was incorporated on November 4, 2025, as the holding company of the Group. At incorporation, the authorized share capital of MSAVH was US$50,000 divided into (i) 4,000,000,000 Class A Ordinary Shares of par value US$0.00001 each and (ii) 1,000,000,000 Class B Ordinary Shares of par value US$0.00001 each. Upon incorporation, one Class A Ordinary Share was allotted and issued as fully paid to Ogier Global Subscriber (Cayman) Limited, the first subscriber. On November 7, 2025, the first subscriber transferred the one issued Class A Ordinary Share to Low You Siong.

On November 27, 2025, MSAVH re-classified and re-designated each issued and unissued Class A Ordinary Shares and Class B Ordinary Shares into Ordinary Shares of US$0.00001 each and all the Ordinary Shares shall rank pari passu with each other, such that the authorized share capital of the Company has become US$50,000 divided into 5,000,000,000 Ordinary Shares of US$0.00001 each (the "Share Re-designation") and the one issued Class A Ordinary Share held by Low You Siong was re-designated to one Ordinary Share. As a result of the Share Re-designation, on the same day the Company adopted the Amended and Restated Memorandum and Articles of Association with immediate effect.

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On December 10, 2025, MSAVH entered into a share swap agreement with (i) You Siong Low, the sole shareholder of MSAV; (ii) MSAV BVI, a wholly-owned subsidiary of MSAVH; (iii) a company wholly-owned by Low You Siong, our Director, and (iv) MSAV. Pursuant to the share swap agreement, MSAV BVI acquired all of the issued and paid-up shares of MSAV and in consideration of this acquisition, MSAVH, as the parent holding company of MSAV BVI, allotted and issued an aggregate of 20,000,000 Ordinary Shares to LYS (BVI) LTD. Following the transaction, MSAV became an indirect wholly-owned subsidiary of MSAVH.

On December 10, 2025, Low You Siong surrendered one Ordinary Share held by him for no consideration in MSAVH.

On December 12, 2025, LYS (BVI) LTD transferred 2,400,000, 1,800,000, 1,600,000, 1,200,000 Ordinary Shares to E Team (BVI) Limited, CA (BVI) LIMITED, WP (BVI) LIMITED and other minority shareholders, respectively. Thereafter, MSAVH has become owned as to 13,000,000, 2,400,000, 1,800,000, 1,600,000, and 1,200,000 Ordinary Shares held by LYS (BVI) LTD, of which Low You Siong, our Director, is the beneficial owner and sole shareholder, E Team (BVI) Limited, CA (BVI) LIMITED, WP (BVI) LIMITED and other minority shareholders, representing 65%, 12%, 9%, 8%, 6% of the issued Ordinary Shares of MSAVH respectively.

Our corporate structure following the reorganization of the Company's legal structure before and upon completion of this offering is set forth in the chart below<sup>(1)</sup>.

![](tflowchart_001.jpg)

____________

(1) Assuming no exercise of the underwriter's over-allotment option.

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#### Holding Company Structure
MSAV HOLDINGS LTD ("MSAVH") is a Cayman Islands holding company with no material operations of its own, and we conduct our operations primarily in Malaysia through Operating Subsidiary, Mekar Subur AV Sdn. Bhd. ("MSAV".) This is an offering of the Ordinary Shares of MSAVH, an exempted company with limited liability incorporated under the laws of the Cayman Islands, instead of the shares of the Operating Subsidiary. Investors in this offering will not directly hold any equity interests in the Operating Subsidiary.

As a result of our corporate structure, MSAVH's ability to pay dividends may depend upon dividends paid by the Operating Subsidiary. If our Operating Subsidiary 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.

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#### INDUSTRY OVERVIEW

#### Introduction
The following overview is based on an Independent Market Research report prepared for the Company by Frost & Sullivan.

#### Definition and Classification of Visual, Lighting and Audio Solutions in Malaysia
The visual, lighting and audio industry in Malaysia comprises providers that deliver technology and expertise for a diverse range of applications, including live events, permanent installations, and digital advertising. These solution providers offer a comprehensive, and tailor-made service that integrates technology to create specific sensory experiences and communication platforms. The industry's scope encompasses a full spectrum of services from consultancy, system design, and project management to equipment rental, sales, temporary and permanent installation, and media management.

The **scope of services** in this market include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Live Event Production and Support, involving (i) Conceptual design and technical consultation for temporary events (ii) Sourcing and rental of visual, lighting and audio equipment tailored to the event's scale and objectives; (iii) On-site setup, installation, and system integration; (iv) Live operation, real-time control, and technical support by skilled engineers and crew during the event; and (v) Post-event dismantling and equipment removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Permanent System Integration, including (i) Consultancy and system design for permanent installations in venues such as hotel ballrooms, convention centers, auditoriums, and event halls; (ii) Procurement and sales of professional-grade visual, lighting and audio equipment; (iii) Permanent installation, commissioning, and testing of integrated systems; and (iv) Provision of long-term technical support and maintenance contracts for installed venues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Digital Out-of-Home Media and Advertising, encompassing (i) Ownership and operation of large-format digital billboards in high-traffic, strategic locations; (ii) Provision of mobile advertising platforms, such as LED-equipped trucks, for targeted roadshows and campaigns; (iii) Management and sale of digital advertising "airtime" or slots to brands and agencies.

**Key technologies and equipment** are categorized into:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Visual Systems, including (i) High-resolution modular LED screens of various pixel pitches; (ii) Specialty displays such as interactive Floor LEDs; (iii) High-lumen projectors with a variety of lenses; (iv) Multi-camera production systems and presentation switchers for professional video capture and streaming; and (v) Video conferencing systems for hybrid events and remote communication

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lighting Systems, including (i) Intelligent lighting fixtures; (ii) Static wash lights; (iii) Spotlights; (iv) Digital lighting controllers and consoles

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Audio Systems, encompassing (i) Digital and analog audio mixers/consoles; (ii) Line-array speaker systems for large-scale sound reinforcement; (iii) A full range of wired and wireless microphones; (iv) Audio playback systems and power amplifiers.

#### Business Model of Visual, Lighting and Audio Solutions
In the visual, lighting, and audio solutions market, service providers generate revenue by delivering customized, project-based solutions to meet diverse client requirements. These projects range from the temporary rental of equipment and provision of technical support for live events, to the integration of systems in venues, and the execution of advertising campaigns on digital media assets. Regardless of the specific application, the project fee or contract value is determined by a comprehensive assessment of factors including the type and quantity of equipment involved,

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the duration and complexity of the project, the required manpower for design and execution, and associated logistics or third-party service costs. This project-centric approach allows providers to offer a full spectrum of services, from initial consultation to final execution and post-project support.

*Source: Frost & Sullivan*

#### Value Chain Analysis
The upstream part of the industry consists of the suppliers and enablers. These are the organizations that provide the foundational components and creative assets required for any project. It includes equipment manufacturers who produce the physical hardware such as speakers, lighting fixtures, and video panels; software developers who create the control and design software that operates the hardware; component suppliers who provide the essential raw materials and electronics to the manufacturers; and content creation agencies that produce the video, graphic, or interactive media displayed on the systems. These upstream partners are the originators of the technology and content that is leveraged further down the chain.

The midstream segment represents the core service provision layer, where the products and services from the upstream suppliers are aggregated and transformed into client-specific solutions. The diagram distinguishes between independent providers who may specialize in only one area (visual, lighting, or audio) and the more comprehensive role of an integrated visual, lighting, and audio provider. The Group operates specifically as this integrated provider, undertaking a wide array of value-adding activities, including consultation & system design, project management, system integration, providing rental & staging services for events, offering technical operation & support, and handling media sales & management. The integrated approach allows the Group to deliver turnkey, multi-disciplinary solutions but also the capability to provide independent services for particular area.

Finally, the downstream segment is composed of the clientele or end-users who are the ultimate consumers of the integrated solutions. These clients are categorized into several key market sectors. The live events sector includes clients from concerts, festivals, and corporate events. The permanent installation sector consists of clients such as retail stores, museums, and corporate headquarters that require long-term visual, lighting, or audio systems. The media & advertising sector leverages these technologies for digital-out-of-home campaigns and brand activations.

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A final category of others encompasses a broad range of additional clients like corporate entities, public venues, and government agencies. The needs of this diverse clientele drive the demand for the specialized and integrated services offered by the midstream providers.

*Source: Frost & Sullivan*

#### Market Size
The market size for visual, lighting, and audio solutions in Malaysia increased from MYR 1,022 million in 2020 to MYR 1,790 million in 2024, representing a CAGR of approximately 15.0%. The significant growth was primarily driven by a strong post-pandemic rebound; after a dip in 2021 due to event cancellations, the market experienced a dramatic recovery from 2022 onwards as live events, corporate functions, and MICE ("Meetings, Incentives, Conferences, and Exhibitions") activities resumed with renewed vigor, leading to substantial investments in deploying and upgrading visual, lighting and audio systems.

Subsequently, the market is projected to continue its expansion from an estimated MYR 1,940 million in 2025 to MYR 2,930 million in 2030, reflecting a CAGR of approximately 8.6%, fueled by sustained economic development, the continuous expansion of the tourism and MICE sectors, and an increasing demand for more advanced and immersive technological solutions in both permanent installations and live productions.

*Source: Frost & Sullivan*

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#### Market Driver
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Resurgence and Modernization of the MICE and Live Events Sector*

The Meetings, Incentives, Conferences, and Exhibitions ("MICE") and live events industry in Malaysia is experiencing a powerful rebound. Following a period of global disruption, there is significant pent-up demand for in-person corporate functions, international conferences, and large-scale entertainment events since 2023 and 2024. Government bodies like the Malaysia Convention & Exhibition Bureau are actively promoting the country as a premier event destination, creating a dual-pronged driver including (i) venues such as convention centers, hotels, and event halls are aggressively upgrading their in-house visual, lighting and audio infrastructure including installing permanent high-resolution LED screens, integrated audio systems, and dynamic lighting to attract high-value events; and (ii) the sheer volume of returning events, from product launches and corporate dinners to major concerts and festivals, fuels immense demand for rental and staging services, requiring a vast equipment portfolio of cutting-edge, reliable equipment and skilled technical crews to execute flawless productions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The Strategic Push for an "Experience Economy"*

A strategic pivot from basic service provision to holistic experience curation is evident across Malaysia's hospitality, retail, and entertainment sectors, serving as a critical competitive differentiator. Such trend directly fuels demand for sophisticated VLA solutions. Hospitality venues are allocating budgets for advanced visual, lighting and audio systems in ballrooms and public areas to create immersive ambiances and secure high-value event contracts that have complex technical requirements. Concurrently, property developers and commercial space operators are increasingly integrating large-format digital displays and architectural lighting into their building designs to increase asset value, enhance public engagement, and create landmark destinations. The core driver here is not functionality alone, but the strategic deployment of visual, lighting and audio technology as a tool to elevate brand perception, create engaging environments, and generate memorable content for patrons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Accelerated Digital Transformation Across Corporate and Public Sectors*

The national agenda for digitalization, outlined in frameworks such as the MyDIGITAL blueprint and reinforced by the widespread corporate adoption of hybrid work models, has substantially elevated demand for integrated visual, lighting and audio solutions. Malaysian enterprises are actively retrofitting corporate environments, including boardrooms, training facilities, and auditoriums, with advanced video conferencing hardware, interactive displays, and multi-camera production systems. The objective is to ensure effective and unified communication between on-site and remote teams. This impetus extends to the public sector, driving demand for digital signage networks in civic spaces, dynamic information displays in transportation hubs, and large-scale video walls for government functions and public communication campaigns, reflecting a broader move towards digital-first engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Structural Growth of the Digital Out*-of-Home *Advertising Segment*

Malaysia's Out-of-Home advertising market is undergoing a structural shift from static media to dynamic digital formats. The replacement of traditional billboards with high-visibility Digital Out-of-Home LED displays is accelerating along major transportation corridors and in key urban centers. Advertisers are increasingly drawn to the format's advantages, including the flexibility for real-time content updates, superior visual impact, and the efficiency of running multiple campaigns on a single digital asset. This directly generates consistent demand for the supply, installation, and maintenance of large-scale, weather-resistant outdoor LED systems. Such trend is further amplified by the emergence of niche mobile advertising platforms, such as LED-equipped vehicles, which provide brands with targeted, location-based marketing capabilities and create a distinct sub-market for specialized mobile visual, lighting and audio solutions.

#### Market Trends and Opportunities
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Convergence of Technologies for Immersive and Experiential Environments*

A significant long-term trend is the shift from deploying discrete visual, lighting, and audio components to creating fully integrated, multi-sensory immersive environments. Such evolution moves beyond simple functionality towards the strategic curation of experiences. The opportunity lies in the growing demand for advanced applications such as large-scale projection mapping on architectural facades, interactive floors and walls in public spaces, and spatial

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audio systems that create three-dimensional soundscapes. Markets such as themed attractions, museums, flagship retail stores, and corporate experience centers are increasingly allocating capital for these high-impact installations. Success in this segment will require solution providers to expand their capabilities beyond hardware provision into specialized areas of content creation, systems design, and the complex technical execution of interactive and generative media, representing a transition from equipment supplier to a comprehensive experiential technology partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Proliferation of Networked Systems and Unified Control Platforms*

The market is exhibiting a clear and accelerating trend towards IP-based, networked architectures for visual, lighting, and audio systems. The traditional model of siloed, point-to-point connections is being superseded by integrated ecosystems where all devices communicate over a standard network infrastructure (AV-over-IP). The paradigm shift presents a substantial opportunity for providers specializing in systems integration. Clients across corporate, educational, and governmental sectors are seeking unified control platforms that can manage entire building portfolios from a central dashboard. The value proposition includes enhanced scalability, simplified management, remote diagnostics, and the ability to automate complex operational workflows. Opportunities exist not only in the initial system design and deployment but also in offering long-term managed service contracts for network monitoring, system health checks, and remote support, thereby creating recurring revenue streams.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Integration of Data Analytics with Digital Visual Solutions*

The future of digital signage and large-format displays lies in their transformation from passive output devices into intelligent, data-driven communication platforms. An emerging trend is the integration of sensor technology, such as optical sensors for anonymized audience analytics, with content management systems, enabling the dynamic delivery of content based on real-time data, including audience demographics, footfall patterns, and engagement metrics, which creates a significant opportunity for solution providers to move up the value chain by offering "Digital Signage as a Service" models. These models bundle hardware with sophisticated software for content scheduling, network management, and detailed analytics reporting. For the Digital Out-of-Home sector, this trend enables programmatic advertising, where ad space can be bought and sold in real-time, maximizing revenue for media owners and providing advertisers with highly targeted campaigns. This requires providers to develop expertise in software, data privacy, and network security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Growing Emphasis on Sustainable and Energy*-Efficient *Solutions*

Sustainability is transitioning from a peripheral concern to a core procurement criterion for a growing number of clients, driven by corporate Environmental, Social, and Governance ("ESG") mandates and national green technology initiatives. Such trend presents a market opportunity for providers who can demonstrate a strong portfolio of energy-efficient products and sustainable practices. The demand is increasing for LED-based visual and lighting technologies that offer substantially lower power consumption, reduced heat output, and longer operational lifespans compared to legacy systems. Furthermore, intelligent control systems that enable automated scheduling, daylight harvesting, and occupancy-based operation are gaining traction as clients focus on reducing their operational expenditures and environmental footprint. Providers can differentiate themselves by acting as consultants, quantifying the Total Cost of Ownership and Return on Investment based on energy savings, and aligning their solutions with green building certification standards prevalent in Malaysia.

#### Market Threats, Challenges and Constraints
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Navigating Supply Chain Volatility and Geopolitical Factors*

The global supply chain for specialized electronic components, including semiconductors, display panels, and processors, remains susceptible to disruption. Geopolitical tensions, trade policy shifts, and logistical bottlenecks can lead to unpredictable lead times and price volatility for critical hardware, presenting a challenge for project planning and budget management, as delays in component delivery can impact installation timelines. Addressing this requires a strategic approach to procurement, including diversifying suppliers, maintaining a buffer of essential stock, and fostering transparent communication with clients to manage expectations regarding project schedules and costs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Managing Rapid Technological Advancement and the Associated Skills Gap*

The market is exhibiting a clear and accelerating trend towards IP-based, networked architectures for visual, lighting, and audio systems. The traditional model of siloed, point-to-point connections is being superseded by integrated ecosystems where all devices communicate over a standard network infrastructure (AV-over-IP). The paradigm shift presents a substantial opportunity for providers specializing in systems integration. Clients across corporate, educational, and governmental sectors are seeking unified control platforms that can manage entire building portfolios from a central dashboard. The value proposition includes enhanced scalability, simplified management, remote diagnostics, and the ability to automate complex operational workflows. Opportunities exist not only in the initial system design and deployment but also in offering long-term managed service contracts for network monitoring, system health checks, and remote support, thereby creating recurring revenue streams.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Addressing Increased System Complexity and Interoperability Issues*

As the industry trends towards fully integrated, IP-based ecosystems, the complexity of system design and implementation has grown significantly. Ensuring seamless interoperability between hardware and software from numerous different manufacturers on a single network can be a considerable technical hurdle. Challenges related to network configuration, bandwidth management, and cybersecurity must be meticulously addressed to guarantee system stability and reliability. Overcoming this requires deep integration expertise, rigorous pre-deployment testing in controlled environments, and strong partnerships with manufacturers to resolve compatibility issues, reinforcing the value of highly skilled and certified technical professionals.

#### Cost Analysis — Labour Cost
The trend in median monthly income for Malaysia's information and communication sector serves as a critical benchmark for the visual, lighting and audio solutions market. Wage level grew from MYR 3,490.0 in 2020, reaching MYR 4,231.0 in 2024 with a CAGR of 4.9%, attributable to the pandemic-accelerated digital transformation, which created an immediate demand for professionals and fostered a competitive hiring environment. Such trend had a particularly significant impact on the market, as modern visual (digital signage), lighting (networked control), and audio (Audio-over-IP) systems became heavily reliant on network infrastructure and software. Looking forward, the income is forecasted to continue growing at a 3.3% CAGR from 2025 to 2030, projected to reach MYR 5,101.0.

*Source: Department of Statistics Malaysia, Frost & Sullivan*

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#### Cost Analysis — Equipment Cost
The price index for visual, lighting, and audio equipment in Malaysia from 2020 to 2030 reveals distinctly different pricing trends for each equipment category. Monitors and projectors are experiencing sustained price inflation, with a historical CAGR of 6.7% from 2020-2024 and a projected continuation of this trend at 6.1% through 2030, culminating in prices that are nearly 90% higher than the 2020 baseline. In contrast, luminaires and lighting fittings show a significant deflationary trend, with prices dropping consistently at a CAGR of -9.7% between 2020 and 2024, suggesting that technology advancements and manufacturing efficiencies are making lighting equipment substantially cheaper over time. Sound systems exhibit the most volatility, with a dramatic price spike in 2022 where the index reached 225.5, more than double the 2020 price. While these prices have since moderated, they remain on an overall inflationary path with a 4.5% CAGR from 2020-2024. For market participants, this data indicates a challenging procurement environment where they must budget for fluctuating costs.

*Source: Trade Map, Frost & Sullivan*

#### Overview of Market Competition and Market Concentration
The visual, lighting, and audio solutions market in Malaysia is best described as highly fragmented, characterized by a large number of players and intense competition. The competitive landscape is composed of a diverse range of participants. It includes a vast number of small-scale, local rental companies that primarily serve smaller events like weddings and community functions, where competition is often based on price. Conversely, the market also features a select group of large, full-service providers who possess extensive state-of-the-art inventories, deep technical expertise, and the logistical capacity to handle major national and international events. While the overall market concentration is low due to the sheer number of smaller operators, these larger firms command a high share of the high-value project market and hold considerable influence.

Competition in this market hinges on a company's ability to provide state-of-the-art equipment, from high-resolution LED screens to advanced audio systems. Beyond just hardware, success is determined by the quality of technical expertise, service reliability, and a proven track record in managing complex events from conception to execution. A strong reputation and established client relationships are crucial for securing high-value projects.

#### Entry Barriers
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Factors Structural Lock*-in *with Key Technology Principals*

The market is heavily influenced by exclusive distribution agreements between global visual, lighting and audio manufacturers and a few established Malaysian distributors. New entrants face a significant structural barrier as they are often unable to gain access to the top-tier, project-specified brands, forcing them to either work with less-desirable alternative brands or purchase equipment from the established distributors at a sub-dealer price, immediately placing them at a severe cost and credibility disadvantage.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• High Capital Requirements and Specialized Talent Scarcity*

Launching a credible visual, lighting and audio solutions company demands a substantial upfront capital investment for operational viability, which includes costs for demonstration inventory, essential diagnostic tools, software licenses, and industry certifications. Compounding this is the scarcity of highly specialized, certified talent in Malaysia. The high cost and difficulty of assembling a qualified technical team from scratch represents a formidable financial barrier to entry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Regulatory and Project Credibility Hurdles*

Participation in large-scale government and corporate tenders is gated by significant non-competitive hurdles. New companies lack the mandatory project track record and financial history required for essential registrations with government bodies. Tender evaluation criteria heavily favor companies with an extensive portfolio of successfully completed projects, creating a hurdle where a new entrant cannot win major projects without a track record, and cannot build a track record without winning major projects.

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#### BUSINESS

#### Overview
We are a holding company incorporated in the Cayman Islands with operations conducted in Malaysia by our Operating Subsidiary MSAV, which was incorporated as a company with limited liability under the laws of Malaysia in 2013. With more than 10 years of operating history, our Operating Subsidiary has substantial expertise and strong capabilities in the sale, rental, and installation of audiovisual and LED display equipment for our customers in Malaysia.

We operate through three primary business activities, each providing a distinct revenue stream:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sales of equipment to customers, recognized upon receipt by the customer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) short-term event-driven rental arrangements, generally ranging from 1 day to 3 months, with revenue determined by the equipment employed and the length of the event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) long term semi-permanent installations at customer facilities, generally ranging from 2 – 7 years, with revenue determined on a usage-based lease calculated by the number of days and the specific configuration the equipment is used.

For the years ended June 30, 2024 and 2025, we served 153 customers in each year through our short-term, event-driven rental stream and 54 and 64 customers, respectively, through our long-term, usage-based lease stream. Customers may be included in both categories if they engaged the Company under both business streams during the relevant period. For the years ended June 30, 2024 and 2025, we completed 571 and 519 short-term event engagements (i.e., individual events for which equipment is rented for a limited period, typically days) and 1,805 and 2,116long-term contract usages (i.e., billable usage periods under long-term, usage-based leases arrangements), respectively.

Our Operating Subsidiary maintains inventories of professional equipment including LED screens, projection systems, and audio systems, and provides comprehensive technical support encompassing system design, installation, operational support, and maintenance that helps ensure enhanced equipment performance.

The LED display segment provides LED screens with specifications ranging from P2 to P10 (representing the concentration of pixels resulting in variances of image sharpness and resolution resulting in appropriateness for various applications) for both short term and semi-permanent installations. Our LED display solutions include indoor and outdoor applications, and floor LED systems, each configured in accordance with specific venue requirements and event objectives. Our Operating Subsidiary has executed LED screen installations at various commercial venues including international hotels, convention centers, and commercial buildings throughout Malaysia.

The audiovisual segment encompasses both audio and visual equipment sales, rental and installation services. The projection systems are equipped with various ANSI-lumens specifications and multiple lens configurations including short zoom, short throw, and long throw applications. The audio component includes professional-grade mixers, speakers, line-array systems, amplification equipment, and playback systems. Our equipment portfolio also supports multi-camera production setups and video conferencing functions that enable transmission of video images and audio between multiple locations.

The implementation methodology encompasses several key phases, beginning with technical feasibility assessment, followed by detailed system design and equipment specifications. The installation phase includes equipment deployment, system integration, and technical testing. For semi-permanent installations, this includes analyzing usage patterns to determine optimal structures. The installation phase includes equipment deployment, system integration, and technical testing. Our Operating Subsidiary provides ongoing technical support including system maintenance and technical supervision.

Our Operating Subsidiary has established a track record in providing equipment and technical capabilities through retail sales, short-term special event leases and semi-permanent installation usage-based leases at international hotels and convention centers for corporate functions, government events, exhibits, conferences, entertainment productions, and concerts. Our equipment and technical capabilities have been deployed at various commercial venues including convention centers, hotels, and event spaces across Malaysia.

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Our operational strategy focuses on maintaining equipment quality standards and technical capabilities excellence. The technical and maintenance teams of our Operating Subsidiary undergo trainings to maintain proficiency with evolving technology and equipment specifications.

#### Reorganization
Effective December 10, 2025 our Group completed a reorganization to consolidate our business operations into an offshore structure in anticipation of listing on a recognized securities market.

Prior to the reorganization, MSAV, our operating subsidiary, was owned 100% by Low You Siong.

As part of the reorganization, MSAVH was incorporated on November 4, 2025, as the holding company of the Group. At incorporation, the authorized share capital of MSAVH was US$50,000 divided into (i) 4,000,000,000 Class A Ordinary Shares of par value US$0.00001 each and (ii) 1,000,000,000 Class B Ordinary Shares of par value US$0.00001 each. Upon incorporation, one Class A Ordinary Share was allotted and issued as fully paid to Ogier Global Subscriber (Cayman) Limited, the first subscriber. On November 7, 2025, the first subscriber transferred the one issued Class A Ordinary Share to Low You Siong.

On November 27, 2025, MSAVH re-classified and re-designated each issued and unissued Class A Ordinary Shares and Class B Ordinary Shares into Ordinary Shares of US$0.00001 each and all the Ordinary Shares shall rank pari passu with each other, such that the authorized share capital of the Company has become US$50,000 divided into 5,000,000,000 Ordinary Shares of US$0.00001 each (the "Share Re-designation") and the one issued Class A Ordinary Share held by Low You Siong was re-designated to one Ordinary Share. As a result of the Share Re-designation, on the same day the Company adopted the Amended and Restated Memorandum and Articles of Association with immediate effect.

On December 10, 2025, MSAVH entered into a share swap agreement with (i) Low You Siong, the sole shareholder of MSAV; (ii) MSAV BVI, a wholly-owned subsidiary of MSAVH; (iii) a company wholly-owned by You Siong Low, our Director, and (iv) MSAV. Pursuant to the share swap agreement, MSAV BVI acquired all of the issued and paid-up shares of MSAV and in consideration of this acquisition, MSAVH, as the parent holding company of MSAV BVI, allotted and issued an aggregate of 20,000,000 Ordinary Shares to LYS (BVI) LTD. Following the transaction, MSAV became an indirect wholly-owned subsidiary of MSAVH.

On December 12, 2025, Low You Siong surrendered one Ordinary Share held by him for no consideration in MSAVH.

On December 12, 2025, LYS (BVI) LTD transferred 2,400,000, 1,800,000, 1,600,000, 1,200,000 Ordinary Shares to E Team (BVI) Limited, CA (BVI) LIMITED, WP (BVI) LIMITED and other minority shareholders, respectively. Thereafter, MSAVH has become owned as to 13,000,000, 2,400,000, 1,800,000, 1,600,000, and 1,200,000 Ordinary Shares held by LYS (BVI) LTD, of which Low You Siong, our Director, is the beneficial owner and sole shareholder, E Team (BVI) Limited, CA (BVI) LIMITED, WP (BVI) LIMITED and other minority shareholders, representing 65%, 12%, 9%, 8%, 6% of the issued Ordinary Shares of MSAVH respectively.

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Our corporate structure following the reorganization of the Company's legal structure before and upon completion of this offering is set forth in the chart below<sup>(1)</sup>.

![](tflowchart_001.jpg)

____________

(1) Assuming no exercise of the underwriter's over-allotment option.

#### Holding Company Structure
MSAV HOLDINGS LTD ("MSAVH") is a Cayman Islands holding company with no material operations of its own, and we conduct our operations primarily in Malaysia through Operating Subsidiary, Mekar Subur AV Sdn. Bhd. ("MSAV".) This is an offering of the Ordinary Shares of MSAVH, an exempted company with limited liability incorporated under the laws of the Cayman Islands, instead of the shares of the Operating Subsidiary. Investors in this offering will not directly hold any equity interests in the Operating Subsidiary.

As a result of our corporate structure, MSAVH's ability to pay dividends may depend upon dividends paid by the Operating Subsidiary. If our Operating Subsidiary 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.

#### Our Competitive Strengths
We believe the following competitive strengths differentiate us from our competitors:

#### We have a stable customer relationship with commercial enterprises and government organizations
Our Operating Subsidiary has established stable and long-term business relationships with its customers comprised of end-customers and intermediaries which including reputable organizations and commercial enterprises such as event organizers, Malaysian government agencies, statutory bodies, multinational corporations, hotel operators

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and chains, and convention centers. Our flexible business model, offering both usage-based long-term installations and equipment rental services, has enabled us to build lasting relationships with customers who value our comprehensive solutions and technical expertise.

Through the efforts of the management and sales and marketing team of the Operating Subsidiary, our Operating Subsidiary is able to maintain regular communication with customers to understand their requirements and identify potential business opportunities for both semi-permanent installations and equipment rental needs. By maintaining close relationships with customers, we are able to gain insights into their usage pattern, market trends and changing technological requirements in the audiovisual and LED display industry. This understanding allows us to align our service offerings and equipment portfolios with market demands and customer expectations. The technical team of our Operating Subsidiary work closely with customers during the installation and throughout the service period to ensure the outcomes meet or exceed their requirements.

Furthermore, our established relationships with major enterprises, hotel operators and organizations throughout Malaysia provide us with a stable source of revenue. Many of our customers operate multiple venues requiring our long-term audiovisual and LED display solutions, while others regularly rent equipment from our Operating Subsidiary for their operational needs. These relationships have contributed to our growth and market position in Malaysia's audiovisual and LED display solutions industry. Our track record of successful execution for prominent customers has enhanced our reputation in the industry and positions us favorable for securing additional contracts from both existing and new customers. The stability of these business relationships demonstrates market recognition of our technical capabilities and service quality, which has often resulted in word-of-mouth referrals with customers recommending our installation and rental services to other potential clients within their business network. This creates a network effect that helps expand our customer base through recommendations, particularly among businesses seeking reliable long-term audiovisual solutions or regular equipment rental services.

#### Established market position as one of the largest audiovisual and LED display solutions in Malaysia
Our Operating Subsidiary has established itself as one of the largest audiovisual and LED display solutions providers in Malaysia, with an extensive inventory of professional equipment. For the fiscal years ended June 30, 2025 and 2024, our Operating Subsidiary supported visual display and audiovisual solutions across over 2,000 usage instances, arising from both short-term rental engagements and usage under long-term lease arrangements at customer venues. Such usage instances are typically event-related, may range from a single day to multiple days in duration, and include concerts featuring international and local artists at various prominent venues across Malaysia.

Our market presence is evidenced by our comprehensive range of equipment, which includes various specifications of LED screens, projection systems, and audio systems, enabling our Operating Subsidiary to support multiple long-term semi-permanent installations while maintaining sufficient equipment capacity for our rental service operations. Our dual revenue streams from usage-based charging and equipment rental have contributed to our market position.

We believe our market position stems from our business model that combines usage-based installations with flexible rental solutions, supported by our reputation for delivering high-quality services. The comprehensive service offerings of our Operating Subsidiary include technical consulting on visual display solutions, system design and integration, ongoing maintenance support for semi-permanent installations, and professional technical assistance for rental equipment.

Our established presence in key commercial area in Malaysia, including international hotels, convention centers, and commercial buildings, demonstrates our capability to serve both large-scale semi-permanent installations and diverse rental requirements. The extensive market coverage of our Operating Subsidiary, combined with our technical expertise and comprehensive equipment portfolio, reinforces the position of our Operating Subsidiary as one of the leading providers in Malaysia's audiovisual and LED display solutions sector.

#### Experienced and dedicated management with proven track record in audiovisual and LED display solutions
Our Operating Subsidiary is led by Mr. You Siong Low, who has been instrumental in developing our business model combining usage-based installations and equipment rental services. Mr. Low has deep expertise in the audiovisual and LED display solutions industry with over 20 years of experience in the audiovisual and LED display industry. Mr. Low began his career as a salesman, gaining crucial frontline insights before advancing through technical and management roles. His hands-on experience has been crucial in developing our operations.

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Under Mr. Low's leadership, our Operating Subsidiary has built a team of skilled technical staff who maintain our extensive inventory of LED displays and audiovisual equipment. Our technical teams are proficient in both complex semi-permanent installations and rental equipment setup and maintenance. Over the years, Mr. Low has built strong relationships with major commercial venues, hotel operators, and corporate clients. His familiarity with the usage patterns and technical requirements has enabled us to develop our charging models and rental packages that align with customer needs. His extensive operational and management experience ensures the efficient execution of both installations and rental services at competitive price points.

Mr. Low's commitment to service excellence has fostered a strong customer-oriented culture within our Operating Subsidiary. His leadership has been crucial in establishing our position as a leading provider of audiovisual and LED display solutions in Malaysia.

#### Substantial experience in supporting major concerts and events
Our Operating Subsidiary has established a strong track record in providing comprehensive audiovisual and LED display solutions for major concerts and events throughout Malaysia. We have successfully supported numerous high-profile concerts featuring both international and local artists, demonstrating our capability to meet the demanding technical requirements of large-scale live performances.

Our expertise in concert and event support is evidenced by our involvement in various prestigious events, including music festivals, corporate launches, and government ceremonies. The Operating Subsidiary's experience spans different venue types, from indoor arenas to outdoor setting, showcasing our versatility in adapting our LED display and audiovisual solutions to diverse environments and requirements. Our Operating Subsidiary offers event organizers flexible solutions that can be tailored to specific event needs. Our comprehensive inventory of professional-grade equipment, including high-resolution LED screens, and advanced sound systems, enables us to handle multiple concurrent events while maintaining consistent service quality.

Our experience in the concert and event sector has helped us develop strong relationships with event management companies, promoters, and venue operators. We believe that these relationships, combined with our proven track record of service delivery, position us as a trusted partner for major events in Malaysia.

#### Our Challenges

#### Intense market competition.
The Malaysian audiovisual and LED display market is highly competitive, with numerous local and regional providers offering similar products and services. Increased competition may result in price erosion, reduced profit margins, and loss of market share, particularly if competitors offer more favorable pricing or superior technical capabilities.

#### High fixed costs and significant capital required to maintain a broad inventory of profession audiovisual equipment.
Our business requires significant capital investment to maintain a broad and current inventory of professional audiovisual and LED equipment. These high fixed costs do not fluctuate with short-term changes in demand, which may adversely impact our profitability during periods of reduced utilization or economic downturn.

#### Our Growth Strategies

#### Enhance our business presence in the hotel sector
While our Operating Subsidiary has established a strong presence in concert productions, our Operating Subsidiary has also provided audiovisual and LED display solutions across various sectors. We recognize significant untapped potential in Malaysia's hospitality sector, particularly in hotels where high-quality LED displays and audiovisual systems are increasingly in demand for both their permanent facilities and event spaces.

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With a view to maximizing the utilization of our comprehensive inventory of LED displays and audiovisual equipment, we plan to expand our presence in the hotel sector. Our strategy aims to provide hotels with complete audiovisual and LED display solutions that enhance their premises and guest experiences. These solutions include LED displays for hotel lobbies and common areas, digital signage systems for conference centers, comprehensive audiovisual systems for ballrooms and meeting rooms, and integrated control systems for seamless display management across hotel properties.

We intend to enhance our hotel sector services through several key initiatives. We will develop flexible commercial arrangements specifically suited to hotel operations, ensuring alignment with their business cycles and operational needs. We intend to structure attractive packages for hotels to encourage long-term partnerships, while implementing efficient systems for hotels to manage their audiovisual and LED display requirements for various functions and events.

#### Resume and expand our full-service event technical operations
For the fiscal years ended June 30, 2025 and 2024, our Operating Subsidiary generated revenue through two primary streams: short-term, event-driven rental arrangements and long-term, usage-based leases involving permanent or semi-permanent installations at customer facilities. During these periods, revenue from these segments was nearly evenly split, reflecting a balanced business model between project-based event work and recurring long-term contracts. However, prior to the COVID-19 pandemic, our Operating Subsidiary operated a comprehensive event management segment that provided end-to-end technical production services as well as physical infrastructure solutions for major events. This included full-scale event technical planning, on-site coordination, real-time show operation, technical direction, staging, booth construction, and backdrop construction services for concerts, corporate events, exhibitions, and various large-scale productions. While our Operating Subsidiary maintained our core equipment rental and installation services throughout the pandemic, our full-service event solutions operations were temporarily suspended.

We intend to revitalize our position as one of Malaysia's leading one-stop technical solutions providers by re-launching our comprehensive event services segment. Our existing technical expertise, which has been maintained through our ongoing installation and rental services, encompasses the entire technical production process. This includes initial consultation, design feasibility assessment, equipment specification, installation, and technical operation. This has enabled our Operating Subsidiary to maintain consistent quality control while delivering technical solutions for our clients.

Furthermore, we plan to reintroduce our complete range of physical infrastructure services, including staging, booth construction, and backdrop construction, which were previously part of our comprehensive solutions package. We believe that it shall address the continued market demand for integrated solutions providers capable of delivering both technical services and physical infrastructure for events under one roof.

Building upon our proven track record and retained technical proficiency, we plan to resume our full spectrum of event services including these infrastructure-related offerings. We believe this comprehensive service portfolio will enable us to restore our position as a truly integrated solutions provider for our clients, encompassing technical show operation, live event coordination, on-site technical direction and support, complete physical infrastructure setup including staging, custom booth and backdrop construction, alongside integrated technical solutions.

To supporting this initiative, we intend to expand our operations department. We plan to re-establish our dedicated personnel for staging, booth construction, and backdrop construction services. This targeted recruitment shall enhance the capacity of our Operating Subsidiary to handle multiple concurrent events while maintaining our standards across all service offerings.

We believe that the resumption and expansion of our full-service offerings will strengthen our market position and create value for our customers. By resuming our comprehensive solutions under one roof, including both technical services and physical infrastructure, we can offer customers the same convenience, consistent quality, and optical cost-efficiency that distinguished us in the pre-pandemic period.

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#### Expand our presence into the concert organization segment to capture growing market opportunities
Building upon our position as one of the leading audiovisual and LED display solutions providers in Malaysia's event industry, we plan to expand our role to become a concert organizer. We believe this vertical integration into concert organization segment represents a natural progression that leverages our technical expertise, industry relationships, and comprehensive understanding of live event production requirements.

We intend to establish a team of concert organization segment focused on end-to-end concert planning and execution. This team will oversee venue selection, technical production planning, logistics coordination, and operational management of concert events. Our experience in technical production gives us unique insights into the complex requirements of concert staging, allowing us to plan and execute large-scale live music events. We also intend to begin co-organization collaborations with established industry players, which allows us to leverage our partners' experience while contributing our technical expertise and equipment resources.

We will focus on developing strong relationships with artist management companies, agencies, and tour managers. The existing reputation of our Operating Subsidiary as a technical solutions provider provides us an advantage in these negotiations, as we are able to offer both organizational and technical capabilities under one roof, potentially reducing overall production costs and complexity of touring projects. We also plan to develop partnerships with major venues across Malaysia. Our existing relationships through our technical services business provide a strong foundation for negotiating preferential arrangements for concert venues. We plan to explore opportunities for venue partnership agreements that could provide us with booking rights or preferential rates.

We believe this expansion into concert organization will create value for our Group while establishing new revenue streams. By combining our technical expertise with concert promotion capabilities, we aim to capture a larger share of the value chain in Malaysia's live entertainment sector.

#### OUR BUSINESS OPERATIONS
Our operations are centered on the deployment of a fleet of rental equipment with comprehensive technical support that helps ensure enhanced equipment performance for our customers. Depending on the requirements of our customers, our Operating Subsidiary, relying on its expertise and experience, identifies the appropriate audio and visual equipment in providing our services.

#### Visual services
For our semi-permanent installation leasing business, our Operating Subsidiary provides end-to-end visual solutions services commencing with technical consultations to understand clients' requirements and venue specifications. Our technical team assesses the feasibility of proposed installations, taking into consideration factors such as structural requirements, viewing angles, and display specifications. Our Operating Subsidiary implements usage-based models for these installations, whereby our customers are billed based on actual operational hours or pre-agreed usage metrics, providing clients with cost flexibility while ensuring stable revenue streams for our Group.

In our equipment rental services, our Operating Subsidiary maintains an inventory of LED displays available for both short-term, event-driven rental arrangements, and long-term, usage-based leases at customer facilities. Prior to each rental engagement, our technical team conducts consultation to determine optimal display specifications and configurations based on venue requirements and client objectives. We provide installation guidance including viewing angle optimization, resolution configuration, and content format specifications to ensure optimal visual impact for each rental deployment.

#### Audio services
For our short-term and long-term leasing business, we implement usage-based charging structures where clients are billed according to operational duration or predetermined usage metrics. In most cases, our audio services are combined with our visual services to provide a competence audio visual solution for our clients. Our technical team conducts acoustic assessment including spatial analysis, ambient noise evaluation, and acoustic modeling, to determine optimal audio configurations. The technical team of our Operating Subsidiary will then provide recommendations

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for audio equipment specifications, including requirements for amplifiers, speakers, microphones, and associated audio components, in order to achieve optimal sound coverage and volume levels taking into consideration the venue acoustics and client objectives.

In our equipment rental services, we maintain an extensive inventory of audio equipment available for both short-term, event-driven rental arrangements, and long-term, usage-based leases at customer facilities. The technical team of our Operating Subsidiary provides guidance on equipment positioning and installation specification in order to achieve optimal acoustic results.

#### Our Products and Equipment
We offer a wide range of audio and visual products and equipment including:

![](timage_005.jpg)

![](timage_006.jpg)

![](timage_007.jpg)

![](timage_008.jpg)

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#### Our services include:

#### BUSINESS OPERATION FLOW
**(i) Project Initiation**

*Enquiries from customers*

We generally receive enquiries from our customers by email, phone or instant messengers. Mr. Low, our executive director, or our sales and marketing team, will have an initial discussion with our customers to have a basic understanding of their request and background of their service request such as time, venue, our customer's ideas or requirements on visual and/or audio design, equipment required and budget.

*Preliminary consultation and site visits*

We generally hold conceptual meetings with our customers, where they may share and elaborate their ideas on visual and/or audio design as well as their requirements in respect of the visual elements of the function. Depending on the specific requirements of each customer, we may request further information from such customer to get a better understanding of the visual and/or audio effects and outcome that the customer aspire to achieve, as well as their requirements on the desired specifications of the equipment to be used.

If necessary, we will also participate in the site visit to the venue where the equipment will be installed to help us to understand the specific characteristics and limitations of the venue. Applying our expertise and experience in the industry, we may advise the customers on the technical feasibility of their preliminary ideas on visual and/or audio design and effects and propose a preliminary customized solutions to achieve their desired outcome as conceived by

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such customer. We may then (i) advise the customers on the equipment to be used to create the optimal outcome, and (ii) demonstrate the visual and/or audio effect of our proposed customized solutions to the customers by demonstration, if required.

*Assessment and estimation of availability of equipment and manpower*

For our short-term, event-driven rental arrangements, and long-term, usage-based leases involving semi-permanent installations at customer facilities, our Operating Subsidiary assesses equipment requirements, installation timelines and availability for each engagement through direct inventory checks and consultation with the operating department of our Operating Subsidiary. Prior to confirming any bookings, our operating department verifies equipment availability during the requested period by cross-referencing existing commitments and the schedule of other engagements.

*Preparation of estimated cost summary for internal references*

Our Operating Subsidiary take into account a number of factors in formulating the fee quotation to customers, including but not limited to type and quantity of the equipment required, duration of rental or usage, level of manpower required for on-site installation, dismantling and operation of equipment and transportation costs for our equipment.

*Provision of quotation to customers*

After estimating the cost for the installation or rental engagement, our Operating Subsidiary will issue a quotation to our customers for their confirmation. The quotation will generally set out the location of installation, duration of rental (if applicable), the types and quantity of equipment to be supplied, our fees for such installation/rental engagement, and arrangements for insurance.

If there are any subsequent changes in any of the terms of the quotation, our Operating Subsidiary will adjust its service fees accordingly and issue a revised quotation to customers.

*Tender process and government projects (if applicable)*

Our Operating Subsidiary also occasionally participates in tender submission primarily for government events and projects. The tender process involves several stages to ensure accurate budget assessment and competitive bid submission.

Upon receiving written invitations to tender, the operating department of our Operating Subsidiary conducts preliminary evaluations of project requirements, focusing on the specified visual and audio solutions demanded by the project scope. For government projects, these requirements typically include detailed technical specifications, compliance standards, and specified delivery or rental timeframes. The invitation documents generally outline the performance requirements and submission deadlines that guide our Operating Subsidiary's tender preparation process.

Where tender briefing sessions are scheduled, which is common practice in government projects, the personnel of our Operating Subsidiary will attend these sessions to gather comprehensive information about project requirements, technical specifications and performance expectations. These briefings provide opportunities for us to clarify the project specifications and understand any requirement that may impact our resource allocation and pricing strategies.

The tender preparation process involves analysis of project requirements and cost assessment. Our operating department evaluates equipment availability and requirements, as well as the allocation of manpower. The management of our Operating Subsidiary conducts a review of all tenders prior to submission. Following internal approval, tender documents are submitted according to the specified submission guidelines and deadlines. Our Operating Subsidiary shall await formal notification from the relevant government agencies regarding the results of the tender before proceedings with any execution planning.

**(ii) Preparation and pre**-execution **work**

*Meeting and communicate with customers to discuss and confirm the details for execution*

After the engagement is confirmed with our Operating Subsidiary, we may meet the customers again where we may discuss in further detail as to how the engagement is to be executed. We shall then finalize the customized solutions with customers and confirm the details required for execution.

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*Preparation of equipment packing list*

Our Operating Subsidiary maintains ownership of the visual and audio equipment used in our rental or installation engagement. Following confirmation of quotation, our operating team reviews the equipment specification outlined in the signed quotation or tender documentation. This includes an assessment of the required visual and audio equipment for the engagement. Our operating team then prepares an equipment packing list that serves as a primary reference document for equipment preparation and deployment.

Based on the equipment packing list, the employees of our Operating Subsidiary at the warehouse conduct inventory verification to confirm equipment availability. When existing inventory is insufficient to meet the requirements for the engagement, our Operating Subsidiary will place purchase orders with suppliers to acquire the necessary additional equipment. Our Operating Subsidiary maintains ownership of the visual and audio equipment deployed to ensure consistent quality standards and operational control. Each equipment movement is documented in our records, tracking the deployment and subsequent return of equipment for each engagement.

*Arrangement of equipment logistics and ad hoc manpower required for execution*

Our Operating Subsidiary generally uses its own technicians for our rental and installation engagements. Depending on the requirements and the needs of each engagement, our Operating Subsidiary may engage ad hoc manpower in addition to the manpower employed by us for execution of engagement and arrange the transportation of equipment with third party logistics companies.

*Payment of deposit*

Our Operating Subsidiary generally requires customers to pay a deposit after signing the quotation.

*Transportation of equipment*

Our Operating Subsidiary generally engages third party logistics companies to provide transportation of our equipment from our warehouse to the designated venue.

**(iii) Execution**

*On-site installation and testing of equipment*

For our equipment installation engagements, our Operating Subsidiary will normally carry out on-site installation of equipment. Our Operating Subsidiary shall deploy its technical employees and other ad hoc personnel (as necessary) to carry out the installation works. Depending on the complexity and the size of the installation works, it generally takes approximately one to seven days to install the equipment at the venue. After the installation of equipment, we will carry out testing at the venue to ensure the equipment is functioning properly.

*Provision of on-site technical training and technical support*

Following the installation of the equipment for our equipment installation engagements, the technicians of our Operating Subsidiary will conduct training sessions for our customers' designated employees to cover essential aspects of the operational procedures of the equipment. Upon receiving advance notice from customers, our Operating Subsidiary assigns technicians to be present during rehearsals and actual events.

**(iv) Post**-event **or post**-engagement **stage**

*Dismantling of equipment*

After completion of the equipment installation engagement, the equipment will be dismantled at the venue and delivered back to our warehouses. The technicians of our Operating Subsidiary will supervise the dismantling process to ensure it is performed properly.

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*Invoicing and payment of balance payment*

For our equipment installation engagement, after the completion of each event, our Operating Subsidiary will issue an invoice requesting payment of the balance payment. The customers are generally required to make the balance payment within 60 days after the completion of the event in accordance with the invoice and/or the relevant agreement.

#### OUR SOURCES OF REVENUE
For the fiscal years ended June 30, 2025, and 2024, we generated revenue primarily through three distinct, revenue sources models in Malaysia:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) equipment sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Revenue — invoiced retail sales of equipment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) short-term, event-driven rental arrangements, generally ranging from 1 day to 3 months

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Revenue — rental fees determined by the equipment deployed and the length of the event

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) long term semi-permanent installations at customer facilities, generally ranging from 2 – 7 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Revenue — Our Operating Subsidiary agrees to supply, install, manage and maintain the agreed upon equipment at its own cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The equipment generally consists of multiple LED screens (with different sizes and placements such as center, left and right displays), and may occasionally include sound systems or lighting equipment depending on client requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The client is charged a per event/per day lease fee based primarily on the LED screen configuration utilized for the event, and may occasionally include sound system or lighting equipment — there is no minimum number of days that the equipment must be used. The lease fee includes an engineer/technical crew on-site to start up the LED screens during an event, but the fee does not include the costs for any further services including but not limited to live screen switching, real-time cue operation, video playback control or other event-specific operating services that may be required during the event

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. At the end of the lease term, the equipment is returned to our Operating Subsidiary

For the years ended June 30, 2024 and 2025, we served 153 customers in each year through our short-term, event-driven rental stream and 54 and 64 customers, respectively, through our long-term, usage-based semi-permanent installation lease stream. Customers may be included in both categories if they engaged the Company under both business streams during the relevant period. For the years ended June 30, 2024 and 2025, we completed 571 and 519 short-term event engagements (i.e., individual events for which equipment is rented for a limited period, typically days) and 1,805 and 2,116 long-term contract usages (i.e., billable usage periods under semi-permanent installation long-term, usage-based leases arrangements), respectively.

#### OUR CUSTOMERS
Our customers mainly consist of (i) convention centers, (ii) event organizing companies, and (iii) hotels or hotel operators. For the fiscal years ended June 30, 2025 and 2024, our five largest customers in aggregate accounted for approximately 31.02% and 38.73%, respectively, of our total revenue. For the fiscal years ended June 30, 2025, and 2024, nil and one of our customers accounted for 10% or more of our total revenue, respectively.

For rental engagements, which typically involve ongoing equipment deployments, our Operating Subsidiary usually issues monthly invoices in arrears based on the pre-agreed rental terms. For installation projects and event-specific engagements, our Operating Subsidiary, where initial deposits may be required, our Operating Subsidiary generates invoices upon conclusion of each event or usage for the remaining balance, with any deposits previously received being deducted from the final invoice amount.

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Our Customer's Events:

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![](timage_013.jpg)

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#### PRICING STRATEGY
Our pricing is determined on a cost-plus basis with emphasis on factors that include: (i) the type and quantity of the equipment required, (ii) the duration of the proposed engagement, (iii) the level of manpower required for on-site installation, dismantling and operation of equipment for our equipment installation engagements, and (iv) transportation costs for our equipment.

#### SALES AND MARKETING
Our Operating Subsidiary received projects requested by our customers generally by way of (i) direct client quotation requests, and (ii) participation in tender submission. We believe that the source of customers of our Operating Subsidiary is primarily attributable to (i) the established industry reputation and market presence of our Operating Subsidiary, (ii) the portfolio of the successfully executed engagements of our Operating Subsidiary, (iii) the technical expertise in audio-visual solutions of our Operating Subsidiary, and (iv) the established relationships with the key customers of our Operating Subsidiary.

The management of our Operating Subsidiary are generally responsible for maintaining customers' relationship, pitching new customers and/or seeking potential business opportunities. The sales and marketing department of our Operating Subsidiary are responsible for daily relationship maintenance with customers. Our directors believe that our current business development and client relationship management strategies are sufficient to maintain relationships with existing customers and attract potential customers.

#### SUPPLIERS
The suppliers of our Operating Subsidiary include manufacturers and sellers of LED panels, projectors, audio equipment, and ad hoc manpower service providers. Our Operating Subsidiary selects suppliers of our equipment based on a number of criteria which include, among others, the quality of their products, their track record, business scale, the availability of equipment, and its pricing. The majority of our equipment is sourced from overseas. For the fiscal years ended June 30, 2025, and 2024, our Operating Subsidiary did not encounter any material difficulties in procuring our equipment nor experience any shortage of supply.

For the fiscal years ended June 30, 2025, and 2024, our Operating Subsidiary did not enter into any long-term contracts with its suppliers and purchase orders were placed on a case-by-case basis. The price of the equipment is determined by reference to the market price of comparable products or services at the time.

#### SEASONALITY
Our Operating Subsidiary do not experience material seasonal fluctuations in our overall sales due to the volume of projects it undertakes except that it typically experiences slower business flow in January and February due to the Chinese New Year holiday.

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#### QUALITY CONTROL
Our Operating Subsidiary implements certain quality control protocol to ensure the delivery of high-quality audio-visual solutions to our customers. Our Operating Subsidiary maintains a consistent supplier selection criterion, focusing on the equipment quality, technical specifications and supplier reputation within the industry. Upon equipment delivery, the technical personnel of our Operating Subsidiary conduct inspection and testing procedures to verify functionality and compliance with specified standards prior to acceptance. Pre-deployment inspections are conducted to ensure the operational condition of the equipment.

During the engagement period, our Operating Subsidiary assumes responsibility for maintenance and technical support services for our LED systems through its team of technicians and maintenance personnel. Our Operating Subsidiary bears regular maintenance costs, excluding damages resulting from vandalism (including but not limited to splashing, painting, physical impact, or intentional destruction, unauthorized modifications or alterations to equipment, improper handling or operation, or inadequate security measures implemented).

Our Operating Subsidiary maintains a team of technicians and maintenance personnel who possess industry experience in audio-visual equipment maintenance and technical support. While our Operating Subsidiary does not conduct regular formalized training programs, technical staff periodically attend supplier-organized seminars and technical updates to maintain familiarity with industry standards and technological developments. These seminars supplement the practical experience gained through our daily operations.

#### COMPETITION
We believe that the visual display and audio solutions industry is characterized by customer preference with service providers with demonstrated track records, particularly given the time-sensitive nature of corporate events and conferences. Convention centers, hotels, and event management companies typically maintain relationships with proven audio-visual solution providers to ensure reliable service delivery.

Based on our management's understanding of the market and their extensive industry experience, we are one of the established market players in the audio-visual solutions market. We believe that our competitive advantages are primarily derived from (i) our comprehensive inventory of advanced LED panel systems and audio-visual equipment, (ii) our demonstrated capability in delivering customized solutions for varying client requirements, (iii) our established relationships with key industry participants, and (iv) our experienced technical team in providing maintenance and support services. We believe that our track record and our ability to provide customized solutions to our customers position us favorable within the Malaysian market.

#### LICENSES AND CERTIFICATIONS
As of the date of this prospectus, we have obtained the following certifications that are material to our operations:

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| | | | |
|:---|:---|:---|:---|
|  **License/Certification Holder** | **Description** | **Awarding<br> organization** | **Expiry date** |
|  Mekar Subur AV Sdn. Bhd. (Puan Nur Hairunnisa Binti Jaafar as authorized individual) | Registration with Ministry of Finance to participate in government sector and semi-government tenders and contracts | Malaysia<br>Ministry of<br>Finance | May 23, 2026 |
|  Mekar Subur AV Sdn. Bhd. | Registration with Public Performance Malaysia (PPM) Berhad for a non-exclusive license to commercially rent any or all sound, music videos and/or karaoke recordings that are within PPM members' repertoire in Malaysia | Public<br>Performance<br>Malaysia (PPM)<br>Berhad | October 31, 2026 |

---

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#### INTELLECTUAL PROPERTY
As at the date of this prospectus, we do not own any patents, copyrights, trademarks or domains.

#### INSURANCE AND SURETY
Under Employees Provident Fund Act 1991, our Operating Subsidiary is required to make contributions, as employers, to the Employees Provident Fund for our employees. The contribution rates vary, depending on the monthly wages of our employees. Other than the contributions, we have no further obligation for the payment of retirement and other post-retirement benefits to our employees in Malaysia.

In Malaysia, we are required to comply with regulations governing employment such as the Employment Act 1955, Employees Provident Fund Act 1991, Employees' Social Security Act 1969, Employment Insurance System Act 2017, Income Tax (Deduction From Remuneration) Rules 1994, Minimum Wages Order 2024 and Industrial Relations Act 1967.

Except for the insurances as required by the Malaysian laws and regulations, we maintain insurance coverage appropriate for our business operations. Our insurance policies include (i) fire and lightning insurance for our offices and (ii) fire, burglary and employers' liability insurance for our warehouses.

We regularly review our insurance coverage with reputable insurance providers to ensure adequate protection against operational risks. While we believe our current insurance coverage is in line with industry standards and adequate for our operations, we will continually assess our insurance needs as our business expands.

#### FACILITIES
We do not own any real property.

Our principal executive office, located at No 35-1, Jalan 2/115a, Taman Pagar Ruyung, Jalan Kuchai Lama, 58200 Kuala Lumpur, is leased by our Operating Subsidiary. We also lease the following processing facilities to support our business activities and operations:

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| | | | | |
|:---|:---|:---|:---|:---|
|  **No.** | **Address** | **Area<br> (Square Meter)** | **Usage** | **Term**  |
| 1. | No 33 – 1, Jalan 2/115a, Taman Pagar Ruyung, Jalan Kuchai Lama, 58200 Kuala Lumpur | 151.42 sq meter | Office | 1 November 2024 to 31 October 2026  |
| 2. | Lot 5746 C Kedai, Batu 4 ½, Jalan Klang Lama, 58000 Kuala Lumpur (subject to execution of the renewed tenancy agreement) | 414.6 sq. meter | Warehouse | 1 February 2026 to 31 January 2028 (with an option to renew for an additional two years)  |
| 3. | Lot 5746 B Kedai, Batu 4 ½, Jalan Klang Lama, 58000 Kuala Lumpur (subject to execution of the renewed tenancy agreement) | 414.6 sq meter | Warehouse | 1 February 2026 to 31 January 2028 (with an option to renew for an additional two years)  |

---

We currently rely on the facilities described in the table above to conduct our business operations. These warehouse facilities are primarily used for the storage of our inventory, handling of goods, and coordination of our logistics and distribution activities. In addition to our warehouse facilities, we maintain office premises that are used for administrative and management purposes, including finance, sales coordination, procurement, and general corporate functions.

We believe that our facilities are adequate to meet our needs for the immediate future and that, should it be needed, suitable additional space will be available on commercially reasonable terms to accommodate any expansion of our operations.

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#### EMPLOYEES
For the years ended June 30, 2025, and 2024, our Operating Subsidiary employed a total number of 41 and 48 employees in Malaysia, respectively. All of our employees were stationed in Malaysia. The following table sets out a breakdown of our employees by function:

---

| | | |
|:---|:---|:---|
|  | **As of<br> June 30,<br> 2025** | **As of<br> June 30,<br> 2024** |
|  Management | 1 | 1 |
|  Operations | 31 | 39 |
|  Finance, administration and Human Resources | 6 | 5 |
|  Sales and Marketing | 3 | 3 |
|  **Total** | 41 | 48 |

---

We believe that our Operating Subsidiary maintains a good working relationship with its employees, and it has not experienced any significant problems with our employees or any disruption to our operations due to labor disputes, nor have we experienced any material difficulties in the recruitment and retention of experienced core staff or skilled personnel during the years ended June, 2025 and 2024. In attracting and retaining talents, we ensure that our employee remuneration packages are being structured and reviewed periodically to stay competitive in the labor market.

#### DATA SECURITY AND PROTECTION
Keeping private data and sensitive information safe is integral to maintaining the trust from our customers. The personal data protection policies describe our data collection, use, disclosure, protection and retention practices.

In addition, we use security software to protect the data with which we are entrusted and are constantly reviewing and monitoring our internal data security practices. Informal training and awareness programs are held from time to time to educate employees on the importance of information security and their responsibilities in relation to information management. Only authorized individuals who require the information to fulfil their job responsibilities have access to the relevant information and systems. For our external interfaces, we utilize firewalls, encryption, and other security controls to secure our networks from unauthorized access, use, disclosure, disruption, modification, or destruction.

#### LITIGATION
There are no material proceedings to which any director or officer, or any associate of any such director or officer, is a party that is averse to our Company or any of our subsidiaries or has a material interest adverse to our Company or any of our subsidiaries. No director or executive officer has been a director or executive officer of any business which has filed a bankruptcy petition or had a bankruptcy petition filed against it during the past ten years. No current director or executive officer has been convicted of a criminal offense or is the subject of a pending criminal proceeding during the past ten years. No current director or executive officer has been the subject of any order, judgment or decree of any court permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities, or banking activities during the past ten years. No current director or officer has been found by a court to have violated a federal or state securities or commodities law during the past ten years.

However, we may from time to time after the date of this prospectus become subject to claims and litigation arising in the ordinary course of business. One or more unfavorable outcomes in any claim or litigation against us could have a material adverse effect for the period in which such claim or litigation is resolved. In addition, regardless of their merits or their ultimate outcomes, such matters are costly, divert management's attention, and may materially adversely affect our reputation, even if resolved in our favor.

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#### REGULATORY ENVIRONMENT
This section sets forth a summary of the principal Malaysia laws and regulations relevant to our business and operations in Malaysia.

#### LAWS AND REGULATIONS OF MALAYSIA
Our operations are subject to a variety of rules and regulations. We primarily operate in Malaysia and are therefore subject to all of the local laws and regulations generally applicable to businesses in Malaysia, including with respect to licensing, taxation, employment, data protection, anti-money laundering laws and other regulations. We set out below brief description of certain regulations particularly significant for our operations.

#### Regulations Relating to Business Premises

#### Local Government Act 1976 and Licensing of Trades, Businesses and Industries (Federal Territory of Kuala Lumpur) By-Laws 2016
The Local Government Act 1976 ("LGA 1976") empowers local authorities to grant licenses or permits for any trade, occupation, or premises. Such licenses may be subject to conditions and restrictions as deemed appropriate by the local authority.

Under the LGA 1976, every local authority may also make, amend, and revoke by-laws on matters necessary or desirable for the maintenance of health, safety, and well-being of inhabitants, or for the good order and governance of the local authority.

The Operating Subsidiary conducts its business from premises located in Kuala Lumpur, Malaysia, which falls under the jurisdiction of the Kuala Lumpur City Hall ("DBKL"). The Operating Subsidiary is subject to the Licensing of Trades, Businesses and Industries (Federal Territory of Kuala Lumpur) By-Laws 2016 (the "DBKL By-laws"), which require a valid business license for any trade, business, or industrial activity conducted within Federal Territory of Kuala Lumpur.

The DBKL By-laws further provide that any person who contravenes any provision of the by-laws shall be guilty of an offence and, upon conviction, may be liable to a fine not exceeding RM2,000, imprisonment for a term not exceeding one year, or both. In the case of a continuing offence, a fine not exceeding RM200 per day may also be imposed for each day the offence continues after conviction.

As at the date of this prospectus, our Operating Subsidiary has obtained the temporary business premises license for its offices and warehouses from DBKL, pending the issuance of the final licenses.

#### Regulations Relating to Occupational Safety and Health

#### Occupational Safety and Health Act 1994
Occupational Safety and Health Act 1994 ("OSHA 1994") serves as the principal legislation governing workplace safety, health, and welfare in Malaysia. Under Section 29A of the OSHA 1994, an employer employing five or more employees at a workplace is required to appoint an employee to act as an occupational safety and health coordinator. An employer who contravenes Section 29A of the OSHA 1994 shall be guilty of an offence and shall on conviction, be liable to a fine not exceeding RM50,000 or to imprisonment for a term not exceeding 6 months or to both.

In addition, Section 18B of the OSHA 1994 requires every employer to conduct a risk assessment to evaluate workplace hazards and implement appropriate measures for risk control. An employer who contravenes this Section 18B of OSHA 1994 shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding RM500,000 or to imprisonment for a term not exceeding 2 years or to both.

Pursuant to Section 30 of the OSHA 1994, every employer shall establish a safety and health committee at the place of work if forty or more persons are employed at that workplace. A person who contravenes this Section 30 of the OSHA 1994 shall be guilty of an offence and, upon conviction, be liable to a fine not exceeding RM100,000 or to imprisonment for a term not exceeding 1 year or to both.

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Our Operating Subsidiary is currently in the process of registering our employee with the Department of Occupational Safety and Health Malaysia as occupational safety and health coordinator and establishing a safety and health committee at our workplace. As at the date of this prospectus, our Operating Subsidiary has not been issued with any penalties or compounds by the Department of Occupational Safety and Health Malaysia pursuant to OSHA 1994.

#### Regulations Relating to Audio-Visual Equipment

#### Electricity Supply Act 1990 and Electricity Regulations 1994
Electricity Regulations 1994 ("ER 1994") were enacted pursuant to the Electricity Supply Act 1990 ("ESA 1990") to regulate the licensing and control of electrical installation and equipment. Regulation 97(1) of the ER 1994 provides that no person shall, inter alia, import or display any domestic equipment, low voltage equipment usually sold directly to the general public or low voltage equipment that does not require special skills in its operation, unless such equipment is approved by the Energy Commission. Further, all approved electrical equipment may be required to be labelled or marked in accordance with Regulation 98 of the ER 1994. The term "equipment" is broadly defined under Section 2 of the ESA 1990 to include items for the generation, conversion, transmission, distribution or utilization of electrical energy or communications which include wiring materials and accessories and electrical products.

Chapter 4 of the Guidelines for the Approval of Electrical Equipment dated 21 June 2024 (Registration Number: GP/ST/No.37/2024) ("**Electrical Equipment Guidelines**") issued by the Energy Commission sets out the list of regulated electrical equipment which are to be tested against specified standards, such as PA system, speaker, LED screens, and regulated accessories (e.g., USB adapters and chargers). The Operating Subsidiary supplies and rents audio-visual equipment and occasionally imports such equipment from its overseas suppliers which are regulated under Chapter 4 of the Electrical Equipment Guidelines and therefore require the Certificate of Approval from the Energy Commission for such regulated electrical equipment's importation and display.

Any person who contravenes or fails to comply with any provision of the ER 1994 shall be guilty of an offence under Regulation 122 of the ER 1994. Upon conviction, the person shall be liable to a fine not exceeding RM5,000 or to imprisonment for a term not exceeding 1 year or to both.

Our Operating Subsidiary is currently in the process of obtaining the necessary Certificates of Approval from the Energy Commission for all our regulated electrical equipment. As of the date of this prospectus, our Operating Subsidiary has not been issued with any penalties or compounds by the Energy Commission pursuant to the ESA 1990 and ER 1994.

#### Regulations Relating to the Usage of the Music Recordings

#### Copyright Act 1987
The Copyright Act 1987 ("CA 1987") provides legal protection to creators, granting them ownership over their works, including musical compositions and sound recordings. The CA 1987 comprehensively governs all aspects of copyright, including eligibility for protection, remedies for infringement, and defenses against infringement claims.

Pursuant to Section 36 of the CA 1987, copyright is infringed when a person, without the consent or license of the copyright owner, imports an article into Malaysia for purposes of: (a) selling, offering or exposing for sale or hire, letting for hire, or otherwise trading the article; (b) distributing the article for purposes of trade or in a manner that prejudicially affects the copyright owner; or (c) publicly exhibiting the article for commercial purposes, where the person knows or ought reasonably to know that the article was made without authorization.

Playing copyrighted music in public spaces without proper authorization may constitute copyright infringement. Businesses are required to obtain licenses from the authorities to use copyrighted music for commercial purposes, which include the Public Performance Malaysia (PPM) Berhad ("PPM").

As of the date of this prospectus, the Operating Subsidiary has obtained the applicable PPM license required for its business operations.

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#### Regulations Relating to Personal Data Protection

#### Personal Data Protection Act 2010
The Personal Data Protection Act 2010 ("PDPA 2010") governs the processing of personal data in commercial transactions and related matters. It applies to (a) any person who processes, and (b) any person who has control over or authorizes the processing of, personal data in connection with commercial transactions ("Data Controller"). A Data Controller must comply with the Personal Data Protection Principles, which include the General Principle, Notice and Choice Principle, Disclosure Principle, Security Principle, Retention Principle, Data Integrity Principle, and Access Principle (collectively, the "Personal Data Protection Principles"). Contravention of these principles constitutes an offense, punishable by a fine of up to RM1,000,000, or imprisonment for up to 3 years, or both.

Further, pursuant to Section 12A(1) of the Personal Data Protection (Amendment) Act 2024, a Data Controller is required to appoint at least one Data Protection Officer accountable for PDPA 2010 compliance. However, according to the Guidelines on Appointment of Data Protection Officer issued by the Personal Data Protection Department, this requirement only applies if the Data Controller or Data Processor: (a) processes personal data of more than 20,000 data subjects; (b) processes sensitive personal data, including financial information, of more than 10,000 data subjects; or (c) engages in activities involving "regular and systematic monitoring" of personal data.

As of the date of this prospectus, our Operating Subsidiary does not fall within the threshold requiring the appointment of Data Protection Officer.

#### Regulations Relating to Employment Laws

#### Employment Act 1955
The Employment Act 1955 ("EA 1955") governs the laws of employment in Peninsular Malaysia and the Federal Territory of Labuan. The legislation set out the basic terms and conditions of employment and the rights and responsibilities of employers as well as employees. Under the EA 1955 as amended by the Employment (Amendment of First Schedule) Order 2022, an 'employee' is defined as any person who has entered into a contract of service with an employer.

Malaysia has also implemented a minimum wage policy that has raised the basic wage of all employees (except for domestic servants) to RM1,700 per month under the Minimum Wages Order 2024.

#### Employees Provident Fund Act 1991
The Employees Provident Fund Act 1991 ("EPF Act 1991") which applies throughout Malaysia governs the mandatory scheme of savings for employees' retirement and the management of savings for retirement purposes and for incidental matters.

Pursuant to the EPF Act 1991, every employee and every employer of a person who is an employee within the meaning of the EPF Act 1991 shall be liable to pay monthly contributions on the amount of wages at the rates set out in the third schedule of the EPF Act 1991.

Any employer who fails, within such period as may be prescribed by the minister, to pay any contributions for which he is liable under the EPF Act 1991 to pay in respect of or on behalf of any employee in respect of any month, shall be guilty of an offence and shall, on conviction, be liable to imprisonment for a term not exceeding 3 years or to a fine not exceeding RM10,000 or both.

#### Employees' Social Security Act 1969
The Employees' Social Security Act 1969 ("SOCSO Act 1969") provides social security in certain contingencies and makes provision for certain other matters in relation to it and applies throughout Malaysia to all industries having one or more employees. All employees, irrespective of the amount of wages, shall be insured in the manner provided by the SOCSO Act 1969.

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Pursuant to the SOCSO Act 1969, the contribution payable under the SOCSO Act 1969 in respect of an employee shall comprise of contribution payable by the employer (being the employer's contribution) and contribution payable by the employee (being the employee's contribution) and shall be paid to the social security organization. The contributions fall into 2 categories, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the contributions payable by or on behalf of the employees insured against the contingencies of invalidity and employment injury; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the contributions payable by or on behalf of employees insured only against the contingency of employment injury.

The various categories of contributions shall be paid in accordance with the rates specified in the third schedule of the SOCSO Act 1969.

If any person amongst others fails to pay any contribution or any part thereof which is payable by him under the SOCSO Act 1969 or fails to pay within the time prescribed by regulations any interest payable or is guilty of any contravention of or non-compliance with any of the requirements of the SOCSO Act 1969 or the rules or the regulations in respect of which no special penalty is provided, he shall be punishable with imprisonment for a term which may extend to 2 years, or with a fine not exceeding RM10,000 or to both.

#### Employment Insurance System Act 2017
The Employment Insurance System Act 2017 ("EIS Act 2017") provides certain benefits and a re-employment placement programme for insured persons in the event of loss of employment and for matters connected therewith and applies throughout Malaysia to all industries having one or more employees.

Every employer shall register his industry to which the EIS Act 2017 applies with the social security organization within such period and in such manner as prescribed. Any person who contravenes this requirement commits an offence and shall, on conviction, be liable to a fine not exceeding RM10,000 or to imprisonment for a term not exceeding 2 years or to both.

Contributions payable under the EIS Act 2017 in respect of an employee shall comprise a contribution payable by the employer and a contribution payable by the employee and shall be paid to the social security organization, according to the rates as specified in the second schedule of the EIS Act 2017.

If an employer which is a body corporate commits an offence under the EIS Act 2017, any person who at the time of the commission of the offence was a director, manager, secretary or other similar officer of the body corporate may be charged severally or jointly in the same proceedings with the body corporate.

#### Regulations Relating to Tax

#### Withholding Tax
Pursuant to the Income Tax Act 1967 (revised 1971) ("ITA 1967"), where any person ("payer") is liable to make contract payment to a non-resident contractor in respect of services under a contract, he shall upon paying or crediting such contract payment deduct therefrom tax at the rate stated below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 10% of the contract payment on account of tax which is or may be payable by that non-resident contractor for any year of assessment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 3% of the contract payment on account of tax which is or may be payable by employees of that non-resident contractor for any year of assessment, and (whether or not that tax is so deducted) shall within one month after paying or crediting such contract payment render an account and pay the amount of that tax to the Director General of Inland Revenue.

Where the payer fails to pay any amount due from him under the foregoing provisions, the amount which he fails to pay shall be increased by a sum equal to 10% of the amount which he fails to pay, and that amount and the increased sum shall be a debt due from him to the Malaysian Government and shall be payable forthwith to the Director General of Inland Revenue.

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#### Dividends and Distributions
Malaysian subsidiaries commonly engage in transactions with their foreign holding company that are not connected to any business carried on in Malaysia by the foreign holding company, such as the payment of royalties, interest, or service fees. The tax obligations of the foreign holding company, as a non-resident, are typically fulfilled through withholding tax ("WHT") deducted by the paying entity, i.e., the Malaysian subsidiary. Under the Double Taxation Agreement ("DTA") between Malaysia and the United States of America, the applicable WHT rates are royalties — 10%, interest — 15%, dividends — 0%, and income other than royalties and interest — 10%.

Payments of these types of income to non-residents, with the exception of dividends, are subject to WHT, which must be remitted to the Inland Revenue Board of Malaysia within one month of payment or crediting.

#### Corporate Income Tax
The standard corporate tax rate is 24%, whilst the tax rate for small and medium sized companies (generally companies incorporated in Malaysia with paid-in capital of Ringgit Malaysia Two Million and Five Hundred Thousand (RM2,500,000) or less, and gross income of not more than Ringgit Malaysia Fifty Million (RM50,000,000) is 15% for the first Ringgit Malaysia One Hundred and Fifty Thousand (RM150,000) taxable income, and 17% for taxable income exceeding Ringgit Malaysia One Hundred and Fifty Thousand (RM150,000) to Ringgit Malaysia Six Hundred Thousand (RM600,000), with the remaining balance of taxable income being taxed at the 24% rate.

#### Sales and Services Tax
With effect from September 1, 2018, the Sales Tax Act 2018 and the Service Tax Act 2018 came into operation in Malaysia, in substitution for the Goods and Services Tax.

The Sales Tax Act 2018 introduced a single-stage tax (i.e. a tax which is only imposed at one stage in the supply chain at the import or manufacturer level) charged and levied on (i) taxable goods manufactured in Malaysia by a taxable person and sold by such taxable person (including used or disposed of); and (ii) taxable goods imported into Malaysia.

A "taxable person" (being a person who manufactures taxable goods) is liable to be registered if its annual turnover exceeds RM500,000. Sales tax is charged and levied at fixed rates of 5% or 10% or at a specific rate, depending on the type of taxable goods. Certain goods which are listed under the Sales Tax (Goods Exempted From Sales Tax) Order 2025 are exempt from sales tax.

The Service Tax Act 2018 is a form of indirect tax imposed on the provision of specific prescribed taxable services provided in Malaysia by a registered person in carrying on business. Generally, service providers who provide taxable services in excess of RM500,000 per annum are liable to be registered.

Pursuant to the Service Tax (Rate of Tax) (Amendment) Order 2024 ("Service Tax Amendment Order 2024") which was gazetted on February 26, 2024, and came into effect on March 1, 2024, the service tax rate has been revised from 6% to 8% on all taxable services except for the following taxable services which shall be levied at 6% as provided in the Service Tax Amendment Order 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) food and beverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) telecommunication services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) parking place services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) logistic services.

"Taxable persons" and "taxable services" are provided in the Service Tax Regulations 2018 to include persons operating business in the industry of (i) accommodation; (ii) food and beverage; (iii) night-clubs, dance halls, cabarets, karaoke center, wellness centers, massage parlors, public houses and beer houses; (iv) private club; (v) golf club and golf driving range; (vi) betting and gaming; (vii) professional services; (viii) finance; (ix) other service providers; (x) rental or leasing; (xi) construction works; and (xii) education.

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#### Regulations Relating to Foreign Currency Exchange and Dividend Distribution

#### Companies Act 2016
The Companies Act 2016 ("CA 2016") is the principal legislation governing the distribution of dividends of a Malaysian company. Under Section 131 of the CA 2016, a Malaysian company may only make a distribution to the shareholders out of profits of the company available if the company is solvent. The company, every officer and any other person or individual who contravene this Section 131 of the CA commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding 5 years or to a fine not exceeding RM3,000,000 or to both.

#### Financial Services Act 2013 and Islamic Financial Services Act 2013
The exchange control regime in Malaysia is regulated by the Financial Services Act 2013 ("FSA 2013") and Islamic Financial Services Act 2013 ("IFSA 2013"). The FSA 2013 and IFSA 2013 have prescribed a list of transactions that are prohibited without approval from Central Bank of Malaysia ("BNM"), and they regulate the domestic and international transactions involving residents and non-residents of Malaysia. The requirements, restrictions and conditions of approval in respect of the prohibited transactions and directions of BNM are further set forth in the Foreign Exchange Policy Notices issued by BNM ("FEP Notices").

Under the FSA 2013 and IFSA 2013, all payments made between the residents of Malaysia must be paid in Malaysian ringgit, subject to limited exceptions and approval under the FEP Notices, whereas payment made between resident and non-resident of Malaysia may be made either (i) in Malaysian ringgit, where the payment is for the prescribed purposes (including, amongst others, any purpose between immediate family members, income earned or expenses incurred in Malaysia or settlement of trade in goods or services in Malaysia), or (ii) in foreign currency (other than the currency of Israel), for any purpose subject to certain exclusions under the FEP Notices which require BNM's written approval. On the other hand, non-residents are allowed to make or receive payment in foreign currency (except for the currency of Israel) in Malaysia, to or from another non-resident for any purpose (including capital, divestment proceeds, profits, dividend, rent, fees and interest arising from any investment in Malaysia, subject to any withholding tax) in accordance with the FEP Notices.

Any person who fails to comply with any direction of BNM commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding 10 years or to a fine not exceeding RM50,000,000 or to both.

#### Regulations on E-Invoicing Requirements
Malaysia is implementing a mandatory electronic invoicing ("e-Invoicing") regime as part of the national tax digitalization initiative implemented by the Inland Revenue Board of Malaysia ("IRB"). The framework is intended to enhance the accuracy, transparency and efficiency of tax reporting and compliance across all business sectors.

Under the e-Invoicing system, businesses will be required to issue, validate and transmit invoices electronically through the IRB's designated platform or through system-to-system API integration. The requirement applies to invoices relating to business-to-business (B2B), business-to-consumer (B2C), and cross-border transactions.

To facilitate a smooth transition, mandatory implementation will be carried out in phases based on annual turnover thresholds. According to the IRB's updated e-Invoicing implementation timeline:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual turnover or revenue of more than MYR 100 million: Mandatory from 1 August 2024, with a 6-month interim relaxation period from 1 August 2024 to 31 January 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual turnover or revenue of more than MYR 25 million and up to MYR 100 million: Mandatory from 1 January 2025, with a 6-month interim relaxation period from 1 January 2025 to 30 June 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual turnover or revenue of more than MYR 5 million and up to MYR 25 million: Mandatory from 1 July 2025, with a 6-month interim relaxation period from 1 July 2025 to 31 December 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual turnover or revenue of more than MYR 1 million and up to MYR 5 million: Now required from 1 January 2026, with a 12-month interim relaxation period from 1 January 2026 to 31 December 2026

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Following further policy adjustments announced in December 2025, taxpayers with an annual turnover or revenue below MYR 1 million are exempted from mandatory implementation under the current framework.

As MSAV's revenue exceeds the applicable threshold for mandatory adoption, MSAV has accordingly implemented the e-invoicing requirements in compliance with the IRB's phased rollout.

#### Regulations on Overseas Securities Offering and Listing
No prospectus or other offering material or document in connection with the offer and sale of the securities has been or will be registered with the Securities Commission Malaysia ("Commission") for the Commission's approval pursuant to the Capital Markets and Services Act 2007 ("CMSA 2007"). Accordingly, no securities or offer for subscription or purchase of securities or invitation to subscribe for or purchase securities are being made to any person in or from within Malaysia under this prospectus except to persons falling within any of paragraphs 9 and 14(a) of Schedule 5 of the CMSA 2007. This prospectus does not constitute and may not be used for the purpose of public offering or an issue, offer for subscription or purchase, invitation to subscribe for or purchase any securities requiring approval of the Commission or the registration of a prospectus with the Commission under the CMSA 2007.

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#### MANAGEMENT
The following table sets forth the names, ages and titles of our directors, director nominees, executive officers, and key personnel as of the date of this prospectus.

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position(s)** |
|  ***Executive Officers and Directors*** |  |  |
|  Elton Lam Tam | 58 | Chairman of the Board of Directors, Chief Executive Officer and Executive Director |
|  Jordan Yi Chun Tse | 30 | Chief Financial Officer |
|  Low You Siong | 45 | Director |
|  ***Independent Non-executive Directors*** |  |  |
|  Xiao Feng Yuan<sup>(1)(2)(3)</sup>\* | 56 | Independent Director — Nominee |
|  Yau Xin Hui<sup>(1)(2)(3)</sup>\* | 33 | Independent Director — Nominee |
|  Ken Ye<sup>(1)(2)(3)</sup>\* | 42 | Independent Director — Nominee |

---

____________

(1) Member of the Audit Committee

(2) Member of the Compensation Committee

(3) Member of the Nomination and Corporate Governance Committee

Note:

\* The appointments of the non-executive and independent directors will become effective upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part.

The business address of all such senior management and directors is No. 35-1, Jalan 2/115a, Taman Pagar Ruyung, Jalan Kuchai Lama, 58200 Kuala Lumpur, Malaysia.

#### Executive Officers and Directors
**Elton Lam Tam** has served as our Chairman of the Board of Director, Chief Executive Officer and Executive Director since December 2025. Since January 2025 he has served as the Executive Director of E Team Management LLC where he provides financial advisory services and manages a diverse portfolio of assets and strategic investments. From June 2000 until March 2007 Mr. Tan served as a Vice President of Berkshire Financial Group Inc. where he directed business development and operations for the Asian market segment and managed mortgage lending activities. He received his Associate Bachelor Degree from New York City Technology College in June 1990.

**Jordan Yi Chun Tse** has served as our Chief Financial Officer since December 2025. From October 2023 until January 2026, he has served as the Chief Financial Officer for Springview Holdings Ltd where he is responsible for overseeing the company's overall financial operations, participating in strategic planning and corporate communications with investors and financial analysts. From October 2022 until September 2024, Mr. Tse served as an Investment Manager at Alpha (Shenzhen) Management Consulting Limited where he was engaged in corporate finance transactions including IPOs and mergers and acquisitions, performed due diligence and prepared documents for submission to regulatory agencies. From December 2018 until September 2020, he served as a Senior Associate in the Entrepreneurial Group at PricewaterhouseCoopoers where he communicated with client representatives, assessed cash flows and financial statements, and reviewed and reported upon deficiencies in financial statements. From September 2007 until March 2012, he attended Wah Yan College in Hiong Kong, from April 2012 until December 2012 he attended the University of New South Wales Foundation Year in Australia and from March 2013 until March 2016 he attended the University of New South Wales Australia where he received a Bachelor of Commerce Degree in March 2016. In May 2020 he became a Certified Practicing Accountant in Australia.

**Low You Siong** has served as a Director of the Company since December 2025. Since 2013 he has served as the CEO of Mekar Subur AV Sdn Bhd. Mr. Low received a Bachelor of Science (Human Development) degree from the University of Putra in Malaysia in November 2004.

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#### Independent Non-Executive Directors
**Xiao Feng Yuan** was appointed as an Independent Director effective upon the closing of this offering., Since January 2022 Mr. Yuan has served as the Group CFO for Xtreme Business Enterprises Ltd.; from January 2015 until December 2021 he served as a business and financial advisor with Rongchuang Investments Ltd. in Hong Kong and from August 2020 until January 2021 he served as the Business Analyst Manager for Petoyo Ltd. Mr. Yuan received a Bachelor of Commerce (Major in Accounting) degree from the University of Western Sydney, Australia in November 1996. He holds a CPA Australia certificate (April 2000) and a CFPHK (March 2019)

**Yau Xin Hui** was appointed as an Independent Director effective upon the closing of this offering. She currently serves as a Research Associate at Nanyang Technological University, a position she has held since July 2025. From May 2024 until December 2024, she served as a research engineer for Hydroleap Pte Ltd where she was engaged in a broad range of activities relating to assessing and resolving environmental issues. From March 2022 until April 2024, she served as a research assistant at the National University of Singapore where she evaluated, documented and reviewed the risk assessment for equipment and experiment processes. Ms. Yau received a Bachelor of Chemical Engineering Technology (honors) (Industrial Biotechnology) in August 2016 and a Master in Science (MSc) from the Universiti Teknologi Petronas in January 2019.

**Ken Ye** was appointed as an Independent Director effective upon the closing of this offering. Since November 2022 he has served as a licensed real estate associate broker with CPRE NY LLC, Flushing, N.Y. From May, 2017 until November 2022, he served as a licensed real estate agent with Century 21 New Golden Age Realty Inc. in New York N.Y. Mr. Ye received a Bachelor of Arts/Science degree from Brooklyn College on May 19, 2003.

#### Committees of the Board of Directors
Our board of directors has established an audit committee, a compensation committee, and a nomination and corporate governance committee, each of which will operate pursuant to a charter to be adopted by our board of directors and will be effective upon the effectiveness of the registration statement of which this prospectus is a part. The board of directors may also establish other committees from time to time to assist the Company and the board of directors. Upon the effectiveness of the registration statement of which this prospectus is a part, the composition and functioning of all of our committees will comply with all applicable requirements of the Sarbanes-Oxley Act, the Nasdaq Listing Rules and the SEC rules and regulations, if applicable. Upon our listing on Nasdaq, each committee's charter will be available on our website at *www.msav.com.my*. The reference to our website address does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider it to be part of this prospectus.

#### Audit Committee
Xiao Feng Yuan, Yau Xin Hui, and Ken Ye will serve on the audit committee, which will be chaired by Xiao Feng Yuan. Our board of directors has determined that each is "independent" for audit committee purposes as that term is defined by the rules of the SEC and Nasdaq, and that each has sufficient knowledge in financial and auditing matters to serve on the audit committee. Our board of directors has designated Xiao Feng Yuan as an "audit committee financial expert", as defined under the applicable rules of the SEC. The audit committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing, approving the compensation of, and assessing the independence of our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our combined financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly combined financial statements and related disclosures as well as critical accounting policies and practices used by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns; recommending, based upon the audit committee's review and discussions with management and our independent registered public accounting firm, whether our audited combined financial statements shall be included in our Annual Report on Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring the integrity of our combined financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing all related person transactions for potential conflict of interest situations and approving all such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continuously engage in the analysis of and review for potential cybersecurity risks as part of the Company's overall risk management program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing earnings releases.

#### Compensation Committee
Yau Xin Hui, Xiao Feng Yuan, and Ken Ye will serve on the compensation committee, which will be chaired by Yau Xin Hui. We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq Listing Rules. The compensation committee assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluating the performance of our Chief Executive Officer in light of such corporate goals and objectives and based on such evaluation: (i) recommending to the board of directors the cash compensation of our Chief Executive Officer; and (ii) reviewing and approving grants and awards to our Chief Executive Officer under equity-based plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the board of directors the cash compensation of our other executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and establishing our overall management compensation, philosophy, and policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing and administering our compensation, share option scheme, and similar plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving the retention or termination of any consulting firm or outside advisor to assist in the evaluation of compensation matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified in the applicable Nasdaq Listing Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaining and approving the compensation of any compensation advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving our policies and procedures for the grant of equity-based awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the board of directors the compensation of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and determining the necessity for recovery of certain incentive compensation previously paid to the Company's officers and directors in the event of a restatement of the Company's financial statements for any fiscal year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing the compensation committee report required by SEC rules, if and when required.

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#### Nomination and Corporate Governance Committee
Ken Ye, Xiao Feng Yuan and Yau Xin Hui will serve on the nomination and corporate governance committee, which will be chaired by Ken Ye. We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq Listing Rules. The nominating and corporate governance committee assists the board in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending nominees to the board for election or re-election to the board, or for appointment to fill any vacancy on the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience, expertise, diversity, and availability of service to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing, reviewing the corporate governance principles adopted by the board and advising the board with respect to significant developments in the law and practice of corporate governance and our compliance with such laws and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluating the performance and effectiveness of the board as a whole.

While we do not have a formal policy regarding board diversity, our nomination committee and board of directors will consider a broad range of factors relating to the qualifications and background of nominees, which may include diversity (not limited to race, gender, or national origin). Our nomination committee's and board of directors' priority in selecting board members is identification of persons who will further the interests of our shareholders through their established record of professional accomplishment, the ability to contribute positively to the collaborative culture among board members, knowledge of our business, understanding of the competitive landscape and professional and personal experience and expertise relevant to our growth strategy.

#### Code of Conduct and Code of Ethics
Prior to the effectiveness of the registration statement of which this prospectus is a part, we intend to adopt a written code of business conduct and ethics that applies to our directors, officers, and employees, including our Chief Executive Officer, Chief Financial Officer, principal accounting officer or controller or persons performing similar functions. Following the effectiveness of the registration statement of which this prospectus is a part, a current copy of this code will be posted on the Corporate Governance section of our website, which is located at *http://www.msav.com.my*. The information on our website is deemed not to be incorporated in this prospectus or to be a part of this prospectus. We intend to disclose any amendments to the code of ethics, and any waivers of the code of ethics or the code of conduct for our directors, executive officers, and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of the Nasdaq Capital Market.

#### Family Relationships
There are no family relationships or other arrangements or understandings between or among any of the directors, director nominees, executive officers, or other person pursuant to which such person was selected to serve as a director or officer.

#### Board Diversity
While we do not have a formal policy on diversity, our board of directors considers diversity to include the skill set, background, reputation, type, and length of business experience of our board members as well as a particular nominee's contributions to that mix. Our board of directors believes that diversity promotes a variety of ideas, judgments, and considerations to the benefit of our Company and shareholders.

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On August 6, 2021, the Securities and Exchange Commission approved a proposed rule from Nasdaq on diversity of boards of directors of companies listed on Nasdaq. Under the rule as approved, "foreign private issuers" can meet the diversity requirement with either two female directors or one female director and one director who is an underrepresented individual based on national, racial, ethnic, indigenous, cultural, religious, or linguistic identity in its home country or LGBTQ+. Companies with five or fewer directors can meet the requirement by having at least one director who meets the definition of "diverse" under the new rule. The requirements will become effective from August 7, 2023.

#### Employment Agreements
Upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part, we will enter into employment agreements with each of our Executive Officers, pursuant to which such individuals have agreed to serve as our Executive Officer from the effective date of the registration statement. We may terminate the employment for cause at any time for certain acts, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties. We may also terminate the employment without cause at any time upon three months' advance written notice. Each Executive Officer may resign at any time upon three months' advance written notice.

Each Executive Officer will agree to hold, both during and after the termination or expiry of his employment agreement, in strict confidence and not to use, except as required in the performance of his duties in connection with the employment or pursuant to applicable law, any of our confidential or proprietary information or the confidential or proprietary information of any third party received by us and for which we have confidential obligations. Each Executive Officer will agree to disclose in confidence to us all inventions, designs, and trade secrets which he conceives, develops, or reduces to practice during his employment with us and to assign all right, title, and interest in them to us, and assist us in obtaining and enforcing patents, copyrights and other legal rights for these inventions, designs, and trade secrets.

In addition, each Executive Officer will agree to be bound by non-competition and non-solicitation restrictions during the term of employment and for six months following the last date of employment. Specifically, each Executive Officer will agree not to: (i) engage or assist others in engaging in any business or enterprise that is competitive with our business, (ii) solicit, divert, or take away the business of our clients, customers, or business partners, or (iii) solicit, induce, or attempt to induce any employee or independent contractor to terminate his or her employment or engagement with us. The employment agreements will also contain other customary terms and provisions.

#### Directors' Agreements
Each of our directors intend to enter into a Director's Agreement with the Company effective upon the registration statement of which this prospectus forms a part becoming effective. The terms and conditions of such Directors' Agreements are similar in all material aspects. Each Director's Agreement is for an initial term of one year and will continue until the director's successor is duly elected and qualified. Any Director's Agreement may be terminated for any or no reason by the director or at a meeting called expressly for that purpose by a vote of the shareholders holding more than 50% of the Company's issued and outstanding Ordinary Shares entitled to vote

Under the Directors' Agreements, the initial salary that is payable to each of our Directors is USD$2,000 per month, payable on a quarterly basis, following the closing of this offering.

In addition, our directors will be entitled to participate in such share option scheme as may be adopted by the Company, as amended from time to time. The number of options granted, and the terms of those options will be determined from time to time by a vote of the Board of Directors, provided that each director shall abstain from voting on any such resolution or resolutions relating to the grant of options to that director.

Other than as disclosed above, none of our directors has entered into a service agreement with our Company or any of our subsidiaries that provides for benefits upon termination of employment.

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#### Indemnification Agreements
We have entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we agree to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our Company.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Compensation
In the years ended June 30, 2025 and 2024, we paid approximately US$0.6 million and US$0.42 million, respectively, in cash to our executive officers and directors. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors, Our Malaysian subsidiary is required by law to contribute certain percentages of each employee's salary to statutory funds, including the Emplovees Provident Fund for retirement savings, the Social Security Organization for employment injury and invalidity protection, the Employment Insurance System for unemployment protection and the Human Resources Development Fund for employee training and skills development.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information regarding anticipated beneficial ownership of our Ordinary Shares, following the reorganization of the Company's legal structure which is in process and has not yet been completed, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person, or group of affiliated persons, known by us to beneficially own more than 5% of our shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our named executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and independent non-executive directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our current executive officers, directors, and independent non-executive directors as a group.

Our company's authorized share capital is US$50,000 divided into 5,000,000,000 ordinary shares of US$0.00001 par value per share. The number and percentage of ordinary shares beneficially owned are based on 20,000,000 ordinary shares of US$0.00001 par value per share issued and outstanding as of the date of this prospectus.

The information presented below regarding beneficial ownership of our voting securities has been presented in accordance with the rules of the SEC and is not necessarily indicative of ownership for any other purpose. Under these rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares the power to vote or direct the voting of the security or the power to dispose or direct the disposition of the security. A person is deemed to own beneficially any security as to which such person has the right to acquire sole or shared voting or investment power within sixty (60) days through the conversion or exercise of any convertible security, warrant, option, or other right. More than one (1) person may be deemed to be a beneficial owner of the same securities. The percentage of beneficial ownership by any person as of a particular date is calculated by dividing the number of shares beneficially owned by such person, which includes the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days, by the sum of the number of shares outstanding as of such date, plus the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days. Consequently, the denominator used for calculating such percentage may be different for each beneficial owner. Except as otherwise indicated below and under applicable community property laws, we believe that the beneficial owners of our shares listed below have sole voting and investment power with respect to the shares shown.

Unless otherwise noted below, the address of each person listed on the table is No. 35-1, Jalan 2/115A. Taman Pagar Ruyung, Jalan Kuchai Lama, 58200 Kuala Lumpur, Malaysia.

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| | | |
|:---|:---|:---|
|  **Named Executive Officers <br>and Directors** | **Amount of <br>Beneficial <br>Ownership <br>(Ordinary)<sup>(1)</sup>** | **Percentage <br>Ownership <br>(Ordinary)<sup>(2)</sup>** |
|  **Directors and Named Executive Officers:** |  |  |
|  Elton Lam Tam<sup>(3)</sup>, Chief Executive Officer | 2400000 | 10.11% |
|  Jordan Yi Chun Tse, Chief Financial Officer |  |  |
|  Low You Siong<sup>(4)</sup>, Executive Director | 13000000 | 54.74% |
|  Xiao Feng Yuan, Independent Director – Nominee, |  |  |
|  Yau Xin Hui, Independent Director – Nominee |  |  |
|  Ken Ye, Independent Director – Nominee |  |  |
|  **All directors and executive officers as a group (7 persons)** | 15500000 | 64.85% |
|  **5% Beneficial Owners:** |  |  |
|  E Team (BVI) Limited<sup>(3)</sup> | 2400000 | 10.11% |
|  LYS (BVI) LTD<sup>(4)</sup> | 13000000 | 54.74% |
|  CA (BVI) LIMITED | 1800000 | 9% |
|  WP (BVI) LIMITED | 1600000 | 8% |

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____________

(1) Based on Ordinary Shares issued and outstanding as of the date of this prospectus, assuming the successful completion of the reorganization which is now in process.

(2) Based on 23,750,000 Ordinary Shares issued and outstanding immediately after the offering assuming no exercise of the underwriters' over-allotment option.

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(3) Includes 2,400,000 Ordinary shares owned of record by E Team (BVI) Limited that are beneficially own by Tam Elton Lam and Tam Yun Lam, his wife, by virtue of them being the sole shareholders and directors of that company.

(4) Includes 13,000,000 Ordinary shares owned of record by LYS (BVI) LTD that are beneficially own by Low You Siong, our Director, by virtue of his being the beneficial owner, sole shareholder and director of that company.

Immediately upon completion of this offering LYS (BVI) LTD will be the record owner of 54.74% of our outstanding Ordinary Shares. LYS (BVI) LTD is directly held as to 100% by Mr. Low You Siong, our Director. As a result, each of LYS (BVI) LTD and Mr. Low You Siong will be regarded as a controlling shareholder of our Company. Each of our Controlling Shareholders has confirmed that his/its, or any of their close associates, does not have an interest in a business, apart from our business, which competes or is likely to compete, either directly or indirectly, with our business.

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#### RELATED PARTY TRANSACTIONS
We have adopted an audit committee charter, which requires the committee to review all related-party transactions on an ongoing basis and all such transactions be approved by the committee.

Set forth below are related party transactions for the years ended June 30, 2023, 2024, and 2025 which are identified in accordance with the rules prescribed under Form F-1 and Form 20-F and may not be considered as related party transactions under Malaysian law.

#### Related Parties
The table below sets forth the major related parties and their relationships with the Group:

---

| | | |
|:---|:---|:---|
|  **No.** | **Name of Related Parties** | **Relationship** |
|  1 | Low You Siong | Director of the Company |
|  2 | Mekar Subur Resources Sdn. Bhd. | An entity ultimately controlled by Mr. Low You Siong |
|  3 | Msav (S) Pte. Ltd. | An entity ultimately controlled by Mr. Low You Siong's direct relatives. |

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#### Amounts due from / to related parties
Amounts due from/to related parties consisted of the following for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **MYR** | **MYR** | **MYR** | **USD** |
|  **Amounts due from related parties, current** |  |  |  |  |
|  Low You Siong |  |  | 215938 | 51311 |
|  **Total amounts due from related parties, current** | **—** | **—** | **215938** | **51311** |
|  **Amounts due to related parties, current** |  |  |  |  |
|  Msav (S) Pte. Ltd. | 464421 | 222036 | 222036 | 52760 |
|  Mekar Subur Resources Sdn. Bhd. | 1605098 | 1403885 |  |  |
|  Low You Siong | 596086 |  |  |  |
|  **Total amounts due to related parties, current** | **2665605** | **1625921** | **222036** | **52760** |

---

The amounts due from Mr. Low You Siong represent non-trade, interest-free loans provided by the Company for personal short-term liquidity purposes. These loans are unsecured and repayable on demand. The amounts due to Mr. Low You Siong represent operational funds and miscellaneous business expenses paid by him on behalf of the Company to support daily operations. Such amounts are unsecured, interest-free, and payable on demand. As of the date of this prospectus, there are no outstanding balances due from or due to Mr. Low You Siong.

The amounts due to Msav (S) Pte. Ltd. and Mekar Subur Resources Sdn. Bhd. represent operational funds and business-related expenses paid by these entities on behalf of the Company to facilitate its business expansion. These balances are unsecured, interest-free, and payable on demand. As of the date of this prospectus, the outstanding balances due to Msav (S) Pte. Ltd. and Mekar Subur Resources Sdn. Bhd. were MYR 222,036 and MYR 68,769, respectively.

The balance due from related parties represents non-trade, interest-free loans to related parties that are unsecured and repayable on demand.

The balance due to related parties represented the operating expenses paid on behalf of the Company, which is unsecured, interest-free and payable on demand.

#### Material related party transactions
Apart from the transactions and balances detailed elsewhere in these accompanying combined financial statements, the Company has no other significant or material related party transactions during the years presented.

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#### DESCRIPTION OF SHARE CAPITAL
We are an exempted company incorporated with limited liability in the Cayman Islands, and, upon completion of this offering, our affairs will be governed by our Amended and Restated Memorandum and Articles of Association, as amended from time to time, the Companies Act, and the common law of the Cayman Islands. A copy of our Amended and Restated Memorandum and Articles of Association is filed as an exhibit to the registration statement of which this prospectus is a part.

As of the date of this prospectus, our authorized share capital is US$50,000 divided into 5,000,000,000 ordinary shares of par value US$0.00001. As of the date of this prospectus, 20,000,000 Ordinary Shares are issued and outstanding. All of our shares issued and outstanding prior to the completion of the offering are and will be fully paid, and all of our Ordinary Shares to be issued in the offering will be issued as fully paid.

#### Our Amended and Restated Memorandum and Articles of Association
Our shareholders have adopted the Amended and Restated Memorandum and Articles of Association on November 27, 2025. The following are summaries of certain material provisions the Amended and Restated Memorandum and Articles of Association and of the Companies Act, insofar as they relate to the material terms of our ordinary shares.

*Objects of Our Company.* Under our Amended and Restated Memorandum and Articles of Association, the objects of our company are unrestricted, and we shall have full power and authority to carry out any object not prohibited by the Companies Act or any other law of the Cayman Islands.

*Ordinary Shares.* Our ordinary shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

*Dividends.* The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors. Our Amended and Restated Memorandum and Articles of Association provide that dividends may be declared and paid out of the funds of our company lawfully available therefor. In addition, our Shareholders may declare dividends by ordinary resolution, but no dividend shall exceed the amount recommended by our directors. Under the laws of the Cayman Islands, our company may pay a dividend out of either profit or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.

*Voting Rights.* Voting at any meeting of shareholders is by a poll. A poll shall be taken in such manner as the chairman directs. He may appoint scrutineers (who need not be shareholders) and fix a place and time for declaring the result of the poll. If, through the aid of technology, the meeting is held as a virtual meeting or in more than one place, the chairman may appoint scrutineers virtually and in more than one place; but if he considers that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn the holding of the poll to a date, place and time when that can occur.

Unless their Ordinary Shares carry no right to vote, or unless a call or other amount presently payable has not been paid, all shareholders are entitled to vote at a general meeting. Every shareholder who is present in person and every person representing a shareholder by proxy shall have one vote for each Ordinary Share of which he or the person represented by proxy is the holder. Votes may be given either personally or by proxy.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast attaching to the issued and outstanding ordinary shares at a meeting. A special resolution will be required for important matters such as a change of name, making changes to our Amended and Restated Memorandum and Articles of Association, a reduction of our share capital and the winding up of our company. Our shareholders may, among other things, divide or combine their shares by ordinary resolution.

*General Meetings of Shareholders.* As a Cayman Islands exempted company, we are not obliged by the Companies Act to call shareholders' annual general meetings. Our Amended and Restated Memorandum and Articles of Association provide that that we may, but shall not (unless required by the Nasdaq rules) be obligated to, in each year hold a general meeting as an annual general meeting, which, if held, shall be convened by the board, in accordance with

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the articles. All general meetings (including an annual general meeting, any adjourned general meeting or postponed meeting) may be held as a physical meeting at such times and in any part of the world and at one or more locations, as a hybrid meeting or as an electronic meeting, as may be determined by our board of directors in its absolute discretion.

Shareholders' general meetings may be convened by our directors. Advance notice of not less than five clear days in writing is required for the convening of our annual general shareholders' meeting (if any) and any other general meeting of our shareholders. A quorum required for any general meeting of shareholders consists of, at the time when the meeting proceeds to business, one or more shareholder(s) holding not less than an aggregate of one-third (1/3) of all Ordinary Shares in issue and entitled to vote in person or by proxy or, if a corporation or other non-natural person, by its duly authorized representative.

The Companies Act does not provide shareholders with any right to requisition a general meeting or to put any proposal before a general meeting. However, these rights may be provided in a company's Amended and Restated Memorandum and Articles of Association. Our Amended and Restated Memorandum and Articles of Association provide that upon the requisition of any one or more of our shareholders holding shares which carry in aggregate not less than ten percent of the rights to vote at such general meetings, our board will convene an extraordinary general meeting and put the resolutions so requisitioned to a vote at such meeting. However Amended and Restated Memorandum and Articles of Association do not provide our shareholders with any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders.

*Transfer of Ordinary Shares.* Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form or in a form designated by the Nasdaq Capital Market (if such shares are listed on the Nasdaq Capital Market) or in any other form approved by our board of directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the shares are fully paid, by or on behalf that shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the shares are partly paid, by or on behalf of that shareholder and the transferee

Where the shares of any class in question are not listed on any stock exchange or subject to the rules of any stock exchange, our board of directors may, in its absolute discretion, decline to register any transfer of any Ordinary Share which is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any Ordinary Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is lodged with us, accompanied by the certificate for the Ordinary Shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is in respect of only one class of Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a transfer to joint holders, the number of joint holders to whom the Ordinary Share is to be transferred does not exceed four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shares transferred are fully paid up and free of any lien in favor of our Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fee of such maximum sum as the relevant stock exchange may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within one month after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, after compliance with any notice required of the Nasdaq and on 14 clear days' notice being given by advertisement in such one or more newspapers or by electronic means, be suspended and the register closed at such times and for such periods as our board of directors may from time to time determine; provided, however, that the registration of transfers shall not be suspended nor the register closed for more than 30 clear days in any year as our board may determine.

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*Liquidation.* If we are wound up, the shareholders may, subject to the Amended and Restated Memorandum and Articles of Association and any other sanction required by the Companies Act, pass a special resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to divide in specie among the shareholders the whole or any part of our assets and, for that purpose, to value any assets and to determine how the division shall be carried out as between the shareholders or different classes of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to vest the whole or any part of the assets in trustees for the benefit of shareholders and those liable to contribute to the winding up.

*Calls on Shares and Forfeiture of Shares.* Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 clear days prior to the specified time and place of payment. The shares that have been called upon and remain unpaid are subject to forfeiture.

*Redemption, Repurchase and Surrender of Shares.* Subject to the terms of the Companies Act and to any rights for the time being conferred on the shareholders holding a particular class of shares, we may by our board of directors: (i) issue shares that are to be redeemed or liable to be redeemed, at the option of the Company or the shareholder holding those redeemable shares, on the terms and in the manner our board of directors determine before the issue of those shares; (ii) with the consent by special resolution of the shareholders holding shares of a particular class, vary the rights attaching to that class of shares so as to provide that those shares are to be redeemed or are liable to be redeemed at the option of the Company on the terms and in the manner which the board of directors determine at the time of such variation; and (iii) purchase all or any of our own shares of any class including any redeemable shares on the terms and in the manner which our board of directors determine at the time of such purchase. Under the Companies Act, the redemption or repurchase of any share may be paid out of our profits, share premium account or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if we can, immediately following such payment, pay our debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has commenced liquidation. In addition, we may accept the surrender of any fully paid share for no consideration.

*Variations of Rights of Shares.* Whenever the capital of our company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be materially adversely varied with the consent in writing of the holders of at least two-thirds (2/3) of the issued shares of that class or with the sanction of a resolution passed by a at least two-thirds of the votes cast at a separate meeting of the holders of the shares of that class. Unless the terms on which a class of shares was issued state otherwise, the rights conferred on the shareholder holding shares of any class shall not be deemed to be varied by the creation or issue of further shares ranking pari passu with the existing shares of that class.

*Issuance of Additional Shares.* Our Amended and Restated Memorandum and Articles of Association authorize our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

*Inspection of Books and Records.* Holders of our ordinary shares will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, we will provide our shareholders with annual audited financial statements. . See "*Where You Can Find Additional Information*".

*Anti*-Takeover *Provisions.* Some provisions of our Amended and Restated Memorandum and Articles of Association may discourage, delay, or prevent a change of control of our company or management that shareholders may consider favorable, including provisions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorize our board of directors to allot (with or without confirming rights of renunciation), grant options over or otherwise deal with any authorized but unissued shares to such persons, at such times and on such terms and conditions as they may decide; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit the ability of shareholders to requisition and convene general meetings of shareholders.

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However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our Amended and Restated Memorandum and Articles of Association for a proper purpose and for what they believe in good faith to be in the best interests of our company.

*Exempted Company.* We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to file an annual return of its shareholders with the Registrar of Companies of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not required to open its register of members for inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may not issue negotiable or bearer shares, but may issue or shares with no par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as an exempted limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a segregated portfolio company.

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#### CERTAIN CAYMAN ISLANDS COMPANY CONSIDERATIONS

#### Exempted Company
We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company's register of members is not open to inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may issue no par value, negotiable or bearer shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register as a limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company. At the closing of the Initial Public Offering, we became subject to reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. As of the date of this prospectus, we intend to comply with the Nasdaq Rules in lieu of following home country practice. The Nasdaq Rules require that every company listed on the Nasdaq hold an annual general meeting of shareholders. In addition, our Amended and Restated Memorandum and Articles of Association allow directors to call special meetings of shareholders pursuant to the procedures set forth in our Amended and Restated Memorandum and Articles of Association.

#### Comparison of Cayman Islands Corporate Law and U.S. Corporate Law
The Companies Act is modelled after that of England and Wales but does not follow recent statutory enactments in England. In addition, the Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware.

This discussion does not purport to be a complete statement of the rights of holders of our Ordinary Shares under applicable law in the Cayman Islands or the rights of holders of the common stock of a typical corporation under applicable Delaware law.

#### Mergers and Similar Arrangements
The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property, and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a combined company and the vesting of the undertaking, property, and liabilities of such companies to the combined company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of

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the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's Amended and Restated Memorandum and Articles of Association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the combined or surviving company, a statement setting out the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman Islands parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose, a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by the parent company.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain circumstances, a dissentient shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting to a merger or consolidation, provided that the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved by (i) 75% in value of the members or class of members or (ii) a majority in number representing 75% in value of the creditors or class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court can be expected to approve the arrangement if it determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the statutory provisions as to the required majority vote have been met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shareholders have been fairly represented at the meeting in question, and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of dissentient minority shareholders upon a tender offer. When a tender offer is made and accepted by holders of not less than ninety percent (90%) in value of the shares for which the offer has been made, the offeror may, at any time within a two-month period after approval by the said holders, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands.

If an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

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#### Shareholders' Suits
In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires (and is therefore incapable of ratification by the shareholder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an act purports to abridge or abolish the individual rights of a shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those who control the company are perpetrating a "fraud on the minority."

#### Indemnification of Directors and Executive Officers and Limitation of Liability
Cayman Islands law does not limit the extent to which a company's memorandum articles of association may provide for indemnification of officers and directors, except to the extent that any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our Amended and Restated Memorandum and Articles of Association provide that, to the extent permitted by law, our Company shall indemnify each existing or former director (including alternate director), secretary and other officer of the Company (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of the Company's business or affairs or in the execution or discharge of the existing or former director's (including alternate director's), secretary's or officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning the Company or its affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

To the extent permitted by the Companies Act, our Company may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or officer of the Company in respect of any matter identified in articles of association on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that we are ultimately found not liable to indemnify the director (including alternate director), secretary or that officer for those legal costs.

This standard of conduct is generally the same as permitted under the Delaware General Corporation Act for a Delaware corporation. In addition, we intend to enter into indemnification agreements with our directors and senior executive officers that will provide such persons with additional indemnification beyond that provided in our Amended and Restated Memorandum and Articles of Association. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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#### Directors' Fiduciary Duties
Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company, and therefore it is considered that he owes the following duties to the company — a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a duty not to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care, and these authorities are likely to be followed in the Cayman Islands.

#### Shareholder Action by Written Consent
Under the Delaware General Corporation Act, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Our Amended and Restated Memorandum and Articles of Association provide that any action required or permitted to be taken at general meetings of our Company may only be taken upon the vote of shareholders at general meeting, and shareholders may approve corporate matters by way of a unanimous written resolution without a meeting being held.

#### Shareholder Proposals
Under the Delaware General Corporation Act, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors, or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act provides shareholders with only limited rights to requisition a general meeting and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our Amended and Restated Memorandum and Articles of Association allow any one or more of our shareholders holding shares which carry in aggregate not less than 10 percent of the voting rights (on a one vote per share basis) in the share capital of our company entitled to vote at general meetings to requisition an extraordinary general meeting of our shareholders by written requisition specifying the purpose of the meeting and signed by each of the shareholders making the requisition, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. If the directors do not convene such meeting within 21 clear days' from the date of receipt of the written requisition, those shareholders who requested the meeting or any of them may convene the general meeting themselves within three months after the end of such period of 21 clear days in which case reasonable expenses incurred by them as a result of the directors failing to convene a meeting shall be reimbursed by us. Other than the rights mentioned above, our Amended and Restated Memorandum and Articles of Association do not provide our shareholders with any right to put any proposal before a general meeting or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

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#### Cumulative Voting
Under the Delaware General Corporation Act, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. Although permitted under Cayman Islands law, our Amended and Restated Memorandum and Articles of Association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

#### Removal of Directors
Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Amended and Restated Memorandum and Articles of Association, directors may be removed with or without cause by an ordinary resolution of our shareholders. A director will also cease to be a director if he (i) resigns; (ii) dies; (iii) is declared to be of unsound mind and the board of directors resolves that his office be vacated; (iv) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors generally; (v) makes any arrangement or composition with his creditors; (vi) without special leave, is absent from meetings for a continuous period of six months, and the board of directors resolves that his office is vacated; (vii) has been required by the Designated Stock Exchange (as defined in the Amended and Restated Memorandum and Articles of Association); or (vii) is removed from office by the requisite majority of the directors or otherwise pursuant to our Amended and Restated Memorandum and Articles of Association then in effect.

#### Transactions with Interested Shareholders
The Delaware General Corporation Act contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.

#### Dissolution; Winding Up
Under the Delaware General Corporation Act, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so. Under the Companies Act and our Amended and Restated Memorandum and Articles of Association, our company may be dissolved, liquidated, or wound up by a special resolution of our shareholders.

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#### Variation of Rights of Shares
Under the Delaware General Corporation Act, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our Amended and Restated Memorandum and Articles of Association, if our share capital is divided into more than one class of shares, the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be materially adversely varied with the consent in writing of the holders of at least two-thirds (2/3) of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class. Unless the terms on which a class of shares was issued state otherwise, the rights conferred on the shareholder holding shares of any class shall not be deemed to be varied by the creation or issue of further shares ranking pari passu with the existing shares of that class.

#### Amendment of Governing Documents
Under the Delaware General Corporation Act, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman Islands law, our Amended and Restated Memorandum and Articles of Association may only be amended by a special resolution of our shareholders.

#### Rights of Non-Resident or Foreign Shareholders
There are no limitations imposed by our Amended and Restated Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Amended and Restated Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

#### Data Protection — Cayman Islands
We have certain duties under the Data Protection Act (Revised) of the Cayman Islands (the "Data Protection Act") based on internationally accepted principles of data privacy.

In this subsection, "we", "us", "our" and the "Company" refers to MSAV HOLDINGS LTD and our affiliates and/or delegates, except where the context requires otherwise.

#### Privacy Notice

#### Introduction
This privacy notice puts our shareholders on notice that through your investment in the Company, you will provide us with certain personal information which constitutes personal data within the meaning of the Data Protection Act ("personal data"). In the following discussion, the "company" refers to us and our affiliates and/or delegates, except where the context requires otherwise.

#### Investor Data
We will collect, use, disclose, retain, and secure personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business. We will only process, disclose, transfer, or retain personal data to the extent legitimately required to conduct our activities on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the Data Protection Act and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction, or damage to the personal data.

In our use of this personal data, we will be characterized as a "data controller" for the purposes of the Data Protection Act, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our "data processors" for the purposes of the Data Protection Act or may process personal information for their own lawful purposes in connection with services provided to us.

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We may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder's investment activity.

#### Who this Affects
If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in the company, this will be relevant for those individuals, and you should transmit the content of this Privacy Notice to such individuals or otherwise advise them of its content.

#### How the Company May Use a Shareholder's Personal Data
The Company, as the data controller, may collect, store, and use personal data for lawful purposes, including, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where this is necessary for the performance of our rights and obligations under any purchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with anti-money laundering requirements); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where this is necessary for the purpose of our legitimate interests, and such interests are not overridden by your interests, fundamental rights, or freedoms.

Should we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.

#### Why We May Transfer Your Personal Data
In certain circumstances, we may be legally obliged to share personal data and other information with respect to your shareholding with the relevant regulatory authorities, such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities.

We anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain entities located outside the United States, the Cayman Islands, or the European Economic Area), who will process your personal data on our behalf.

#### The Data Protection Measures We Take
Any transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the Data Protection Act.

We and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of personal data and against accidental loss or destruction of, or damage to, personal data.

We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant personal data relates.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Upon completion of this offering, we will have 23,750,000 Ordinary Shares issued and outstanding, assuming the underwriters do not exercise their over-allotment option to purchase additional Ordinary Shares and 24,312,500 Ordinary Shares outstanding if the over-allotment option is exercised in full.

All of the Ordinary Shares sold in this offering by the Company will be freely transferable in the United States, without restriction or further registration under the Securities Act, by persons other than our "affiliates." Rule 144 of the Securities Act defines an "affiliate" of a company as a person that, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, our Company. All of our Ordinary Shares outstanding immediately prior to the completion of this offering are "restricted securities" as that term is defined in Rule 144 because they were issued in a transaction or series of transactions not involving a public offering. Restricted securities may be sold only if they are the subject of an effective registration statement under the Securities Act or if they are sold pursuant to an exemption from the registration requirement of the Securities Act such as those provided for in Rules 144 promulgated under the Securities Act, which rule is summarized below. Restricted shares may also be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S under the Securities Act. This prospectus may not be used in connection with any resale of our Ordinary Shares acquired in this offering by our affiliates.

Sales of substantial amounts of our Ordinary Shares in the public market could adversely affect prevailing market prices of our Ordinary Shares. Prior to this offering, there has been no public market for our Ordinary Shares, and while we intend to apply for the listing of our Ordinary Shares on Nasdaq, we cannot assure you that a regular trading market will develop in the Ordinary Shares.

#### Lock-Up Agreements
We have agreed with the underwriters, for a period of 180 days following the date of the commencement of sales of this offering, subject to certain exceptions, not to (1) offer, sell, issue, pledge, contract to sell, contract to purchase, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any other securities so owned convertible into or exercisable or exchangeable for Ordinary Shares; (2) enter into any swap, hedge or any other agreement that transfers, in whole or in part, the economic consequences of ownership of the Ordinary Shares, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Ordinary Shares or such other securities, in cash or otherwise; or (3) file any registration statement with the SEC relating to the offering of any Ordinary Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares, or publicly disclose the intention to take any such action.

Furthermore, each of our directors, executive officers and any other holder of five percent (5%) or more of the outstanding Ordinary Shares of the Company has also entered into a similar lock-up agreement for a period of 180 days following the date of the commencement of sales of this offering, subject to certain exceptions, with respect to our Ordinary Shares, and securities that are substantially similar to our Ordinary Shares.

We cannot predict what effect, if any, future sales of our Ordinary Shares, or the availability of Ordinary Shares for future sale, will have on the trading price of our Ordinary Shares from time to time. Sales of substantial amounts of our Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Ordinary Shares.

#### Rule 144
In general, under Rule 144 as currently in effect, once we have been subject to the public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, persons who are not our affiliates and have beneficially owned our Ordinary Shares for more than six months but not more than one year may sell such Ordinary Shares without registration under the Securities Act subject to the availability of current public information about us. Persons who are not our affiliates and have beneficially owned our Ordinary Shares for more than one year may freely sell our Ordinary Shares without registration under the Securities Act. Persons who are our affiliates

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(including persons beneficially owning 10% or more of our outstanding shares), and have beneficially owned our Ordinary Shares for at least six months, may sell within any three-month period a number of restricted securities that does not exceed the greater of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1.0% of the then outstanding Ordinary Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our Ordinary Shares during the four calendar weeks preceding the date on which notice of the sale on Form 144 is filed with the SEC by such person.

Such sales are also subject to manner-of-sale provisions, notice requirements and the availability of current public information about us. In addition, in each case, these shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

#### Regulation S
Regulation S under the Securities Act provides that securities owned by any person may be sold without registration in the United States, provided that the sale is effected in an "offshore transaction" and no "directed selling efforts" are made in the United States (as these terms are defined in Regulation S) and subject to certain other conditions. In general, this means that our shares may be sold in some manner outside the United States without requiring registration in the United States.

#### Rule 701
In general, Rule 701 allows a stockholder who purchased shares pursuant to a written compensatory plan or contract and who is not deemed to have been an affiliate of ours during the immediately preceding ninety (90) days to sell those shares in reliance upon Rule 144, but without being required to comply with the public information, holding period, volume limitation or notice provisions of Rule 144. All holders of Rule 701 shares, however, are required to wait until ninety (90) days after the date of this prospectus before selling shares pursuant to Rule 701.

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#### MATERIAL TAX CONSIDERATIONS
The following summary of certain Malaysia, Cayman Islands, and U.S. federal income tax consequences of an investment in our Ordinary Shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in the Ordinary Shares, such as the tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than Malaysia, the Cayman Islands and the United States. You are encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under Malaysia, U.S. federal, state, local or foreign law of the ownership of our Ordinary Shares. To the extent that this discussion relates to matters of Cayman Islands tax law, it is the opinion of Ogier, our counsel as to Cayman Islands law.

#### Malaysia Tax Considerations
The following overview of Malaysian enterprise income taxation is intended to highlight the corporate level taxes imposed on earnings, which may in turn affect the amount of dividends, if any, that we are able to distribute to our shareholders.

#### Dividends and Distributions
Malaysian subsidiaries commonly engage in transactions with their foreign holding company that are not connected to any business carried on in Malaysia by the foreign holding company, such as the payment of royalties, interest, or service fees. The tax obligations of the foreign holding company, as a non-resident, are typically fulfilled through withholding tax ("WHT") deducted by the paying entity, i.e., the Malaysian subsidiary. Under the Double Taxation Agreement ("DTA") between Malaysia and the United States of America, the applicable WHT rates are royalties — 10%, interest — 15%, dividends — 0%, and income other than royalties and interest — 10%.

Payments of these types of income to non-residents, with the exception of dividends, are subject to WHT, which must be remitted to the Inland Revenue Board of Malaysia within one month of payment or crediting.

#### Other Relevant Requirements Related to Malaysian Taxation
The following brief summary highlights additional Malaysian tax provisions that are relevant to our business.

#### Corporate Income Tax
The standard corporate tax rate is 24%, whilst the tax rate for small and medium sized companies (generally companies incorporated in Malaysia with paid-in capital of Ringgit Malaysia Two Million and Five Hundred Thousand (RM2,500,000) or less, and gross income of not more than Ringgit Malaysia Fifty Million (RM50,000,000) is 15% for the first Ringgit Malaysia One Hundred and Fifty Thousand (RM150,000) taxable income, and 17% for taxable income exceeding Ringgit Malaysia One Hundred and Fifty Thousand (RM150,000) to Ringgit Malaysia Six Hundred Thousand (RM600,000), with the remaining balance of taxable income being taxed at the 24% rate.

#### Sales and Services Tax
With effect from September 1, 2018, the Sales Tax Act 2018 and the Service Tax Act 2018 came into operation in Malaysia, in substitution for the Goods and Services Tax.

The Sales Tax Act 2018 introduced a single-stage tax (i.e. a tax which is only imposed at one stage in the supply chain at the import or manufacturer level) charged and levied on (i) taxable goods manufactured in Malaysia by a taxable person and sold by such taxable person (including used or disposed of); and (ii) taxable goods imported into Malaysia.

A "taxable person" (being a person who manufactures taxable goods) is liable to be registered if its annual turnover exceeds RM500,000. Sales tax is charged and levied at fixed rates of 5% or 10% or at a specific rate, depending on the type of taxable goods. Certain goods which are listed under the Sales Tax (Goods Exempted From Sales Tax) Order 2025 are exempt from sales tax.

The Service Tax Act 2018 is a form of indirect tax imposed on the provision of specific prescribed taxable services provided in Malaysia by a registered person in carrying on business. Generally, service providers who provide taxable services in excess of RM500,000 per annum are liable to be registered.

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Pursuant to the Service Tax (Rate of Tax) (Amendment) Order 2024 ("Service Tax Amendment Order 2024") which was gazetted on February 26, 2024, and came into effect on March 1, 2024, the service tax rate has been revised from 6% to 8% on all taxable services except for the following taxable services which shall be levied at 6% as provided in the Service Tax Amendment Order 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) food and beverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) telecommunication services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) parking place services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) logistic services.

"Taxable persons" and "taxable services" are provided in the Service Tax Regulations 2018 to include persons operating business in the industry of (i) accommodation; (ii) food and beverage; (iii) night-clubs, dance halls, cabarets, karaoke center, wellness centers, massage parlors, public houses and beer houses; (iv) private club; (v) golf club and golf driving range; (vi) betting and gaming; (vii) professional services; (viii) finance; (ix) other service providers; (x) rental or leasing; (xi) construction works; and (xii) education.

#### Regulations on E-Invoicing Requirements
Malaysia is implementing a mandatory electronic invoicing ("e-Invoicing") regime as part of the national tax digitalization initiative implemented by the Inland Revenue Board of Malaysia ("IRB"). The framework is intended to enhance the accuracy, transparency and efficiency of tax reporting and compliance across all business sectors.

Under the e-Invoicing system, businesses will be required to issue, validate and transmit invoices electronically through the IRB's designated platform or through system-to-system API integration. The requirement applies to invoices relating to business-to-business (B2B), business-to-consumer (B2C), and cross-border transactions.

To facilitate a smooth transition, mandatory implementation will be carried out in phases based on annual turnover thresholds. According to the IRB's updated e-Invoicing implementation timeline:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual turnover or revenue of more than MYR 100 million: Mandatory from 1 August 2024, with a 6-month interim relaxation period from 1 August 2024 to 31 January 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual turnover or revenue of more than MYR 25 million and up to MYR 100 million: Mandatory from 1 January 2025, with a 6-month interim relaxation period from 1 January 2025 to 30 June 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual turnover or revenue of more than MYR 5 million and up to MYR 25 million: Mandatory from 1 July 2025, with a 6-month interim relaxation period from 1 July 2025 to 31 December 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual turnover or revenue of more than MYR 1 million and up to MYR 5 million: Now required from 1 January 2026, with a 12-month interim relaxation period from 1 January 2026 to 31 December 2026

Following further policy adjustments announced in December 2025, taxpayers with an annual turnover or revenue below MYR 1 million are exempted from mandatory implementation under the current framework.

As MSAV's revenue exceeds the applicable threshold for mandatory adoption, MSAV has accordingly implemented the e-invoicing requirements in compliance with the IRB's phased rollout.

#### Cayman Islands Tax Considerations
Payments of dividends and capital in respect of our ordinary shares will not be subject to taxation in the Cayman Islands, and no withholding will be required on the payment of a dividend or capital to any holder of the ordinary shares nor will gains derived from the disposal of the ordinary shares be subject to Cayman Islands income or corporation tax.

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to the Company levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered with the United Kingdom in 2010 but is otherwise not

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party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands. The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (2021 Revision) together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. The Company is required to comply with the economic substance requirements from July 1, 2019, and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

#### United States Federal Income Tax Considerations
The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our Ordinary Shares by U.S. Holders (as defined below) that acquire our Ordinary Shares in this offering and hold our Ordinary Shares as "capital assets" (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based upon existing United States federal income tax law, which is subject to differing interpretations or change, possibly with retroactive effect. There can be no assurance that the Internal Revenue Service, or the IRS, or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that may be relevant to particular investors in light of their specific circumstances, including investors subject to special tax rules (for example, certain financial institutions (including banks), cooperatives, pension plans, insurance companies, broker-dealers, traders in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts, and tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors who own (directly, indirectly, or constructively) 10% or more of our stock (by vote or value), investors that will hold their Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for United States federal income tax purposes, or U.S. Holders that have a functional currency other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not discuss any non-United States tax, state or local tax, or non-income tax (such as the U.S. federal gift or estate tax) considerations, or any consequences under the alternative minimum tax or Medicare tax on net investment income under Section 1411 of the Code. Each U.S. Holder is urged to consult its tax advisor regarding the United States federal, state, local, and non-United States income and other tax considerations of an investment in our Ordinary Shares.

#### General
For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Ordinary Shares that is, for United States federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a United States person under the Code.

If a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner as a U.S. Holder, described above, and the activities of the partnership. Partnerships holding our Ordinary Shares and partners in such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment in our Ordinary Shares.

#### Dividends
The entire amount of any cash distribution paid with respect to our Ordinary Shares (including the amount of any non-U.S. taxes withheld therefrom, if any) generally will constitute dividends to the extent such distributions are paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year received by such U.S. Holder. To the extent amounts paid as distributions on the Ordinary Shares exceed our current or accumulated earnings and profits, such distributions will not be dividends but instead will be treated first as a tax-free return of capital to the extent of the U.S. Holder's adjusted tax basis, determined for federal income tax purposes in the Ordinary Shares with respect to which the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to provide

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U.S. Holders with the information necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution as a "dividend" for United States federal income tax purposes.

Any dividends that we pay will generally be treated as income from foreign sources for United States foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's particular facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes, in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

Dividends paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for United States federal income tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that are converted into U.S. dollars on a date subsequent to receipt.

#### Sale or Other Disposition of Ordinary Shares
A U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of Ordinary Shares, in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis in such Ordinary Shares determined for federal income tax purposes, in such Ordinary Shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss if the Ordinary Shares have been held for more than one year and will generally be United States source gain or loss for United States foreign tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances.

A U.S. Holder that receives another currency other than U.S. dollars on the disposition of our Ordinary Shares will realize an amount equal to the U.S. dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Ordinary Shares are traded on a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date). An accrual basis U.S. Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot market exchange rates in effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency received equal to the U.S. dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition or conversion of the currency will be United States source ordinary income or loss.

#### Passive Foreign Investment Company Considerations
For United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a "passive foreign investment company" or "PFIC" if, in the case of any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of "passive" income or (b) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held

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for the production of passive income. Based upon our current and expected income and assets (including goodwill and taking into account the expected proceeds from this offering) and the expected market price of our Ordinary Shares following this offering, we do not expect to be a PFIC for the current taxable year or the foreseeable future.

While we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification of our income and assets. Fluctuations in the market price of our Ordinary Shares may cause us to be or become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and other unbooked intangibles, may be determined by reference to the market price of our Ordinary Shares (which may be volatile). The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets, and the cash raised in this offering. It is also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes of the analysis set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our Company being or becoming a PFIC for the current or future taxable years.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Ordinary Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of Ordinary Shares. Under the PFIC rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such excess distribution and/or gain will be allocated ratably over the U.S. Holder's holding period for the Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to the U.S. Holder for that year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC year.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares and we own any equity in a non-United States entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors regarding the application of the PFIC rules to any of the entities in which we may own equity.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that certain requirements are met. The mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Although we intend to apply for the listing of our Ordinary Shares on Nasdaq, we cannot guarantee that our listing will be approved. Furthermore, we cannot guarantee that, once listed, our Ordinary Shares will continue to be listed and regularly traded on such exchange. U.S. Holders are advised to consult their tax advisors as to whether the Ordinary Shares are considered marketable for these purposes.

If an effective mark-to-market election is made with respect to our Ordinary Shares, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Ordinary Shares held at the end of the taxable year over its adjusted tax basis of such Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of its adjusted tax basis of the Ordinary Shares held at the end of the taxable year over the fair market value of such Ordinary Shares held at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a

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U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC any gain recognized upon the sale or other disposition of the Ordinary Shares will be treated as ordinary income and loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.

If a U.S. Holder makes a mark-to-market election in respect of a PFIC and such corporation ceases to be a PFIC, the U.S. Holder will not be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.

Because a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market election with respect to our Ordinary Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder's indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.

If a U.S. Holder owns our Ordinary Shares during any taxable year that we are a PFIC, such holder would generally be required to file an annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder if we are or become a PFIC, including the possibility of making a mark-to-market election.

THE DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE OF IMPORTANCE TO A PARTICULAR INVESTOR. EACH PROSPECTIVE INVESTOR IN THE OUR ORDINARY SHARES IS URGED TO CONSULT ITS OWN TAX ADVISER ABOUT THE TAX CONSEQUENCES TO IT OF OWNING AND DISPOSING OF OUR ORDINARY SHARES IN LIGHT OF SUCH PROSPECTIVE INVESTOR'S OWN CIRCUMSTANCES.

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#### UNDERWRITING
We have entered into an underwriting agreement dated [•] [•], 2026 (the "Underwriting Agreement") with Prime Number Capital LLC (the "Representative"), acting as the lead or managing underwriter with respect to the Ordinary Shares subject to this offering. The Representative may retain other brokers or dealers to act as sub-agents or selected dealers on their behalf in this offering. Subject to the terms and conditions of the Underwriting Agreement, we have agreed to sell to the underwriters, and each underwriter named below has severally agreed to purchase from us, on a firm commitment basis, the number of Ordinary Shares set forth opposite its name below, at the public offering price, less the underwriting discount set forth on the cover page of this prospectus:

---

| | |
|:---|:---|
|  **Name** | **Number of <br>shares** |
|  Prime Number Capital LLC | [•] |
|  **Total** |  |

---

The underwriters are offering the Ordinary Shares subject to their acceptance of the Ordinary Shares from us and subject to prior sale. The Underwriting Agreement provides that the obligations of the underwriters to pay for and accept delivery of the Ordinary Shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions including the receipt by the underwriters of officers' certificates and legal opinions. The underwriters are obligated to take and pay for all of the Ordinary Shares offered by this prospectus if any such shares are taken. However, the underwriters are not required to take or pay for the Ordinary Shares covered by the underwriters' over-allotment option described below. In the event of a default by one or more underwriters, the Underwriting Agreement provides that the purchase commitments of the non-defaulting underwriters may be increased, or the offering may be terminated.

Certain of the underwriters are expected to make offers and sales both inside and outside the United States through their respective selling agents. Any offers or sales in the United States will be conducted by broker-dealers registered with the SEC. The underwriters intend to offer our Ordinary Shares to their retail customers only in states in which we are permitted to offer our Ordinary Shares. We have relied on an exemption to the blue-sky registration requirements afforded to "covered securities." Securities listed on a national securities exchange are "covered securities." If we were unable to meet the listing standards of a national securities exchange, we would be unable to rely on the covered securities exemption from blue sky registration requirements. In such case, we would need to register the offering in each state in which we planned to sell shares. Consequently, we will not complete this offering unless we meet a national securities exchange's listing requirements and our application to list on the exchange is approved.

#### Over-Allotment Option
We have granted to the underwriters an option, exercisable for 45 days from the closing of the offering, to purchase up to an additional 15% of the number of Ordinary Shares at the public offering price listed on the cover page of this prospectus, less underwriting discounts, and commissions. The option may be exercised in whole or in part, and may be exercised more than once, during the 45-day option period. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering contemplated by this prospectus. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase the same percentage of the additional shares as the number listed next to the underwriter's name in the preceding table bears to the total number of shares listed next to the names of all underwriters in the preceding table. If any additional Ordinary Shares are purchased, the underwriters will offer these Ordinary Shares on the same terms as those on which the other Ordinary Shares are being offered.

The Representative has advised us that it proposes to offer the shares to the public at the public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession not in excess of US$[•] per share. The underwriters may allow, and certain dealers may re-allow a discount from the concession not in excess of US$[•] per share to certain brokers and dealers. After this offering, the public offering price, concession, and reallowance to dealers may be reduced by the Representative. No such reduction shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus. The securities are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

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#### Underwriting Discounts, Advisory Fee, and Expenses
The underwriters will offer the Ordinary Shares to the public at the IPO price set forth on the cover of this prospectus and to selected dealers at the IPO price less a selling concession not in excess of $[•] per Ordinary Share, assuming an IPO price of $[•] per share, which is the midpoint of the estimated IPO price range set forth on the cover page of this prospectus. After this offering, the IPO price, concession, and reallowance to dealers may be reduced by the underwriters. No change in those terms will change the amount of proceeds to be received by us as set forth on the cover of this prospectus. The securities are offered by the underwriters as stated herein, subject to its receipt and acceptance and subject to its right to reject any order in whole or in part. The underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

Except as disclosed in this prospectus, the underwriters have not received and will not receive from us any other item of compensation or expense in connection with this offering considered by FINRA to be underwriting compensation under FINRA Rule 5110.

The underwriting discounts and commissions are 7% of the initial public offering price

The following table shows the price per share and total public offering price, underwriting discounts and proceeds before expenses to us. These amounts are shown assuming both no exercise and full exercise of the underwriters' over-allotment option.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** |
|  | **Per Share** | **Per Share** | **No Exercise** | **No Exercise** | **Full Exercise** | **Full Exercise** |
|  Public offering price | US$ | 5.00 | US$ | 18750000 | US$ | 21562500 |
|  Underwriting discounts to be paid by us: | US$ | 0.35 | US$ | 1312500 | US$ | 1509375 |
|  Proceeds, before expenses, to us | US$ | 4.65 | US$ | 17437500 | US$ | 20053125 |

---

In connection with and upon closing of the offering contemplated herein, we will also pay to the Representative a non-accountable expense allowance equal to one percent (1%) of the gross proceeds received by us from the sale of the Ordinary Shares.

We have agreed to pay all expenses relating to the offering, including, but not limited to: (i) the costs of preparing, printing and filing the registration statement with the SEC, including amendments and supplements thereto, and post effective amendments, as well as the filings with FINRA and Nasdaq, and payment of all necessary fees in connection therewith and the printing of a sufficient quantity of preliminary and final prospectuses as the Representative may reasonably request; (ii) the costs of preparing, printing and delivering exhibits thereto, in such quantities as the Representative may reasonably request; (iii) all fees, expenses and disbursements relating to the registration, qualification or exemption of securities offered under the securities laws of foreign jurisdictions designated by the Representative; (iv) the fees of counsel and accountants for the Company, including fees associated with any blue sky filings where applicable; (v) fees associated with the Company's transfer agent; (vi) fees, if necessary, associated with translation services; and (vii) up to US$150,000 of accountable expenses of the Representative (including fees and expenses of its counsel) whether or not the offering is consummated.

In addition to the accountable expenses payable to the Representative as described above, we have paid the Representative a US$50,000 pre-offering advisory fee (the "Advisory Fee") upon the execution of the engagement letter by and between the Representative and us (the "Engagement Letter").

We estimate that the total expenses of the offering payable by us, excluding the underwriters' discount and commissions and non-accountable expense allowance will be approximately US$150,000.

Subject to FINRA Rule 5110 (g)(5)(B), the Company agrees that if closing of a transaction in which the Company (or any of its subsidiaries or immediate holding entity) sells equity securities (including, without limitation to, common equity, depositary receipts, or shares) of the Company, regardless of whether sold by the Company or holders thereof including securities convertible into Securities or substantially similar securities, or any securities substantially similar thereto, in an offering that is similar to the transaction, occurs within twelve (12) months, after the date of the termination (except in the case of a termination by the Company for cause, including, but not limited to, bad faith or willful material breach by Representative of its obligations, failure to fulfill its obligations or gross negligence or willful misconduct in the performance of its services). Upon completion of such a closing, Representative shall

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remain entitled to the compensation as set forth above with respect to the proceeds raised from the investors introduced or sourced by Representative during the engagement period, as if the closing of such sale had occurred during the term of Representative's appointment and authorization hereunder and the securities sold.

#### Right of First Refusal
We have granted the Representative, for a period of twelve (12) months following the closing of this offering, a right of first refusal to act as the lead underwriter or exclusive placement agent for any future public or private offering of our securities, on terms that are the same as or more favorable to us than those offered to any other underwriter or placement agent. The Representative may exercise this right by providing written notice to us within 10 business days after receiving written notice from us of such proposed financing. If the Representative declines to exercise the right of first refusal, we may engage another underwriter or placement agent on terms no more favorable than those offered to the Representative.

#### Indemnification
We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act and liabilities arising from breaches of representations and warranties contained in the Underwriting Agreement, or to contribute to payments that the underwriters may be required to make in respect of those liabilities.

#### Lock-Up Agreements
We and our directors, officers and affiliates will enter into customary "lock-up" agreements in favor of the Representative pursuant to which we, and any of our successors, our directors, officers and affiliates will agree, for a period of 180 days following the date of the commencement of sales of this offering, not to (a) offer, sell or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; or (b) file or cause to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company, other than post-effective amendments to the Registration Statement of which this prospectus and the Resale Prospectus are parts. Holders of more than five percent (5%) or more of our outstanding Ordinary Shares as of the effective date of the registration statement, will enter into similar lock-up agreements for a period of 180 days following the date of the commencement of sales of this offering.

#### Nasdaq Capital Market Listing
We have applied to have our Ordinary Shares approved for listing on the Nasdaq Capital Market under the symbol "MSAV." We make no representation that such application will be approved or that our Ordinary Shares will trade on such market either now or at any time in the future; notwithstanding the foregoing, we will not close this offering unless such Ordinary Shares will be listed on the Nasdaq Capital Market at the completion of this offering.

#### Pricing of the Offering
Prior to the completion of this offering, there was no public market for our Ordinary Shares. The IPO price of the Ordinary Shares will be negotiated between us and the underwriters. Among the factors to be considered in determining the IPO price of the Ordinary Shares, in addition to the prevailing market conditions at the time of the offering, are our historical performance, estimates of our business potential and earnings prospects, an assessment of our management, and the consideration of the above factors in relation to market valuation of companies in related businesses and such other factors as were deemed relevant.

#### Electronic Offer, Sale and Distribution of Ordinary Share
A prospectus in electronic format may be made available on the websites maintained by one or more underwriters, or selling group members, if any, participating in the Offering and the underwriters may distribute prospectuses electronically. The underwriters may agree to allocate a number of Ordinary Shares to selling group members for sale to its online brokerage account holders. The Ordinary Shares to be sold pursuant to internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on

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these websites are not part of, nor incorporated by reference into, this prospectus or the registration statement of which this prospectus is a part, has not been approved or endorsed by us or the Underwriter, and should not be relied upon by investors.

#### Price Stabilization, Short Positions, and Penalty Bids
In connection with this offering, the underwriters may engage in transactions that stabilize, maintain, or otherwise affect the price of our Ordinary Shares. Specifically, the underwriters may sell more Ordinary Shares than it is obligated to purchase under the Underwriting Agreement, creating a short position. A short sale is covered if the short position is no greater than the number of Ordinary Shares available for purchase by the underwriter under option to purchase additional Ordinary Shares. The underwriter can close out a covered short sale by exercising the option to purchase additional Ordinary Shares or purchasing Ordinary Shares in the open market. In determining the source of Ordinary Shares to close out a covered short sale, the underwriter will consider, among other things, the open market price of Ordinary Shares compared to the price available under the option to purchase additional Ordinary Shares. The underwriter may also sell Ordinary Shares in excess of the option to purchase additional Ordinary Shares, creating a naked short position. The underwriter must close out any naked short position by purchasing Ordinary Shares in the open market. A naked short position is more likely to be created if the underwriter is concerned that there may be downward pressure on the price of the Ordinary Shares in the open market after pricing which could adversely affect investors who purchase in the offering.

The underwriters may also impose a penalty bid. This occurs when an underwriter or dealer repays selling concessions allowed to it for distributing our Ordinary Shares in this offering because such underwriter repurchases those Ordinary Shares in stabilizing or short covering transactions.

Finally, the underwriters may bid for, and purchase, our Ordinary Shares in market making transactions, including "passive" market making transactions as described below.

These activities may stabilize or maintain the market price of our Ordinary Shares at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriters are not required to engage in these activities and may discontinue any of these activities at any time without notice. These transactions may be effected on [•], in the over-the-counter market, or otherwise.

In connection with the offering, the underwriter or securities dealers may distribute prospectuses by electronic means, such as email

#### Passive Market Making
In connection with this offering, the underwriters may engage in passive market making transactions in our Ordinary Shares on [•] in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the Ordinary Shares and extending through the completion of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, then that bid must then be lowered when specified purchase limits are exceeded.

#### Potential Conflicts of Interest
The underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers and such investment and securities activities may involve securities and/or instruments of our Company. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

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#### Stamp Taxes
If you purchase the Ordinary Shares offered in this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the offering price listed on the cover page of this prospectus.

#### Other Relationships
The underwriters and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing, and brokerage activities. Some of the underwriters and certain of their affiliates may in the future engage in investment banking and other commercial dealings in the ordinary course of business with us and our affiliates, for which they may in the future receive customary fees, commissions, and expenses. In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Offers Outside the United States
Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the Ordinary Shares offered by this prospectus in any jurisdiction where action for that purpose is required. The Ordinary Shares offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such shares be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

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#### SELLING RESTRICTIONS
Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

#### Canada
Our securities may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 *Prospectus Exemptions* or subsection 73.3(1) of the *Securities Act* (Ontario), and are permitted clients, as defined in National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations*. Any resale of our securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National Instrument 33-105 *Underwriting Conflicts* (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering**.**

*For Qualified Institutional Investors ("QII")*

Please note that the solicitation for newly-issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEL) in relation to the Ordinary Shares constitutes either a "QII only private placement" or a "QII only secondary distribution" (each as described in Paragraph 1, Article 23-13 of the FIEL). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEL, has not been made in relation to the Ordinary Shares. The securities may only be transferred to QIIs.

*For Non-QII Investors*

Please note that the solicitation for newly-issued or secondary securities (each as described in Paragraph 2, Article 4 of the FIEL) in relation to the securities constitutes either a "small number private placement" or a "small number private secondary distribution" (each as is described in Paragraph 4, Article 23-13 of the FIEL). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1, Article 4 of the FIEL, has not been made in relation to the securities. The securities may only be transferred en bloc without subdivision to a single investor.

#### Singapore
This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of our securities may not be circulated or distributed, nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the SFA) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any

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person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where our securities are subscribed or purchased under Section 275 by a relevant person which is a corporation (which is not an accredited investor as defined in Section 4A of the SFA) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, or a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, the securities or securities-based derivatives contracts (each as defined in Section 2(1) of the SFA) of that corporation shall not be transferable for 6 months after that corporation has acquired our securities under Section 275 except: (a) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA) pursuant to section 275(1) of the SFA, (b) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, and in accordance with the conditions, specified in Section 275 of the SFA and (in the case of an accredited investor) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018; (c) where no consideration is or will be given for the transfer; (d) where such transfer is by operation of law; or (e) as specified in Section 276(7) of the SFA or (f) as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018 of Singapore.

Where the securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for 6 months after that trust has acquired the shares under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person or to any person arising from an offer referred to in section 275(1A) or section 276(4)(i)(B) of the SFA, (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, or (5) as specified in Section 276(7) of the SFA.

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#### EXPENSES RELATED TO THIS OFFERING
Set forth below is an itemization of the total expenses, excluding underwriting discounts and expenses, which are expected to be incurred by us in connection with the offer and sale of the Ordinary Shares by us. With the exception of the SEC registration fee, the FINRA filing fee and the Nasdaq listing fee, all amounts are estimates.

---

| | | |
|:---|:---|:---|
|  SEC registration fee | US$ | 5000 |
|  FINRA filing fee | US$ | 5000 |
|  Nasdaq listing fee | US$ | 65000 |
|  Legal fees and expenses | US$ | 495600 |
|  Accounting fees and expenses | US$ | 500000 |
|  Accountable underwriter's expenses | US$ | 200000 |
|  Printing and engraving expenses | US$ | 24000 |
|  Miscellaneous<sup>(1)</sup> | US$ | 100000  |
|  Total | US$ | 1394600  |

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____________

(1) Includes financial advisory fees, due diligence expenses, transfer agent fees and other miscellaneous expenses.

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#### LEGAL MATTERS
Certain legal matters in connection with this offering with respect to United States federal securities law will be passed upon us by Schlueter & Associates, P.C. The validity of the Ordinary Shares offered in this offering and other certain legal matters as to Cayman Islands law will be passed upon for us by Ogier. Certain legal matters as to Malaysian law will be passed upon for us by Lee & Poh Partnership. Ye & Associates, P.C. is acting as counsel to the underwriters in connection with this offering with respect to U.S. securities law. In rendering its opinion, Ye & Associates, P.C. may rely, as to matters governed by Malaysian law, upon the opinion of Lee & Poh Partnership, and as to matters governed by Cayman Islands law, upon the opinion of Ogier. Schlueter & Associates, P.C. may rely upon Lee & Poh Partnership with respect to matters governed by Malaysian law and Ogier with respect to Cayman Islands law.

#### EXPERTS
The combined financial statements as of and for the year ended June 30, 2024, and 2025, included in this prospectus have been audited by HYYH CPA LLC, an independent registered public accounting firm, as stated in their report appearing herein (which report expresses an unqualified opinion on the combined financial statements). Such combined financial statements have been so included in reliance upon the report of such firm given upon the authority of such firm as experts in accounting and auditing. The office of HYYH CPA LLC is located at 20 S Charles St Ste 403 #1878, Baltimore, MD 21201.

#### WHERE YOU CAN FIND MORE INFORMATION
We have filed a registration statement, including relevant exhibits, with the SEC on Form F-1 under the Securities Act with respect to the underlying Ordinary Shares to be sold in this offering. For the purposes of this section, the term "registration statement" means the original registration statement and any and all amendments thereto including the schedules and exhibits to the original registration statement or any amendment. This prospectus, which constitutes a part of the registration statement on Form F-1, does not contain all of the information contained in the registration statement. You should read our registration statements and their exhibits and schedules for further information with respect to us and our Ordinary Shares.

Immediately upon the effectiveness of the registration statement on Form F-1 of which this prospectus forms a part, we will become subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. All information filed with the SEC, including the registration statement, can be obtained over the Internet at the SEC's website at *www.sec.gov* or inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. We maintain a website at *www.msav.com.my,* at which, following completion of this offering, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The information contained in, and that can be accessed through, our website is not incorporated into and is not part of this prospectus.

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#### MSAV HOLDINGS LTD

#### INDEX TO COMBINED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  **Contents** | **Page** |
|  **Audited Combined Financial Statements** |  |
|  [Report of Independent Registered Public Accounting Firm](#T201) | F-2 |
|  [Combined Balance Sheets as of June 30, 2024 and 2025](#T202) | F-3 |
|  [Combined Statements of Operations and Comprehensive Income for the Years Ended <br>June 30, 2024 and 2025](#T203) | F-4 |
|  [Combined Statements of Changes in Equity for the Years Ended June 30, 2024 and 2025](#T204) | F-5 |
|  [Combined Statements of Cash Flows for the Years Ended June 30, 2024 and 2025](#T205) | F-6 |
|  [Notes to Combined Financial Statements](#T206) | F-7 |

---

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of

MSAV HOLDINGS LTD

#### Opinion on the Financial Statements
We have audited the accompanying combined balance sheets of MSAV HOLDINGS LTD (the "Company") as of June 30, 2024 and 2025, the related combined statements of operations and comprehensive income, changes in equity and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at June 30, 2024, and 2025, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

HYYH CPA. LLC

We have served as the Company's auditor since 2025.

Baltimore, Maryland

December 22, 2025

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#### MSAV HOLDINGS LTD<br>COMBINED BALANCE SHEETS

#### (In Malaysian Ringgit, except for share data, or otherwise noted)

---

| | | | |
|:---|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **MYR** | **MYR** | **USD** |
|  **ASSETS** |  |  |  |
|  **Current assets:** |  |  |  |
|  Cash and cash equivalents | 551191 | 330139 | 78448 |
|  Accounts receivable, net | 3207941 | 4500746 | 1069468 |
|  Prepaid expenses and other current assets | 233798 | 696857 | 165587 |
|  Due from related parties |  | 215938 | 51311 |
|  **Total Current Assets** | **3992930** | **5743680** | **1364814** |
|  **Non-current assets:** |  |  |  |
|  Property and equipment, net | 2738851 | 3905058 | 927920 |
|  Operating lease right-of-use assets, net | 10714 | 36153 | 8590 |
|  Deferred tax assets | 117045  | 126043  | 29950  |
|  **Total Non-Current Assets** | **2866610**  | **4067254**  | **966460**  |
|  **Total Assets** | **6859540**  | **9810934**  | **2331274**  |
|  **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
|  **Current liabilities** |  |  |  |
|  Accounts payable | 2412184 | 2638721 | 627013 |
|  Accrued liabilities and other payables | 583462 | 559394 | 132922 |
|  Long-term borrowings and interest payables, current portion | 591813 | 546921 | 129959 |
|  Income tax payable | 118091 | 1318254 | 313244 |
|  Due to related parties | 1625921 | 222036 | 52760 |
|  Operating lease liabilities, current | 10714 | 24952 | 5929 |
|  **Total Current Liabilities** | **5342185** | **5310278** | **1261827** |
|  **Non-current liabilities** |  |  |  |
|  Long-term borrowings and interest payables | 1174774 | 756852 | 179843 |
|  Operating lease liabilities, non-current |  | 11201 | 2662 |
|  **Total Non-Current Liabilities** | **1174774** | **768053** | **182505** |
|  **Total Liabilities** | **6516959** | **6078331** | **1444332** |
|  **Equity** |  |  |  |
|  Ordinary shares (par value of $0.00001 per share; 4,000,000,000 shares authorized, 20,000,000 issued and outstanding, as of June 30, 2024, and 2025, respectively) | 842 | 842 | 200 |
|  Additional paid-in capital | 1300000 | 1300000 | 308906 |
|  Subscription receivables | (842) | (842) | (200) |
|  Retain earnings/(Accumulated deficit) | (957419) | 2432603 | 578036  |
|  **Total Shareholders' equity/(deficit)** | **342581**  | **3732603**  | **886942**  |
|  **Total Liabilities Shareholders' equity/(deficit)** | **6859540**  | **9810934**  | **2331274**  |

---

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#### MSAV HOLDINGS LTD

#### COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

#### (In Malaysian Ringgit, except for share data, or otherwise noted)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **MYR** | **MYR** | **USD** |
|  **Revenues** |  |  |  |
|  – Rental Revenue | 14162565 | 14768987 | 3509408 |
| &nbsp;&nbsp;&nbsp; Short-term Event-Based | 7214170 | 7469243 | 1774842 |
| &nbsp;&nbsp;&nbsp; Long-term contracts | 6948395 | 7299744 | 1734566 |
|  – Sales Revenue | 295815 | 425780 | 101174 |
|  **Net revenue** | **14458380** | **15194767** | **3610582** |
|  Cost of revenues | (6482484) | (4539441) | (1078662) |
| &nbsp;&nbsp;&nbsp; Cost of equipment sold | (167226) | (233534) | (55492) |
| &nbsp;&nbsp;&nbsp; Other cost | (6315258) | (4305907) | (1023170) |
|  **Gross profit** | **7975896** | **10655326** | **2531920** |
|  **Operating expenses** |  |  |  |
|  Selling and marketing expenses | (1824250) | (1743973) | (414403) |
|  General and administrative expenses | (2612092) | (2995403) | (711769) |
|  Expected credit losses | (746746) | (911706) | (216641) |
|  **Total operating expenses** | **(5183088)** | **(5651082)** | **(1342813)** |
|  **Income from operations** | **2792808**  | **5004244** | **1189107** |
|  **Other income/(expenses)** |  |  |  |
|  Financial income/(expenses), net | (405756) | (359931) | (85527) |
|  Other income/(expenses), net | (583) | (6126) | (1456) |
|  **Total other expenses, net** | **(406339)** | **(366057)** | **(86983)** |
|  **Income before income tax expense** | **2386469**  | **4638187** | **1102124** |
|  Income tax expenses | (602418) | (1248165) | (296589) |
|  **Net income** | **1784051**  | **3390022**  | **805535** |
|  **Other comprehensive income/(loss):** |  |  |  |
|  Foreign currency translation adjustment |  |  |  |
|  **Total comprehensive income** | **1784051**  | **3390022**  | **805535** |
|  **Comprehensive income attributable to the Company** | **1784051**  | **3390022**  | **805535** |
|  **Earnings per ordinary share attributable to ordinary shareholders of MSAV HOLDINGS LTD** |  |  |  |
|  Basic and diluted | 0.09 | 0.17 | 0.04 |
|  **Weighted average number of shares outstanding used in calculating net income per ordinary share** |  |  |  |
|  Basic and diluted | 20000000 | 20000000 | 20000000 |

---

[**Table of Contents**](#TOC001)

#### MSAV HOLDINGS LTD

#### COMBINED STATEMENTS OF CHANGES IN EQUITY

#### (In Malaysian Ringgit, except for share data, or otherwise noted)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares** | **Ordinary Shares** | **Additional<br>paid-in<br>capital** | **Subscription <br>receivables** | **Retained<br>earnings/ <br>(Accumulated <br>deficit)** | **Accumulated<br>other<br>comprehensive<br>income/(loss)** | **Total<br>shareholders'<br>equity <br>(deficit)** |
|  | **Share\*** | **Amount** | **Additional<br>paid-in<br>capital** | **Subscription <br>receivables** | **Retained<br>earnings/ <br>(Accumulated <br>deficit)** | **Accumulated<br>other<br>comprehensive<br>income/(loss)** | **Total<br>shareholders'<br>equity <br>(deficit)** |
|  **Balance as of June 30, 2023** | **20000000** | **842** | **1300000** | **(842)** | **(2741470)** |  | **(1441470)** |
|  Net income |  |  |  |  | 1784051 |  | 1784051 |
|  **Balance as of June 30, 2024** | **20000000**  | **842**  | **1300000** | **(842)** | **(957419)**  |  | **342581**  |
|  Net income |  |  |  |  | 3390022 |  | 3390022 |
|  **Balance as of June 30, 2025** | **20000000**  | **842**  | **1300000** | **(842)** | **2432603**  |  | **3732603**  |

---

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#### MSAV HOLDINGS LTD <br>COMBINED STATEMENTS OF CASH FLOWS

#### (In Malaysian Ringgit, except for share data, or otherwise noted)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **MYR** | **MYR** | **USD** |
|  **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |  |
|  Net income | 1784051 | 3390022 | 805535 |
|  Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |
|  Depreciation of property and equipment | 852316 | 839282 | 199430 |
|  Amortization of operating lease right-of-use assets | 23867 | (43474) | (10330) |
|  Provision for expected credit losses accounts | 746746 | 911706 | 216641 |
|  *Changes in assets and liabilities:* |  |  |  |
|  Decrease (Increase) in Deferred Tax Assets | 421327 | (8998) | (2138) |
|  Decrease (Increase) in Accounts receivable | (1594234) | (2201846) | (523203) |
|  Decrease (Increase) in Prepayments | (131650) | (455025) | (108123) |
|  Decrease (Increase) in Due from related parties |  | (215938) | (51311) |
|  Increase (Decrease) in Accrued liabilities and other payables | (12103) | (24068) | (5719) |
|  Increase (Decrease) in Due to related parties | (1039684) | (1403885) | (333591) |
|  Increase (Decrease) in Income taxes payable | 118091 | 1200163 | 285183 |
|  Increase (Decrease) in Operating lease liabilities | (23867) | 43474 | 10330 |
|  **Net Cash Provided By (Used In) Operating Activities** | **1144860** | **2031413** | **482704** |
|  **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |  |
|  Purchases of property and equipment | (960260) | (1778952) | (422715) |
|  **Net Cash Provided By (Used In) Investing Activities** | **(960260)** | **(1778952)** | **(422715)** |
|  **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |
|  Repayment of long-term borrowings | (267959) | (473513) | (112516) |
|  **Net Cash Provided By (Used In) Financing Activities** | **(267959)** | **(473513)** | **(112516)** |
|  Foreign currency effect |  |  |  |
|  Net Change in Cash and Cash Equivalents | (83359) | (221052) | (52526) |
|  **Cash, at beginning of the year** | **634550** | **551191** | **130974** |
|  **Cash, at end of the year** | **551191** | **330139** | **78448** |
|  **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |  |  |
|  Income tax paid | 63000 | 120000 | 28514 |
|  Interest expense paid | 226099 | 181207 | 43058 |
|  **SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES** |  |  |  |
|  Additions of operating lease right-of-use assets in exchange of operating lease liabilities |  | 49535 | 11770 |

---

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#### MSAV HOLDINGS LTD<br>NOTES TO COMBINED FINANCIAL STATEMENTS
**1. ORGANIZATION AND PRINCIPAL ACTIVITIES**

**MSAV HOLDINGS LTD** ("the Company" or "MSAVH") is incorporated under the laws of the Cayman Islands as an exempted company with limited liability on November 4, 2025. The Company and its operating subsidiary (collectively referred to as the "Group") mainly supplies and rents audio-visual equipment, sells related devices, and provides related on-site support services. The Company does not conduct any substantive operations on its own but instead conducts its primary business operations through its wholly owned subsidiary in Malaysia.

In preparation of its initial public offering in the United States, the Company was restructured (the "Reorganization") on December 10, 2025 (the "Reorganization Date") in order to establish the Company as the parent company. As part of the Reorganization, the business operations of Mekar Subur AV Adn. Bhd. ("MSAV") was ultimately obtained control by the Company. In return, the Company issued 20,000,000 ordinary shares to LYS (BVI) LTD, a BVI business company wholly owned by You Siong Low.

The equity interest of the Company and MASV were held as to 100% by Low You Siong before and after the reorganization, with Low You Siong being the ultimate controlling shareholder, who is also the founder and director of the Group.

The Company, together with its wholly-owned subsidiary, resulting from the reorganization have always been under common control of the same ultimate controlling shareholder (i.e. Low You Siong) before and after the reorganization, which was accounted for as a recapitalization. The consolidation of the Group has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying combined financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of inter-company transactions. All share data and per share information are presented on a retrospective basis pursuant to ASC 260.

On December 12, 2025 LYS (BVI) LTD transferred 2,400,000, 1,800,000, 1,600,000, 1,200,000 Ordinary Shares to E Team (BVI) Limited, CA (BVI) LIMITED, WP (BVI) LIMITED and other minority shareholders, respectively (the "share transfers"). Thereafter, MSAVH has become owned as to 13,000,000, 2,400,000, 1,800,000, 1,600,000, and 1,200,000 Ordinary Shares held by LYS (BVI) LTD, of which Low You Siong, our Director, is the beneficial owner and sole shareholder, E Team (BVI) Limited, CA (BVI) LIMITED, WP (BVI) LIMITED and other minority shareholders, representing 65%, 12%, 9%, 8%, 6% of the issued Ordinary Shares of MSAVH respectively.

The details of the Company and the subsidiaries of the Company are set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name of Entity** | **Date of<br>Incorporation** | **Place of <br>Incorporation** | **% of <br>Ownership** | **Principal Activities** |
|  MSAV HOLDINGS LTD ("MSAVH") | November 4, 2025 | Cayman Islands | 100 | Holding company |
|  MSAV (BVI) LTD ("MSAVBVI") | November 7, 2025 | British Virgin Islands ("BVI") | 100 | Investment holding |
|  Mekar Subur AV Adn. Bhd. ("MSAV") | July 19, 2013 | Malaysia | 100 | Supplies and rents audio-visual equipment, sells related devices, and provides related on-site support services |

---

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

<u><u>Basis of presentation</u></u>

The Company was incorporated on November 4, 2025, had no operations of its own during the years presented, and did not historically prepare standalone financial statements. No controlling interest was held by the Company over the entities that comprise the Group during the years presented. Accordingly, the accompanying financial statements

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

have been prepared on a combined basis. These combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").

<u><u>Basis of consolidation</u></u>

The accompanying combined financial statements represent the combination of the historical financial statements of the entities comprising the Group. All significant intercompany transactions and balances among the combining entities have been eliminated.

<u><u>Use of estimates</u></u>

The preparation of the combined financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the balance sheet date, and the reported revenues and expenses during the reported periods in the combined financial statements and accompanying notes. Significant accounting estimates include but not limited to provision of allowance for expected credit losses and valuation allowance for deferred tax assets. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the combined financial statements.

<u><u>Risks and uncertainties</u></u>

The main operations of the Group are in Malaysia. Accordingly, the Group's business, financial condition, and results of operations may be influenced by political, economic, and legal environments in Malaysia, as well as by the general state of the economy in Malaysia. The Group's results may be adversely affected by changes in the political, regulatory and social conditions in Malaysia. Although the Group strives to comply with all applicable laws and regulations, there can be no assurance that future changes in laws, regulations, or their interpretation will not have a material adverse effect on the Group's business.

The Group's business, financial condition and results of operations may also be negatively impacted by risks related to natural disasters, extreme weather conditions, health epidemics and other catastrophic incidents, which could significantly disrupt the Group's operations.

<u><u>Foreign currency translation and transactions</u></u>

The accompanying combined financial statements are presented in the Malaysia ringgit ("MYR"), which is the reporting currency of the Group. The functional currency of the Company and its subsidiary in the British Virgin Islands is United States Dollars ("USD" or "US$"), its other subsidiary which is incorporated in Malaysia are Malaysia ringgit ("MYR"), respectively, which are their respective local currencies based on the criteria of ASC 830, "Foreign Currency Matters".

In the combined financial statements, the financial information of the Group and other entities located outside of Malaysia has been translated into MYR. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period.

<u><u>Convenience translation</u></u>

Translations of balances in the combined balance sheets, combined statements of operations and comprehensive loss, combined statements of changes in shareholders' equity and combined statements of cash flows from MYR into USD as of June 30, 2025 are solely for the convenience of the readers and are calculated at the rate of USD 1.00 = MYR 4.2084, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2025. No representation is made that the MYR amounts could have been, or could be, converted, realized or settled into USD at such rate, or at any other rate.

[**Table of Contents**](#TOC001)

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

<u><u>Cash and cash equivalents</u></u>

Cash and cash equivalents comprise cash on hand and deposits which can be withdrawn by the Group on demand and are subject to an insignificant risk of changes in their fair value. As of June 30, 2024, and 2025, substantially all of the Group's cash and cash equivalents were hold in reputable financial institutions located in Malaysia, which are unrestricted as to withdraw and use. The Group has not experienced any losses in its deposit balances and believes it is not exposed to any significant credit risks on its cash and cash equivalents.

<u><u>Expected credit losses</u></u>

The Group's accounts receivable, amounts due from related parties, deposits and other receivables in prepaid expenses and other current assets are within the scope of ASU No. 2016-13. The Group has identified the relevant risk characteristics of its customers and the related receivables and deposits in prepaid expenses and other current assets, which include size, types of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit loss experience, and current economic conditions in assessing the lifetime expected credit losses. Additionally, external data and macroeconomic factors are also considered. The Group adjusts the allowance percentage periodically when there are significant differences between estimated credit losses and actual bad debts. If there is strong evidence indicating that these financial assets are likely to be unrecoverable, the Group also makes specific allowance in the period in which a loss is determined to be probable. The balance of these financial assets is written off after all collection efforts have been exhausted. For the years ended June 30, 2024, and 2025, the Group recognized expected credit loss of MYR746,746 and MYR 911,706 (USD 216,641), respectively.

<u><u>Accounts receivable</u></u>

Accounts receivable represents the amounts that the Group has an unconditional right to consideration. Accounts receivable that are ultimately deemed to be uncollectible, and for which collection efforts have been exhausted, are written off against the provision for credit losses. As of June 30, 2024, and 2025, the allowance balance for credit losses for the Group's accounts receivable was MYR 1,045,954 and MYR 1,556,495 (USD 369,854), respectively.

<u><u>Borrowing and borrowing costs</u></u>

Borrowings are classified as current liabilities unless the Group has the unconditional right to postpone settlement for at least 12 months after the statement of financial position date, in which case they are classified as non-current liabilities.

Borrowings are initially recorded at the proceeds received, net of any transaction costs. They are then measured at amortized cost. The difference between the initial proceeds (after deducting transaction costs) and the repayment amount is recognized in profit or loss over the term of the borrowings using the effective interest rate method.

Borrowing costs are recognized in profit or loss using the effective interest method.

<u><u>Revenue Recognition</u></u>

The Company generates revenue primarily from leasing LED display equipment and related audio-visual equipment to customers under short-term event-based rental arrangements and longer-term service contracts. These arrangements are accounted for as leases under ASC 842, Leases, because they convey to the customer the right to control the use of identified equipment in exchange for consideration.

In addition, the Company occasionally sells related equipment directly to customers, such sales revenue is measured and recognized under ASC Topic 606, Revenue from Contracts with Customers, ("Topic 606"). The Group recognizes such revenue when it satisfies a performance obligation by transferring control over a product to a customer. The amount of revenue recognized reflects the consideration the Group expects to be entitled to in exchange for such products.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The following table disaggregates the Group's total revenues by revenue streams:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended June 30,** | **For the year ended June 30,** | **For the year ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **MYR** | **MYR** | **USD** |
|  **By revenue type:** |  |  |  |
|  Topic 842 revenues – Equipment Rental Revenue | 14162565  | 14768987 | 3509408 |
| &nbsp;&nbsp;&nbsp; *Short-term Event-Based* | 7214170 | 7469243 | 1774842  |
| &nbsp;&nbsp;&nbsp; *Long-term contracts* | 6948395 | 7299744 | 1734566  |
|  Topic 606 revenues – Sales and installation | 295815 | 425780 | 101174 |
|  **Total** | **14458380**  | **15194767** | **3610582** |

---

*Topic 842 revenues — Equipment Rental Revenue*

The Company derives revenue from two primary sources: (1) short-term event-based rental arrangements and (2) long-term lease contracts. Both types of arrangements are accounted for as leases under ASC 842, Leases, and are classified as operating leases, as ownership of the leased equipment is retained by the Company and none of the criteria in ASC 842-10-25-2 for sales-type or direct financing leases are met. The leased equipment (primarily LED panels, sound, and lighting systems) is standardized and has alternative uses at the end of each lease term. Installation, dismantling, and routine maintenance services, provided in conjunction with the lease arrangement, are considered activities necessary to make the leased assets available for use and do not represent separate non-lease components under ASC 842. Accordingly, all consideration under such arrangements is allocated to the lease component. Under both types of arrangements, lease income is presented as "rental revenue" in the combined statements of operations and comprehensive income.

1. Short-term Event-Based Rental Arrangements

Event-based rentals typically involve the lease of LED panels and related sound and lighting systems for a single event or a limited period (e.g., one to several days). In certain cases, customers may also request sound and lighting systems, which are sourced from third-party suppliers as part of integrated event solutions. Lease income from these short-term rentals is generally fixed per event and recognized on a straight-line basis over the rental period, which usually coincides with the duration of the event. Any additional event-driven or usage-based charges (such as dismantling fees, rush setup, or cancellation penalties) are considered variable lease payments and are recognized in the period in which the event or triggering activity occurs.

In addition, for certain short-term, event-based projects, customers may request sound and lighting systems or specific types of LED display or supporting equipment that are not part of the Group's owned equipment portfolio. To meet such requirements, the Group may rent the requested equipment from third-party suppliers and sublease it to customers under short-term rental arrangements. The Group also accounts for these transactions as operating leases under ASC 842. Such rental income from customers is recognized on a straight-line basis over the rental period as part of revenue, while rental payments to third-party suppliers are recognized as cost of revenue when incurred. Such subcontracted rental arrangements are typically short-term in nature, and no lease assets or lease liabilities are recognized in respect of these transactions.

2. Long-term Lease Contracts

Long-term contracts typically involve the lease of LED display systems, sound, and lighting equipment for ongoing use at a customer's venue (e.g., hotel or exhibition hall) over a specified contract term (e.g., one to five years). The lease payments are entirely variable, depending on the customer's actual usage or event frequency. The Company classifies these arrangements as operating leases in accordance with ASC 842-10-25-3A. For such variable lease payments, the Company recognizes income when the underlying usage occurs and the consideration becomes determinable, as the total lease consideration cannot be reasonably estimated at lease commencement. When the contract contains both lease and non-lease elements (e.g., installation and routine maintenance services), such services are considered incidental to the lease and not separate non-lease components under ASC 842. Accordingly, all consideration is allocated to the lease component. In rare cases, supplemental sound and lighting systems may be sourced from third-party suppliers in connection with such long-term contracts. Amounts paid to third-party suppliers for such equipment are generally usage-based and are recognized as cost of revenues as incurred.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

*Topic 606 revenues — Sales and installation*

Revenue from equipment sales and related installation services is recognized when control of the goods or services is transferred to the customer, which typically occurs upon completion of installation and acceptance by the customer. The Company acts as a principal in these transactions, obtaining control of the goods before transferring them to the customer, and recognizes revenue on a gross basis. The transaction price, which is fixed and determined at contract inception, is not allocated as there is only one performance obligation.

<u><u>Cost of revenues</u></u>

Cost of Revenue consists of costs for equipment sold and other costs for renting. For the years ended June 30, 2024, and 2025, the Group recorded costs for equipment selling of MYR167,226 and MYR 233,534 (USD 55,492), respectively. Other costs for renting included costs directly related to revenue generating activities, which primarily includes payroll costs including salaries and related social insurance costs for operations personnel, depreciation of property and equipment, outsourced labor costs related to operation, and other operating costs directly linked to the revenues including short-term subcontract rental costs for certain equipment, transportation costs and other miscellaneous costs. Initial direct costs in connection with long-term lease agreements, such as installation and customization, are expensed as incurred. Management has assessed that the financial statement impact of expensing these initial direct costs as incurred is not materially different from amortizing them over the lease period.

<u><u>Selling and marketing expenses</u></u>

Selling and marketing expenses primarily consist of (i) commission fees related to rental business, which are paid to third-parties based on a percentage of rental revenue, and (ii) employee compensation for sales and market-development activities.

<u><u>General and administrative expenses</u></u>

General and administrative expenses primarily consist of (i) payroll expenses including salaries, allowances, bonus, expenses paid for over-time, and related social insurance expenses for management and administrative personnel, (ii) office and utilities expenses, (iii) rental expenses for office space, (iv) travelling expenses, (v) depreciation and amortization expenses for property and equipment used for office purpose, and (vi) other miscellaneous administrative expenses.

<u><u>Property, plant and equipment</u></u>

All items of property, plant and equipment are initially recorded at cost. Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of property, plant and equipment includes its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the property, plant and equipment.

Depreciation is calculated using the straight-line method to allocate depreciable amounts over their estimated useful lives. The estimated useful lives are as follows:

---

| | |
|:---|:---|
|  LED panels and related accessories | 5 years |
|  Motor vehicles | 5 years |
|  Computer peripherals | 2.5 years |
|  Office equipment, furniture | 10 years |

---

Fully depreciated property, plant and equipment are retained in the financial statements until they are no longer in use.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The residual values, useful lives and depreciation method are reviewed at the end of each reporting period, and adjusted prospectively, if appropriate.

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of the asset is included in profit or loss in the year the asset is derecognized.

<u><u>Impairment of</u> <u>long-lived</u> <u>assets</u></u>

Long-lived assets include (i) property and equipment, (ii) operating lease right-of-use asset, net of the related operating lease liabilities.

The Group reviews its long-lived assets for impairment periodically whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, an evaluation for impairment is performed at the lowest level of identifiable cash flows that are expected to generate from the use of the assets and their eventual disposition, which is at the individual restaurant level. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, which is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. For the years ended June 30, 2024, and 2025, no impairment of long-lived assets was recognized.

<u><u>Fair value measurement</u></u>

Accounting guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Include other inputs other than quoted prices in active market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Unobservable inputs which are supported by little or no market activity that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Financial instruments of the Group primarily consist of cash and cash equivalents, accounts receivable, due from related parties, other receivables included in prepaid expenses and other current assets, accounts payable, due to related parties, other payables included in accrued liabilities and other payable, long-term borrowings and interest payables, and operating lease liabilities. As of June 30, 2024, and 2025, the carrying amounts of these financial instruments are measured at amortized cost, which is approximated to their fair values.

The Group's non-financial assets, such as property and equipment and right-of-use assets, would be measured at fair value only if they were determined to be impaired.

<u><u>Leases</u></u>

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange of a consideration. To assess whether a contract is or contains a lease, the Group assesses whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all of the economic benefits from the use of the asset and whether it has the right to control the use of the asset.

The Group classifies a lease as a financing lease at lease commencement when the lease meets any one of the criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The lease term is for a major part of the remaining economic life of the underlying asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The underlying asset is of such a specialized nature that it is expected to have no alternative use to the Group at the end of the lease term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) When none of the criteria are met, the Group classifies a lease as an operating lease.

*Operating leases — Group as a lessee*

When the Group acts as a lessee, leases with an initial term of 12 months or less are short-term lease and not recognized as operating lease right-of-use ("ROU") assets and operating lease liabilities on the combined balance sheet. The Group recognizes lease expense for short-term leases on a straight-line basis over the lease term.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and less any lease incentive received.

Lease term includes rent holidays and options to extend or terminate the lease when the Group is reasonably certain that the Group will exercise that option. The lease assets for operating leases consist of the amount of the measurement of the lease liabilities and any prepaid lease payments. Operating lease expense is recognized on a straight-line basis over the lease term by adding interest expense determined using the effective interest method to the amortization of the operating lease right-of-use assets. Interest expense is determined using the effective interest method. The Group's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

*Operating leases — Group as a lessor*

When the Group acts as a lessor, it classifies at lease inception (or when there is a lease modification) each of its leases as either an operating lease or a finance lease.

Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. For short-term event-based rentals, rental income is recognized on a straight-line basis over the rental period, which generally coincides with the duration of the event. For long-term lease contracts, where all lease payments are variable and usage-based, rental income is recognized in the period when the underlying usage occurs and the amount becomes determinable, as the total lease consideration cannot be reasonably estimated at lease commencement. The Group does not have any sales-type or direct financing leases for the years ended June 30, 2024, and 2025.

<u><u>Sales and service taxes</u></u>

Sales and service tax ("SST") is a consumption tax levied by Malaysian tax authorities and is charged on the sale of taxable goods and the provision of taxable services in Malaysia by a taxable person, including companies registered to carry on business in Malaysia. The standard SST rate is 8% ad valorem for most taxable goods and services, unless stated otherwise. Effective July 1, 2025, the scope of prescribed taxable services has been expanded to include, inter alia, rental and leasing services. In addition, in accordance with the Service Tax Regulations 2018, a service provider is generally required to be registered for SST if its annual taxable service turnover exceeds RM500,000, except for certain sectors subject to a higher threshold (e.g., RM1 million for rental and leasing services). Our Operating Subsidiary does not fall within these thresholds. Therefore, no SST payable provision has been recognized in the Group's financial statements for the fiscal years ended June 30, 2024, and 2025, respectively.

<u><u>Income taxes</u></u>

The Group accounts for income taxes under ASC 740, "Income Taxes". The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Provision for income taxes consists of taxes currently due plus deferred taxes. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the combined financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

The provisions of ASC 740-10-25, "Accounting for Uncertainty in Income Taxes," prescribe a more-likely-than-not threshold for combined financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This interpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.

The Group did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its combined statements of operations and comprehensive income for the years ended June 30, 2024, and 2025, respectively. The Group does not expect that its assessment regarding unrecognized tax positions will materially change over the next 12 months. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

<u><u>Employee benefits</u></u>

The Group recognizes a liability in exchange for employee benefits to be paid in the future and expense when the Group consumes the economic benefits arising from service provided by an employee in exchange for employee benefits.

*Short-term employee benefits*

Salaries are usually accrued and paid on a monthly basis and are recognized as an expense.

Bonus payments are recognized when, and only when, the Group has a present legal or constructive obligation to make such payments as a result of past events and reliable estimate of the obligation can be made.

*Defined Contribution plan*

A defined contribution plan is a post-employment benefit plan under which the Group makes fixed statutory contributions to approved provident funds and contributions are recognized as an employee benefit expense in the combined statement of operations and comprehensive income in the period to which they relate. When the contributions have been paid, the Group has no further payment obligations.

<u><u>Related party transaction</u></u>

The Group accounts for related party transactions in accordance with ASC 850, "Related Party Disclosures".

Parties, which can be an entity or individual, are considered to be related if they have the ability, directly or indirectly, to control the Group or exercise significant influence over the Group in making financial and operational decisions. Entities are also considered to be related if they are subject to common control or common significant influence.

Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

<u><u>Comprehensive income</u></u>

The Group applies ASC 220, Comprehensive Income, with respect to reporting and presentation of comprehensive income in a full set of financial statements. Comprehensive income is defined to include all changes in equity of the Group during a period arising from transactions and other events and circumstances except those resulting from investments by shareholders and distributions to shareholders. For the years presented, the Group's comprehensive income includes net income and other comprehensive income or loss, which primarily consists of the foreign currency translation adjustment that has been excluded from the determination of net income.

<u><u>Earnings per share</u></u>

Basic earnings per share is computed by dividing net income attributable to ordinary shareholders, taking into consideration the deemed dividends to preferred shareholders (if any), by the weighted average number of ordinary shares outstanding during the year using the two-class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Shares issuable for little to no consideration upon the satisfaction of certain conditions are considered as outstanding shares and included in the computation of basic earnings per share as of the date that all necessary conditions have been satisfied. Net income is not allocated to other participating securities if based on their contractual terms they are not obligated to share the income.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Diluted earnings per share is calculated by dividing net income attributable to ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such share would be anti-dilutive.

<u><u>Segment reporting</u></u>

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker ("CODM"), or decision-making group, in deciding how to allocate resources and in assessing performance. The Group's CODM is the Chief Executive Officer.

CODM regularly reviews entity-wide operating results and reviews combined revenues and net income when making decisions about allocating resources and assessing performance of the segment, and hence, the Group has only one principal reportable segment.

The primary measure of segment revenue and profitability for the Group's operating segment is considered to be combined revenue and net income. Significant segment expenses reviewed by the CODM on a regular basis included within net income include cost of revenues, selling and marketing expenses, general and administrative expenses which are separately presented on the Group's combined statements of operations and comprehensive income. Other segment items within net income include financial income/(expenses), net, other income/(expenses), net, and income tax expenses. CODM uses segment profit or loss to monitor budget versus actual results, and also in competitive analysis by benchmarking to the Group's competitors at the same development stage.

The Group does not distinguish between markets or segments for the purpose of internal reporting. As the Group's long-lived assets are all located in Malaysia, and the Group's revenues are all derived from Malaysia, no geographical segment information is presented. The CODM does not review any information regarding total assets on a reportable segment basis.

For operating results of segment provided to and reviewed by CODM, please refer to the combined statements of operations and comprehensive income.

<u><u>Commitments and contingencies</u></u>

In the normal course of business, the Group is subject to commitments and contingencies, including operating lease commitments, legal proceedings and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax matters. The Group recognizes liability for any such contingencies if it determines it is probable that a loss has occurred, and a reasonable estimate of the loss can be made. The Group may consider many factors in making these assessments on liability for contingencies, including historical and the specific facts and circumstances of each matter.

<u><u>Recently issued accounting pronouncements</u></u>

The Group expects to be an emerging growth company ("EGC") as defined by the Jumpstart Our Business Startups Act ("JOBS Act"). The JOBS Act provides that an EGC can take advantage of extended transition periods for complying with new or revised accounting standards. This allows an EGC to delay adoption of certain accounting standards until those standards would otherwise apply to private companies. The Group elected to take advantage of the extended transition periods. However, this election will not apply should the Group cease to be classified as an EGC.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

*Recently issued accounting pronouncements adopted*

In March 2023, the FASB issued ASU No. 2023-01, "Leases (Topic 842): Common Control Arrangements", which amends certain provisions of ASC 842 that apply to arrangements between related parties under common control. In addition, the ASU amends the accounting for leasehold improvements in common-control arrangements for all entities. ASU 2023-01 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in any annual or interim period as of the beginning of the related fiscal year. The Group has adopted ASU 2023-01 from January 1, 2024. The Group evaluates that the impact of adoption of this ASU is immaterial to combined financial statements.

In November 2023, the FASB issued ASU 2023-07, which is an update to Topic 280, Segment Reporting. The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this update: (1) require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss (collectively referred to as the "significant expense principle"), (2) Require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss, (3) Require that a public entity provide all annual disclosures about a reportable segment's profit or loss and assets currently required by Topic 280 in interim periods, and (4) Clarify that if the CODM uses more than one measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity's combined financial statements. In other words, in addition to the measure that is most consistent with the measurement principles under generally accepted accounting principles (GAAP), a public entity is not precluded from reporting additional measures of a segment's profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources, (5) Require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources, and (6) Require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this Update and all existing segment disclosures in Topic 280. The amendments in this Update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this Update retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Group has adopted ASU 2023-07 for the fiscal year of 2024. The Group evaluates that the impact of adoption of this ASU and has amended disclosure to segment reporting for single reportable segment in the combined financial statements.

*Recently issued accounting pronouncements issued but not yet adopted*

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements — codification amendments in response to SEC's disclosure update and simplification initiative which amend the disclosure or presentation requirements of codification subtopic 230-10 Statement of Cash Flows — Overall, 250-10 Accounting Changes and Error Corrections — Overall, 260-10 Earnings Per Share — Overall, 270-10 Interim Reporting — Overall, 440-10 Commitments — Overall, 470-10 Debt — Overall, 505-10 Equity — Overall, 815-10 Derivatives and Hedging — Overall, 860-30 Transfers and Servicing — Secured Borrowing and Collateral, 932-235 Extractive Activities — Oil and Gas — Notes to Financial Statements, 946-20 Financial Services — Investment Companies — Investment Company Activities, and 974-10 Real Estate — Real Estate Investment Trusts — Overall.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Many of the amendments allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the SEC's requirements. Also, the amendments align the requirements in the Codification with the SEC's regulations. For entities subject to existing SEC disclosure requirements or those that must provide financial statements to the SEC for securities purposes without contractual transfer restrictions, the effective date aligns with the date when the SEC removes the related disclosure from Regulation S-X or Regulation S-K. Early adoption is not allowed. For all other entities, the amendments will be effective two years later from the date of the SEC's removal. Entities shall apply the amendments in this update beginning after effective date on a prospective basis. The Group is in the process of evaluating the effect of the adoption of this ASU.

In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is also permitted, and entities may apply the amendments in this update prospectively or retrospectively to all prior periods presented in the financial statements. The Group is in the process of evaluation the impact of adopting this new guidance on its combined financial statements.

On November 4, 2024, the FASB has released ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures. The purpose of this update is to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling expenses, general and administrative expenses, and research and development expenses). ASU 2024-04 is effective for all public business entities, for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Any entity qualified as public business ("PBEs") entity shall apply ASU 2024-04 prospectively to financial statements issued for current period and all comparative periods. PBEs shall apply the amendments in this update either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. Early adoption is permitted. The Group is in the process of evaluation the impact of adopting this new guidance on its combined financial statements.

Recently issued ASUs by the FASB, except for the ones mentioned above, are not expected to have a significant impact on the Group's combined results of operations or financial position. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the combined financial statements upon adoption. The Group does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its combined financial condition, results of operations, cash flows, or disclosures.

**3. ACCOUNTS RECEIVABLE, NET**

Accounts receivable, net consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2024** | **June 30, <br>2025** | **June 30, <br>2025** |
|  | **MYR** | **MYR** | **USD** |
|  Accounts receivable | 4253895 | 6057241 | 1439322 |
|  Less: Allowance for expected credit losses | (1045954) | (1556495) | (369854) |
|  **Total accounts receivable, net** | **3207941** | **4500746** | **1069468** |

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**3. ACCOUNTS RECEIVABLE, NET** (cont.)

Movements of allowance for expected credit losses are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2024** | **June 30, <br>2025** | **June 30, <br>2025** |
|  | **MYR** | **MYR** | **USD** |
|  Allowance for expected credit losses, beginning balance | 299609 | 1045954 | 221802 |
|  Addition | 742264 | 909041 | 242743 |
|  Recovery of bad debt written-off | 5331 | 6500 | 1545 |
|  Bad debt written-off | (1250) | (405000) | (96236) |
|  Allowance for expected credit losses, ending balance | **1045954** | **1556495** | **369854** |

---

As of the end of each of the financial year, the aging analysis of accounts receivable, net of allowance for expected credit losses accounts, based on the invoice date is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2024** | **June 30, <br>2025** | **June 30, <br>2025** |
|  | **MYR** | **MYR** | **USD** |
|  **Within 6 months** | 2664270 | 4018995 | 954994 |
|  **6 months to 1 year** | 1238215 | 1133425 | 269324 |
|  **1 to 1.5 years** | 296430 | 453626 | 107791 |
|  **1.5 to 2 years** | 8510 | 328665 | 78097 |
|  **Over 2 years** | 46470 | 122530 | 29116 |
|  **Total accounts receivable** | **4253895** | **6057241** | **1439322** |

---

**4. PROPERTY AND EQUIPMENT, NET**

Property and equipment, net consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2024** | **June 30, <br>2025** | **June 30, <br>2025** |
|  | **MYR** | **MYR** | **USD** |
|  **At cost:** |  |  |  |
|  LED panels and related accessories | 4924303 | 6918298 | 1643926 |
|  Motor vehicles | 560632 | 560632 | 133217 |
|  Computer peripherals | 72048 | 83542 | 19851 |
|  Office equipment, furniture | 7300 | 7300 | 1735 |
|  **Total** | **5564283** | **7569772** | **1798729** |
|  Accumulated depreciation | (2825432) | (3664714) | (870809) |
|  **Property and equipment, net** | **2738851** | **3905058** | **927920** |

---

Depreciation expenses for the years ended June 30, 2024, and 2025 amounted to MYR852,316 and MYR 839,282 (USD 199,430) respectively.

No impairment loss had been recognized for the years ended June 30, 2024, and 2025, respectively.

LED panels and related accessories primarily consist of LED display panels and various accessories used in connection with the installation, reinforcement, replacement, and routine maintenance of the Company's LED display systems, including cables, hoists, processors, structural frames, and trusses.

As of June 30, 2024 and 2025, the Group did not own any sound or lighting equipment.

The Group's motor vehicles are primarily used for the transportation of rental equipment.

[**Table of Contents**](#TOC001)

**5. PREPAID EXPENSES AND OTHER CURRENT ASSETS**

Prepaid expenses and other current assets consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2024** | **June 30, <br>2025** | **June 30, <br>2025** |
|  | **MYR** | **MYR** | **USD** |
|  Prepaid expenses | 113718 | 515443 | 122480 |
|  Other receivable | 126400 | 190399  | 45242  |
|  Less: Allowance for expected credit losses | (6320) | (8985) | (2135) |
|  **Total** | **233798**  | **696857**  | **165587**  |

---

Movements of allowance for expected credit losses are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2024** | **June 30, <br>2025** | **June 30, <br>2025** |
|  | **MYR** | **MYR** | **USD** |
|  Allowance for expected credit losses, beginning balance | 1,838 | 6,320  | 1,502  |
|  Addition/(Reversal) | 4,482 | 2,665  | 633 |
|  Allowance for expected credit losses, ending balance | **6,320**  | **8,985**  | **2,135**  |

---

**6. ACCRUED LIABILITIES AND OTHER PAYABLE**

Accrued liabilities and other payables consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, <br>2024** | **June 30, <br>2025** | **June 30, <br>2025** |
|  | **MYR** | **MYR** | **USD** |
|  Accrued payroll and welfare | 337526 | 468449 | 111312 |
|  Accrued expense | 134585 | 46629 | 11080 |
|  Other payables | 111351 | 44316 | 10530 |
|  **Total** | **583462** | **559394** | **132922** |

---

**7. BANK BORROWING**

*<u>*<u>Long-term</u> <u>bank borrowings</u>*</u>*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Annual Interest Rate** | **Maturity** | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **Annual Interest Rate** | **Maturity** | **2024** | **2024** | **2025** | **2025** |
|  | **Annual Interest Rate** | **Maturity** | **Long-term** | **Long-term <br>(current <br>portion)** | **Long-term** | **Long-term <br>(current <br>portion)** |
|  **Long-term borrowings:** |  |  |  |  |  |  |
|  RHB Bank Berhad\* | 7.19% per annum flat according to BLR\*\* | February 24, 2027 | 382686 | 161046 | 283908 | 153318 |
|  Standard Chartered Bank | EIR\*\*\* -12.95% per annum (Current BLR 6.2% per annum, spread fixed rate 6.75% per annum) | March 30, 2027 | 403610 | 231958 | 199665 | 208857 |
|  AmBank (M) Berhad | 10.7% per annum (Current BLR 6.2% per annum, spread fixed rate 4.5% per annum) | April 22, 2027 | 388478 | 198809 | 273279 | 184746 |
|  **Total Long-term borrowings** |  |  | **1174774** | **591813** | **756852** | **546921** |

---

____________

\* The RHB facility was obtained by MSAV and is 80% guaranteed under Malaysia's Working Capital Guarantee Scheme for Bumiputera Companies. Following the completion of the Reorganization on December 10, 2025, MSAV no longer qualifies as a Bumiputera company. As a result, the lender may withdraw the guarantee and/or exercise its rights under the facility agreement, including termination of the facility and demand for immediate repayment.

[**Table of Contents**](#TOC001)

**7. BANK BORROWING** (cont.)

\*\* BLR is the rate from time to time stipulated by the Bank as its Base Lending Rate.

\*\*\* EIR is effective interest rate which consists of the variable BLR and a fixed rate.

As of June 30, 2024, and 2025, the current portion of the long-term borrowings is MYR591,813 and MYR546,921 respectively.

The weighted average interest rate of long-term borrowings was 11.98% and 11.92% for the years ended June 30, 2024, and 2025, respectively.

Contractual Maturities of Debt Obligations:

The aggregate contractual maturities of all borrowings due subsequent to June 30, 2025, are as follows:

---

| | |
|:---|:---|
|  **Maturity dates** | **Amounts** |
|  | **MYR** |
|  Year ending June 30, 2026 | 546921 |
|  Year ending June 30, 2027 | 756852 |
|  **Total** | **1303773** |

---

**8. OPERATING LEASES**

The Group entered into operating leases for use of office and warehouse in Malaysia. The Group's operating lease right-of-use assets and lease liabilities recognized in the combined balances sheets consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **MYR** | **MYR** | **USD** |
|  Operating lease right-of-use assets | 67570 | 49535  | 11770  |
|  Amortization of operating lease right-of-use assets | (56856) | (13382) | (3180) |
|  **Operating lease right-of-use assets, net** | **10714** | **36153** | **8590** |
|  Operating lease liabilities, current | 10714 | 24952 | 5929 |
|  Operating lease liabilities, non-current |  | 11201 | 2662 |
|  **Total operating lease liabilities** | **10714** | **36153** | **8591** |
|  Weighted average remaining lease term | 0.42 | 1.42 | 1.42 |
|  Weighted average discount rate | 10.62% | 10.62% | 10.62% |
|  Operating right-of-use assets obtained in exchange for operating lease liabilities |  | 49535 | 11770 |
|  Cash paid for operating leases | 26400 | 27100 | 6440 |

---

A summary of lease cost recognized in the Group's combined statements of operations and comprehensive income was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **MYR** | **MYR** | **USD** |
|  Operating leases expense excluding short-term lease <br>expense | 23867 | 24096 | 5726 |
|  Short-term lease cost | 178600 | 204000 | 48474 |
|  **Total** | 202467 | 228096 | 54200 |

---

[**Table of Contents**](#TOC001)

**8. OPERATING LEASES** (cont.)

The following is a schedule of future minimum payments under the current existing operating leases as of June 30, 2025:

---

| | |
|:---|:---|
|  **For the years ending June 30,** | **Amount** |
| 2026 | 27600 |
| 2027 | 11500 |
|  **Total lease payments** | 39100 |
|  Imputed interest | 2947 |
|  **Total** | 36153 |

---

**9. TAXATION**

#### Cayman Islands
The Company incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Act (As Revised) of the Cayman Islands and accordingly, are exempted from Cayman Islands income and corporate tax. As such, the Company is not subject to tax on either income or capital gain. In addition, no withholding tax is imposed upon any payments of dividends by subsidiaries to the Company.

#### Malaysia
The Group's subsidiary MSAV is governed by the income tax laws of Malaysia. The income tax provision in respect of operations in Malaysia is calculated at the applicable tax rates on the taxable income for the periods based on existing legislation, interpretations, and practices. Under the Income Tax Act of Malaysia, enterprises incorporated in Malaysia are usually subject to a unified 24% enterprise income tax rate while preferential tax rates, tax holidays, and tax exemptions may be granted on a case-by-case basis. The tax rate for small and medium sized companies (generally companies incorporated in Malaysia with paid-in capital of MYR 2,500,000 or less, and gross income of not more than MYR 50 million) is 15% for the first MYR 150,000 (approximately USD37,500) taxable income, and 17% for taxable income between MYR 150,001 (approximately USD37,500) to MYR 600,000 (approximately USD150,000), with the remaining balance of taxable income being taxed at the 24% rate.

For the years ended June 30, 2024, and 2025, the details of income tax expense are set forth below:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **MYR** | **MYR** | **USD** |
|  Current income tax | 181091  | 1257163  | 298727  |
|  Deferred income tax | 421327  | (8998) | (2138) |
|  **Total income tax expense** | 602418  | 1248165  | 296589  |

---

Reconciliation of the differences between the income tax computed based on the Malaysia unified statutory income tax rate and the Group's actual income tax provision for the years ended June 30, 2024, and 2025, respectively, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended June 30,** | **For the years ended June 30,** | **For the years ended June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **MYR** | **MYR** | **USD** |
|  Income before income tax expense | 2386469  | 4638187 | 1102126  |
|  Income tax expense computed based on Malaysia unified income tax statutory rate | 572753  | 1113165  | 264510  |
|  Non-deductible expenses | 74665 | 180000 | 42772 |
|  Effect of preferential tax rate | (45000) | (45000) | (10693) |
|  **Total income tax expenses** | 602418  | 1248165  | 296589  |

---

[**Table of Contents**](#TOC001)

#### MSAV HOLDINGS LTD<br>NOTES TO COMBINED FINANCIAL STATEMENTS
**9. TAXATION** (cont.)

As of June 30, 2024, and 2025, the significant components of the deferred tax assets and liabilities are summarized below:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **MYR** | **MYR** | **USD** |
|  **Deferred tax assets:** |  |  |  |
|  Allowance for expected credit losses | 252546 | 375715  | 89277  |
|  Lease liabilities | 2571 | 8677 | 2062 |
|  **Total deferred tax assets** | 255117  | 384392  | 91339  |
|  Less: valuation allowance |  |  |  |
|  **Total deferred tax assets, net of valuation allowance** | 255117  | 384392  | 91339  |
|  **Defer tax liabilities:** |  |  |  |
|  Right-of-use assets | 2571 | 8677 | 2062 |
|  Depreciation allowances under tax in excess of the related depreciation under accounting | 135501 | 249672  | 59327  |
|  **Total deferred tax liabilities** | 138072 | 258349  | 61389  |
|  **Total deferred tax assets, net** | 117045 | 126043 | 29950 |

---

*<u>*<u>Uncertain tax positions</u>*</u>*

The Group is required to submit the final corporate income tax returns in Malaysia within seven months after each taxable period ends. As of June 30, 2025, in Malaysia tax jurisdiction, corporate income tax returns for the tax years ended May 31, 2024, are subject to examination by the tax authorities.

Under applicable tax laws and regulations, arrangements and transactions among related parties may be subject to audit or challenge by the tax authorities in different tax jurisdictions. The Group could face material and adverse tax consequences if the tax authorities determine that the contractual arrangements in relation to the Group were not entered into on an arm's length basis in such a way as to result in an impermissible reduction in taxes under applicable tax laws, rules and regulations, and adjust the taxable income of the Group in the form of a transfer pricing adjustment. A transfer pricing adjustment could, among other things, result in a reduction of expense deductions recorded for tax purposes, which could in turn increase its tax liabilities without reducing the tax expenses of subsidiaries subject to more favorable tax rate. In addition, the tax authorities may impose late payment fees and other penalties on the Group for the adjusted but unpaid taxes according to the applicable regulations. The Group evaluates each uncertain tax position based on the technical merits, and measure the unrecognized benefits associated with the tax positions. As of June 30, 2024, and 2025, the Group did not have any unrecognized uncertain tax positions, and the Group does not believe that its unrecognized tax benefits will change over the next twelve months.

**10. RELATED PARTY TRANSACTIONS**

#### Related Parties
The table below sets forth the major related parties and their relationships with the Group:

---

| | | |
|:---|:---|:---|
|  **No.** | **Name of Related Parties** | **Relationship** |
|  1 | Low You Siong | Director of the Company |
|  2 | Mekar Subur Resources Sdn. Bhd. | An entity ultimately controlled by Mr. Low You Siong |
|  3 | Msav (S) Pte. Ltd. | An entity ultimately controlled by Mr. Low You Siong's direct relatives. |

---

[**Table of Contents**](#TOC001)

#### MSAV HOLDINGS LTD<br>NOTES TO COMBINED FINANCIAL STATEMENTS
**10. RELATED PARTY TRANSACTIONS** (cont.)

#### Amounts due from / to related parties
Amounts due from/to related parties consisted of the following for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2025** | **2025** |
|  | **MYR** | **MYR** | **USD** |
|  **Amounts due from related parties, current** |  |  |  |
|  Low You Siong |  | 215938 | 51311 |
|  **Total amounts due from related parties, current** | **—** | **215938** | **51311** |
|  **Amounts due to related parties, current** |  |  |  |
|  Msav (S) Pte. Ltd. | 222036 | 222036 | 52760 |
|  Mekar Subur Resources Sdn. Bhd. | 1403885 |  |  |
|  **Total amounts due to related parties, current** | **1625921** | **222036** | **52760** |

---

The balance due from related parties represents non-trade, interest-free loans to related parties that are unsecured and repayable on demand.

The balance due to related parties represents the operating expenses paid on behalf of the Company, which is unsecured, interest-free and payable on demand.

#### Material related party transactions
Apart from the transactions and balances detailed elsewhere in these accompanying combined financial statements, the Company has no other significant or material related party transactions during the years presented.

**11. ORDINARY SHARES**

Upon completion of reorganization, the Company issued 20,000,000 ordinary shares with a par value of $0.00001 to its shareholders, of which the share and per share information are presented on a retrospective basis to reflect the Reorganization completed on December 10, 2025.

The share subscription receivable represented the receivable for the issuance of ordinary shares of the Company and is reported as a deduction of equity and presented on a retrospective basis before the incorporation of the Company. Subscription receivable has no payment terms nor any interest receivable accrual.

**12. SIGNIFICANT RISKS AND UNCERTAINTIES**

#### Interest rate risk
Fluctuations in market interest rates may negatively affect the Group's financial condition and results of operations. The Group is exposed to interest rate risk arising from cash in bank and bank borrowings. The Group expected no material risks from changes in market interest rates and has not used any derivative financial instruments to manage the interest risk exposure.

#### Foreign exchange risk
The reporting currency of the Group's operations was in MYR and substantially all of the Group's operating activities that were conducted through the subsidiary in Malaysia and related assets and liabilities are denominated in MYR. The Group is mainly exposed to foreign exchange risk in respect of operating activities when purchase of goods and services in geographic areas is using transaction currencies other than MYR.

[**Table of Contents**](#TOC001)

#### MSAV HOLDINGS LTD<br>NOTES TO COMBINED FINANCIAL STATEMENTS
**12. SIGNIFICANT RISKS AND UNCERTAINTIES** (cont.)

#### Concentration of credit risk
Assets that potentially subject the Group to significant concentrations of credit risk primarily consist of cash, accounts receivable, amounts due from related parties and interest-free loan to third parties, deposits within prepaid expenses and other current assets. The maximum exposure of such assets to credit risk is their carrying amounts as of the balance sheet dates. All of the Group's cash are held with financial institutions that Group's management believes to be high credit quality. Based on the Group's historical experiences in collection of prepaid expenses and other current assets and amounts due from related parties, the Group consider the credit risk of these receivables to be relatively low. Management regularly conducts assessment on expected credit losses arising from non-performance by these counterparties.

#### Concentration of customers and suppliers
The following particular customer more than 10% of the Group's total revenues for the years ended June 30, 2024, and 2025.

---

| | |
|:---|:---|
|  | **As of June 30,** |
|  | **2024** |
|  Percentage of the Group's total revenues from |  |
|  Customer A | 10.74% \* |

---

____________

\* Represents percentage less than 10%

The following customer represents more than 10% of the Group's total accounts receivable as of June 30, 2024, and 2025:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2025** |
|  Percentage of the Group's accounts receivable from |  |  |
|  Customer B | 13.88% | 11.76% |

---

____________

\* Represents percentage less than 10%

The following suppliers represent more than 10% of the Group's total purchase for the years ended June 30, 2024, and 2025:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2025** |
|  Percentage of the Group's total purchase to |  |  |
|  Supplier A | \* | 63.29% |
|  Supplier B | 14.02% | \* |
|  Supplier C | 10.75% | \* |

---

____________

\* Represents percentage less than 10%

The following suppliers represent more than 10% of the Group's accounts payable as of June 30, 2024, and 2025:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2024** | **2025** |
|  Percentage of the Group's accounts payable to |  |  |
|  Supplier A | 31.92% | 1.16% |
|  Supplier B | \* | 65.20% |

---

____________

\* Represents percentage less than 10%

[**Table of Contents**](#TOC001)

#### MSAV HOLDINGS LTD<br>NOTES TO COMBINED FINANCIAL STATEMENTS
**13. COMMITMENTS AND CONTINGENCIES**

#### Commitments
As of June 30, 2024, and 2025, the Group had neither significant financial nor capital commitment.

#### Contingencies
In the ordinary course of business, the Group may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Group records contingent liabilities resulting from such claims, when a loss is assessed to be probable and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of June 30, 2025, and through the issuance date of these combined financial statements.

**14. SUBSEQUENT EVENTS**

The Group has evaluated the impact of events that have occurred subsequent to June 30, 2025, through December 22, 2025, the issuance date of the combined financial statements, and concluded that no other subsequent events have occurred that would require recognition in the combined financial statements or disclosure in the notes to the combined financial statements.

[**Table of Contents**](#TOC001)

 **Ordinary Shares**

#### MSAV HOLDINGS LTD
_________________________

#### PROSPECTUS
_________________________

[•]

[•] [•], 2026

![](tprime_logo.jpg)

------

[**Table of Contents**](#TOC001)

#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
Cayman Islands' laws do not prohibit or restrict a company from indemnifying its directors and officers against personal liability for any loss they may incur arising out of the Company's business, except to the extent such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. The indemnity extends only to liability for their own negligence and breach of duty other than breaches of fiduciary duty and not where there is evidence of dishonesty, willful default, or fraud.

Our Amended and Restated Memorandum and Articles of Association provide that, to the extent permitted by law, our Company shall indemnify each existing or former director (including alternate director), secretary and other officer of the Company (including an investment adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of the Company's business or affairs or in the execution or discharge of the existing or former director's (including alternate director's), secretary's or officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning the Company or its affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former director (including alternate director), secretary or officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

To the extent permitted by the Companies Act, our Company may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or officer of the Company in respect of any matter identified in Amended and Restated Articles of Association on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that we are ultimately found not liable to indemnify the director (including alternate director), secretary or that officer for those legal costs.

We intend to enter into indemnification agreements with each of our directors and officers. These agreements will require us to indemnify these individuals to the fullest extent permitted under Cayman Islands law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified, subject to our Company reserving its rights to recover the full amount of such advances in the event that he or she is subsequently found to have been negligent or otherwise have breached his or her trust or fiduciary duties to our Company or to be in default thereof, or where the Cayman Islands courts have declined to grant relief.

The form of underwriting agreement to be filed as Exhibit 1.1 to this registration statement will also provide for indemnification of us and our officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

[**Table of Contents**](#TOC001)

#### ITEM 7. RECENT SALES OF UNREGISTERED SECURITIES
During the past three years, we have issued and sold the following securities without registering such securities under the Securities Act. We believe that each of the following issuances was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions or pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering. No underwriters were involved in these issuances of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon incorporation of the Company on November 4, 2025, one Ordinary Share was allotted and issued as fully paid to Ogier Global Subscriber (Cayman) Limited, the first subscriber. On November 7, 2025, the first subscriber transferred the one issued Ordinary Share to Low You Siong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 27, 2025, MSAVH re-classified and re-designated each issued and unissued Class A Ordinary Shares and Class B Ordinary Shares into Ordinary Shares of US$0.00001 each and all the Ordinary Shares shall rank pari passu with each other, such that the authorized share capital of MSAVH has become US$50,000 divided into 5,000,000,000 Ordinary Shares of US$0.00001 each (the "Share Re-designation") and the one issued Class A Ordinary Share held by Low You Siong was re-designated into one Ordinary Share. As a result of the Share Re-designation, on the same day the Company adopted the Amended and Restated Memorandum and Articles of Association with immediate effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 10, 2025 MSAVH entered into a share swap agreement with (i) You Siong Low, the sole shareholder of MSAV; (ii) MSAV BVI, a wholly-owned subsidiary of MSAVH; (iii) LYS (BVI) LTD, a company wholly-owned by You Siong Low, our Director; and (iv) MSAV. Pursuant to the share swap agreement, MSAV BVI acquired all of the issued and paid-up shares of MSAV and in consideration of this acquisition, MSAVH, as the parent holding company of MSAV BVI, allotted and issued an aggregate of 20,000,000 Ordinary Shares to LYS (BVI) LTD. Following the transaction, MSAV became an indirect wholly-owned subsidiary of MSAVH. One the same day, Low You Siong surrendered one Ordinary Share held by him for no consideration in MSAVH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On December 12, 2025, LYS (BVI) LTD transferred 2,400,000, 1,800,000, 1,600,000, and 1,200,000 Ordinary Shares to E Team (BVI) Limited, CA (BVI) LIMITED, WP (BVI) LIMITED, and other minority shareholders, respectively. Thereafter, MSAVH has become owned as to 13,000,000, 2,400,000, 1,800,000, 1,600,000, and 1,200,000 Ordinary Shares held by LYS (BVI) LTD of which Low You Siong, our Director, is the beneficial owner and sole shareholder, E Team (BVI) Limited, CA (BVI) LIMITED, WP (BVI) LIMITED, and other minority shareholders, representing 65%, 12%, 9%, 8%, and 6% of the issued Ordinary Shares of MSAVH respectively.

#### ITEM 8. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description of document** |
|  1.1\*\* | Form of Underwriting Agreement |
|  2.1\*\* | Form of Share Swap Agreement between the Registrant and the Shareholders of December 10, 2025 |
|  3.1\* | [Amended and Restated Memorandum of Association with effect from November 27, 2025](ea026657304ex3-1.htm) |
|  3.2\* | [Amended and Restated Articles of Association with effect from November 27, 2025](ea026657304ex3-2.htm) |
|  5.1\*\* | Opinion of Ogier regarding the validity of securities being registered |
|  10.1\*\*\* | Form of Directors' Agreement |
|  10.2\*\*\* | Form of Indemnification Agreement |
|  10.3\* | [Warehouse Lease Agreement](ea026657304ex10-3.htm) |
|  10.4\*\*\*+ | Employment Agreement with Tam Elton Lam |
|  10.5\*\*\* | Share Swap Agreement |
|  10.6\* | [Bank facility with AmBank (M) Berhad](ea026657304ex10-6.htm) |
|  10.7\* | [Bank facility with RHB Bank Berhad](ea026657304ex10-7.htm) |
|  10.8\* | [Bank facility with Standard Chartered Bank Malaysia Berhad](ea026657304ex10-8.htm) |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description of document** |
|  14.1\*\*\* | Code of Ethics of the Registrant |
|  21.1\*\*\* | List of Subsidiaries of the Registrant |
|  23.1\* | [Consent of HYYH CPA LLC](ea026657304ex23-1.htm) |
|  23.2\*\* | Consent of Ogier (included in Exhibit 5.1) |
|  23.3\*\* | Consent of Frost & Sullivan |
|  23.4\*\* | Consent of Xiao Feng Yuan |
|  23.5\*\* | Consent of Yau Xin Hui |
|  23.6\*\* | Consent of Ken Ye |
|  24.1\*\* | [Power of Attorney (included on signature pages)](#T9936) |
|  99.1\*\*\* | Audit Committee Charter |
|  99.2\*\*\* | Compensation Committee Charter |
|  99.3\*\*\* | Nomination and Corporate Governance Committee Charter |
|  99.4\*\*\* | Insider Trading Policy |
|  107\*\* | Filing Fee Table |

---

____________

+ Denotes management compensatory agreement.

\* Submitted herewith

\*\* To be submitted by amendment

\*\*\* Previously submitted

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules — None.

#### ITEM 9. UNDERTAKINGS
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the Underwriting Agreements certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes:

1) To file, during any period in which offers, or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" or "Calculation of Registration Fee" table, as applicable, in the effective registration statement; and

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

4) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F (17 CFR § 249.220f) at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act (15 U.S.C. 77j(a)(3)) need not be furnished, *provided* that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

6) That for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

7) That for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

[**Table of Contents**](#TOC001)

#### SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Malaysia, on March [•], 2026

---

| | |
|:---|:---|
|  MSAV HOLDINGS LTD | MSAV HOLDINGS LTD |
|  By: | */s/*  |
|  Name: | Elton Lam Tam |
|  Title: | Principal Executive Officer/Chief Executive Officer and Executive Director |
|  By: | */s/* |
|  Name: | Low You Siong |
|  Title: | Director |

---

We, the undersigned directors and executive officers of MSAV HOLDINGS LTD and its subsidiaries hereby severally constitute and appoint Elton Lam Tam, singly (with full power to act alone), our true and lawful attorney-in-fact and agent with full power of substitution and resubstitution in him for him and in his name, place and stead, and in any and all capacities, to sign this Registration Statement on Form F-1 and any and all amendments (including post-effective amendments) to this Registration Statement (or any other Registration Statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, and him, full power and authority to do and perform each and every act and thing requisite or necessary to be done in and about the premises, as full to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  Date: March [•], 2026 | */s/* |
|  | Elton Lam Tam |
|  | Principal Executive Officer/Chief Executive Officer, Executive Director |
|  Date: March [•], 2026 | */s/*  |
|  | Jordan Yi Chun Tse |
|  | Principal Accounting Officer/Chief Financial Officer |
|  Date: March [•], 2026 | */s/*  |
|  | Low You Siong |
|  | Director |

---

[**Table of Contents**](#TOC001)

#### SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT IN THE UNITED STATES
Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of America has signed this Registration Statement or amendment thereto in Delaware, United States on March [•], 2026.

---

| | |
|:---|:---|
|  Puglisi & Associates | Puglisi & Associates |
|  By: | */s/*  |
|  Name: |  |
|  Title: | Managing Director |

---

## Exhibit 3.1

**Exhibit 3.1**

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated**

**Memorandum of Association**

**of**

**MSAV HOLDINGS LTD**

(Adopted by special resolutions passed on 27 November 2025)

---

| | |
|:---|:---|
| <br>*www.verify.gov.ky File#: 427759* | ![](ea026657304_ex3-1img1.jpg) |

---

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated**

**Memorandum of Association**

**of**

**MSAV HOLDINGS LTD**

(Adopted by special resolutions passed on 27 November 2025)

1 The name of the Company is MSAV HOLDINGS LTD.

2 The Company's registered office shall be situated at the office of Ogier Global (Cayman) Limited, 89 Nexus Way, Camana Bay, Grand Cayman, KY1-9009, Cayman Islands or at such other place in the Cayman Islands as the directors may at any time decide.

3 The Company's objects are unrestricted. As provided by section 7(4) of the Companies Act (Revised), the Company has full power and authority to carry out any object not prohibited by any law of the Cayman Islands.

4 The Company has unrestricted corporate capacity. Without limitation to the foregoing, as provided by section 27 (2) of the Companies Act (Revised), the Company has and is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit.

5 Nothing in any of the preceding paragraphs permits the Company to carry on any of the following businesses without being duly licensed, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business of a bank or trust company without being licensed in that behalf under the Banks and Trust
Companies Act (Revised); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) insurance business from within the Cayman Islands or the business of an insurance manager, agent, sub-agent
or broker without being licensed in that behalf under the Insurance Act (Revised);or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the business of company management without being licensed in that behalf under the Companies Management
Act (Revised).

---

| | |
|:---|:---|
| <br>*www.verify.gov.ky File#: 427759* | ![](ea026657304_ex3-1img1.jpg) |

---

---

| | |
|:---|:---|
| 6 | Unless licensed to do so, the Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of its business carried on outside the Cayman Islands. Despite this, the Company may effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands any of its powers necessary for the carrying on of its business outside the Cayman Islands. |

---

---

| | |
|:---|:---|
| 7 | The Company is a company limited by shares and accordingly the liability of each member is limited to the amount (if any) unpaid on that member's shares. |

---

---

| | |
|:---|:---|
| 8 | The share capital of the Company is US$50,000 divided into 5,000,000,000 Ordinary Shares of US$0.00001 each. Other than as set out in the preceding sentence, there is no limit on the number of shares of any class which the Company is authorised to issue. However, subject to the Companies Act (Revised) and the Company's articles of association, the Company has power to do any one or more of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to redeem or repurchase any of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to increase or reduce its capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to issue any part of its capital (whether original, redeemed, increased or reduced):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with or without any preferential, deferred, qualified or special rights, privileges or conditions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to any limitations or restrictions and unless the condition of issue expressly declares
 otherwise, every issue of shares (whether declared to be ordinary, preference or otherwise) is subject to this power; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to alter any of those rights, privileges, conditions, limitations or restrictions.

9 The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands.

---

| | |
|:---|:---|
| <br>*www.verify.gov.ky File#: 427759* | ![](ea026657304_ex3-1img1.jpg) |

---

## Exhibit 3.2

**Exhibit 3.2**

**Companies Act (Revised)**

**Company Limited By Shares**

**Amended and Restated**

**Articles of Association**

**of**

**MSAV HOLDINGS LTD**

(Adopted by special resolutions passed on 27 November 2025)

---

| | |
|:---|:---|
| <br>*www.verify.gov.ky File#: 427759* | ![](ea026657304_ex3-2img1.jpg) |

---

**CONTENTS**

---

| | | |
|:---|:---|:---|
| **1** | **Definitions, interpretation and exclusion of Table A** | **1** |
| Definitions | Definitions | 1 |
| Interpretation | Interpretation | 4 |
| Exclusion of Table A Articles | Exclusion of Table A Articles | 5 |
| **2** | **Shares** | **5** |
| Power to issue Shares and options, with or without special rights | Power to issue Shares and options, with or without special rights | 5 |
| Power to issue fractions of a Share | Power to issue fractions of a Share | 6 |
| Power to pay commissions and brokerage fees | Power to pay commissions and brokerage fees | 6 |
| Trusts not recognised | Trusts not recognised | 6 |
| Security interests | Security interests | 6 |
| Power to vary class rights | Power to vary class rights | 6 |
| Effect of new Share issue on existing class rights | Effect of new Share issue on existing class rights | 7 |
| No bearer Shares or warrants | No bearer Shares or warrants | 7 |
| Treasury Shares | Treasury Shares | 7 |
| Rights attaching to Treasury Shares and related matters | Rights attaching to Treasury Shares and related matters | 7 |
| Register of Members | Register of Members | 8 |
| Annual Return | Annual Return | 8 |
| **3** | **Share certificates** | **8** |
| Issue of share certificates | Issue of share certificates | 8 |
| Renewal of lost or damaged share certificates | Renewal of lost or damaged share certificates | 9 |
| **4** | **Lien on Shares** | **9** |
| Nature and scope of lien | Nature and scope of lien | 9 |
| Company may sell Shares to satisfy lien | Company may sell Shares to satisfy lien | 10 |
| Authority to execute instrument of transfer | Authority to execute instrument of transfer | 10 |
| Consequences of sale of Shares to satisfy lien | Consequences of sale of Shares to satisfy lien | 10 |
| Application of proceeds of sale | Application of proceeds of sale | 11 |
| **5** | **Calls on Shares and forfeiture** | **11** |
| Power to make calls and effect of calls | Power to make calls and effect of calls | 11 |
| Time when call made | Time when call made | 11 |
| Liability of joint holders | Liability of joint holders | 11 |
| Interest on unpaid calls | Interest on unpaid calls | 12 |
| Deemed calls | Deemed calls | 12 |
| Power to accept early payment | Power to accept early payment | 12 |
| Power to make different arrangements at time of issue of Shares | Power to make different arrangements at time of issue of Shares | 12 |
| Notice of default | Notice of default | 12 |
| Forfeiture or surrender of Shares | Forfeiture or surrender of Shares | 13 |
| Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender | 13 |
| Effect of forfeiture or surrender on former Member | Effect of forfeiture or surrender on former Member | 13 |
| Evidence of forfeiture or surrender | Evidence of forfeiture or surrender | 14 |
| Sale of forfeited or surrendered Shares | Sale of forfeited or surrendered Shares | 14 |
| **6** | **Transfer of Shares** | **14** |
| Form of Transfer | Form of Transfer | 14 |
| Power to refuse registration for Shares not listed on a Designated Stock Exchange | Power to refuse registration for Shares not listed on a Designated Stock Exchange | 14 |
| Suspension of transfers | Suspension of transfers | 15 |
| Company may retain instrument of transfer | Company may retain instrument of transfer | 15 |
| Notice of refusal to register | Notice of refusal to register | 15 |

---

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|:---|:---|
| <br>*www.verify.gov.ky File#: 427759* | ![](ea026657304_ex3-2img1.jpg) |

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| | | |
|:---|:---|:---|
| **7** | **Transmission of Shares** | **15** |
| Persons entitled on death of a Member | Persons entitled on death of a Member | 15 |
| Registration of transfer of a Share following death or bankruptcy | Registration of transfer of a Share following death or bankruptcy | 16 |
| Indemnity | Indemnity | 16 |
| Rights of person entitled to a Share following death or bankruptcy | Rights of person entitled to a Share following death or bankruptcy | 16 |
| **8** | **Alteration of capital** | **16** |
| Increasing, consolidating, converting, dividing and cancelling share capital | Increasing, consolidating, converting, dividing and cancelling share capital | 16 |
| Dealing with fractions resulting from consolidation of Shares | Dealing with fractions resulting from consolidation of Shares | 17 |
| Reducing share capital | Reducing share capital | 17 |
| **9** | **Redemption and purchase of own Shares** | **18** |
| Power to issue redeemable Shares and to purchase own Shares | Power to issue redeemable Shares and to purchase own Shares | 18 |
| Power to pay for redemption or purchase in cash or in specie | Power to pay for redemption or purchase in cash or in specie | 18 |
| Effect of redemption or purchase of a Share | Effect of redemption or purchase of a Share | 18 |
| **10** | **Meetings of Members** | **19** |
| Annual and extraordinary general meetings | Annual and extraordinary general meetings | 19 |
| Power to call meetings | Power to call meetings | 19 |
| Content of notice | Content of notice | 20 |
| Period of notice | Period of notice | 20 |
| Persons entitled to receive notice | Persons entitled to receive notice | 21 |
| Accidental omission to give notice or non-receipt of notice | Accidental omission to give notice or non-receipt of notice | 21 |
| **11** | **Proceedings at meetings of Members** | **21** |
| Quorum | Quorum | 21 |
| Lack of quorum | Lack of quorum | 22 |
| Chairman | Chairman | 22 |
| Right of a Director to attend and speak | Right of a Director to attend and speak | 22 |
| Accommodation of Members at Virtual Meeting | Accommodation of Members at Virtual Meeting | 22 |
| Security | Security | 23 |
| Adjournment, postponement and cancellation | Adjournment, postponement and cancellation | 23 |
| Method of voting | Method of voting | 23 |
| Taking of a poll | Taking of a poll | 23 |
| Chairman's casting vote | Chairman's casting vote | 24 |
| Written resolutions | Written resolutions | 24 |
| Sole-Member Company | Sole-Member Company | 25 |
| **12** | **Voting rights of Members** | **25** |
| Right to vote | Right to vote | 25 |
| Rights of joint holders | Rights of joint holders | 26 |
| Representation of corporate Members | Representation of corporate Members | 26 |
| Member with mental disorder | Member with mental disorder | 26 |
| Objections to admissibility of votes | Objections to admissibility of votes | 27 |
| Form of proxy | Form of proxy | 27 |
| How and when proxy is to be delivered | How and when proxy is to be delivered | 27 |
| Voting by proxy | Voting by proxy | 29 |
| **13** | **Number of Directors** | **29** |
| **14** | **Appointment, disqualification and removal of Directors** | **29** |
| First Directors | First Directors | 29 |
| No age limit | No age limit | 29 |
| Corporate Directors | Corporate Directors | 29 |
| No shareholding qualification | No shareholding qualification | 29 |
| Appointment of Directors | Appointment of Directors | 30 |
| Board's power to appoint Directors | Board's power to appoint Directors | 30 |
| Removal of Directors | Removal of Directors | 30 |
| Resignation of Directors | Resignation of Directors | 30 |
| Termination of the office of Director | Termination of the office of Director | 30 |

---

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| | |
|:---|:---|
| <br>*www.verify.gov.ky File#: 427759* | ![](ea026657304_ex3-2img1.jpg) |

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| | | |
|:---|:---|:---|
| **15** | **Alternate Directors** | **31** |
| Appointment and removal | Appointment and removal | 31 |
| Notices | Notices | 32 |
| Rights of alternate Director | Rights of alternate Director | 32 |
| Appointment ceases when the appointor ceases to be a Director | Appointment ceases when the appointor ceases to be a Director | 32 |
| Status of alternate Director | Status of alternate Director | 32 |
| Status of the Director making the appointment | Status of the Director making the appointment | 33 |
| **16** | **Powers of Directors** | **33** |
| Powers of Directors | Powers of Directors | 33 |
| Directors below the minimum number | Directors below the minimum number | 33 |
| Appointments to office | Appointments to office | 33 |
| Provisions for employees | Provisions for employees | 34 |
| Exercise of voting rights | Exercise of voting rights | 34 |
| Remuneration | Remuneration | 34 |
| Disclosure of information | Disclosure of information | 35 |
| **17** | **Delegation of powers** | **35** |
| Power to delegate any of the Directors' powers to a committee | Power to delegate any of the Directors' powers to a committee | 35 |
| Local boards | Local boards | 36 |
| Power to appoint an agent of the Company | Power to appoint an agent of the Company | 36 |
| Power to appoint an attorney or authorised signatory of the Company | Power to appoint an attorney or authorised signatory of the Company | 36 |
| Borrowing Powers | Borrowing Powers | 37 |
| Corporate Governance | Corporate Governance | 37 |
| **18** | **Meetings of Directors** | **37** |
| Regulation of Directors' meetings | Regulation of Directors' meetings | 37 |
| Calling meetings | Calling meetings | 37 |
| Notice of meetings | Notice of meetings | 38 |
| Use of technology | Use of technology | 38 |
| Quorum | Quorum | 38 |
| Chairman or deputy to preside | Chairman or deputy to preside | 38 |
| Voting | Voting | 38 |
| Recording of dissent | Recording of dissent | 38 |
| Written resolutions | Written resolutions | 39 |
| Validity of acts of Directors in spite of formal defect | Validity of acts of Directors in spite of formal defect | 39 |
| **19** | **Permissible Directors' interests and disclosure** | **39** |
| **20** | **Minutes** | **40** |
| **21** | **Accounts and audit** | **40** |
| Auditors | Auditors | 40 |
| **22** | **Record dates** | **41** |
| **23** | **Dividends** | **41** |
| Source of dividends | Source of dividends | 41 |
| Declaration of dividends by Members | Declaration of dividends by Members | 41 |
| Payment of interim dividends and declaration of final dividends by Directors | Payment of interim dividends and declaration of final dividends by Directors | 41 |
| Apportionment of dividends | Apportionment of dividends | 42 |
| Right of set off | Right of set off | 42 |
| Power to pay other than in cash | Power to pay other than in cash | 42 |
| How payments may be made | How payments may be made | 43 |
| Dividends or other monies not to bear interest in absence of special rights | Dividends or other monies not to bear interest in absence of special rights | 43 |
| Dividends unable to be paid or unclaimed | Dividends unable to be paid or unclaimed | 43 |

---

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|:---|:---|
| <br>*www.verify.gov.ky File#: 427759* | ![](ea026657304_ex3-2img1.jpg) |

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| | | |
|:---|:---|:---|
| **24** | **Capitalisation of profits** | **44** |
| Capitalisation of profits or of any share premium account or capital redemption reserve; | Capitalisation of profits or of any share premium account or capital redemption reserve; | 44 |
| Applying an amount for the benefit of Members | Applying an amount for the benefit of Members | 44 |
| **25** | **Share Premium Account** | **44** |
| Directors to maintain share premium account | Directors to maintain share premium account | 44 |
| Debits to share premium account | Debits to share premium account | 45 |
| **26** | **Seal** | **45** |
| Company seal | Company seal | 45 |
| Duplicate seal | Duplicate seal | 45 |
| When and how seal is to be used | When and how seal is to be used | 45 |
| If no seal is adopted or used | If no seal is adopted or used | 45 |
| Power to allow non-manual signatures and facsimile printing of seal | Power to allow non-manual signatures and facsimile printing of seal | 46 |
| Validity of execution | Validity of execution | 46 |
| **27** | **Indemnity** | **46** |
| Release | Release | 47 |
| Insurance | Insurance | 47 |
| **28** | **Notices** | **47** |
| Form of notices | Form of notices | 47 |
| Electronic communications | Electronic communications | 47 |
| Persons entitled to notices | Persons entitled to notices | 48 |
| Persons authorised to give notices | Persons authorised to give notices | 49 |
| Delivery of written notices | Delivery of written notices | 49 |
| Joint holders | Joint holders | 49 |
| Signatures | Signatures | 49 |
| Giving notice to a deceased or bankrupt Member | Giving notice to a deceased or bankrupt Member | 49 |
| Date of giving notices | Date of giving notices | 50 |
| Saving provision | Saving provision | 50 |
| **29** | **Authentication of Electronic Records** | **50** |
| Application of Articles | Application of Articles | 50 |
| Authentication of documents sent by Members by Electronic means | Authentication of documents sent by Members by Electronic means | 50 |
| Authentication of document sent by the Secretary or Officers of the Company by Electronic means | Authentication of document sent by the Secretary or Officers of the Company by Electronic means | 51 |
| Manner of signing | Manner of signing | 51 |
| Saving provision | Saving provision | 52 |
| **30** | **Transfer by way of continuation** | **52** |
| **31** | **Winding up** | **52** |
| Distribution of assets in specie | Distribution of assets in specie | 52 |
| No obligation to accept liability | No obligation to accept liability | 53 |
| **32** | **Amendment of Memorandum and Articles** | **53** |
| Power to change name or amend Memorandum | Power to change name or amend Memorandum | 53 |
| Power to amend these Articles | Power to amend these Articles | 53 |

---

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| | |
|:---|:---|
| <br>*www.verify.gov.ky File#: 427759* | ![](ea026657304_ex3-2img1.jpg) |

---

**Companies Act (Revised)**

**Company Limited by Shares**

**Amended and Restated**

**Articles of Association**

**of**

**MSAV HOLDINGS LTD**

(Adopted by special resolutions passed on 27 November 2025)

1 Definitions, interpretation and exclusion of Table A

**Definitions**

1.1 In these Articles, the following definitions apply:

**Act** means the Companies Act (Revised) of the Cayman Islands, including any statutory modification or re-enactment thereof for the time being in force;

**Articles** means, as appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) these articles of association as amended from time to time:
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more particular
articles of these Articles;

and **Article** refers to a particular article of these Articles;

**Auditors** means the auditor or auditors for the time being of the Company;

**Board** means the board of Directors from time to time;

**Business Day** means a day when banks in Grand Cayman, the Cayman Islands are open for the transaction of normal banking business and for the avoidance of doubt, shall not include a Saturday, Sunday or public holiday in the Cayman Islands;

**Cayman Islands** means the British Overseas Territory of the Cayman Islands;

**Clear Days**, in relation to a period of notice, means that period of calendar days excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the calendar day when the notice is given or deemed to be given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the calendar day for which it is given or on which it is to take effect;

**Commission** means Securities and Exchange Commission of the United States of America or other federal agency for the time being administering the U.S. Securities Act;

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**Company** means the above-named company;

**Default Rate** means ten per cent per annum;

**Designated Stock Exchanges** means The Nasdaq Capital Market in the United States of America for so long as the Company's Shares are there listed and any other stock exchange on which the Company's Shares are listed for trading;

**Designated Stock Exchange Rules** means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchanges;

**Directors** means the directors for the time being of the Company and the expression Director shall be construed accordingly;

**Electronic** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Communication Facilities** means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video- communications, internet or online conferencing application or telecommunications facilities by means of which all persons participating in a meeting are capable of hearing and being heard by each other;

**Electronic Record** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Electronic Signature** has the meaning given to that term in the Electronic Transactions Act (Revised) of the Cayman Islands;

**Fully Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, means that the par value for that Share and any premium payable
in respect of the issue of that Share, has been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has been fully
paid or credited as paid in money or money's worth;

**general meeting** means a general meeting of the Company duly constituted in accordance with the Articles;

**Independent Director** means a Director who is an independent director as defined in the Designated Stock Exchange Rules as determined by the Board;

**Member** means any person or persons entered on the register of Members from time to time as the holder of a Share;

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**Memorandum** means the memorandum of association of the Company as amended from time to time;

**month** means a calendar month;

**Officer** means a person appointed to hold an office in the Company including a Director, alternate Director or liquidator and excluding the Secretary;

**Ordinary Resolution** means a resolution of a general meeting passed by a simple majority of the votes by Members who (being entitled to do so) vote in person or by proxy or, in the case of corporations, by their duly authorised representatives, at that meeting. The expression includes a written resolution signed by the requisite majority in accordance with Article 11.14;

**Ordinary Share** means an ordinary share in the capital of the Company; having the rights set out in these Articles;

**Partly Paid Up** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to a Share with par value, that the par value for that Share and any premium payable in respect
of the issue of that Share, has not been fully paid or credited as paid in money or money's worth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a Share without par value, means that the agreed issue price for that Share has not been
fully paid or credited as paid in money or money's worth;

**Secretary** means a person appointed to perform the duties of the secretary of the Company, including a joint, assistant or deputy secretary;

**Share** means a share in the share capital of the Company and the expression:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) includes stock (except where a distinction between shares and stock is expressed or implied); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the context permits, also includes a fraction of a Share;

**Special Resolution** means a resolution of a general meeting or a resolution of a meeting of the holders of any class of Shares in a class meeting duly constituted in accordance with the Articles in each case passed by a majority of not less than two-thirds of the votes by Members who (being entitled to do so) vote in person or by proxy at that meeting. The expression includes a unanimous written resolution signed by all of the Members entitled to vote at such meeting;

**Treasury Shares** means Shares held in treasury pursuant to the Act and Article 2.14;

**U.S. Securities Act** means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; and

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**Virtual Meeting** means any general meeting of the Members at which the Members (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Electronic Communication Facilities.

**Interpretation**

1.2 In the interpretation of these Articles, the following provisions
apply unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A reference in these Articles to a statute is a reference to a statute of the Cayman Islands as known
by its short title, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any statutory modification, amendment or re-enactment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subordinate legislation or regulations issued under that statute.

Without limitation to the preceding sentence, a reference to a revised Act of the Cayman Islands is taken to be a reference to the revision of that Act in force from time to time as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Headings are inserted for convenience only and do not affect the interpretation of these Articles, unless
there is ambiguity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a day on which any act, matter or thing is to be done under these Articles is not a Business Day, the
act, matter or thing must be done on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A word which denotes the singular also denotes the plural, a word which denotes the plural also denotes
the singular, and a reference to any gender also denotes the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A reference to a **person** includes,
as appropriate, a company, trust, partnership, joint venture, association, body corporate or government agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where a word or phrase is given a defined meaning another part of speech or grammatical form in respect
to that word or phrase has a corresponding meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All references to time are to be calculated by reference to time in the place where the Company's
registered office is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words **written** and **in writing** include all modes of representing or reproducing words in a visible form, but do not include an Electronic Record where
the distinction between a document in writing and an Electronic Record is expressed or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The words **including**, **include** and **in particular** or any similar expression are to be
construed without limitation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The term "**present**" means,
in respect of any person attending a meeting, such person's presence at a general meeting of Members (or any meeting of the holders
of any class of Shares), which may be satisfied by means of such person or, if a corporation or other non-natural person, its duly authorized
representative (or, in the case of any Member, a proxy which has been validly appointed by such Member in accordance with these Articles),
being: (a) physically present at the meeting; or (b) in the case of any meeting at which Electronic Communication Facilities are permitted
in accordance with these Articles, including any Virtual Meeting, connected by means of the use of such Electronic Communication Facilities.

1.3 The headings in these Articles are intended for convenience only and shall not affect the interpretation
of these Articles.

**Exclusion of Table A Articles**

1.4 The regulations contained in Table A in the First Schedule of the Act and any other regulations contained
in any statute or subordinate legislation are expressly excluded and do not apply to the Company.

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**Power to issue Shares and options, with or without special rights**

2.1 Subject to the provisions of the Act and these Articles about the redemption and purchase of the Shares,
the Directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over
or otherwise deal with any unissued Shares to such persons, at such times and on such terms and conditions as they may decide. No Share
may be issued at a discount except in accordance with the provisions of the Act.

2.2 Without limitation to the preceding Article, the Directors may so deal with the unissued Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either at a premium or at par; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend,
voting, return of capital or otherwise.

2.3 Without limitation to the two preceding Articles,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company may issue rights, options, warrants or convertible securities or securities of similar nature
conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the Company
at such times and on such terms and conditions as the Directors may decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Directors may refuse to accept any application for Shares, and may accept any application in whole
or in part, for any reason or for no reason.

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**Power to issue fractions of a Share**

2.4 Subject to the Act, the Company may issue fractions of a Share of any class. A fraction of a Share shall
be subject to and carry the corresponding fraction of liabilities (whether with respect to calls or otherwise), limitations, preferences,
privileges, qualifications, restrictions, rights and other attributes of a Share of that class of Shares.

**Power to pay commissions and brokerage fees**

2.5 The Company may pay a commission to any person in consideration of that person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subscribing or agreeing to subscribe, whether absolutely
or conditionally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procuring or agreeing to procure subscriptions, whether absolute or conditional,

for any Shares. That commission may be satisfied by the payment of cash or the allotment of Fully Paid Up or Partly Paid Up Shares or partly in one way and partly in another.

2.6 The Company may employ a broker in the issue of its capital
and pay him any proper commission or brokerage.

**Trusts not recognised**

2.7 Except as required by Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no person shall be recognised by the Company as holding any Share on any trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no person other than the Member shall be recognised by the Company as having any right in a Share.

**Security interests**

2.8 Notwithstanding the preceding Article, the Company may (but shall not be obliged to) recognise a security
interest of which it has actual notice over shares. The Company shall not be treated as having recognised any such security interest unless
it has so agreed in writing with the secured party.

**Power to vary class rights**

2.9 If the share capital is divided into different classes of Shares then, unless the terms on which a class
of Shares was issued state otherwise, the rights attaching to a class of Shares may only be varied if one of the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members holding not less than two-thirds of the issued Shares of that class consent in writing to the variation; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the variation is made with the sanction of a Special Resolution passed at a separate general meeting of
the Members holding the issued Shares of that class.

2.10 For the purpose of Article 2.9(b), all the provisions of these Articles relating to general meetings apply,
mutatis mutandis, to every such separate meeting except that the necessary quorum shall be one or more persons holding, or representing
by proxy, not less than one third of the issued Shares of the class.

2.11 For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of
Shares as forming one class of Shares if the Directors consider that such classes of Shares would be affected in the same way by the proposals
under consideration, but in any other case shall treat them as separate classes of Shares.

**Effect of new Share issue on existing class rights**

2.12 Unless the terms on which a class of Shares was issued state otherwise, the rights conferred on the Member
holding Shares of any class shall not be deemed to be varied by the creation or issue of further Shares ranking *pari passu* with the existing Shares of that class.

**No bearer Shares or warrants**

2.13 The Company shall not issue Shares or warrants to bearers.

**Treasury Shares**

2.14 Shares that the Company purchases, redeems or acquires by way of surrender in accordance with the Act
shall be held as Treasury Shares and not treated as cancelled if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so determine prior to the purchase, redemption or surrender of those shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the relevant provisions of the Memorandum and Articles and the Act are otherwise complied with.

**Rights attaching to Treasury Shares and related matters**

2.15 No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's
assets (including any distribution of assets to Members on a winding up) may be made to the Company in respect of a Treasury Share.

2.16 The Company shall be entered in the register of Members as the holder of the Treasury Shares. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall not be treated as a Member for any purpose and shall not exercise any right in respect
of the Treasury Shares, and any purported exercise of such a right shall be void; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not
be counted in determining the total number of issued shares at any given time, whether for the purposes of these Articles or the Act.

2.17 Nothing in Article 2.16 prevents an allotment of Shares as Fully Paid Up bonus shares in respect of a
Treasury Share and Shares allotted as Fully Paid Up bonus shares in respect of a Treasury Share shall be treated as Treasury Shares.

2.18 Treasury Shares may be disposed of by the Company in accordance with the Act and otherwise on such terms
and conditions as the Directors determine.

**Register of Members**

2.19 The Directors shall keep or cause to be kept a register of Members as required by the Act and may cause
the Company to maintain one or more branch registers as contemplated by the Act, provided that where the Company is maintaining one or
more branch registers, the Directors shall ensure that a duplicate of each branch register is kept with the Company's principal register
of Members and updated within such number of days of any amendment having been made to such branch register as may be required by the
Act.

2.20 The title to Shares listed on a Designated Stock Exchange may be evidenced and transferred in accordance
with the laws applicable to the rules and regulations of the Designated Stock Exchange and, for these purposes, the register of Members
may be maintained in accordance with section 40B of the Act.

**Annual Return**

2.21 The Directors in each calendar year shall prepare or cause to be prepared an annual return and declaration
setting forth the particulars required by the Act and shall deliver a copy thereof to the registrar of companies for the Cayman Islands.

3 Share certificates

**Issue of share certificates**

3.1 A Member shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. If the Directors
resolve that share certificates shall be issued, upon being entered in the register of Members as the holder of a Share, the Directors
may issue to any Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without payment, one certificate for all the Shares of each class held by that Member (and, upon transferring
a part of the Member's holding of Shares of any class, to a certificate for the balance of that holding); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon payment of such reasonable sum as the Directors may determine for every certificate after the first,
several certificates each for one or more of that Member's Shares.

3.2 Every certificate shall specify the number, class and distinguishing
numbers (if any) of the Shares to which it relates and whether they are Fully Paid Up or Partly Paid Up. A certificate may be executed
under seal or executed in such other manner as the Directors determine.

3.3 Every certificate shall bear legends required under the applicable
laws, including the U.S. Securities Act (to the extent applicable).

3.4 The Company shall not be bound to issue more than one certificate
for Shares held jointly by several persons and delivery of a certificate for a Share to one joint holder shall be a sufficient delivery
to all of them.

**Renewal of lost or damaged share certificates**

3.5 If a share certificate is defaced, worn-out, lost or destroyed,
it may be renewed on such terms (if any) as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of the expenses reasonably incurred by the Company
in investigating the evidence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) payment of a reasonable fee, if any for issuing a replacement
share certificate, as the Directors may determine, and (in the case of defacement
or wearing-out) on delivery to the Company of the old certificate.

4 Lien on Shares Nature and scope of lien

4.1 The Company has a first and paramount lien on all Shares
(whether Fully Paid Up or not) registered in the name of a Member (whether solely or jointly with others). The lien is for all monies
payable to the Company by the Member or the Member's estate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either alone or jointly with any other person, whether or not that other person is a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether or not those monies are presently payable.

4.2 At any time the Board may declare any Share to be wholly
or partly exempt from the provisions of this Article.

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**Company may sell Shares to satisfy lien**

4.3 The Company may sell any Shares over which it has a lien
if all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sum in respect of which the lien exists is presently payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company gives notice to the Member holding the Share (or to the person entitled to it in consequence
of the death or bankruptcy of that Member) demanding payment and stating that if the notice is not complied with the Shares may be sold;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that sum is not paid within fourteen Clear Days after that notice is deemed to be given under these
 Articles, and Shares to which this Article 4.3 applies shall be referred
to as Lien Default Shares.

4.4 The Lien Default Shares may be sold in such manner as the
Board determines.

4.5 To the maximum extent permitted by law, the Directors shall
incur no personal liability to the Member concerned in respect of the sale.

**Authority to execute instrument of transfer**

4.6 To give effect to a sale, the Directors may authorise any
person to execute an instrument of transfer of the Lien Default Shares sold to, or in accordance with the directions of, the purchaser.

4.7 The title of the transferee of the Lien Default Shares shall
not be affected by any irregularity or invalidity in the proceedings in respect of the sale.

**Consequences of sale of Shares to satisfy lien**

4.8 On a sale pursuant to the preceding Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of Members as the holder of those
Lien Default Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall deliver to the Company for cancellation the certificate (if any) for those Lien Default
Shares.

4.9 Notwithstanding the provisions of Article 4.8, such person
shall remain liable to the Company for all monies which, at the date of sale, were presently payable by him to the Company in respect
of those Lien Default Shares. That person shall also be liable to pay interest on those monies from the date of sale until payment at
the rate at which interest was payable before that sale or, failing that, at the Default Rate. The Board may waive payment wholly or
in part or enforce payment without any allowance for the value of the Lien Default Shares at the time of sale or for any consideration
received on their disposal.

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**Application of proceeds of sale**

4.10 The net proceeds of the sale, after payment of the costs,
shall be applied in payment of so much of the sum for which the lien exists as is presently payable. Any residue shall be paid to the
person whose Lien Default Shares have been sold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no certificate for the Lien Default Shares was issued, at the date of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a certificate for the Lien Default Shares was issued, upon surrender to the Company of that certificate for cancellation but, in either case, subject to the Company retaining a
like lien for all sums not presently payable as existed on the Lien Default Shares before the sale.

5 Calls on Shares and forfeiture

**Power to make calls and effect of calls**

5.1 Subject to the terms of allotment, the Board may make calls
on the Members in respect of any monies unpaid on their Shares including any premium. The call may provide for payment to be by instalments.
Subject to receiving at least 14 Clear Days' notice specifying when and where payment is to be made, each Member shall pay to the Company
the amount called on his Shares as required by the notice.

5.2 Before receipt by the Company of any sum due under a call,
that call may be revoked in whole or in part and payment of a call may be postponed in whole or in part. Where a call is to be paid in
instalments, the Company may revoke the call in respect of all or any remaining instalments in whole or in part and may postpone payment
of all or any of the remaining instalments in whole or in part.

5.3 A Member on whom a call is made shall remain liable for that
call notwithstanding the subsequent transfer of the Shares in respect of which the call was made. He shall not be liable for calls made
after he is no longer registered as Member in respect of those Shares.

**Time when call made**

5.4 A call shall be deemed to have been made at the time when
the resolution of the Directors authorising the call was passed.

**Liability of joint holders**

5.5 Members registered as the joint holders of a Share shall
be jointly and severally liable to pay all calls in respect of the Share.

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**Interest on unpaid calls**

5.6 If a call remains unpaid after it has become due and payable
the person from whom it is due and payable shall pay interest on the amount unpaid from the day it became due and payable until it is
paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the rate fixed by the terms of allotment of the Share or in the notice of the call; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no rate is fixed, at the Default Rate.

The Directors may waive payment of the interest wholly or in part.

**Deemed calls**

5.7 Any amount payable in respect of a Share, whether on allotment or on a fixed date or otherwise, shall
be deemed to be payable as a call. If the amount is not paid when due the provisions of these Articles shall apply as if the amount had
become due and payable by virtue of a call.

**Power to accept early payment**

5.8 The Company may accept from a Member the whole or a part
of the amount remaining unpaid on Shares held by him although no part of that amount has been called up.

**Power to make different arrangements at time of issue of Shares**

5.9 Subject to the terms of allotment, the Directors may make
arrangements on the issue of Shares to distinguish between Members in the amounts and times of payment of calls on their Shares.

**Notice of default**

5.10 If a call remains unpaid after it has become due and payable
the Directors may give to the person from whom it is due not less than 14 Clear Days' notice requiring payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any interest which may have accrued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any expenses which have been incurred by the Company due to that person's default.

5.11 The notice shall state the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place where payment is to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a warning that if the notice is not complied with the Shares in respect of which the call is made will be liable to be forfeited.

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**Forfeiture or surrender of Shares**

5.12 If the notice given pursuant to Article 5.10 is not complied
with, the Directors may, before the payment required by the notice has been received, resolve that any Share the subject of that notice
be forfeited. The forfeiture shall include all dividends or other monies payable in respect of the forfeited Share and not paid before
the forfeiture. Despite the foregoing, the Board may determine that any Share the subject of that notice be accepted by the Company as
surrendered by the Member holding that Share in lieu of forfeiture.

**Disposal of forfeited or surrendered Share and power to cancel forfeiture or surrender**

5.13 A forfeited or surrendered Share may be sold, re-allotted
or otherwise disposed of on such terms and in such manner as the Board determine either to the former Member who held that Share or to
any other person. The forfeiture or surrender may be cancelled on such terms as the Directors think fit at any time before a sale, re-allotment
or other disposition. Where, for the purposes of its disposal, a forfeited or surrendered Share is to be transferred to any person, the
Directors may authorise some person to execute an instrument of transfer of the Share to the transferee.

**Effect of forfeiture or surrender on former Member**

5.14 On forfeiture or surrender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name of the Member concerned shall be removed from the register of Members as the holder of those
Shares and that person shall cease to be a Member in respect of those Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that person shall surrender to the Company for cancellation the certificate (if any) for the forfeited
or surrendered Shares.

5.15 Despite the forfeiture or surrender of his Shares, that person
shall remain liable to the Company for all monies which at the date of forfeiture or surrender were presently payable by him to the Company
in respect of those Shares together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest from the date of forfeiture or surrender until payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the rate of which interest was payable on those monies before forfeiture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no interest was so payable, at the Default Rate.

The Directors, however, may waive payment wholly or in part.

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**Evidence of forfeiture or surrender**

5.16 A declaration, whether statutory or under oath, made by a
Director or the Secretary shall be conclusive evidence of the following matters stated in it as against all persons claiming to be entitled
to forfeited Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the person making the declaration is a Director or Secretary of the Company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the particular Shares have been forfeited or surrendered on a particular date.

Subject to the execution of an instrument of transfer, if necessary, the declaration shall constitute good title to the Shares.

**Sale of forfeited or surrendered Shares**

5.17 Any person to whom the forfeited or surrendered Shares are
disposed of shall not be bound to see to the application of the consideration, if any, of those Shares nor shall his title to the Shares
be affected by any irregularity in, or invalidity of the proceedings in respect of, the forfeiture, surrender or disposal of those Shares.

6 Transfer of Shares

**Form of Transfer**

6.1 Subject to the following Articles about the transfer of Shares,
and provided that such transfer complies with applicable rules of the Designated Stock Exchange, a Member may freely transfer Shares
to another person by completing an instrument of transfer in a common form or in a form prescribed by the Designated Stock Exchange (if
such Shares are listed on the Designated Stock Exchange) or in any other form approved by the Directors, executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Shares are Fully Paid, by or on behalf of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Shares are partly paid, by or on behalf of that Member and the transferee.

6.2 The transferor shall be deemed to remain the holder of a
Share until the name of the transferee is entered into the register of Members.

**Power to refuse registration for Shares not listed on a Designated Stock Exchange**

6.3 Where the Shares in question are not listed on or subject
to the rules of any Designated Stock Exchange, the Directors may in their absolute discretion decline to register any transfer of such
Shares which are not Fully Paid Up or on which the Company has a lien. The Directors may also, but are not required to, decline to register
any transfer of any such Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the instrument of transfer is lodged with the Company, accompanied by the certificate (if any) for the
Shares to which it relates and such other evidence as the Board may reasonably require to show the right of the transferor to make the
transfer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the instrument of transfer is in respect of only one class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of a transfer to joint holders, the number of joint holders to whom the Share is to be transferred
does not exceed four;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Shares transferred are Fully Paid Up and free of any lien in favour of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any applicable fee of such maximum sum as the Designated Stock Exchanges may determine to be payable,
or such lesser sum as the Board may from time to time require, related to the transfer is paid to the Company.

**Suspension of transfers**

6.4 The registration of transfers may, on 14 Clear Days'
notice being given by advertisement in such one or more newspapers or by electronic means, be suspended and the register of Members closed
at such times and for such periods as the Directors may, in their absolute discretion, from time to time determine, provided always that
such registration of transfer shall not be suspended nor the register of Members closed for more than 30 Clear Days in any year.

**Company may retain instrument of transfer**

6.5 All instruments of transfer that are registered shall be
retained by the Company.

**Notice of refusal to register**

6.6 If the Directors refuse to register a transfer of any Shares
not listed on a Designated Stock Exchange, they shall within one month after the date on which the instrument of transfer was lodged
with the Company send to each of the transferor and the transferee notice of the refusal.

7 Transmission of Shares

**Persons entitled on death of a Member**

7.1 If a Member dies, the only persons recognised by the Company
as having any title to the deceased Members' interest are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the deceased Member was a joint holder, the survivor or survivors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the deceased Member was a sole holder, that Member's personal representative or representatives.

7.2 Nothing in these Articles shall release the deceased Member's
estate from any liability in respect of any Share, whether the deceased was a sole holder or a joint holder.

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**Registration of transfer of a Share following death or bankruptcy**

7.3 A person becoming entitled to a Share in consequence of the
death or bankruptcy of a Member may elect to do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to become the holder of the Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to transfer the Share to another person.

7.4 That person must produce such evidence of his entitlement
as the Directors may properly require.

7.5 If the person elects to become the holder of the Share, he
must give notice to the Company to that effect. For the purposes of these Articles, that notice shall be treated as though it were an
executed instrument of transfer.

7.6 If the person elects to transfer the Share to another person
then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Share is Fully Paid Up, the transferor must execute an instrument of transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Share is nil or Partly Paid Up, the transferor and the transferee must execute an instrument of transfer.

7.7 All the Articles relating to the transfer of Shares shall
apply to the notice or, as appropriate, the instrument of transfer.

**Indemnity**

7.8 A person registered as a Member by reason of the death or
bankruptcy of another Member shall indemnify the Company and the Directors against any loss or damage suffered by the Company or the
Directors as a result of that registration.

**Rights of person entitled to a Share following death or bankruptcy**

7.9 A person becoming entitled to a Share by reason of the death
or bankruptcy of a Member shall have the rights to which he would be entitled if he were registered as the holder of the Share. But,
until he is registered as Member in respect of the Share, he shall not be entitled to attend or vote at any meeting of the Company or
at any separate meeting of the holders of that class of Shares.

8 Alteration of capital

**Increasing, consolidating, converting, dividing and cancelling share capital**

8.1 To the fullest extent permitted by the Act, the Company may
by Ordinary Resolution do any of the following and amend its Memorandum for that purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of the amount fixed by that Ordinary Resolution and with the
attached rights, priorities and privileges set out in that Ordinary Resolution;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its Paid Up Shares into stock, and reconvert that stock into Paid Up Shares of any
denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sub-divide its Shares or any of them into Shares of an amount smaller than that fixed by the Memorandum,
so, however, that in the sub-division, the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall
be the same as it was in case of the Share from which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel Shares which, at the date of the passing of that Ordinary Resolution, have not been taken or agreed
to be taken by any person, and diminish the amount of its share capital by the amount of the Shares so cancelled or, in the case of Shares
without nominal par value, diminish the number of Shares into which its capital is divided.

**Dealing with fractions resulting from consolidation of Shares**

8.2 Whenever, as a result of a consolidation of Shares, any Members
would become entitled to fractions of a Share the Directors may on behalf of those Members deal with the fractions as it thinks fit,
including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either round up or down the fraction to the nearest whole number, such rounding to be determined by the
Directors acting in their sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell the Shares representing the fractions for the best price reasonably obtainable to any person (including,
subject to the provisions of the Act, the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) distribute the net proceeds in due proportion among those Members.

8.3 For the purposes of Article 8.2, the Directors may authorise
some person to execute an instrument of transfer of the Shares to, in accordance with the directions of, the purchaser. The transferee
shall not be bound to see to the application of the purchase money nor shall the transferee's title to the Shares be affected by
any irregularity in, or invalidity of, the proceedings in respect of the sale.

**Reducing share capital**

8.4 Subject to the Act and to any rights for the time being conferred
on the Members holding a particular class of Shares, the Company may, by Special Resolution, reduce its share capital in any way.

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9 Redemption and purchase of own Shares

**Power to issue redeemable Shares and to purchase own Shares**

9.1 Subject to the Act and to any rights for the time being conferred
on the Members holding a particular class of Shares, the Company may by its Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or liable to be redeemed, at the option of the Company or the Member
holding those redeemable Shares, on the terms and in the manner its Directors determine before the issue of those Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the consent by Special Resolution of the Members holding Shares of a particular class, vary the rights
attaching to that class of Shares so as to provide that those Shares are to be redeemed or are liable to be redeemed at the option of
the Company on the terms and in the manner which the Directors determine at the time of such variation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase all or any of its own Shares of any class including any redeemable Shares on the terms and in
the manner which the Directors determine at the time of such purchase.

The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Act, including out of any combination of the following: capital, its profits and the proceeds of a fresh issue of Shares. No share may be redeemed or purchased unless it is Fully Paid Up.

**Power to pay for redemption or purchase in cash or in specie**

9.2 When making a payment in respect of the redemption or purchase
of Shares, the Directors may make the payment in cash or *in specie* (or
partly in one and partly in the other) if so authorised by the terms of the allotment of those Shares or by the terms applying to those
Shares in accordance with Article 9.1, or otherwise by agreement with the Member holding those Shares.

**Effect of redemption or purchase of a Share**

9.3 Upon the date of redemption or purchase of a Share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member holding that Share shall cease to be entitled to any rights in respect of the Share other than
the right to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the price for the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any dividend declared in respect of the Share prior to the date of redemption or purchase;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Member's name shall be removed from the register of Members with respect to the Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Share shall be cancelled or held as a Treasury Share, as the Directors may determine.

9.4 For the purpose of Article 9.3, the date of redemption or
purchase is the date when the Member's name is removed from the register of Members with respect to the Shares the subject of the redemption
or purchase.

10 Meetings of Members

**Annual and extraordinary general meetings**

10.1 The Company may, but shall not (unless required by the Designated
Stock Exchange Rules) be obligated to, in each year hold a general meeting as an annual general meeting, which, if held, shall be convened
by the Board, in accordance with these Articles.

10.2 All general meetings other than annual general meetings shall
be called extraordinary general meetings.

**Power to call meetings**

10.3 The Directors may call a general meeting at any time.

10.4 If there are insufficient Directors to constitute a quorum
and the remaining Directors are unable to agree on the appointment of additional Directors, the Directors must call a general meeting
for the purpose of appointing additional Directors.

10.5 The Directors must also call a general meeting if requisitioned
in the manner set out in the next two Articles.

10.6 The requisition must be in writing and given by one or more
Members who together hold at least ten per cent of the rights to vote at such general meeting.

10.7 The requisition must also:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) specify the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be signed by or on behalf of each requisitioner (and for this purpose each joint holder shall be obliged
to sign). The requisition may consist of several documents in like form signed by one or more of the requisitioners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be delivered in accordance with the notice provisions.

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10.8 Should the Directors fail to call a general meeting within
21 Clear Days' from the date of receipt of a requisition, the requisitioners or any of them may call a general meeting within three
months after the end of that period.

10.9 Without limitation to the foregoing, if there are insufficient
Directors to constitute a quorum and the remaining Directors are unable to agree on the appointment of additional Directors, any one
or more Members who together hold at least five per cent of the rights to vote at a general meeting may call a general meeting for the
purpose of considering the business specified in the notice of meeting which shall include as an item of business the appointment of
additional Directors.

10.10 If the Members call a meeting under the above provisions,
the Company shall reimburse their reasonable expenses.

**Content of notice**

10.11 Notice of a general meeting shall specify each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the place, the date and the hour of the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the meeting will be held virtually, at a physical place or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the meeting is to be held in any part at a physical place, the address of such place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the meeting is to be held in two or more places, or in any part virtually, the Electronic Communication
Facilities that will be used to facilitate the meeting, including the procedures to be followed by any Member or other participant of
the meeting who wishes to utilise such Electronic Communication Facilities for the purposes of attending and participating in such meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject to paragraph (f) and the requirements of (to the extent applicable) the Designated Stock Exchange
Rules, the general nature of the business to be transacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if a resolution is proposed as a Special Resolution, the text of that resolution.

10.12 In each notice there shall appear with reasonable prominence
the following statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that a Member who is entitled to attend and vote is entitled to appoint one or more proxies to attend
and vote instead of that Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a proxyholder need not be a Member.

**Period of notice**

10.13 At least five Clear Days' notice must be given to Members
for any general meeting.

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10.14 Subject to the Act, a meeting may be convened on shorter
notice, subject to the Act with the consent of the Member or Members who, individually or collectively, hold at least ninety per cent
of the voting rights of all those who have a right to vote at that meeting.

**Persons entitled to receive notice**

10.15 Subject to the provisions of these Articles and to any restrictions
imposed on any Shares, the notice shall be given to the following people:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persons entitled to a Share in consequence of the death or bankruptcy of a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Auditors.

10.16 The Board may determine that the Members entitled to receive
notice of, attend and vote at a meeting are those persons entered on the register of Members at the close of business on a day determined
by the Board.

**Accidental omission to give notice or non-receipt of notice**

10.17 Proceedings at a meeting shall not be invalidated by the
following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an accidental failure to give notice of the meeting to any person entitled to notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) non-receipt of notice of the meeting by any person entitled to notice.

10.18 In addition, where a notice of meeting is published on a
website proceedings at the meeting shall not be invalidated merely because it is accidentally published:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in a different place on the website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for part only of the period from the date of the notification
until the conclusion of the meeting to which the notice relates.

11 Proceedings at meetings of Members

**Quorum**

11.1 Save as provided in the following Article, no business shall
be transacted at any meeting unless a quorum is present in person or by proxy at the meeting. A quorum is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company has only one Member: that Member;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has more than one Member: one or more Members holding Shares that represent not less than
one-third of the outstanding Shares carrying the right to vote at such general meeting.

**Lack of quorum**

11.2 If a quorum is not present at the meeting within fifteen
minutes of the time appointed for the meeting, or if at any time during the meeting it becomes inquorate, then the following provisions
apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the meeting was requisitioned by Members, it shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any other case, the meeting shall stand adjourned to the same time and place seven days hence, or to
such other time or place as is determined by the Directors. If a quorum is not present at the meeting within fifteen minutes of the time
appointed for the adjourned meeting, then the Members present in person or by proxy at the meeting shall constitute a quorum.

**Chairman**

11.3 The chairman of a general meeting (including any Virtual Meeting) shall be the chairman of the Board or
such other Director as the Directors may determine. Absent any such person being present at the meeting within fifteen minutes of the
time appointed for the meeting, the Directors present shall elect one of their number to chair the meeting. The chairman of the meeting
shall be entitled to attend and participate at any such general meeting by means of Electronic Communication Facilities, and to act as
the chairman of such general meeting, in which event the chairman of the meeting shall be deemed to be present at the meeting.

11.4 If no Director is present within fifteen minutes of the time appointed for the meeting, or if no Director
is willing to act as chairman, the Members present in person or by proxy and entitled to vote shall choose one of their number to chair
the meeting.

**Right of a Director to attend and speak**

11.5 Even if a Director is not a Member, he shall be entitled to attend and speak at any general meeting and
at any separate meeting of Members holding a particular class of Shares.

**Accommodation of Members at Virtual Meeting**

11.6 A Member entitled to receive notice and attend a meeting will be deemed to be in attendance at such meeting
despite their attendance being virtual if adequate facilities are available to ensure that the Member is able to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to participate in the business for which the meeting has been convened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to hear all that happens at the meeting.

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Without limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting.

**Security**

11.7 In addition to any measures which the Board may be required
to take due to the location or venue of the meeting, the Board may make any arrangement and impose any restriction it considers appropriate
and reasonable in the circumstances to ensure the security of a meeting including, without limitation, the searching of any person attending
the meeting and the imposing of restrictions on the items of personal property that may be taken into the meeting place. The Board may
refuse entry to, or eject from, a meeting a person who refuses to comply with any such arrangements or restrictions.

**Adjournment, postponement and cancellation**

11.8 A meeting may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) postponed or cancelled prior to the meeting at the discretion of the Directors by written notice provided
to all persons entitled to attend the meeting, unless the meeting was requisitioned by Members or otherwise called by Members pursuant
to Article 10; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adjourned, with or without an appointed date for resumption, at any time during the meeting at the discretion
of the chairman with the consent of the Members constituting a quorum.

The chairman must adjourn the meeting if so directed by the Members constituting a quorum at the meeting. No business, however, can be transacted at an adjourned or postponed meeting other than business which might properly have been transacted at the original meeting.

11.9 Should a meeting be adjourned for more than seven Clear Days,
whether because of a lack of quorum or otherwise, Members shall be given at least seven Clear Days' notice of the date, time and place
of the adjourned meeting and the general nature of the business to be transacted. Otherwise it shall not be necessary to give any notice
of the adjournment.

**Method of voting**

11.10 A resolution put to the vote of the meeting shall be decided on a poll.

**Taking of a poll**

11.11 A poll shall be taken in such manner as the chairman directs.
He may appoint scrutineers (who need not be Members) and fix a place and time for declaring the result of the poll. If, through the aid
of technology, the meeting is held as a Virtual Meeting or in more than one place, the chairman may appoint scrutineers virtually and
in more than one place; but if he considers that the poll cannot be effectively monitored at that meeting, the chairman shall adjourn
the holding of the poll to a date, place and time when that can occur.

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**Chairman's casting vote**

11.12 In the case of an equality of votes, the Chairman of the
meeting shall be entitled to a second or casting vote.

**Written resolutions**

11.13 Without limitation to section 60(1) of the Act, Members may
pass a Special Resolution in writing without holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are given notice of the resolution as if the same were
being proposed at a meeting of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Members entitled so to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed when all such Members have so signified their agreement to the resolution.

11.14 Members may pass an Ordinary Resolution in writing without holding a meeting if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members entitled to vote on the resolution are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) given notice of the resolution as if the same were being proposed at a meeting of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notified in the same or an accompanying notice of the date by which the resolution must be passed if it
is not to lapse, being a period of 7 days beginning with the date that the notice is first given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the required majority of the Members entitled so to vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sign a document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sign several documents in the like form each signed by one or more of those Members; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the signed document or documents is or are delivered to the Company, including, if the Company so nominates,
by delivery of an Electronic Record by Electronic means to the address specified for that purpose.

Such written resolution, which shall be as effective as if it had been passed at a meeting of the Members entitled to vote duly convened and held, is passed upon the later of these dates: (i) subject to the following Article, the date next immediately following the end of the period of 5 days beginning with the date that notice of the resolution is first given and (ii) the date when the required majority have so signified their agreement to the resolution. However, the proposed written resolution lapses if it is not passed before the end of the period of 7 days beginning with the date that notice of it is first given.

11.15 If all Members entitled to be given notice of the Ordinary
Resolution consent, a written resolution may be passed as soon as the required majority have signified their agreement to the resolution,
without any minimum period of time having first elapsed. Save that the consent of the majority may be incorporated in the written resolution,
each consent shall be in writing or given by Electronic Record and shall otherwise be given to the Company in accordance with Article
28 (*Notices*) prior to the written resolution taking effect.

11.16 The Directors may determine the manner in which written resolutions
shall be put to Members. In particular, they may provide, in the form of any written resolution, for each Member to indicate, out of
the number of votes the Member would have been entitled to cast at a meeting to consider the resolution, how many votes he wishes to
cast in favour of the resolution and how many against the resolution or to be treated as abstentions. The result of any such written
resolution shall be determined on the same basis as on a poll.

11.17 If a written resolution is described as a Special Resolution
or as an Ordinary Resolution, it has effect accordingly.

**Sole-Member Company**

11.18 If the Company has only one Member, and the Member records
in writing his decision on a question, that record shall constitute both the passing of a resolution and the minute of it.

12 Voting rights of Members

**Right to vote**

12.1 Unless their Shares carry no right to vote, or unless a call
or other amount presently payable has not been paid, all Members are entitled to vote at a general meeting, and all Members holding Shares
of a particular class of Shares are entitled to vote at a meeting of the holders of that class of Shares.

12.2 Members may vote in person or by proxy.

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12.3 On a poll a Member shall have one vote for each Share he
holds, unless any Share carries special voting rights.

12.4 No Member is bound to vote on his Shares or any of them;
nor is he bound to vote each of his Shares in the same way.

**Rights of joint holders**

12.5 If Shares are held jointly, only one of the joint holders
may vote. If more than one of the joint holders tenders a vote, the vote of the holder whose name in respect of those Shares appears
first in the register of Members shall be accepted to the exclusion of the votes of the other joint holder.

**Representation of corporate Members**

12.6 Save where otherwise provided, a corporate Member must act
by a duly authorised representative.

12.7 A corporate Member wishing to act by a duly authorised representative
must identify that person to the Company by notice in writing.

12.8 The authorisation may be for any period of time, and must
be delivered to the Company before the commencement of the meeting at which it is first used.

12.9 The Directors of the Company may require the production of
any evidence which they consider necessary to determine the validity of the notice.

12.10 Where a duly authorised representative is present at a meeting
that Member is deemed to be present in person; and the acts of the duly authorised representative are personal acts of that Member.

12.11 A corporate Member may revoke the appointment of a duly authorised
representative at any time by notice to the Company; but such revocation will not affect the validity of any acts carried out by the
duly authorised representative before the Directors of the Company had actual notice of the revocation.

**Member with mental disorder**

12.12 A Member in respect of whom an order has been made by any
court having jurisdiction (whether in the Cayman Islands or elsewhere) in matters concerning mental disorder may vote, by that Member's
receiver, *curator bonis* or other person authorised in that behalf
appointed by that court.

12.13 For the purpose of the preceding Article, evidence to the
satisfaction of the Directors of the authority of the person claiming to exercise the right to vote must be received not less than 24
hours before holding the relevant meeting or the adjourned meeting in any manner specified for the delivery of forms of appointment
of a proxy, whether in writing or by Electronic means. In default, the right to vote shall not be exercisable.

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**Objections to admissibility of votes**

12.14 An objection to the validity of a person's vote may
only be raised at the meeting or at the adjourned meeting at which the vote is sought to be tendered. Any objection duly made shall be
referred to the chairman whose decision shall be final and conclusive.

**Form of proxy**

12.15 An instrument appointing a proxy shall be in any common form
or in any other form approved by the Directors.

12.16 The instrument must be in writing and signed in one of the
following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by the Member's authorised attorney; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Member is a corporation or other body corporate, under seal or signed by an authorised officer, secretary or attorney.

If the Directors so resolve, the Company may accept an Electronic Record of that instrument delivered in the manner specified below and otherwise satisfying the Articles about authentication of Electronic Records.

12.17 The Directors may require the production of any evidence
which they consider necessary to determine the validity of any appointment of a proxy.

12.18 A Member may revoke the appointment of a proxy at any time
by notice to the Company duly signed in accordance with Article 12.16.

12.19 No revocation by a Member of the appointment of a proxy made
in accordance with Article 12.18 will affect the validity of any acts carried out by
the relevant proxy before the Directors of the Company had actual notice of the revocation.

**How and when proxy is to be delivered**

12.20 Subject to the following Articles, the Directors may, in the notice convening any meeting or
 adjourned meeting, or in an instrument of proxy sent out by the Company, specify the manner by which the instrument appointing a
 proxy shall be deposited and the place and the time (being not later than the time appointed for the commencement of the meeting or
 adjourned meeting to which the proxy relates) at which the instrument appointing a proxy shall be deposited. In the absence of any
 such direction from the Directors in the notice convening any meeting or adjourned meeting or in an instrument of proxy sent out by
 the Company, the form of appointment of a proxy and any authority under which it is signed (or a copy of the authority certified notarially or in any other
way approved by the Directors) must be delivered so that it is received by the Company before the time for holding the meeting or adjourned
meeting at which the person named in the form of appointment of proxy proposes to vote. They must be delivered in either of the following
ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of an instrument in writing, it must be left at or sent by post:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the registered office of the Company; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such other place within the Cayman Islands specified in the notice convening the meeting or in any
form of appointment of proxy sent out by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, pursuant to the notice provisions, a notice may be given to the Company in an Electronic Record, an
Electronic Record of an appointment of a proxy must be sent to the address specified pursuant to those provisions unless another address
for that purpose is specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the notice convening the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in any form of appointment of a proxy sent out by the Company in relation to the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any invitation to appoint a proxy issued by the Company in relation to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Article 12.20(a) and Article 12.20(b), the chairman of the Company may, in any event at
his discretion, direct that an instrument of proxy shall be deemed to have been duly deposited.

12.21 If the form of appointment of proxy is not delivered on time,
it is invalid.

12.22 When two or more valid but differing appointments of proxy
are delivered or received in respect of the same Share for use at the same meeting and in respect of the same matter, the one which is
last validly delivered or received (regardless of its date or of the date of its execution) shall be treated as replacing and revoking
the other or others as regards that Share. lf the Company is unable to determine which appointment was last validly delivered or received,
none of them shall be treated as valid in respect of that Share.

12.23 The Board may at the expense of the Company send forms of
appointment of proxy to the Members by post (that is to say, pre-paying and posting a letter), or by Electronic communication or otherwise
(with or without provision for their return by pre-paid post) for use at any general meeting or at any separate meeting of the holders
of any class of Shares, either blank or nominating as proxy in the alternative any one or more of the Directors or any other person.
lf for the purpose of any meeting invitations to appoint as proxy a person or one of a number of persons specified in the invitations
are issued at the Company's expense, they shall be issued to all (and not to some only)
of the Members entitled to be sent notice of the meeting and to vote at it. The accidental omission to send such a form of appointment
or to give such an invitation to, or the non-receipt of such form of appointment by, any Member entitled to attend and vote at a meeting
shall not invalidate the proceedings at that meeting

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**Voting by proxy**

12.24 A proxy shall have the same voting rights at a meeting or
adjourned meeting as the Member would have had except to the extent that the instrument appointing him limits those rights. Notwithstanding
the appointment of a proxy, a Member may attend and vote at a meeting or adjourned meeting. If a Member votes on any resolution a vote
by his proxy on the same resolution, unless in respect of different Shares, shall be invalid.

12.25 The instrument appointing a proxy to vote at a meeting shall
not confer any further right to speak at the meeting, except with the permission of the chairman of the meeting.

13 Number of Directors

13.1 There shall be a Board consisting of not less than one person
provided however that the Company may by Ordinary Resolution increase or reduce the limits in the number of Directors. Unless fixed by
Ordinary Resolution, the maximum number of Directors shall be unlimited.

14 Appointment, disqualification and removal of Directors

**First Directors**

14.1 The first Directors shall be appointed in writing by the
subscriber or subscribers to the Memorandum, or a majority of them.

**No age limit**

14.2 There is no age limit for Directors save that they must be
at least eighteen years of age.

**Corporate Directors**

14.3 Unless prohibited by law, a body corporate may be a Director.
If a body corporate is a Director, the Articles about representation of corporate Members at general meetings apply, mutatis mutandis,
to the Articles about Directors' meetings.

**No shareholding qualification**

14.4 Unless a shareholding qualification for Directors is fixed
by Ordinary Resolution, no Director shall be required to own Shares as a condition of his appointment.

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**Appointment of Directors**

14.5 A Director may be appointed by Ordinary Resolution or by
the Directors. Any appointment may be to fill a vacancy or as an additional Director.

14.6 A remaining Director may appoint a Director even though there
is not a quorum of Directors.

14.7 No appointment can cause the number of Directors to exceed
the maximum (if one is set); and any such appointment shall be invalid.

14.8 For so long as Shares are listed on a Designated Stock Exchange,
the Directors shall include at least such number of Independent Directors as applicable law, rules or regulations or the Designated Stock
Exchange Rules require as determined by the Board.

**Board's power to appoint Directors**

14.9 Without prejudice to the Company's power to appoint
a person to be a Director pursuant to these Articles, the Board shall have power at any time to appoint any person who is willing to
act as a Director, either to fill a vacancy or as an addition to the existing Board, subject to the total number of Directors not exceeding
any maximum number fixed by or in accordance with these Articles.

14.10 An appointment of a Director may be on terms that the Director
shall automatically retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon
any specified event or after any specified period in a written agreement between the Company and the Director, if any; but no such term
shall be implied in the absence of express provision. Each Director whose term of office expires shall be eligible for re-election at
a meeting of the Members or re-appointment by the Board.

**Removal of Directors**

14.11 A Director may be removed by Ordinary Resolution.

**Resignation of Directors**

14.12 A Director may at any time resign office by giving to the
Company notice in writing or, if permitted pursuant to the notice provisions, in an Electronic Record delivered in either case in accordance
with those provisions.

14.13 Unless the notice specifies a different date, the Director
shall be deemed to have resigned on the date that the notice is delivered to the Company.

**Termination of the office of Director**

14.14 A Director may retire from office as a Director by giving
notice in writing to that effect to the Company at the registered office, which notice shall be effective upon such date as may be specified
in the notice, failing which upon delivery to the registered office.

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14.15 Without prejudice to the provisions in these Articles for retirement (by rotation or otherwise), a Director's
office shall be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he is prohibited by the law of the Cayman Islands from acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he is made bankrupt or makes an arrangement or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he resigns his office by notice to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he only held office as a Director for a fixed term and such term expires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the opinion of a registered medical practitioner by whom he is being treated he becomes physically
or mentally incapable of acting as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) he is given notice by the majority of the other Directors (not being less than two in number) to vacate
office (without prejudice to any claim for damages for breach of any agreement relating to the provision of the services of such Director);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) he is made subject to any law relating to mental health or incompetence, whether by court order or otherwise;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) without the consent of the other Directors, he is absent from meetings of Directors for a continuous period
of six months.

15 Alternate Directors

**Appointment and removal**

15.1 Any Director may appoint any other person, including another Director, to act in his place as an alternate
Director. No appointment shall take effect until the Director has given notice of the appointment to the Board.

15.2 A Director may revoke his appointment of an alternate at any time. No revocation shall take effect until
the Director has given notice of the revocation to the Board.

15.3 A notice of appointment or removal of an alternate Director shall be effective only if given to the Company
by one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by notice in writing in accordance with the notice provisions contained in these Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company has a facsimile address for the time being, by sending by facsimile transmission to that
facsimile address a facsimile copy or, otherwise, by sending by facsimile transmission to the facsimile address of the Company's registered
office a facsimile copy (in either case, the facsimile copy being deemed to be the notice unless Article 29.7 applies), in which event
notice shall be taken to be given on the date of an error-free transmission report from the sender's fax machine;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company has an email address for the time being, by emailing to that email address a scanned copy
of the notice as a PDF attachment or, otherwise, by emailing to the email address provided by the Company's registered office a scanned
copy of the notice as a PDF attachment (in either case, the PDF version being deemed to be the notice unless Article 29.7 applies), in
which event notice shall be taken to be given on the date of receipt by the Company or the Company's registered office (as appropriate)
in readable form; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if permitted pursuant to the notice provisions, in some other form of approved Electronic Record delivered
in accordance with those provisions in writing.

**Notices**

15.4 All notices of meetings of Directors shall continue to be
given to the appointing Director and not to the alternate.

**Rights of alternate Director**

15.5 An alternate Director shall be entitled to attend and vote at any Board meeting or meeting of a committee
of the Directors at which the appointing Director is not personally present, and generally to perform all the functions of the appointing
Director in his absence. An alternate Director, however, is not entitled to receive any remuneration from the Company for services rendered
as an alternate Director.

**Appointment ceases when the appointor ceases to be a Director**

15.6 An alternate Director shall cease to be an alternate Director
if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Director who appointed him ceases to be a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director who appointed him revokes his appointment by notice delivered to the Board or to the registered
office of the Company or in any other manner approved by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any event happens in relation to him which, if he were a Director of the Company, would cause his office
as Director to be vacated.

**Status of alternate Director**

15.7 An alternate Director shall carry out all functions of the
Director who made the appointment.

15.8 Save where otherwise expressed, an alternate Director shall
be treated as a Director under these Articles.

15.9 An alternate Director is not the agent of the Director appointing
him.

15.10 An alternate Director is not entitled to any remuneration
for acting as alternate Director.

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**Status of the Director making the appointment**

15.11 A Director who has appointed an alternate is not thereby
relieved from the duties which he owes the Company.

16 Powers of Directors

**Powers of Directors**

16.1 Subject to the provisions of the Act, the Memorandum and
these Articles the business of the Company shall be managed by the Directors who may for that purpose exercise all the powers of the
Company.

16.2 No prior act of the Directors shall be invalidated by any
subsequent alteration of the Memorandum or these Articles. However, to the extent allowed by the Act, Members may, by Special Resolution,
validate any prior or future act of the Directors which would otherwise be in breach of their duties.

**Directors below the minimum number**

16.3 lf the number of Directors is less than the minimum prescribed
in accordance with these Articles, the remaining Director or Directors shall act only for the purposes of appointing an additional Director
or Directors to make up such minimum or of convening a general meeting of the Company for the purpose of making such appointment. lf
there are no Director or Directors able or willing to act, any two Members may summon a general meeting for the purpose of appointing
Directors. Any additional Director so appointed shall hold office (subject to these Articles) only until the dissolution of the annual
general meeting next following such appointment unless he is re-elected during such meeting.

**Appointments to office**

16.4 The Directors may appoint a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as chairman of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any other executive office,

for such period, and on such terms, including as to remuneration as they think fit.

16.5 The appointee must consent in writing to holding that office.

16.6 Where a chairman is appointed he shall, unless unable to
do so, preside at every meeting of Directors.

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16.7 If there is no chairman, or if the chairman is unable to preside at a meeting, that meeting may select
its own chairman; or the Directors may nominate one of their number to act in place of the chairman should he ever not be available.

16.8 Subject to the provisions of the Act, the Directors may also appoint and remove any person, who need not
be a Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as Secretary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any office that may be required

for such period and on such terms, including as to remuneration, as they think fit. In the case of an Officer, that Officer may be given any title the Directors decide.

16.9 The Secretary or Officer must consent in writing to holding
that office.

16.10 A Director, Secretary or other Officer of the Company may
not the hold the office, or perform the services, of auditor.

**Provisions for employees**

16.11 The Board may make provision for the benefit of any persons
employed or formerly employed by the Company or any of its subsidiary undertakings (or any member of his family or any person who is
dependent on him) in connection with the cessation or the transfer to any person of the whole or part of the undertaking of the Company
or any of its subsidiary undertakings.

**Exercise of voting rights**

16.12 The Board may exercise the voting power conferred by the
Shares in any body corporate held or owned by the Company in such manner in all respects as it thinks fit (including, without limitation,
the exercise of that power in favour of any resolution appointing any Director as a Director of such body corporate, or voting or providing
for the payment of remuneration to the Directors of such body corporate).

**Remuneration**

16.13 Every Director may be remunerated by the Company for the
services he provides for the benefit of the Company, whether as Director, employee or otherwise, and shall be entitled to be paid for
the expenses incurred in the Company's business including attendance at Directors' meetings.

16.14 Until otherwise determined by the Company by Ordinary Resolution,
the Directors (other than alternate Directors) shall be entitled to such remuneration by way of fees for their services in the office
of Director as the Directors may determine.

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16.15 Remuneration may take any form and may include arrangements to pay pensions, health insurance, death or
sickness benefits, whether to the Director or to any other person connected to or related to him.

16.16 Unless his fellow Directors determine otherwise, a Director is not accountable to the Company for remuneration
or other benefits received from any other company which is in the same group as the Company or which has common shareholdings.

**Disclosure of information**

16.17 Subject to compliance with applicable laws, including the applicable federal securities laws of the United
States, the Directors may release or disclose to a third party any information regarding the affairs of the Company, including any information
contained in the register of Members relating to a Member, (and they may authorise any Director, Officer or other authorised agent of
the Company to release or disclose to a third party any such information in his possession) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company or that person, as the case may be, is lawfully required to do so under the laws of any jurisdiction to which the Company
is subject; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such disclosure is in compliance with the Designated Stock Exchange Rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such disclosure is in accordance with any contract entered into by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Directors are of the opinion such disclosure would assist or facilitate the Company's operations.

17 Delegation of powers

**Power to delegate any of the Directors' powers to a committee**

17.1 The Directors may delegate any of their powers to any committee
consisting of one or more persons who need not be Members. Persons on the committee may include non-Directors so long as the majority
of those persons are Directors. For so long as Shares are listed on a Designated Stock Exchange, any such committee shall be made up
of such number of Independent Directors as required from time to time by the Designated Stock Exchange Rules or otherwise required by
applicable law.

17.2 The delegation may be collateral with, or to the exclusion
of, the Directors' own powers.

17.3 The delegation may be on such terms as the Directors think
fit, including provision for the committee itself to delegate to a sub-committee; save that any delegation must be capable of being revoked
or altered by the Directors at will.

17.4 Unless otherwise permitted by the Directors, a committee
must follow the procedures prescribed for the taking of decisions by Directors.

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17.5 For so long as the Shares are listed on a Designated Stock Exchange, the Board shall, if required by the
Designated Stock Exchange Rules, establish an audit committee, a compensation committee and a nominating and corporate governance committee.
Each of these committees shall be empowered to do all things necessary to exercise the rights of such committee set forth in these Articles.
Each of the audit committee, compensation committee and nominating and corporate governance committee shall consist of at least three
Directors (or such larger minimum number as may be required from time to time by the Designated Stock Exchange Rules). The committees
shall be made up of such number of Independent Directors as required from time to time by the Designated Stock Exchange Rules or otherwise
required by applicable law, subject to any exemptions permitted under the Designated Stock Exchange Rules and other applicable laws.

**Local boards**

17.6 The Board may establish any local or divisional board or agency for managing any of the affairs of the
Company whether in the Cayman Islands or elsewhere and may appoint any persons to be members of a local or divisional Board, or to be
managers or agents, and may fix their remuneration.

17.7 The Board may delegate to any local or divisional board, manager or agent any of its powers and authorities
(with power to sub-delegate) and may authorise the members of any local or divisional board or any of them to fill any vacancies and to
act notwithstanding vacancies.

17.8 Any appointment or delegation under this Article 17.8 may be made on such terms and subject to such conditions
as the Board thinks fit and the Board may remove any person so appointed, and may revoke or vary any delegation.

**Power to appoint an agent of the Company**

17.9 The Directors may appoint any person, either generally or in respect of any specific matter, to be the
agent of the Company with or without authority for that person to delegate all or any of that person's powers. The Directors may
make that appointment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by causing the Company to enter into a power of attorney or agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other manner they determine.

**Power to appoint an attorney or authorised signatory of the Company**

17.10 The Directors may appoint any person, whether nominated directly or indirectly by the Directors, to be
the attorney or the authorised signatory of the Company. The appointment may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the powers, authorities and discretions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to such conditions

as they think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the Directors under these Articles. The Directors may do so by power of attorney or any other manner they think fit.

17.11 Any power of attorney or other appointment may contain such
provision for the protection and convenience for persons dealing with the attorney or authorised signatory as the Directors think fit.
Any power of attorney or other appointment may also authorise the attorney or authorised signatory to delegate all or any of the powers,
authorities and discretions vested in that person.

17.12 The Board may remove any person appointed under Article 17.10
and may revoke or vary the delegation.

**Borrowing Powers**

17.13 The Directors may exercise all the powers of the Company
to borrow money and to mortgage or charge its undertaking, property and assets both present and future and uncalled capital, or any part
thereof, and to issue debentures and other securities, whether outright or as collateral security for any debt, liability or obligation
of the Company or its parent undertaking (if any) or any subsidiary undertaking of the Company or of any third party.

**Corporate Governance**

17.14 The Board may, from time to time, and except as required
by applicable law or the Designated Stock Exchange Rules, adopt, institute, amend, modify or revoke the corporate governance policies
or initiatives of the Company, which shall be intended to set forth the guiding principles and policies of the Company and the Board
on various corporate governance related matters as the Board shall determine by resolution from time to time.

18 Meetings of Directors

**Regulation of Directors' meetings**

18.1 Subject to the provisions of these Articles, the Directors
may regulate their proceedings as they think fit.

**Calling meetings**

18.2 Any Director may call a meeting of Directors at any time.
The Secretary must call a meeting of the Directors if requested to do so by a Director.

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**Notice of meetings**

18.3 Notice of a Board meeting may be given to a Director personally
or by word of mouth or given in writing or by Electronic communications at such address as he may from time to time specify for this
purpose (or, if he does not specify an address, at his last known address). A Director may waive his right to receive notice of any meeting
either prospectively or retrospectively.

**Use of technology**

18.4 A Director may participate in a meeting of Directors through
the medium of conference telephone, video or any other form of communications equipment providing all persons participating in the meeting
are able to hear and speak to each other throughout the meeting.

18.5 A Director participating in this way is deemed to be present
in person at the meeting.

**Quorum**

18.6 The quorum for the transaction of business at a meeting of
Directors shall be two unless the Directors fix some other number.

**Chairman or deputy to preside**

18.7 The Board may appoint a chairman and one or more deputy chairman
or chairmen and may at any time revoke any such appointment.

18.8 The chairman, or failing him any deputy chairman (the longest
in office taking precedence if more than one is present), shall preside at all Board meetings. If no chairman or deputy chairman has
been appointed, or if he is not present within five minutes after the time fixed for holding the meeting, or is unwilling to act as chairman
of the meeting, the Directors present shall choose one of their number to act as chairman of the meeting.

**Voting**

18.9 A question which arises at a Board meeting shall be decided
by a majority of votes. If votes are equal the chairman may, if he wishes, exercise a casting vote.

**Recording of dissent**

18.10 A Director present at a meeting of Directors shall be presumed
to have assented to any action taken at that meeting unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his dissent is entered in the minutes of the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he has filed with the meeting before it is concluded signed dissent from that action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he has forwarded to the Company as soon as practical following the conclusion of that meeting signed dissent.

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A Director who votes in favour of an action is not entitled to record his dissent to it.

**Written resolutions**

18.11 The Directors may pass a resolution in writing without holding
a meeting if all Directors sign a document or sign several documents in the like form each signed by one or more of those Directors.

18.12 A written resolution signed by a validly appointed alternate
Director need not also be signed by the appointing Director.

18.13 A written resolution signed personally by the appointing
Director need not also be signed by his alternate.

18.14 A resolution in writing passed pursuant to Article 18.11,
Article 18.12 and/or Article 18.13 shall be as effective as if it had been passed at a meeting of the Directors duly convened and held;
and it shall be treated as having been passed on the day and at the time that the last Director signs (and for the avoidance of doubt,
such day may or may not be a Business Day).

**Validity of acts of Directors in spite of formal defect**

18.15 All acts done by a meeting of the Board, or of a committee
of the Board, or by any person acting as a Director or an alternate Director, shall, notwithstanding that it is afterwards discovered
that there was some defect in the appointment of any Director or alternate Director or member of the committee, or that any of them were
disqualified or had vacated office or were not entitled to vote, be as valid as if every such person had been duly appointed and qualified
and had continued to be a Director or alternate Director and had been entitled to vote.

19 Permissible Directors' interests and disclosure

19.1 A Director who is in any way, whether directly or indirectly,
interested in a contract or transaction or proposed contract or transaction with the Company shall declare the nature of his interest
at a meeting of the Directors. A general notice given to the Directors by any Director to the effect that he is a member of any specified
company or firm and is to be regarded as interested in any contract or transaction which may thereafter be made with that company or
firm shall be deemed a sufficient declaration of interest in regard to any contract so made or transaction so consummated. Subject to
the Designated Stock Exchange Rules and disqualification by the chairman of the relevant Board meeting, a Director may vote in respect
of any contract or transaction or proposed contract or transaction notwithstanding that he may be interested therein provided the Director
discloses to his fellow directors the nature and extent of any material interests in respect of any contract or transaction or proposed
contract or transaction and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the Directors
at which any such contract or transaction or proposed contract or transaction shall come before the meeting for consideration.

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| 20 | Minutes |

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20.1 The Company shall cause minutes to be made in books of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of Officers and committees made by the Board and of any such Officer's remuneration;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of Directors present at every meeting of the Directors, a committee of the Board, the Company
or the holders of any class of shares or debentures, and all orders, resolutions and proceedings of such meetings.

20.2 Any such minutes, if purporting to be signed by the chairman
of the meeting at which the proceedings were held or by the chairman of the next succeeding meeting or the Secretary, shall be prima
facie evidence of the matters stated in them.

21 Accounts and audit

21.1 The Directors must ensure that proper accounting and other
records are kept, and that accounts and associated reports are distributed in accordance with the requirements of the Act.

21.2 The books of account shall be kept at the registered office
of the Company and shall always be open to inspection by the Directors. No Member (other than a Director) shall have any right of inspecting
any account or book or document of the Company except as conferred by the Act or as authorised by the Directors or by Ordinary Resolution.

21.3 Unless the Directors otherwise prescribe, the financial year
of the Company shall end on 30 June in each year and begin on 1 July in each year.

**Auditors**

21.4 The Directors may appoint an Auditor of the Company who shall
hold office on such terms as the Directors determine.

21.5 At any general meeting convened and held at any time in accordance
with these Articles, the Members may, by Ordinary Resolution, remove the Auditor before the expiration of his term of office. If they
do so, the Members shall, by Ordinary Resolution, at that meeting appoint another Auditor in his stead for the remainder of his term.

21.6 The Auditors shall examine such books, accounts and vouchers;
as may be necessary for the performance of their duties.

21.7 The Auditors shall, if so requested by the Directors, make
a report on the accounts of the Company during their tenure of office at the next annual general meeting following their appointment,
and at any time during their term of office, upon request of the Directors or any general meeting of the Company.

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22 Record dates

22.1 Except to the extent of any conflicting rights attached to
Shares, the resolution declaring a dividend on Shares of any class, whether it be an Ordinary Resolution of the Members or a Director's
resolution, may specify that the dividend is payable or distributable to the persons registered as the holders of those Shares at the
close of business on a particular date, notwithstanding that the date may be a date prior to that on which the resolution is passed.

22.2 If the resolution does so specify, the dividend shall be
payable or distributable to the persons registered as the holders of those Shares at the close of business on the specified date in accordance
with their respective holdings so registered, but without prejudice to the rights *inter se* in respect of the dividend of transferors and transferees of any of those Shares.

22.3 The provisions of this Article apply, *mutatis mutandis*, to bonuses, capitalisation issues, distributions of realised capital profits or offers or grants made by the Company
to the Members.

23 Dividends

**Source of dividends**

23.1 Dividends may be declared and paid out of any funds of the
Company lawfully available for distribution.

23.2 Subject to the requirements of the Act regarding the application
of a company's Share premium account and with the sanction of an Ordinary Resolution, dividends may also be declared and paid out
of any share premium account.

**Declaration of dividends by Members**

23.3 Subject to the provisions of the Act, the Company may by
Ordinary Resolution declare dividends in accordance with the respective rights of the Members but no dividend shall exceed the amount
recommended by the Directors.

**Payment of interim dividends and declaration of final dividends by Directors**

23.4 The Directors may declare and pay interim dividends or recommend
final dividends in accordance with the respective rights of the Members if it appears to them that they are justified by the financial
position of the Company and that such dividends may lawfully be paid.

23.5 Subject to the provisions of the Act, in relation to the
distinction between interim dividends and final dividends, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon determination to pay a dividend or dividends described as interim by the Directors in the dividend

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon declaration of a dividend or dividends described as final by the Directors in the dividend resolution,
a debt shall be created immediately following the declaration, the due date to be the date the dividend is stated to be payable in the
resolution.

If the resolution fails to specify whether a dividend is final or interim, it shall be assumed to be interim.

23.6 In relation to Shares carrying differing rights to dividends
or rights to dividends at a fixed rate, the following applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the share capital is divided into different classes, the
Directors may pay dividends on Shares which confer deferred or non-preferred rights with regard to dividends as well as on Shares which
confer preferential rights with regard to dividends but no dividend shall be paid on Shares carrying deferred or non-preferred rights
if, at the time of payment, any preferential dividend is in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also pay, at intervals settled by them, any dividend payable at a fixed rate if it appears
to them that there are sufficient funds of the Company lawfully available for distribution to justify the payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Directors act in good faith, they shall not incur any liability to the Members holding Shares conferring
preferred rights for any loss those Members may suffer by the lawful payment of the dividend on any Shares having deferred or non-preferred
rights.

**Apportionment of dividends**

23.7 Except as otherwise provided by the rights attached to Shares all dividends shall be declared and paid
according to the amounts Paid Up on the Shares on which the dividend is paid. All dividends shall be apportioned and paid proportionately
to the amount Paid Up on the Shares during the time or part of the time in respect of which the dividend is paid. But if a Share is issued
on terms providing that it shall rank for dividend as from a particular date, that Share shall rank for dividend accordingly.

**Right of set off**

23.8 The Directors may deduct from a dividend or any other amount payable to a person in respect of a Share
any amount due by that person to the Company on a call or otherwise in relation to a Share.

**Power to pay other than in cash**

23.9 If the Directors so determine, any resolution declaring a dividend may direct that it shall be satisfied
wholly or partly by the distribution of assets. If a difficulty arises in relation to the distribution, the Directors may settle that
difficulty in any way they consider appropriate. For example, they may do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue fractional Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fix the value of assets for distribution and make cash payments to some Members on the footing of the
value so fixed in order to adjust the rights of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest some assets in trustees.

**How payments may be made**

23.10 A dividend or other monies payable on or in respect of a
Share may be paid in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Member holding that Share or other person entitled to that Share nominates a bank account for that
purpose - by wire transfer to that bank account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by cheque or warrant sent by post to the registered address of the Member holding that Share or other
person entitled to that Share.

23.11 For the purposes of Article 23.10(a), the nomination may
be in writing or in an Electronic Record and the bank account nominated may be the bank account of another person. For the purposes of
Article 23.10(b), subject to any applicable law or regulation, the cheque or warrant shall be made to the order of the Member holding
that Share or other person entitled to the Share or to his nominee, whether nominated in writing or in an Electronic Record, and payment
of the cheque or warrant shall be a good discharge to the Company.

23.12 If two or more persons are registered as the holders of the
Share or are jointly entitled to it by reason of the death or bankruptcy of the registered holder (**Joint Holders**), a dividend (or other amount) payable on or in respect of that Share may be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the registered address of the Joint Holder of the Share who is named first on the register of Members
or to the registered address of the deceased or bankrupt holder, as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the address or bank account of another person nominated by the Joint Holders, whether that nomination
is in writing or in an Electronic Record.

23.13 Any Joint Holder of a Share may give a valid receipt for
a dividend (or other amount) payable in respect of that Share.

**Dividends or other monies not to bear interest in absence of special rights**

23.14 Unless provided for by the rights attached to a Share, no
dividend or other monies payable by the Company in respect of a Share shall bear interest.

**Dividends unable to be paid or unclaimed**

23.15 If a dividend cannot be paid to a Member or remains unclaimed within six weeks after it was declared
 or both, the Directors may pay it into a separate account in the Company's name. If a dividend is paid into a separate account, the Company shall
not be constituted trustee in respect of that account and the dividend shall remain a debt due to the Member.

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23.16 A dividend that remains unclaimed for a period of six years
after it became due for payment shall be forfeited to, and shall cease to remain owing by, the Company.

24 Capitalisation of profits

**Capitalisation of profits or of any share premium account or capital redemption reserve;**

24.1 The Directors may resolve to capitalise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any part of the Company's profits not required for paying any preferential dividend (whether or
not those profits are available for distribution); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any sum standing to the credit of the Company's share premium account or capital redemption reserve, if
any.

24.2 The amount resolved to be capitalised must be appropriated
to the Members who would have been entitled to it had it been distributed by way of dividend and in the same proportions. The benefit
to each Member so entitled must be given in either or both of the following ways::

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by paying up the amounts unpaid on that Member's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by issuing Fully Paid Up Shares, debentures or other securities
of the Company to that Member or as that Member directs. The Directors may resolve that any Shares issued to the Member in respect of
Partly Paid Up Shares (**Original Shares**) rank for dividend only
to the extent that the Original Shares rank for dividend while those Original Shares remain Partly Paid Up.

**Applying an amount for the benefit of Members**

24.3 The amount capitalised must be applied to the benefit of Members in the proportions to which the Members
would have been entitled to dividends if the amount capitalised had been distributed as a dividend.

24.4 Subject to the Act, if a fraction of a Share, a debenture or other security is allocated to a Member,
the Directors may issue a fractional certificate to that Member or pay him the cash equivalent of the fraction.

25 Share Premium Account

**Directors to maintain share premium account**

25.1 The Directors shall establish a share premium account in accordance with the Act. They shall carry to
the credit of that account from time to time an amount equal to the amount or value of the premium paid on the issue of any Share or capital contributed
or such other amounts required by the Act.

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**Debits to share premium account**

25.2 The following amounts shall be debited to any share premium
account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the redemption or purchase of a Share, the difference between the nominal value of that Share and the redemption or purchase price;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other amount paid out of a share premium account as permitted by the Act.

25.3 Notwithstanding the preceding Article, on the redemption
or purchase of a Share, the Directors may pay the difference between the nominal value of that Share and the redemption purchase price
out of the profits of the Company or, as permitted by the Act, out of capital.

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| 26 | Seal |

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**Company seal**

26.1 The Company may have a seal if the Directors so determine.

**Duplicate seal**

26.2 Subject to the provisions of the Act, the Company may also
have a duplicate seal or seals for use in any place or places outside the Cayman Islands. Each duplicate seal shall be a facsimile of
the original seal of the Company. However, if the Directors so determine, a duplicate seal shall have added on its face the name of the
place where it is to be used.

**When and how seal is to be used**

26.3 A seal may only be used by the authority of the Directors.
Unless the Directors otherwise determine, a document to which a seal is affixed must be signed in one of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate).

**If no seal is adopted or used**

26.4 If the Directors do not adopt a seal, or a seal is not used,
a document may be executed in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by a Director (or his alternate) and the Secretary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by a single Director (or his alternate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other manner permitted by the Act.

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**Power to allow non-manual signatures and facsimile printing of seal**

26.5 The Directors may determine that either or both of the following
applies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that the seal or a duplicate seal need not be affixed manually but may be affixed by some other method
or system of reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that a signature required by these Articles need not be manual but may be a mechanical or Electronic Signature.

**Validity of execution**

26.6 If a document is duly executed and delivered by or on behalf
of the Company, it shall not be regarded as invalid merely because, at the date of the delivery, the Secretary, or the Director, or other
Officer or person who signed the document or affixed the seal for and on behalf of the Company ceased to be the Secretary or hold that
office and authority on behalf of the Company.

27 Indemnity

27.1 To the extent permitted by law, the Company shall indemnify
each existing or former Director (including alternate Director), Secretary and other Officer of the Company (including an investment
adviser or an administrator or liquidator) and their personal representatives against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained
by the existing or former Director (including alternate Director), Secretary or Officer in or about the conduct of the Company's business
or affairs or in the execution or discharge of the existing or former Director's (including alternate Director's), Secretary's or
Officer's duties, powers, authorities or discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limitation to paragraph (a), all costs, expenses, losses or liabilities incurred by the existing
or former Director (including alternate Director), Secretary or Officer in defending (whether successfully or otherwise) any civil, criminal,
administrative or investigative proceedings (whether threatened, pending or completed) concerning the Company or its affairs in any court
or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former Director (including alternate Director), Secretary or Officer, however, shall be indemnified in respect of any matter arising out of his own dishonesty.

27.2 To the extent permitted by Act, the Company may make a payment,
or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former Director
(including alternate Director), Secretary or Officer of the Company in respect of any matter identified in Article 27.1 on condition
that the Director (including alternate Director), Secretary or Officer must repay the amount paid by the Company to the extent that it
is ultimately found not liable to indemnify the Director (including alternate Director), Secretary or that Officer for those legal costs.

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**Release**

27.3 To the extent permitted by Act, the Company may by Special
Resolution release any existing or former Director (including alternate Director), Secretary or other Officer of the Company from liability
for any loss or damage or right to compensation which may arise out of or in connection with the execution or discharge of the duties,
powers, authorities or discretions of his office; but there may be no release from liability arising out of or in connection with that
person's own dishonesty.

**Insurance**

27.4 To the extent permitted by Act, the Company may pay, or agree
to pay, a premium in respect of a contract insuring each of the following persons against risks determined by the Directors, other than
liability arising out of that person's own dishonesty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an existing or former Director (including alternate Director), Secretary or Officer or auditor of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a company which is or was a subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a company in which the Company has or had an interest (whether direct or indirect); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a trustee of an employee or retirement benefits scheme or other trust in which any of the persons referred
to in paragraph (a) is or was interested.

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| 28 | Notices |

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**Form of notices**

28.1 Save where these Articles provide otherwise, and subject
to the Designated Stock Exchange Rules, any notice to be given to or by any person pursuant to these Articles shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by or on behalf of the giver in the manner set out below for written notices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the next Article, in an Electronic Record signed by or on behalf of the giver by Electronic
Signature and authenticated in accordance with Articles about authentication of Electronic Records; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where these Articles expressly permit, by the Company by means of a website.

**Electronic communications**

28.2 A notice may only be given to the Company in an Electronic Record if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Directors so resolve or otherwise accept the notice; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Director or Officer provides the giver of the notice an electronic address to which the notice may
be sent and a notice is sent to that address within a reasonable period of time.

28.3 A notice may not be given by Electronic Record to a person other than the Company unless the recipient
has provided the giver of the notice with an Electronic address to which notice may be sent.

28.4 Subject to the Act, the Designated Stock Exchange Rules and to any other rules which the Company is bound
to follow, the Company may also send any notice or other document pursuant to these Articles to a Member by publishing that notice or
other document on a website where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company and the Member have agreed to his having access to the notice or document on a website (instead
of it being sent to him);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the notice or document is one to which that agreement applies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Member is notified (in accordance with any requirements laid down by the Act and, in a manner for
the time being agreed between him and the Company for the purpose) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the publication of the notice or document on a website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the address of that website; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the place on that website where the notice or document may be accessed, and how it may be accessed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the notice or document is published on that website throughout the publication period, provided that,
if the notice or document is published on that website for a part, but not all of, the publication period, the notice or document shall
be treated as being published throughout that period if the failure to publish that notice of document throughout that period is wholly
attributable to circumstances which it would not be reasonable to have expected the Company to prevent or avoid. For the purposes of this
Article 28.4 "publication period" means a period of not less than twenty-one days, beginning on the day on which the notification
referred to in Article 28.4(c) is deemed sent.

**Persons entitled to notices**

28.5 Any notice or other document to be given to a Member may be given by reference to the register of
 Members as it stands at any time within the period of twenty-one days before the day that the notice is given or (where and as
 applicable) within any other period permitted by, or in accordance with the requirements of, (to the extent applicable) the
 Designated Stock Exchange Rules and/or the Designated Stock Exchanges. No change in the register of Members after that time shall invalidate the giving of such notice or
document or require the Company to give such item to any other person.

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**Persons authorised to give notices**

28.6 A notice by either the Company or a Member pursuant to these
Articles may be given on behalf of the Company or a Member by a Director or company secretary of the Company or a Member.

**Delivery of written notices**

28.7 Save where these Articles provide otherwise, a notice in
writing may be given personally to the recipient, or left at (as appropriate) the Member's or Director's registered address
or the Company's registered office, or posted to that registered address or registered office.

**Joint holders**

28.8 Where Members are joint holders of a Share, all notices shall
be given to the Member whose name first appears in the register of Members.

**Signatures**

28.9 A written notice shall be signed when it is autographed by
or on behalf of the giver, or is marked in such a way as to indicate its execution or adoption by the giver.

28.10 An Electronic Record may be signed by an Electronic Signature.

**Evidence of transmission**

28.11 A notice given by Electronic Record shall be deemed sent
if an Electronic Record is kept demonstrating the time, date and content of the transmission, and if no notification of failure to transmit
is received by the giver.

28.12 A notice given in writing shall be deemed sent if the giver
can provide proof that the envelope containing the notice was properly addressed, pre-paid and posted, or that the written notice was
otherwise properly transmitted to the recipient.

28.13 A Member present, either in person or by proxy, at any meeting
of the Company or of the holders of any class of Shares shall be deemed to have received due notice of the meeting and, where requisite,
of the purposes for which it was called.

**Giving notice to a deceased or bankrupt Member**

28.14 A notice may be given by the Company to the persons entitled
to a Share in consequence of the death or bankruptcy of a Member by sending or delivering it, in any manner authorised by these Articles
for the giving of notice to a Member, addressed to them by name, or by the title of representatives of the deceased, or trustee of the
bankrupt or by any like description, at the address, if any, supplied for that purpose by the persons claiming to be so entitled.

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28.15 Until such an address has been supplied, a notice may be given in any manner in which it might have been
given if the death or bankruptcy had not occurred.

**Date of giving notices**

28.16 A notice is given on the date identified in the following
table

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| | |
|:---|:---|
| **Method for giving notices** | **When taken to be given** |
| (A) Personally | At the time and date of delivery |
|  (B) By leaving it at the Member's registered address | At the time and date it was left |
|  (C) By posting it by prepaid post to the street or postal address of that recipient | 48 hours after the date it was posted |
|  (D) By Electronic Record (other than publication on a website), to recipient's Electronic address | 48 hours after the date it was sent |
| (E) By publication on a website | 24 hours after the date on which the Member is deemed to have been notified of the publication of the notice or document on the website |

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**Saving provision**

28.17 None of the preceding notice provisions shall derogate from
the Articles about the delivery of written resolutions of Directors and written resolutions of Members.

29 Authentication of Electronic Records

**Application of Articles**

29.1 Without limitation to any other provision of these Articles,
any notice, written resolution or other document under these Articles that is sent by Electronic means by a Member, or by the Secretary,
or by a Director or other Officer of the Company, shall be deemed to be authentic if either Article 29.2 or Article 29.4 applies.

**Authentication of documents sent by Members by Electronic means**

29.2 An Electronic Record of a notice, written resolution or other
document sent by Electronic means by or on behalf of one or more Members shall be deemed to be authentic if the following conditions
are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Member or each Member, as the case may be, signed the original document, and for this purpose **Original Document** includes several documents in like form signed by one or more of those Members; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
that Member to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

29.3 For example, where a sole Member signs a resolution and sends
the Electronic Record of the original resolution, or causes it to be sent, by facsimile transmission to the address in these Articles
specified for that purpose, the facsimile copy shall be deemed to be the written resolution of that Member unless Article 29.7 applies.

**Authentication of document sent by the Secretary or Officers of the Company by Electronic means**

29.4 An Electronic Record of a notice, written resolution or other
document sent by or on behalf of the Secretary or an Officer or Officers of the Company shall be deemed to be authentic if the following
conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Secretary or the Officer or each Officer, as the case may be, signed the original document, and for
this purpose **Original Document** includes several documents in like
form signed by the Secretary or one or more of those Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Electronic Record of the Original Document was sent by Electronic means by, or at the direction of,
the Secretary or that Officer to an address specified in accordance with these Articles for the purpose for which it was sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Article 29.7 does not apply.

This Article 29.4 applies whether the document is sent by or on behalf of the Secretary or Officer in his own right or as a representative of the Company.

29.5 For example, where a sole Director signs a resolution and scans the resolution, or causes it to be scanned,
as a PDF version which is attached to an email sent to the address in these Articles specified for that purpose, the PDF version shall
be deemed to be the written resolution of that Director unless Article 29.7 applies.

**Manner of signing**

29.6 For the purposes of these Articles about the authentication
of Electronic Records, a document will be taken to be signed if it is signed manually or in any other manner permitted by these Articles.

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**Saving provision**

29.7 A notice, written resolution or other document under these Articles will not be deemed to be authentic
if the recipient, acting reasonably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) believes that the signature of the signatory has been altered after the signatory had signed the original
document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) believes that the original document, or the Electronic Record of it, was altered, without the approval
of the signatory, after the signatory signed the original document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise doubts the authenticity of the Electronic Record of the document

and the recipient promptly gives notice to the sender setting the grounds of its objection. If the recipient invokes this Article, the sender may seek to establish the authenticity of the Electronic Record in any way the sender thinks fit.

30 Transfer by way of continuation

30.1 The Company may, by Special Resolution, resolve to be registered
by way of continuation in a jurisdiction outside:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other jurisdiction in which it is, for the time being, incorporated, registered or existing.

30.2 To give effect to any resolution made pursuant to the preceding
Article, the Directors may cause the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an application be made to the Registrar of Companies of the Cayman Islands to deregister the Company in
the Cayman Islands or in the other jurisdiction in which it is for the time being incorporated, registered or existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation
of the Company.

31 Winding up

**Distribution of assets in specie**

31.1 If the Company is wound up the Members may, subject to these
Articles and any other sanction required by the Act, pass a Special Resolution allowing the liquidator to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to divide in specie among the Members the whole or any part of the assets of the Company and, for that
purpose, to value any assets and to determine how the division shall be carried out as between the Members or different classes of Members;
and/or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to vest the whole or any part of the assets in trustees for the benefit of Members and those liable to
contribute to the winding up.

**No obligation to accept liability**

31.2 No Member shall be compelled to accept any assets if an obligation
attaches to them.

31.3 The Directors are authorised to present a winding up petition

31.4 The Directors have the authority to present a petition for
the winding up of the Company to the Grand Court of the Cayman Islands on behalf of the Company without the sanction of a resolution
passed at a general meeting.

32 Amendment of Memorandum and Articles

**Power to change name or amend Memorandum**

32.1 Subject to the Act, the Company may, by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change the provisions of its Memorandum with respect to its objects, powers or any other matter specified
in the Memorandum.

**Power to amend these Articles**

32.2 Subject to the Act and as provided in these Articles, the
Company may, by Special Resolution, amend these Articles in whole or in part.

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## Exhibit 10.3

**Exhibit 10.3**

Dated this 1<sup>st</sup> April 2026

BETWEEN

**LIM LEGACY PROPERTIES SDN BHD**

**[Registration No.: 201401000035(1076105-T)]**

AND

**MEKAR SUBUR AV SDN BHD**

**[Registration No.: 201301025240(1055070-D)]**

**TENANCY AGREEMENT**

**DEMISED PREMISES:**

**LOT 5746, KEDAI B & KEDAI C, BATU 4½, JALAN KELANG LAMA, 58000 KUALA LUMPUR**

**TENANCY AGREEMENT** 

This **Agreement** is made the day and year stated in ***Item A*** of ***Schedule 1*** hereto.

**BETWEEN**

(a) "**Landlord**" the party whose particulars stated in  ***Item* B** of  ***Schedule 1*** hereto which expression where the context so permits
 shall include its successors in title and assigns of the one part; and

(b) "**Tenant**" the party whose particulars stated in  ***Item C*** of  ***Schedule 1*** **  hereto which expression where the context so permits shall
 include its successors in title and assigns of the other part.

**WHEREAS**

The Landlord is the registered and/or beneficial proprietor of the property more particularly referred to and described in ***Item D*** of ***Schedule 1*** hereto ("**Demised Premises**") and is legally entitled to let the Demised Premises to the Tenant.

**NOW IT IS HEREBY AGREED** as follows: -

1. The Landlord lets and the Tenant takes on let the Demised Premises for
the '' **Term**" stipulated in  ***Item E*** of  ***Schedule 1*** hereto at the "**Rental** "
stipulated in  ***Item F*** of  ***Schedule 1*** hereto subject to the terms and conditions herein.

2. The Tenant shall upon execution of this Agreement pay to the Landlord:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the "**Security Deposit**" at sum stipulated in  ***Item G*** of  ***Schedule 1*** hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the **"Utilities Deposit**" at sum stipulated in  ***Item H*** of  ***Schedule 1*** hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the "**Restoration Deposit**" at the sum stipulated in  ***Item I*** of  ***Schedule 1*** hereto;

(collectively, the "**Deposit**")

for the due observance and performance by the Tenant of the terms and conditions of this Agreement. The Deposit shall not be deemed or treated or off-set by the Tenant as payment of the Rental, utilities charges or any other money (including late payment interest) payable by the Tenant under or pursuant to this Agreement. In the event the Rental shall at any time hereafter be increased, then the Deposit shall be increased proportionately and the Tenant shall on demand by the Landlord pay to the Landlord such additional sum as may be necessary.

3. **THE TENANT HEREBY COVENANTS WITH THE LANDLORD** as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To forward the following to the Landlord upon execution of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Tenant is an individual, a clear copy of identification card or passport; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Tenant is a body corporate, its current Form 49 (or its equivalent in accordance with Companies
Act 2016) and its Board of Directors' Resolution approving the tenancy of the Demised Premises in accordance with the terms and conditions
hereof and authorising the execution of this Agreement for and on behalf of the Tenant (all certified as true by its company secretary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To pay the Rental hereby reserved on the days and in the manner as set out in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To permit the Landlord, the competent authority and/or the Landlord's servants, consultants, agents and/or
workmen with or without all necessary equipment and appliances at all reasonable time (at any time in the event of emergency situation)
to enter upon the Demised Premises to view the condition, conduct inspection, survey and/or to do such works and things as the Landlord
may deem fit. Where necessary works shall be required, Landlord shall not in any way be liable for any interruption of occupation or other
loss or damage whatsoever occasioned thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not to do or permit or suffer anything to be done in or about the Demised Premises or any part thereof
which may become a nuisance, annoyance, cause damage and/or inconvenience to the Landlord, the tenants and/or occupiers of neighbouring
premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To use the Demised Premises only of the
 purposes specified in  ***Item J*** of  ***Schedule 1*** **  hereto and
 not to use or permit or suffer the use thereof for any business, trade and/or any immoral,
 improper, offensive or unlawful use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To pay all outgoings (other than the quit rent and assessment) and all charges in respect of water, electricity,
conservancy, sewerage (Indah Water) and the charges for the use of the telephone, facsimile, cable television and internet (if any) installed
and/or used on the Demised Premises during the continuance of this Agreement and such other payments and/or outgoings in respect of the
Demised Premises and to produce such receipts to the Landlord, when requested. In the event that the bills for each month exceed the Utilities
Deposit, then the Landlord is entitled to demand such excess as further deposit and the Tenant shall pay such excess as further deposit
within seven (7) days upon receipt of written notice from the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To keep the exterior and interior of the Demised Premises including without limited to all the doors,
fixtures and fittings, windows, glasses, locks and fastenings, flooring, interior plaster or other surface materials, rendering on walls
and ceilings and/or electrical fixtures and fittings therein and all additions and appurtenance thereto in good condition at all times
during the Term or the Renewal Term (if applicable) and to deliver up the same to the Landlord in accordance to Clause 3 (x) below on
as-is-where-is basis as at the date of delivery of the same by the Landlord to the Tenant (fair wear and tear excepted) at the expiration
or sooner determination/termination of the Term or the Renewal Term (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To forthwith notify the Landlord in writing upon receipt of any notice served by any competent authority
regarding the Demised Premises and with all due speed to comply with the terms of the said notice as are effective and to keep the Landlord
fully indemnified from and against all actions, costs, claims, demands and liabilities in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not to make or permit or suffer to be
 made any construction, renovation, installation (including without limited to nail, attach
 and/or affix to the walls, doors and/or any other surface), alteration in and/or addition
 in whatsoever manner to the Demised Premises ()"**Fit-Out Works**") without
 prior consent of the Landlord and any competent authority (if so required) of which such
 Fit-Out Works to the Demised Premises shall be at the own cost and expense of the Tenant
 and the Tenant shall remain solely responsible and liable for the Fit-Out Works and all consequences,
 whether directly or indirectly, therefrom, including but not limited to ensure that the Fit-Out
 Works or other related works do not hamper, prevent, restrict and/or otherwise affect in
 any degree or manner whatsoever the structural, electrical, wiring, ventilation, lightning,
 piping, plumbing, heating, cooling, sewerage and/or any other utilities or safety system
 in the Demised Premises and/or its adjoining or neighbouring premises and/or any other properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not to do or permit to be done anything on the Demised Premises that shall be in breach of any laws, by-laws
and/or regulations or that which may expose the Landlord to penalty, fine and/or suit for damages and shall fully indemnify the Landlord
against all claims, fines and penalties in respect of the Tenant's breach of any of the laws, by-laws and/or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Not to bring or store or permit or suffer
 to be brought or stored on the Demised Premises any goods of an illegal nature and goods
 which are materials of a dangerous or hazardous nature and the keeping of **  which may
 contravene and/or breach any local statutes or regulations even though it may be required
 for the Tenant's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Not to do anything whereby insurance on the Demised Premises against fire maybe rendered void and voidable
or whereby the premium for any such insurance may be increased and to repay the Landlord on demand the increased in premium and all expenses
incurred or in pursuant to any renewal of any insurance rendered necessary by the breach or non-observance of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Not to install or cause to be installed in the Demised Premises any heavy equipment or electrical appliances
consuming high voltage, electrical sockets, plugs, electrical power points, electrical motors, engines or appliances and/or to make any
additional plumbing connections on or to the Demised Premises without prior written consent of the Landlord and any competent authority
(if so required).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Not to assign, underlet, sub-lease or part with the actual or legal possession or the use of the Demised
Premises or any part thereof to any third party for any term whatsoever without prior written consent of the Landlord Provided Always
That in the event the Tenant assigning under-letting sub-leasing or parting with the actual or legal possession or use of the Demised
Premises or any part thereof in contravention of this clause then the Landlord may, without prejudice to its rights under this Agreement
and/or under any laws, by-laws and regulations, collect from any assignee under-lessee or other person in possession of the Demised Premises
or any part there of all Rental and other moneys payable in respect of the Demised Premises or any part thereof by such person or persons
to the Tenant and such collection of Rental and other moneys as aforesaid shall not be deemed to be an acceptance by the Landlord of any
such person as assignees under-lessees sub-lessees tenants or occupiers of the Demised
Premises or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Landlord shall not be responsible to the Tenant or the Tenant's licensees, servants,
agents, customers, licensees or other persons in the Demised Premises calling upon the Tenant for any accidental happening, death or
injury suffered or damage to or loss of any chattel or property sustain or incur by reason of directly or indirectly, as a result of
any act or omission of the Tenant and/or as a result of the use of the Demised Premises by the Tenant and the Tenant shall indemnify
and keep the Landlord fully indemnified against summons actions, proceedings, claims, demands, costs, damages and/or expenses which may
be levied brought or made against the Landlord or which the Landlord may pay, sustain or incur by reason of directly or indirectly as
a result of any act or omission of the Tenant or use of the Demised Premises by the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) To adhere, abide and observe at all times all the rules, regulations, directions and/or guidelines issued
by any Ordinance, Act of Parliament and/or the competent authority as may from time to time create or issue, governing, restricting or
relating to the day to day use of the Demised Premises and shall be responsible to ensure his invitees duly observe and comply with the
aforesaid rules and regulations (if any) and to keep the Landlord fully indemnified from and against all actions, costs, claims, demands
and liabilities in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) To pay all charges and/or levies imposed by any competent authority due to the Tenant's nature of business
carried out in the Demised Premises and any installation charges required to be paid by *Jabatan Bomba dan Penyelamat* (if any) and/or
any other competent authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) To insure and keep insured, at its own costs and expenses, the Tenant's goods and properties therein and
for the benefits of the Landlord against public liability, loss and damages by flood, fire and/or burglary for a sum of not less than
Ringgit Malaysia One Million (RM1,000,000-00) for each and every occurrence or such other sum as the Landlord shall deem adequate and
sufficient from time to time during the Term and the Renewal Term (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) To display its signage for its legal business at the spot agreed and approved by the Landlord and/or any
other competent authority. Any unauthorized display of the Tenant's signage would constitute a valid ground of termination by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) To carry out its business and affairs in a proper manner and ensure that all necessary approvals and/or
relevant licenses are obtained and not to permit any of its approvals and/or licenses to lapse or do anything which would be in breach
of any condition of the approvals and/or licenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) At all times during the six (6) calendar months immediately preceding the expiration of the Term or the
Renewal Term (if applicable), the Tenant shall permit the Landlord, its authorized representative and/or its agent to affix notice of
re-letting and shall allow the intending tenant or tenants at all reasonable time of the day with prior notice to view the Demised Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To submit the layout plan, drawings, specifications, structural plan, mechanical and electrical drawings,
detailed internal layout plan and an interior design plan showing the shop sign and shop front for any intended Fit-Out Works in respect
of the Demised Premises to the Landlord, the competent authority for its review and approval, which layout designs, drawings, specifications
and plans shall comply with all applicable laws, by-laws, rules, regulations, orders, directives, notices and/or requirements imposed
by the relevant authority and shall include full particulars of the nature and extent of the Fit-Out Works to be carried out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) To keep the Demised Premises free of rodents,
 vermin, insects, pests and other animals failing which it shall be lawful (but not obligatory)
 for the Landlord to engage relevant service providers of pest exterminators to carry out
 periodic inspections of the Demised Premises and take such step and precautions as may **  be
 necessary to ensure compliance of this covenant at the costs and expenses of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) At the expiration or sooner determination/termination of the Term or the Renewal Term (if applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to remove from there all partitions, additions and any other structures and fittings installed by the
Tenant and all damages caused by such removal shall be made good by the Tenant to the reasonable satisfaction of the Landlord Provided
That if the Landlord or the incoming tenant has no objections to the same, the Tenant need not to remove any such partitions, additions
and any other structures and fittings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to restore the Demised Premises to its conditions as at the date of delivery of the same by the Landlord
to the Tenant (fair wear and tear excepted) at the Tenant's own costs and expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to clean any debris, unwanted structure and/or disposal items on the Demised Premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to peaceably and quietly yield up unto the Landlord the Demised Premises and to return all the access
cards and keys to the Landlord.

In the event the Tenant fails to comply with the above the Landlord shall, without prejudice to any of its other rights, be entitled to forfeit the whole sum of the Deposit paid under this Agreement. In the event that the Deposit shall be insufficient for deduction for any damages to the Demised Premises and/or cost of restoration of the Demised Premises to its original position and/or cost and expense for the re-application and/or duplicate of access cards and keys, such excess sum shall be forthwith paid by the Tenant to the Landlord upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Simultaneously with
 the execution of this Agreement, the Tenant shall cause all of its directors or partners
 or such person(s) as may be required by the Landlord, to execute a personal guarantee as
 prescribed by the Landlord in favour of the Landlord ()"**Guarantee** "), signed
 by all its directors or partner(s) for the time being in their personal capacities, guaranteeing
 jointly and severally the performance and observance by the Tenant of all the Tenant's
 covenants and other terms of this Agreement and to indemnify the Landlord against all losses
 and damages suffered and/or incurred or to be suffered and/or incurred by the Landlord arising
 out of any breach, non-observance or non-performance by the Tenant of its covenants or other
 terms of this Agreement. The Tenant shall bear all legal fees, others charges and stamp duty
 incurred in respect of the preparation and execution of the Guarantee.

4. THE LANDLORD HEREBY COVENANTS WITH THE TENANT as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To pay all present and future quit rent, assessment, charges and contribution to the sinking fund imposed
on and payable in respect of the Demised Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To permit the Tenant to peaceably enjoy the Demised Premises without any interruption or disturbance by
the Landlord or those lawfully claiming title under or in trust for them Provided Always That the Tenant punctually pays the Rental and
all other charges and observes all stipulations and covenants herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To allow the Tenant to remove all movable properties belonging to the Tenant only upon the expiration
or sooner determination/termination of Term or the Renewal Term (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To insure and (unless the insurance so effected shall become void through or by reason of the fault of
the Tenant) to keep insured the Demised Premises from loss or damage by fire in some insurance office or with underwriters of repute and
to pay all premiums necessary for the purpose. Such insurance shall not cover for the Tenant's belongings, goods and/or any of the Tenant's
properties in Demised Premises.

5. It is expressly agreed as follows: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Rental hereby reserved or any part thereof shall any time be unpaid for seven (7) days after the same shall have become due (whether
formally demanded for or not); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of any breach covenants on the Tenant's part herein contained and such breach is/are not remedied after
being notified by the Landlord; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Tenant shall have a receiving order made against them or shall have made any assignment for the
benefit of their creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if the Tenant entered into any agreement or made any arrangement with its creditors by composition or
otherwise suffered any distress or attachment or execution to be levied against its/ their goods; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if the Tenant for the time being shall become bankrupt or being a company shall go into liquidation whether
compulsory or otherwise except for the purpose of bona fide reconstruction or amalgamation, then
and in such cases, it shall be lawful for the Landlord at any time serve a notice to the Tenant to terminate this Agreement wherein
no compensation of any kind shall be paid to the Tenant and upon which the Landlord shall be entitled to forfeit the Deposit and to re-enter
upon the Demised Premises or any part thereof in the name of the whole without prejudice to the right of action of the Landlord in respect
of any breach of the Tenant's covenants herein contained including to claim for any losses and damages from the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Demised Premises or any part thereof shall at any time during the Term or the Renewal Term (if
applicable), be destroyed or damaged by fire, floods, landslides and/or any form of force majeure event so as to be unfit for occupation
and use for a period of more than one (1) calendar month consecutively, the Rental or a fair proportion thereof according to the nature
and extent of the damage sustained shall be suspended until the Demised Premises shall again rendered fit for occupation and used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If this Agreement shall be terminated before the expiry of the Term or the Renewal Term, (if applicable),
pursuant to Clause 5 (a) above, the Deposit shall be absolutely forfeited to the Landlord without prejudice to the rights of the Landlord
to claim for Rental for the unexpired Term or the Renewal Term of this tenancy, to claim for any losses and damages from the Tenant and/or
any right of action of the Landlord for any antecedent breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of any sale, development of the Demised Premises or any reason whatsoever, the Landlord shall
be entitled to terminate this Agreement by giving one (1) month notice in writing to the Tenant without any compensation in any form whatsoever
payable by the Landlord to the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the expiration or sooner determination/termination of this Agreement, if the Tenant fails, neglects
and/or refuses to yield up and to vacate the Demised Premises in accordance to Clause 3 (x) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Tenant shall be liable to pay to the Landlord a sum equivalent to twice the Rental or the equivalent
market rate whichever higher per month until the date of actual delivery of vacant possession by the Tenant to the Landlord; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Landlord shall be entitled to remove all the Tenant's goods and other moveable property, chattels
and goods from Demised Premises and to place the same outside the Demised Premises at the Tenant's cost and thereafter lock up and secure
the Demised Premises. The Landlord shall not be responsible or liable in any manner whatsoever to the Tenant for the consequences of any
loss, damage and/or expense caused by such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) That upon the expiration of the Term and
 the Tenant having performed and observe all the covenants, conditions and stipulations herein
 contained, the parties shall in good faith negotiate on the option for renewal of the tenancy
 upon the conditions stipulated in  ***Item K*** of  ***Schedule 1*** **  hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless otherwise provided herein, the
 Deposit paid shall be refunded to the Tenant free of interest within a reasonable period
 from the date of redelivery of vacant possession of the Demised Premises by the Tenant to
 the Landlord in accordance to Clause 3 (x) above less any deduction for any damages to the
 Demised Premises and/or the cost of restoration of the Demised Premises to its original position
 as occasioned by any breach or non-observance of any of the covenants on the part of the
 Tenant herein contained to be observed and/or cost and expense for the re-application and/or
 duplicate of access cards and keys Provided Always That the Tenant shall have paid all service
 or utilities charges and outgoings on the Demised Premises and provide the Landlord with
 the photocopies of the receipts evidencing the payment of all utilities charges and outgoings
 up to the date of redelivery of vacant possession of the Demised Premises. In the event that
 the Deposit shall be insufficient for deduction for any damages to the Demised Premises and/or
 cost of restoration of the Demised Premises to its original position and/or cost and expense
 for the re-application and/or duplicate of access cards and keys, such excess sum shall be
 forthwith paid by the Tenant to the Landlord upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If the Tenant shall unilaterally terminate this Agreement before the expiry of the Term or the Renewal
Term (if applicable), the Deposit paid hereunder shall be absolutely forfeited to the Landlord and the Tenant shall within fourteen (14)
days from the date of termination pay to the Landlord a lump sum equivalent to the Rental of the remaining period of the Term or the Renewal
Term without prejudice to the rights of the Landlord to claim for any antecedent breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Tenant and the Landlord and/or the Landlord's servants, agents or representative shall conduct a joint
inspection of the Demised Premises fourteen (14) days prior to the expiration or sooner determination/termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Without prejudice to any rights of the Landlord under this Agreement and/or under any laws, by-laws and
regulations, the Tenant shall pay late payment interest at the rate of one point five percent (1.5%) per month on any arrears until full
payment and such interest are made to the Landlord.

6. Any notice or other documents or writing required to be served delivered or given hereunder shall be sufficiently
served to the Tenant at the Demised Premises or sent to the Tenant by hand or by registered post addressed to the Tenant's address as
stipulated in this Agreement and any notice, document or writing to the Landlord shall be sufficiently served if sent by hand or registered
post to the Landlord's last known address.

7. The Tenant hereby expressly agrees, confirms and consents that the Landlord
 is authorised to process any information, data or personal data relating to the Tenant including the
 Tenant's directors, shareholders, partners, officers and authorized signatories ()"**Relevant Persons** "). The Landlord may conduct credit/trade check, CCRIS and DCHEQS checks on the Tenant
 and the Relevant Persons at any time for the duration of this Agreement or as long as there are sums
 remaining owing under this Agreement for purposes including but not limited to debt recovery, review
 of tenancy, account monitoring, review and evaluation and legal documentation and legal process consequent
 or subsequent to the tenancy herein. The Landlord may disclose any information or data to any credit
 reporting agencies or business entities for bona fide trade checking at any time. The Tenant agrees and
 acknowledges that the said credit reporting agencies may in turn process disclose or share such information
 or data in accordance with the law. The Tenant further agrees and consents to the Landlord processing
 the personal data of the Tenant pursuant to the Personal Data Protection Act 2010.

8. The parties shall bear their respective legal charges and the Tenant shall pay for the stamp duty of this
Agreement.

9. It is hereby expressly agreed between the Landlord and the Tenant the
 tenancy of the Demised Premises shall in addition to the terms and conditions herein be subject to the
 Item and special conditions if any, set out in  ***Item L*** of  ***Schedule 1*** hereto.
 In the event of any conflicts, discrepancies or variances, the special conditions shall prevail.

10. The recitals, schedules and special conditions shall be taken, read and construed as an essential part
of this Agreement.

11. Time wherever mentioned shall be of the essence.

12. This Agreement shall be binding upon the respective successors in title and assigns of the Landlord and
Tenant.

13. No failure to exercise, and no delay in exercising on the part of the Landlord of any right or remedy
shall operate as a waiver of that right or remedy nor shall any single or partial exercise of any right or remedy preclude any other or
further exercise of any other right or remedy.

14. If any provision of this Agreement is or may become illegal or void under any written law or is found
by any court or administrative body of competent jurisdiction to be illegal, void, invalid, prohibited or unenforceable then, such provisions
shall be ineffective to the extent of such illegality, voidness, invalidity, prohibition or unenforceability and the remaining provisions
of this Agreement shall remain in full force and effect.

15. In this Agreement unless there is something in the subject or context inconsistent with such construction
or unless it is otherwise expressly provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the masculine gender includes the feminine and neuter gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words in the singular include the plural and vice versa; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the word "Tenant" shall include the occupiers in the Demised Premises and/or the invitees of the Tenant.

**\*\*\*The remainder of this page is intentionally left blank\*\*\***

**IN WITNESS WHEREOF** the Landlord and the Tenant have hereunto set their hands the day and year set out in ***Item A*** of ***Schedule 1*** hereto.

**<u>Landlord</u>**

---

| | |
|:---|:---|
| SIGNED by) |  |
| **LIM LEGACY PROPERTIES SDN BHD**) |  |
| **Registration No.: 201401000035(1076105-T)** |  |
| in the presence of:) |  |
|  | ![](ea026657304_ex10-3img1.jpg) |

---

---

| | |
|:---|:---|
| | /s/ Lim Aik Hoe |
| Signed by witness | Name: LIM AIK HOE |
| Name: | NRIC No.: 730511-14-5119 |
| NRIC No: |  |

---

  <br> Name: <br> NRIC No.:

**<u>Tenant</u>**

---

| | |
|:---|:---|
| SIGNED by) | ![](ea026657304_ex10-3img2.jpg) |
| **MEKAR SUBUR AV SDN BHD**) | ![](ea026657304_ex10-3img2.jpg) |
| **[Registration No.: 201301025240(1055070-D)]** | ![](ea026657304_ex10-3img2.jpg) |
| in the presence of:) | ![](ea026657304_ex10-3img2.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| /s/ Yau Xiu Jie | /s/ Yau Xiu Jie | /s/ Low You Siong | /s/ Low You Siong |
| Signed by witness | Signed by witness | Director/Authorised Signatory | Director/Authorised Signatory |
| Name: | Yau Xiu Jie | Name: | Low You Siong |
| NRIC No: | G40721-05-5408 | NRIC No.: | 800805-10-5471 |
| | | Designation: |  |

---

**SCHEDULE 1**

(to be read and construed as an essential part of this Agreement)

---

| | |
|:---|:---|
| Item **A** | Date of this Agreement: |

---

---

| | |
|:---|:---|
| Item **B** | The Landlord |

---

---

| | | |
|:---|:---|:---|
| Name | : | **LIM LEGACY PROPERTIES SDN BHD<br> [Registration No.: 201401000035(1076105-T)]** |
| Address | : | D-35-01, Level 35, EXSIM Tower, |
|  |  | Millerz Square @ Old Klang Road, |
|  |  | Megan Legasi, No 357, Jalan Kelang Lama, |
|  |  | 58000 Kuala Lumpur |

---

---

| | |
|:---|:---|
| Item **C** | The Tenant |

---

---

| | | |
|:---|:---|:---|
| Name | : | **MEKAR SUBUR AV SDN BHD**<br> **[Registration No.: 201301025240 (1055070-D)]** |
| Address | : | Lot 5746, Kedai B, Kedai C, Batu 4½, Jalan Kelang |
|  |  | Lama, 58000 Kuala Lumpur |

---

---

| | |
|:---|:---|
| Item **D** | Demised Premises |
|  | **LOT 5746, KEDAI B, KEDAI C,** |
|  | **BATU 4½, JALAN KELANG LAMA, 58000 KUALA LUMPUR** |

---

---

| |
|:---|
| Item **E** |
| **Two (2) years** commencing on 1<sup>st</sup> April 2026 and expiring on 31<sup>st</sup> March 2028 irrespective of the date of execution of this Agreement unless earlier terminated. |

---

---

| | |
|:---|:---|
| Item **F** | Rental |
|  | **Ringgit Malaysia Fourteen Thousand Five Hundred Eighty (RM14,580.00) only per month, exclude SST** |
|  | All Rental is payable by the Tenant in advance no later than the seventh (7<sup>th</sup>) day of each calendar month for the whole duration of the Term, by depositing the Rental to the following account of the Landlord, failing which, the Landlord is entitled to late payment interest at the rate of one point five percent (1.5%) per month on the arrears until full payment and such interest are made to the Landlord: |

---

---

| | |
|:---|:---|
| Bank: | **AmBank (M) Berhad** |
| Account Number: | **888-1029-5394-50** |
| Account Holder: | **EXSIM REALTY SDN BHD** |

---

---

| | |
|:---|:---|
| Item **G** | Security Deposit |
|  | **Ringgit Malaysia Twenty-Nine Thousand One Hundred Sixty (RM29,160.00) only. – Top Up RM2,160.00** |

---

---

| | |
|:---|:---|
| Item **H** | Utilities Deposit |
|  | **Ringgit Malaysia Fourteen Thousand Five Hundred Eighty (RM14,580.00) only. - Top Up RM1,080.00** |

---

---

| | |
|:---|:---|
| Item **I** | Restoration Deposit |
|  | **Not Applicable** |

---

---

| | |
|:---|:---|
| Item **J** | Use of the Demised Premises |
|  | **Office, production and warehouse or for such other legal business purposes** |
|  | For the Tenant's LEGAL business purposes only in accordance with the provision of laws or by-laws that are now in force enacted hereafter Provided Always That the business of the Tenant shall not be a nuisance or cause annoyance to neighboring premises and the Tenant shall not permit or suffer any one to use the Demised Premises or any portion thereof for any other purposes. |

---

Notwithstanding anything to the contrary herein contained, in the event the Tenant or its employees, servants, agents, assignees, contractors, licensees, invitees, guest and/or any individual associated with the Tenant, is/are found engaging in illegal activities or conducting an unlawful business in the Demised Premises, such actions shall constitute a material breach of this Agreement and the Landlord shall be entitled to terminate this Agreement with immediate effect wherein no compensation of any kind shall be paid to the Tenant and upon which the Landlord shall be entitled to forfeit the Deposit, to claim for Rental for the unexpired Term or the Renewal Term of this tenancy and to re-enter upon the Demised Premises or any part thereof in the name of the whole without prejudice to the right of action of the Landlord in respect of any breach of the Tenant's covenants herein contained including to claim for any losses and damages from the Tenant.

---

| | |
|:---|:---|
| Item **K** | Option to renew |
|  | **Further one (1) term of two (2) years ("Renewal Term")** |
|  | If the Landlord shall be desirous of renewing the tenancy at the expiry of the Term, the Landlord shall not less than six (6) months before the expiry of the Term give to the Tenant notice in writing of its desire to renew and the Tenant shall within fourteen (14) days upon receipt the same, reply in writing to the Landlord of its desire to renew whereupon the parties shall renew the tenancy for a period of two (2) years from the expiry of the Term based on prevailing market rate or at such rate subject to mutually agreed upon between the Landlord and the Tenant with all other terms and conditions remaining the same except the Renewal Term. |
|  | For avoidance of doubt, in the event that the Tenant shall not desire to renew this Agreement, clause 3(x) herein contained applies. |

---

---

| | | |
|:---|:---|:---|
| Item **L** | Special Conditions | Special Conditions |
|  | **1.** | **Exclusive of taxes** |
|  |  | The parties acknowledge and agree that all sums set out in this Agreement or otherwise payable by the Tenant shall be deemed exclusive of any other tax levies charges which may be imposed by the relevant authority. The Tenant shall be responsible to bear taxes, at the prescribed rate so determined and/or adjusted by the relevant authority from time to time and at any time. |
|  | **2.** | **Rental Free Period** |
|  |  | Not Applicable |

---

---

| | |
|:---|:---|
| **3.** | **No Monopoly** |
|  | Nothing herein contained shall be construed as implying that the Tenant shall have nor shall there be a monopoly in its class of business within the development or any part thereof or any restriction in the number of tenants carrying on the same class of business within the development or any part thereof. |

---

## Exhibit 10.6

**Exhibit 10.6**

![](ea026657304_ex10-6img1.jpg)

Date : 22-04-2020

Ref No. : AFSB/005772/19-11/MSF

---

| | |
|:---|:---|
| **MEKAR SUBUR AV SDN BHD [COMPANY NO: 1055070D]** |  |
| NO. 35-G & 35-1 JALAN 2/115A, |  |
| TAMAN PAGAR RUYUNG, |  |
| JALAN KUCHAI LAMA, |  |
| 58200 KUALA LUMPUR. |  |
| (hereinafter named as '**the Borrower**') | **<u>PRIVATE & CONFIDENTIAL</u>** |

---

Dear Sirs,

---

| | |
|:---|:---|
| **Re:** | **BANKING FACILITY OF RM 860,000.00** |

---

AmBank (M) Berhad (**Company No. 8515-D**) ('the Bank') is pleased to inform you that your application for the banking facility [under SMEBiz Solutions Portfolio Guarantee Scheme ('PGS')] has been approved subject to the following terms and conditions:

**1.0** **Types of Facility & Limit** 

---

| | |
|:---|:---|
| **Facility** | **Limit (RM)** |
| Term Loan ("TL") | 860000.00 |
| **Total** | **860000.00** |

---

**2.0** **Purpose of Facility** 

---

| | |
|:---|:---|
| **Facility** | **Purpose** |
| TL | Working capital requirements |

---

**3.0** **Tenure & Repayment of Facility** 

---

| | |
|:---|:---|
| **Facility** | **Tenure** |
| TL | 7 years - **84** equal monthly repayments of **RM14,590.00**, (principal + interest) until full settlement of the Facility.<br> - 1st repayment to commence 5<sup>th</sup> day of the month after the full drawdown of the Facility. |

---

**4.0** **Prescribed Rate** 

---

| | |
|:---|:---|
| **Facility** | **Interest Rate/Fee/Commission** |
| TL | Interest rate at **4.50%** p.a. above the Bank's Base Lending Rate (" BLR") (Prescribed Rate) on Monthly rests, which is currently at **6.20%** per annum. |

---

**AmBank (M) Berhad** (8515-D)

*A member of the AmBank Group*

**Retail Distribution:** Level 33, Menara AmBank, No. 8, Jalan Yap Kwan Seng, 50450 Kuala Lumpur, Malaysia.

**T:** +603 2167 3000 **F:** +603 2780 0020

**W:** ambankgroup.com

<u>MEKAR SUBUR AV SDN BHD [COMPANY NO:1055070D]</u> <u>2</u>

**5.0** **Availability of the Facility** 

5.1 Subject to the fulfilment of all Conditions Precedent, the
facility offered under this Letter of Offer is available for utilisation by the Borrower for up to 12 months from the date of this Letter
of Offer ('Availability Period'). Any undisbursed amounts shall be cancelled at the end of the Availability Period.

**6.0** **Condition Precedent to Disbursement** 

6.1 In addition to the Conditions Precedent as contained in the
attached Annexure I, the disbursement of the Facility is further subjected to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Receipt of the Letter of Guarantee in terms acceptable to
the Bank from Credit Guarantee Corporation Malaysia Berhad ("CGC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Receipt of duly executed and stamped Joint and Several Guarantee
to be executed by the following individuals:-

---

| | |
|:---|:---|
| **Name of Guarantor(s)** | **NRIC Nos / MyKad Nos** |
| **LOW YOU SIONG** | **800805-10-5471** |
| **MOHD NAZIL BIN MOHD LAN** | **900603-12-5157** |
| **NUR HAIRUNNISA BINTI JAAFAR** | **841029-14-6094** |

---

The individual and/or company referred at Clause 6.1 (b) above shall hereinafter be collectively referred to as "Guarantor(s)".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall have opened and maintained a Current Account
/ Current Account-i with the Bank for the purpose of disbursement of the approved Banking Facilities by the Bank and to facilitate the
monthly instalment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Irrevocable standing instruction from the Borrower to debit
its current account with the Bank for the repayment of the Banking Facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To deposit **RM8,000.00** into the said Current Account / Current Account-i for the purpose of payment towards the
 costs of preparation of documentation relating to this Facility and stamping fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower shall open a designated Debt Service Reserve Account
(" **DSRA**") with the Bank and the operation of the account shall be as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Bank shall be the sole signatory of the DSRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. No cheque book shall be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. To maintain a minimum
 sum of **RM178,000.00** (equivalent to no less than twelve **(12)** months principal
 and interest instalments at all times during the tenure of the Facility. The Borrower shall
 make good of any shortfall arises within three (3) days from any withdrawal thereafter; and

The Bank shall be entitled to utilise all proceeds received in the DSRA to settle the principal, interest and/or other outstanding amounts due to the Bank.

And such other documents or security documents as the Bank or the Bank's solicitors may advise from time to time.

<u>MEKAR SUBUR AV SDN BHD [COMPANY NO:1055070D]</u> <u>3</u>

**7.0** **Special Conditions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall fulfil all the condition precedent within
three (3) months from the date of this Letter of Offer; failing which, the Bank reserves the right to cancel the facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank reserves the right to cancel the Facility if there
is no utilization within six (6) months from the date of this Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On best-effort basis,
 the Borrower shall credit minimum of **30** % from the sale proceed on monthly basis to
 Borrower's current account with the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall make available a protection plan to cover
the life of the Borrower's key persons / officers (collectively referred to as 'Key Persons'). The premium payable, which will be debited
from the customer current account, shall be based on the eligibility of the borrower according to the insurance plan of **RM25,000.00** annual premium and shall be subject to confirmation by the insurer pursuant to the insurer's underwriting guidelines and requirements
or the Borrower is encourage to subscribe of **AMANAH SAHAM NASIONAL BERHAD VARIABLE PRICE (ASNBV) of RM200,000.00.** 

**8.0** **Stamp Duty** 

All stamp duty payable on this agreement shall be borne by the Borrower, and the Bank is hereby authorized to debit the Borrower's Current Account towards the payment of the stamp duty.

**9.0** **Taxes** 

Unless expressly stated otherwise in this Letter of Offer, the parties agree that any charges, commissions, fees, expenses or similar amount to be used in the calculation of such charges, commissions, fees, expenses ("Charges") is exclusive of Taxes and such Taxes shall be borne by the Borrower.

If any supply made under or in connection with this Letter of Offer is subject to Taxes, the Bank may increase the consideration provided for by the amount of the Taxes and recover that additional amount from the Borrower in addition to the Charge.

For the avoidance of doubt, the term "Taxes" means any taxes, including but not limited to goods and services tax, value added tax, consumption tax, consumer tax, indirect tax, service tax, duties, levies and other taxes which may now be or hereafter imposed by the Government of Malaysia.

**10.0** **Enforcement Costs** 

The Borrower shall promptly on demand pay to the Bank the amount of all costs and expenses (including legal fees) incurred by the Bank in connection with the enforcement of or preservation of any rights of the Bank under this Letter of Offer, and the Bank is hereby authorized to debit the Borrower's account in respect of such costs and expenses.

**11.0** **Security** 

11.1 Subject to approval, CGC will guarantee up to **RM602,000.00 (70%)** of the Facility Limit under
 PGS.

11.2 First party deed of assignment and charge over the debt service
reserve account ("DSRA") and all monies standing to the credit of the DSRA to be executed by the Borrower. The DSRA shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time and at all
 times, have a balance standing to its credit which is sufficient to cover no less than **12 months** instalment amounting to no less than **RM178,000.00** of the principal and
 interest instalment under the Facility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be opened and maintained with the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the DSRA shall be operated solely by the Bank.

<u>MEKAR SUBUR AV SDN BHD [COMPANY NO:1055070D]</u> <u>4</u>

Monies in the DSRA shall be available for the Bank's withdrawal at any time for the purpose of funding any payment and/or repayment of interest and/or principal amounts due and payable under the Facility. The Borrower shall be liable for and will make good any shortfall in the DSRA arising from changes in the interest rate or arising from any withdrawal of monies from the DSRA. whereby the Borrower shall top up the shortfall within fourteen (14) days from the receipt of such notice from the Bank.

**12.0** **Guarantee Fee (If applicable)** 

The Borrower agrees that in the event that the facility is cancelled or fully settled by the Borrower after acceptance/execution by Borrower of this Letter of Offer, the Bank reserves the right to recover the one (1) year guarantee fee amounting to 3.10% per annum of the Facility amount / Facility outstanding paid by the Bank to CGC under the guarantee scheme and the Bank is hereby authorized to debit any account maintained by the Borrower with the Bank by giving the Borrower notice of at least twenty one (21) days prior to the effective date of the contractual right of set-off.

**13.0** **Payroll Services** 

The Borrower is encouraged to subscribe to the Bank's payroll services to facilitate the Borrower's employees' payroll with the Bank. Upon opening of the employees' account for payroll, the Borrower is encouraged to use the payroll services to credit the employees' monthly salary, via the Borrower's company current account with the Bank, into the employees' payroll account.

This Facility is also subject to the terms and conditions as set out in Annexure I as attached herein, which shall form an integral part of this Letter of Offer. For all intents and purposes, this Letter of Offer shall be treated and acknowledged as the Principal Instrument towards this Facility.

Please signify your acceptance of the terms and conditions stated herein by signing and returning the enclosed duplicate copy of this Letter of Offer not later than fourteen (14) days from the date hereof, failing which, this Letter of Offer shall lapse, unless extended at the Bank's absolute discretion.

***Thank you, for banking with AmBank***

---

| | |
|:---|:---|
| Yours faithfully, |  |
| **for AmBank (M) Berhad** |  |
| /s/ Law Yeen Nee | /s/ Chan Yung Han |
| **LAW YEEN NEE** | **CHAN YUNG HAN** |
| **SME Segment Manager** | **SME Relationship Manager** |
| Distribution, Retail Banking | Distribution, Retail Banking |

---

**"I/We hereby confirm the acceptance of the above terms and <br> conditions and the terms and conditions contained in the attached Annexure"**

---

| |
|:---|
| /s/ Low You Siong |
| **(Authorised Signatories and affix Company's rubber stamp)** |
| **Name :** LOW YOU SIONG |
| **Designation :** DIRECTOR |
| **MyKad :** 800805-10-5471 |
| **Date :** |

---

## Exhibit 10.7

**Exhibit 10.7**

![](ea026657304_ex10-7img1.jpg)

**LETTER OF OFFER**

Date: 24-02-2020

CA No.: 20000492/CA/20/01

**MEKAR SUBUR AV SDN BHD (1055070D)**

NO. 35-G & 35-1,

JALAN 2/115A,

TAMAN PAGAR RUYUNG,

JALAN KUCHAI LAMA,

58200 KUALA LUMPUR MALAYSIA

Dear Sirs,

---

| | |
|:---|:---|
| **RE:** | **BANKING FACILITY GRANTED TO MEKAR SUBUR AV SDN BHD (1055070D) ("BORROWER")** |

---

We, RHB Bank Berhad ("the Bank") are pleased to inform you that the Bank has agreed to offer you the banking facility(ies) as stated below; subject to the following terms and conditions:-

1. <u>THE BANKING FACILITY(IES)</u> 

The banking facility granted or to be granted to you are as follows, subject to Government of Malaysia (GOM) providing its guarantee on the Banking Facility. Should the GOM decline to provide such guarantee on the Banking Facility, the Bank may at its absolute discretion terminate the Banking Facility or revise the terms and conditions of the Banking Facility.

---

| | |
|:---|:---|
| **<u>FACILITY</u>** | **<u>Limit</u>** |
| SME Online Financing Term Loan | RM700,000.00 |

---

(hereinafter referred to as "the Banking Facility" and where the Banking Facility comprises more than one banking facilities, the expression "Banking Facility" shall where the context requires refer collectively to all and individually to each of the respective banking facilities comprising the Banking Facility.)

2. <u>PURPOSE</u> 

The Banking Facility shall be used for the purpose(s) as set out below and if you require to use the Banking Facility or any part thereof for any other purpose, you shall have to first obtain the Bank's prior written consent which may or may not be granted at the Bank's absolute discretion, and if granted may be subject to such conditions as the Bank may impose:

SME Online Financing Term Loan: As working capital under Working Capital Guarantee Bumiputera Scheme (WCGB)

3. <u>AVAILABILITY PERIOD</u> 

3.1 The granting of the Banking Facility to you is at all times subject to availability of funds.

---

| | | |
|:---|:---|:---|
|  | Page **1** | www.rhbgroup.com |
| **TOGETHER WE PROGRESS** |  | ![](ea026657304_ex10-7img2.jpg) |

---

MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

3.2 The SME Online Financing Term Loan is made available to you for drawdown
 for a period of **SIX (6) months** from the date of SJPP approval.

3.3 Subject to (3.1) above, the Banking Facility is for 7 years effective from the date of the issuance of
the Letter of Guarantee from GOM.

3.4 The Banking Facility is to be disbursed within a period of six (6) months from the date of receipt by
the Bank of GOM's approval on the guarantee. If the facilities cannot be disbursed within 6 months from SJPP's approval, extension of
Availability Period (AP) must be submitted 1 month prior to its expiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>TENOR</u>** 

4.1 The Banking Facility is subject to periodic review at the sole and absolute discretion of the Bank but,
notwithstanding such periodic review, the Banking Facility shall be repayable on demand.

4.2 Subject to and until such periodic review or demand under paragraph 4.1 hereof, the Banking Facility is
for the following tenor:

---

| | |
|:---|:---|
| **<u>FACILITY</u>** | **<u>TENOR</u>** |
| SME Online Financing Term Loan | 84 Months |

---

5. <u>INTEREST RATE(S)/ COMMISSION/ BANKING CHARGES/ COMMITMENT FEE/OTHER CHARGES</u> 

5.1 You shall pay interest on all monies due and payable by you and all monies outstanding and owing to the
Bank in relation to the Banking Facility and commission, discount charges and any other charges payable in relation to the Banking Facility
at such rate or rates as may be stipulated or prescribed by the Bank at any time and from time to time. Without prejudice to the generality
of the foregoing, you shall pay interest, commission, discount charges and any other charges payable in relation to the Banking Facility
at the following rates:-

---

| | |
|:---|:---|
| **<u>FACILITY</u>** | **<u>INTEREST RATE</u>** |
| SME Online Financing Term Loan | Interest at SEVEN POINT ONE NINE (7.19%) per annum flat may be subject to changes according to the Bank's Base Lending Rate |

---

The Loan installment for SME Online Financing Term Loan is computed based on effective interest rate at SIX per centum (6%) per annum above the Bank's Base Lending Rate with daily rests which is currently at SIX POINT FOUR FIVE per centum (6.45%) per annum.

5.2 Interest and commission at the aforesaid rate(s) ("the Prescribed Rate" which expression shall
refer to the respective interest rates and commission chargeable on the respective facilities comprised under the Banking Facility) shall
be payable by you, as well after as before judgment or demand.

6. <u>INCREASED RATE OF INTEREST ON DEFAULT/EXCESS AMOUNT</u> 

In addition and without prejudice to the rights and remedies of the Bank, if you shall default in the payment of any sums on their respective due dates you shall pay interest on such overdue sums at the rate of 3.5% per annum above the Bank's Base Lending Rate or such other rate or rates as the Bank may, at its sole absolute discretion, at any time and from time to time, impose without notice to you, and such rate or rates of interest ("the Default Rate") shall be payable by you, as well after as before judgment or demand, from the due date up to the date of actual repayment.

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MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

7. <u>REPAYMENT</u> 

Notwithstanding any provisions to the contrary, the Banking Facility shall be payable on demand. In addition, you shall upon the expiry of the tenor (if any) of the Banking Facility or part thereof, repay the entire outstanding sum under each of the Banking Facility which tenor has expired. Until the expiry of the tenor of each of the Banking Facility or until a demand for repayment is made, you shall repay the Banking Facility as follows:

---

| | |
|:---|:---|
| **<u>FACILITY</u>** | **<u>REPAYMENT TERMS</u>** |
| SME Online Financing Term Loan | Over 84 months, monthly instalments of RM12,526.00 |
|  | Pending full drawdown, interest shall be paid monthly in arrears on the sum drawndown. |

---

8. <u>SECURITY</u> 

The Banking Facility interest commissions and banking and/or other charges and expenses payable thereon or in connection therewith are to be secured by:

<u>New Security</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Guarantee – Joint and Several Guarantee for the maximum amount of RM700,000-00 signed by:-

---

| | |
|:---|:---|
| **Name** | **NRIC Number** |
| MOHD NAZIL BIN MOHD LAN | 900603-12-5157 |
| NUR HAIRUNNISA BINTI JAAFAR | 841029-14-6094 |
| LOW YOU SIONG | 800805-10-5471 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Guarantee – Against 80% guarantee by Government of Malaysia (GOM) under Working Capital
 Guarantee Bumiputera Scheme (WCGB).

9. <u>CONDITIONS FOR DRAWDOWN/UTILIZATION</u> 

9.1 In addition to the conditions precedent for drawdown as stipulated in the General Terms and Conditions
annexed hereto, you shall also fulfill the following conditions precedent before you are allowed to drawdown on the Banking Facility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 Receipt of GOM's Letter of Guarantee under the WCGB for RM 560,000-00

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 You are to authorise the Bank to deduct the SME Online Financing Term Loan account for stamping fee incurred any other charges, expenses
as and when they are due for payment for the Credit Facilities granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3 A Standing Instruction (SI) is to be executed for the direct debiting of your current account for the monthly Term Loan repayment,
the Bank shall have the right to automatically debit your current account
for all payments due and payable under your Banking Facilities, which remain outstanding on their due date of payment.

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MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.4 The Banking Facility granted under this Letter of Offer is subject to the issuance of a confirmation ("Confirmation")
via e-mail by the Bank to you and should there be any variations and/or amendments to this Letter of Offer and/or the imposition of any
further terms and/or conditions as the Bank may require or impose, a supplemental letter of offer ("Supplemental Letter of Offer")
will be issued and to be duly accepted by you. For the avoidance of doubt and notwithstanding anything herein contained to the contrary,
the Bank shall not be obliged to grant the Banking Facility nor permit its/their utilisation or part thereof until and unless the Confirmation
or Supplemental Letter of Offer (whichever applicable) is issued and the terms herein and therein have been duly complied with by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.5 A Personal Smart Shield Plus ('PSSP') for the sum insured of RM700,000-00 to cover the life
of the director(s)/guarantor(s) for a period of 7 years with the Bank's appointed insurer with RHB Bank Berhad endorsed as assignee/mortgagee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.6 In the event that the Personal Smart Shield Plus ('PSS') premium has not been fully paid at
the point of disbursement, the Bank reserves the right to deduct your Term Loan — SME Online Financing account for payment of such
as PSS premium.

9.2 If,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 You shall fail to comply with any of the conditions precedent referred to in paragraph above and/or in
the General Terms and Conditions annexed hereto; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 There has been a material adverse change in your condition, financial or otherwise after the date of this
Letter of Offer;

You will not be entitled to utilize the Banking Facility and the Bank shall be entitled to cancel the Banking Facility hereby granted without any prior notice to you and you shall be liable to reimburse and/or indemnify the Bank for all costs and expenses (including legal costs and expenses) incurred by the Bank in connection with the approval and/or grant of the Banking Facility to you.

**10.**  **<u>OTHER TERMS AND CONDITIONS</u>** 

10.1 The Borrower may at any time by giving to the Bank three (3) months notice in writing or by paying three
(3) months interest in lieu of notice repay the whole of the moneys then owing to the Bank under the Term Loan Facility or such lesser
amount in integral multiples of Ringgit Malaysia One Thousand Only (RM 1,000.00) or such other amount as the Bank may in its absolute
discretion accept PROVIDED THAT the acceptance of such lesser amount as aforesaid by the Bank shall in no way entitle the Borrower to
a reduction in the amount of any instalment but only to a reduction in the number thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1 Any default in monthly repayment on due date of any money payable to the Bank for more than thirty (30)
days, the Borrower may be required to furnish the Bank six (6) postdated cheques amounting equivalently to the monthly repayment amount
dated the 5th of each month. Upon the six (6) postdated cheques being utilized for the monthly repayment, the Borrower may
be required to continue with the normal monthly repayment method.

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MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

10.2 Notwithstanding anything herein, the Borrower's right to prepay shall only be exercisable upon such conditions
as the Bank may in its absolute discretion, impose and the decision of the Bank shall be final and conclusive.

---

| | |
|:---|:---|
| **<u>FACILITY</u>** | **<u>PREPAYMENT FEE</u>** |
| SME Online Financing Term Loan | Not Applicable |

---

**10.3**  **<u>SME Online Financing Term Loan</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1 Bank's Right to Vary Interest Rate: Any default in payment on due date of any money payable (whether principal
or interest) for more than 60 days will result in an increase of interest rate spread for ALL facilities or such other rate or rates as
the Bank may, at the Bank's discretion without any prior notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2 Late Payment Penalty Interest: All late payment of any money payable (whether principal or interest) will
incur an additional interest of 1% p.a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3 Late Payment Notification: All official notifications for servicing any money payable (whether principal
or interest) will incur an administrative fee of Ringgit Malaysia Twenty Five Only (RM25.00) per notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.4 In the event of any change in circumstances resulting in you becoming no longer eligible under the WCGB,
the Bank may at its discretion or upon instruction by GOM terminate the Banking Facility under the WCGB, vary the prevailing terms and
conditions (including the profit rate), and/or impose such additional conditions as the Bank may deem necessary or appropriate at its
absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.5 In the event you wish to continue on with the Banking Facility after the expiry period or termination
of the WCGB, the Bank reserves the discretion to vary the terms and conditions of the Banking Facility granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.6 The Banking Facility is to be disbursed within a period of six (6) months from the date of receipt by
the Bank of GOM's approval on the guarantee. If the facilities cannot be disbursed within 6 months from SJPP's approval, extension of
Availability Period (AP) must be submitted 1 month prior to its expiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.7 Upon expiry of the tenure or termination of the WCGB, the profit rate charged will be converted to profit
rate as may be determined by the Bank which shall apply throughout the entire tenure of the Banking Facility and the Bank reserves the
right to vary the terms and conditions of the Banking Facility granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.8 You shall also be liable to pay the Bank, a cancellation fee of Ringgit Malaysia One Hundred
 (RM100.00) only which is payable to GOM in the following circumstances:- i. for cancellation of a request of a GOM"s Guarantee
 by you; and ii. for failure to disburse the Banking Facility after a period of six (6) months from the date of receipt by the Bank
 of GOM's approval on the guarantee and consequently cancellation of the guarantee approval.

Page **5**

MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.9 Zero point seven five per centum (0.75%) per annum or minimum guarantee fees of Ringgit Malaysia Five
Hundred (RM500.00) for the issuance of the GOM Guarantee is absorbed by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.10 The Banking facility extended to you are subject to terms and conditions of the WCGB and the WCGB is subject
to change at any time at GOM's sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.11 GOM and/or any of it's appointed representative will subrogate
all rights of the Financial Institution against you in respect of the amount paid by GOM in accordance to the WCGB scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.12 The WCGB is for seven (7) years effective from the date of the
issuance of the Letter of Guarantee from Government of Malaysia and shall not exceed 31/12/2035.

10.4 <u>SERVICES TAX (ST)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.1 If any service made under this contract/agreement is a taxable service to which the ST would apply, then
the Bank reserves the right to levy ST at the prescribed rate and the recipient of the service agrees to pay the amount of ST.

For the avoidance of doubt, the Borrower shall bear all professional fees, taxes (including but not limited to ST), and out-of-pocket expenses incurred and any other fees, expenses or recourse in respect of the Banking Facility(ies).

11. <u>INFORMATION DISCLOSURE</u> 

The Borrower consents to and authorizes the RHB Banking Group (which shall include its holding company, its subsidiaries and associated companies), its respective directors, officers, employees and agents to disclose, share and/or verify information or documents pertaining to the Borrower affairs, account(s), facility(ies), directors and/or substantial shareholders to and/or with the following parties including, without limitation: -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any companies within the RHB Banking Group, whether within or outside Malaysia for any purpose including,
without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) cross-selling, marketing and promotions of products and/or services of the RHB Banking Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) conducting conflict checks on any conflict of interest situations whether actual or potential, pursuant
to the appointment of RHB Investment Bank Berhad, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) having access to the Borrower's/Company's/ the Customer's information and/or documents in
relation to its securities and/or depository accounts maintained with RHB Investment Bank Berhad and/or the relevant central and/or authorized
depositories, if applicable; Kindly remove this clause if it is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any authorities/regulators/parties as may be authorised by law or regulations to obtain such information
or by court of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any party(ies) providing security for purposes of facility(ies) granted to the Borrower; agents of the
RHB Banking Group, including without limitation, vendors, merchants and/or third
party service providers in connection with any products and/or services being provided by the RHB Banking Group;

Page **6**

MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) auditors, legal counsels and/or other professional advisers in relation to the provision of services by
the RHB Banking Group pursuant to this engagement, or in connection with the preparation of any facility or security documents, if applicable,
or any action or proceeding for the recovery of monies due and payable by the Borrower, wherever applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) credit bureaus and/or credit reporting agencies, fraud prevention agencies, debt collection agencies and
industry/financial related associations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any potential assignee or other person proposing to enter into any contractual arrangement which requires
the disclosure of such information.

12. <u>AMENDMENT AND/OR ADDITIONAL TERMS AND CONDITIONS</u> 

12.1 The Bank may at any time hereafter at your request or at the Bank's absolute discretion grant additional
banking facilities to you and/or convert and/or vary and/or substitute all or any of the Banking Facility hereby granted into another
banking facility or facilities and, in any such event, the securities liabilities and/or obligations created pursuant to and by this Letter
of Offer shall continue to be valid and binding for all purpose whatsoever up to the limit of the total banking facilities advanced to
you notwithstanding such addition or change before-mentioned but subject to such variations as shall be made known by the Bank to you
and or implied by law or trade usage governing or applicable to the addition and/or changes as aforesaid.

12.2 Notwithstanding any provisions to the contrary, the terms of this Letter of Offer may, at any time and
from time to time, be varied or amended by the Bank at its absolute discretion with or without notice to you and thereupon such amendments
and variations shall be deemed to become effective and the relevant provisions of this Letter of Offer shall be deemed to have been amended
or varied accordingly and shall be read and construed as if such amendments and variations had been incorporated in and had formed part
of this instrument at the time of execution hereof.

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MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

13. <u>ANNEXURES</u> 

The terms and conditions set out in the Annexures hereto form an integral part of this Letter of Offer and in the event of any conflict or discrepancy between the terms and conditions in this Letter of Offer and the terms and conditions in the Annexures, the terms and conditions in this Letter of Offer shall prevail.

Please indicate your acceptance of the Banking Facility upon the terms and conditions herein by signing the duplicate of this letter and returning the same to the Bank within fourteen (14) days from the date hereof.

We thank you for giving us the opportunity to be of service to you.

Yours faithfully

**For RHB BANK BERHAD**

---

| | | | |
|:---|:---|:---|:---|
| /s/ Sao Sin Ze | /s/ Sao Sin Ze | /s/ Eugene, Chaw Jee Keong | /s/ Eugene, Chaw Jee Keong |
| Name: Sao Sin Ze | Name: Sao Sin Ze | Name: Eugene, Chaw Jee Keong | Name: Eugene, Chaw Jee Keong |
| Designation: | 453304 | Designation: | Team Leader |
|  |  |  | 452639 |

---

Page **8**

MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

**<u>FORM OF ACCEPTANCE & DECLARATION ON CONNECTED PARTIES</u>**

I/We, the undersigned hereby confirm that I/We have read the terms and conditions set out above and in the Annexure hereto and taken note of the same. I/We hereby accept the Banking Facility upon the terms and conditions mentioned above and in the Annexure. I/We hereby declare that:

I am/We are not related to/a guarantor to/in control of/controlled by any of the directors, controlling shareholders, officers of the RHB Banking Group and their respective \*close relatives.

None of the directors, controlling shareholders, officers of the RHB Banking Group and their respective \*close relatives is a director, partner, executive officer, agent or guarantor in our firm/partnership/company/legal entity and/or our subsidiaries/entities controlled by us.

**\*** **"<u>Close relatives</u>" is defined as spouse and dependents of the spouse, child (including step/adopted child) and spouse of the child, parent and brother or sister and their spouses**.

---

| |
|:---|
| ![](ea026657304_ex10-7img3.jpg) |
| ![](ea026657304_ex10-7img3.jpg) |
| ![](ea026657304_ex10-7img3.jpg) |
| ![](ea026657304_ex10-7img3.jpg) |
| ![](ea026657304_ex10-7img3.jpg) |
| ![](ea026657304_ex10-7img3.jpg) |
| ![](ea026657304_ex10-7img3.jpg) |
| /s/ Low You Siong |

---

---

| | |
|:---|:---|
| Witnessed and signature verified by; | /s/ Sao Sin Ze |
|  | (Signature) |
|  | Sao Sin Ze |
|  | 453304 |
|  | (Name & Position) |

---

Page **9**

MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

**<u>ANNEXURE I</u>**

**<u>GENERAL TERMS AND CONDITIONS</u>**

**1.**  **<u>REPRESENTATIONS AND WARRANTIES</u>** 

The Borrower hereby represents and warrants to the Bank that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower has full legal right, authority, power and capacity
to accept and to borrow the Banking Facility and to perform the terms of this Letter of Offer. In the event the Borrower is a company,
the Borrower is a company duly incorporated and validly existing under the laws of Malaysia and has full power and authority to carry
on its present business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the terms of this Letter of Offer constitute legal, valid and binding obligations enforceable against
the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all consents authorisations and approvals which are required to be obtained in connection with or are
necessary for the acceptance, delivery, legality or enforceability of this Letter of Offer and the use of the Banking Facility have been
obtained and are in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Borrower's acceptance of this Letter of Offer and the performance of the terms herein will not contravene
any law, regulation, order or decree of any governmental authority, agency or court to which the Borrower is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Borrower is not in default under any agreement to which the Borrower is a party or by which the Borrower
may be bound and no litigation arbitration or administrative proceedings are presently current or pending or threatened against the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all information furnished by the Borrower to the Bank in connection with the Banking Facility are true
and correct and there has been no omission which would render the information inaccurate or misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Borrower's last audited accounts have been prepared in accordance with accounting principles and practices
generally accepted in Malaysia and give a true and fair view of the Borrower's financial position as at that date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) there are no winding-up proceedings currently pending or threatened against the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) none of the Borrower's directors, shareholders, managers or their spouses, parents and children are in
the employment of or directly related to any of the directors officers or employees of the RHB Banking Group

**2.**  **<u>CONDITIONS PRECEDENT</u>** 

2.1 The Banking Facility will be made available for the Borrower's utilisation upon the fulfilment of the
following conditions precedent:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Bank shall have received the Borrower's acceptance of this Letter of Offer within the time prescribed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all loan/security documents which are required herein and/or such other documents as may be required by
the Bank and/or its solicitors shall have been executed by the Borrower and/or the relevant security parties, duly stamped and registered
at such registries as the Bank may deem necessary or expedient within thirty (30) days from the date of the acceptance of the Letter of
Offer or such other time as may be stipulated by the Bank;

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MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Bank shall have received copies of the following documents certified as true and correct by the Borrower's
secretary or director:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all authorisations, licenses, approvals and consents which are necessary for the financing by the Bank
hereunder, the carrying on of the Borrower's business and the execution of the security documents (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower's Board of Directors' Resolution authorising the acceptance and the borrowing of the Banking
Facility and/or the execution of the loan/security documents (if any), together with deed of empowerment (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a copy each of the Borrower's (if applicable) certificate of incorporation / notice of registration and
the Constitution and the Return of Allotment of Shares Form (previously known as Form 24, Notification for Change in the Registered Address
(previously known as Form 44), and Notification of Change in the Register of Directors, Managers and Secretaries Form (previously known
as Form 49) of the Companies Act 2016;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) specimen signatures, authenticated in such manner as the Bank may require, of the persons authorised to
act on the Borrower's behalf in respect of the transactions hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Borrower shall have paid all fees or charges payable or agreed to be paid by the Borrower to the Bank
for or in connection with the Banking Facility including the preparation and perfection of the loan/security documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no Event of Default (as hereinafter stated) or no event which with the giving of notice or lapse of time
or both would constitute an Event of Default shall have occurred or be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no extraordinary circumstances or change of law or other governmental action shall have occurred which
makes it improbable that the Borrower will be able to observe or perform the covenants and obligations herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Bank's solicitors shall have made a search on the Borrower at the Companies Commission of Malaysia
and the Director-General of Insolvency's Office and the results thereof shall have been satisfactory to the Bank.

2.2 In the case where guarantee(s) and/or other security ("the Security Document") is/are required
by the Bank from third party(ies) ("the Security Party), the utilisation of the Banking Facility shall also be subject to the fulfilment
of the following additional conditions precedent:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Security Document shall have been duly perfected and forwarded to the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Security Party is a body corporate, such Security Party shall have forwarded to the Bank copies
of the following documents:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Board of Directors' Resolution authorising the execution of the Security Document together with deed
of empowerment (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certified copy of its certificate of incorporation / notice of registration and the Constitution and
the Return of Allotment of Shares (previously known as Forms 24), Notification for Change in the Registered Address (previously known
as Form 44), and Notification of Change in the Register of Directors, Managers and Secretaries Form (previously known as Form 49) of the
Companies Act 2016;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Bank's solicitors shall have made a search on the Security Party at the Companies Commission of Malaysia
and/or the Director-General of Insolvency's Office and the results thereof shall have been satisfactory to the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all authorisations, approvals and consents which are necessary for the creation and delivery of the Security
Document to the Bank hereunder, shall have been obtained and delivered to the Bank;

Page **11**

MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

**3.**  **<u>AFFIRMATIVE COVENANTS</u>** 

During the tenor of the Banking Facility the Borrower shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) carry out the Borrower's business diligently and efficiently and in accordance with sound financial practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) furnish to the Bank all information reasonably required by the Bank in relation to the Borrower's business
and financial position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) keep full, proper and up-to-date accounts and furnish to the Bank within one hundred and eighty (180)
days from the end of each of the Borrower's financial year copies of the Borrower's annual report together with the balance sheet and
profit and loss account duly audited and certified by a qualified independent auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) keep and maintain the Borrower's present paid up share capital and any increases thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) punctually pay and/or cause to be paid all rents rates taxes and all other outgoings payable in respect
of the premises at which the Borrower carry on business and properties which are security for the repayment of the Banking Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) appoint from time to time only such auditor or firm of auditors acceptable to the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) notify the Bank of the occurrence of an Event of Default stipulated hereunder or of any event which would
constitute an event of default in relation to any of the Borrower's other indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) notify the Bank of any change in the Borrower's Board of Directors or its management or its major or controlling
shareholders or partners.

**4.**  **<u>RESTRICTIVE COVENANTS</u>** 

During the tenor of the Banking Facility the Borrower shall not, without the prior written consent of the Bank:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) add to, delete, vary or amend the Borrower's Constitution in any manner which would be inconsistent with the terms of this Letter
of Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) change the Borrower's financial year or the nature of the Borrower's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sell, transfer, lease or otherwise dispose of a substantial part of the Borrower's capital assets or undertake or permit any merger,
consolidation or reorganisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into any transaction with any person firm or company except in the ordinary course of business and at arm's length commercial
terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) decrease or alter the Borrower's issued capital or alter the structure thereof or the rights attached thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) change the Borrower's major or controlling shareholding or partnership structure.

**5.**  **<u>VARIATION OF INTEREST RATES</u>** 

5.1 The Bank shall be entitled at its sole and absolute discretion, without notice to the Borrower, vary at
any time and from time to time the Base Lending Rate of the Bank and/or Cost of Funds and/or the margin of interest imposed above the
Base Lending Rate and/or Cost of Funds of the Bank and/or commissions or other rates of interest chargeable PROVIDED THAT the Bank will
endeavour to provide notice of such variation(s) in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the Base Lending Rate of the Bank by displaying at the premises of the Bank a general notice
of the change of the Base Lending Rate of the Bank addressed to the public generally and such display shall be deemed sufficient notice
to the Borrower or by including a notice
in the periodic statement of accounts sent to the Borrower or by any other modes deemed fit and proper by the Bank; and

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MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of the margin of interest imposed above the Base Lending Rate and/or Cost of Funds of the Bank
and/or commissions by serving a notice in writing (which notice may be included in the periodic statements of account sent to the Borrower)
on the Borrower of the change in the margin of interest imposed above the Base Lending Rate and/or Cost of Funds of the Bank and/or in
the commissions and such notice shall be deemed to have been sufficiently served on the Borrower if sent by ordinary mail to the Borrower's
usual or last known place of residence/business or to the address abovestated;

PROVIDED ALWAYS that the effective date of the change of the Base Lending Rate and/or margin of interest imposed above the Base Lending Rate and/or Cost of Funds and/or in the commissions or the other rates of interest chargeable shall be the date stipulated by the Bank at its sole absolute discretion. And notwithstanding anything hereinbefore contained, any delay or failure on the part of the Bank to give notice in accordance with the provisions herein contained shall not absolve the Borrower from its obligation to pay the rate of interest and/or commissions determined by the Bank and such rate of interest so determined by the Bank shall be payable from such date as the Bank shall in its sole and absolute discretion stipulate.

**5.2** The Bank shall be entitled at any time at its sole and absolute discretion with or without notice to the
Borrower and without assigning any reason to change the fundamental basis of calculation of the Prescribed Rate (whether it be the Base
Lending Rate, Cost of Funds or any other basis by whatsoever named called).

**6.**  **<u>CAPITALISATION OF INTEREST</u>** 

Interest commission and fees remaining unpaid at the time when it shall become due and payable and all costs charges expenses and other moneys due and payable shall be added to the principal amount advanced under the Banking Facility and thereafter be treated as principal and be chargeable with interest at such rate at which interest shall from time to time and at any time be payable under this Letter of Offer. For the purpose of ascertaining whether the limit of the Banking Facility intended to be advanced or secured has been exceeded or not, all accumulated and capitalised interest, commission, fees, costs, charges, expenses and such other moneys shall be deemed to be interest and not principal.

**7.**  **<u>INTEREST AFTER DEMAND OR JUDGMENT</u>** 

Notwithstanding the exercise by the Bank of any of its rights provided for hereunder or any other statutory or other rights or the making of any demand, interest chargeable on the Banking Facility shall continue to be chargeable on any sum of money which remains due and unpaid hereunder after the exercise of any of these rights and if not duly paid such interest will continue to be capitalised as provided herein notwithstanding that the banker-customer relationship may have ceased for any reason whatsoever; AND in the event that judgment is obtained in relation to any sum of money owing hereunder, wherein it is adjudged that any sum of money be paid to the Bank, interest shall be payable on such sum of money so adjudged to be payable to the Bank at the rate of interest chargeable hereunder from the date of such judgment until the date of full payment.

Page **13**

MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

**8.**  **<u>EVENTS OF DEFAULT</u>** 

All monies outstanding under the Banking Facility together with interest thereon and all other monies relating thereto shall become immediately repayable by the Borrower upon demand being made by the Bank or upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower defaults in the payment of any money payable to the Bank after the same shall have become due whether
formally demanded or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower defaults under any other provision herein which is not capable of remedy or which, being
capable of remedy, is not remedied within fourteen (14) days after being required to do so by the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any representation, warranty or condition made or implied by the Borrower herein is incorrect or misleading
in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any license, authorisation, approval, consent or permit which is required for the Borrower's business
or the performance of the Borrower's obligations hereunder is revoked or withheld or modified or is otherwise not granted or fails to
remain in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any of the Borrower's indebtedness or the indebtedness of any of the Security Party or their respective
affiliate(s) or related corporation(s) becomes capable, in accordance with the relevant terms thereof, of being declared due prematurely
by reason of a default by the Borrower or such Security Party or affiliate(s) or related corporation(s) of their respective obligations
in respect of the same or the Borrower or any of the Security Party or affiliate(s) or related corporation(s) fail to make payment in
respect thereof on the due date for such payment or if due on demand when demanded or the security for any such indebtedness becomes enforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a petition be presented or an order be made or a resolution be passed for the Borrower's winding-up or
the winding up of any of the Borrower's affiliate(s) or related corporation(s) or Security Party which is a body corporate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a nominee, trustee, supervisor, judicial manager, administrator, receiver and manager or liquidator or
other similar officer is appointed to take possession of the Borrower's properties or undertaking or the properties or undertaking of
any of the Borrower's affiliate(s) or related corporation(s) or Security Party which is a body corporate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Borrower or any of the Borrower's affiliate(s) or related corporation(s) or Security Party which is
a body corporate ceases or threatens to cease to carry on all or a substantial part of the Borrower's business or the Borrower's affiliate(s)'
or related corporation(s)' or the Security Party's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any judgment is obtained against the Borrower or any of the Borrower's affiliate(s) or related corporation(s) or Security
Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Borrower or any of the Borrower's affiliate(s) or related corporation(s) or Security Party enters
into any voluntary arrangement, judicial management, scheme of compromise, reorganization, reconstruction, amalgamation, composition or
arrangement with or for the benefit of their respective creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any other event or series of events whether related or not has or have occurred which in the opinion
of the Bank (which opinion shall be final and binding) could or might affect or prejudice the Borrower's ability or willingness to comply
with all or any of the Borrower's obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Borrower or any of the Security Party who is an individual person commits any act of bankruptcy or
becomes bankrupt or shall die or become insane;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any of the Security Document given to the Bank is or becomes for any reason whatsoever invalid or unenforceable;

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MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) if the Bank shall in its sole discretion consider that the Banking Facility or any of its security or
its security position in relation to the repayment of the Banking Facility to be in jeopardy.

(The expression "affiliate" means in relation to any one corporation, any corporation directly or indirectly controlling, controlled by or under direct or indirect common control, in each case whether in law or in fact with such corporation and the expression "related corporation" shall be construed in accordance with the Companies Act, 2016).

**9.**  **<u>BANK'S RIGHT TO COMMENCE FORECLOSURE AND LEGAL PROCEEDING CONCURRENTLY</u>** 

Upon default or breach by the Borrower of any term, covenant, stipulation and/or undertaking herein provided and on the part of the Borrower to be observed and performed, the Bank shall thereafter have the right to exercise all or any of the remedies available whether by this Letter of Offer or Security Document or by statute or otherwise and shall be entitled to exercise such remedies concurrently, including pursuing all remedies of sale or possession and civil suit to recover all moneys due and owing to the Bank.

**10.**  **<u>ILLEGALITY</u>** 

If the Bank determines that the introduction or variation of any law, regulation or official directive (whether or not having the force of law) or any change in the interpretation or application thereof makes it unlawful for the Bank to maintain, fund or give effect to its obligations hereunder, the Bank shall forthwith give notice of such determination to the Borrower whereupon the Banking Facility to such extent shall be cancelled and the Borrower will forthwith upon notice from the Bank repay all monies outstanding under the Banking Facility together with interest thereon and all other monies agreed to be paid by the Borrower hereunder.

**11.**  **<u>INCREASED COSTS</u>** 

Where the Bank determines that, as a result of the introduction or variation of any law, order, regulation or official directive (whether or not having the force of law), or any change in the interpretation or application thereof by any competent authority, or compliance with any request (whether or not having the force of law) from Bank Negara Malaysia or other fiscal, monetary or other authority, the cost to the Bank of making available or continuing to make available the Banking Facility is increased or the amount of any sum received or receivable by the Bank in respect of the Bank making or continuing to make available the Banking Facility or the effective return to the Bank under the Banking Facility is reduced or the Bank is obliged to make any payment (except in respect of tax on the Bank's overall net income) or forego any interest or other return on, or calculated by reference to, the amount of any sum received or receivable by the Bank from the Borrower under the Banking Facility, then the Bank shall notify the Borrower of the circumstances leading to the Bank's determination and:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower shall on demand pay to the Bank such reasonable amounts as the Bank may from time to time
and at any time notify the Borrower to be necessary to compensate the Bank for such additional cost, reduction, payment or foregone interest
or return provided that nothing herein contained shall prevent the Borrower from taking all necessary steps to mitigate the effect of
such increased cost; and

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MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time thereafter, so long as the circumstances giving rise to the obligation to make the compensating
payment continue, the Borrower may upon giving the Bank not less than thirty (30) days' notice, cancel the Banking Facility.

12. <u>MARKET DISRUPTION</u> 

If in the opinion of the Bank, there has, since the date of this offer, been a change in national or international monetary, financial, economic or political conditions or currency exchange rates or exchange control which would render the Banking Facility temporarily or permanently commercially impracticable or impossible, the Bank shall notify the Borrower thereof, and:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whilst such circumstances exist, no utilisation of the Banking Facility will be allowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Bank shall negotiate in good faith for an alternative basis acceptable to the Bank for continuing
the Banking Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) unless within thirty (30) days after the giving of such notice such circumstances cease to exist or an
alternative basis acceptable to the Bank is arrived at, the Banking Facility shall be cancelled.

13. <u>LEGAL AND INCIDENTAL EXPENSES</u> 

The Borrower shall pay all legal fees and incidental expenses in connection with the preparation, stamping and registration of any security documents required by the Bank hereunder even though the said documents are not executed by the Borrower for any reason whatsoever. If any money payable under the Banking Facility is required to be recovered through any process of law, the Borrower shall be liable to pay the Bank's solicitors' fees (on a solicitor and client basis) and any other fees and expenses incurred in respect of such recovery.

14. <u>WAIVER AND INDULGENCE</u> 

The terms and conditions herein may be waived by the Bank in whole or in part with or without conditions at the discretion of the Bank without prejudicing the rights of the Bank hereunder and any failure by the Bank to enforce any of the provisions hereunder or any forbearance delay or indulgence granted by the Bank to the Borrower shall not be construed as a waiver of the Bank's rights hereunder.

**15.**  **<u>CREDIT FACILITIES TO CONNECTED PARTIES</u>** 

The approval of the Banking Facility to the Borrower shall be upon the condition that the Bank will fully comply with any applicable laws, legislations or regulations. The Borrower hereby declares to the Bank that the Borrower is not related to/a guarantor to/in control of/controlled by any of the directors, controlling shareholders, officers of the RHB Banking Group and their respective close relatives (spouse and dependents of the spouse, child (including step/adopted child) and spouse of the child, parent and brother or sister and their spouses). None of the directors, controlling shareholders, officers of the RHB Banking Group and their respective close relatives is a director, partner, executive officer, agent or guarantor in the Borrower's firm/partnership/company/legal entity and/or subsidiaries/entities controlled by the Borrower. The Borrower shall at all material times covenant to declare to the RHB Banking Group should any connected party relationship materializes throughout the duration of this Agreement. In the event any undisclosed connected party relationship is established or discovered subsequently, the Bank reserves the right to terminate and recall the Banking Facility immediately.

Page **16**

MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

16. <u>DUTY TO VERIFY STATEMENTS OF ACCOUNTS/CERTIFICATE OF BANK</u> 

The Borrower shall verify all statements of accounts sent to the Borrower by the Bank and immediately revert to the Bank in the event of any discrepancy in such statements of accounts failing which they shall be deemed to be conclusive and binding against the Borrower. A statement by the Bank and signed by any of its officers as to what at any time is the amount outstanding and rate of interest chargeable shall, save for manifest errors be final and conclusive and shall not be questioned by the Borrower on any account whatsoever.

17. <u>SET OFF/COMBINATION OR CONSOLIDATION OF ACCOUNTS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank shall be entitled (but shall not be obliged) at any time and without notice to the Borrower to
combine, consolidate or merge all or any of the Borrower's accounts and liabilities with and to the Bank anywhere whether in or outside
Malaysia, alone or jointly with any other person and may transfer or set off any sums in credit in such accounts in or towards satisfaction
of any of the Borrower's liabilities whether actual or contingent, primary or collateral notwithstanding that the credit balances on such
accounts and the liabilities on any other accounts may not be expressed in the same currency and the Bank is hereby authorised to effect
any necessary conversions at the Bank's own rate of exchange then prevailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without prejudice to the generality of the above, the Bank further reserves the right at any time and
without notice to the Borrower to debit any of the Borrower's accounts (whether in credit or debit) with the Bank for all payments due
and payable by the Borrower howsoever to the Bank.

18. <u>SUSPENSE ACCOUNT</u> 

Any money received by the Bank in respect of the Banking Facility may be kept to the credit of a suspense account for so long as the Bank thinks fit without any obligation in the meantime to apply the same or any part thereof in or towards settlement of any liabilities due by the Borrower to the Bank.

19. <u>CANCELLATION AND DEMAND</u> 

Notwithstanding any other provisions herein stated relating to the availability of the Banking Facility or any part thereof, the Bank reserves the right to recall/cancel the Banking Facility or any part thereof, at any time it deems fit without assigning any reason thereto by giving written notice of the same, whereupon the Banking Facility or such part thereof shall be cancelled and the whole indebtedness or such part thereof shall be repayable on demand.

**xxxxxxxxx END OF ANNEXURE xxxxxxxxxx**

Page **17**

MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

**<u>ANNEXURE IA</u>**

**<u>ADDITIONAL GENERAL TERMS AND CONDITIONS</u>**

**1.** During the tenor of the Banking Facility the Borrower shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) permit at all times the Bank, its officers, servants and/or agents to inspect all records of the Borrower
at any office, branch or place of business of the Borrower or elsewhere and all records kept by any other authorities or persons in so
far as such records relate to or affect the businesses and the properties of the Borrower and for the purpose of such inspection, give
to or procure for the Bank and any officer, servant and/or agent of the Bank such written authorisations as may be required by the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notify the Bank in the event the Borrower creates any form of charge, mortgage, debenture, pledge, lien,
encumbrances or security interest of whatever nature or permit to exist any caveat or prohibitory order or both in respect of any of the
Borrower's properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ensure that all loans or advances from its directors, shareholders and Related Corporation are subordinated
to the Indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the event the Borrower or any of its subsidiaries or related companies (present and future) ("the
Borrower Group of Companies) requires any banking, financial, investment and/or advisory products or services (collectively "the
Products") which is offered by the RHB Banking Group in its normal course of business, the Borrower shall offer or cause the Borrower
Group of Companies to offer the relevant RHB Banking Group the right of first refusal to provide the Products to the Borrower or the Borrower
Group of Companies.

**2.** During the tenor of the Banking Facility the Borrower will not, without the prior written consent of the Bank:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enter into any partnership, profit-sharing or royalty agreement whereby the Borrower's income or profits
are, or might be, shared with any other person, firm or company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter into any management contract or similar arrangement whereby the Borrower's business or operations
are managed by any other person, firm or company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) lend or make advances to any person other than in the normal course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) lend or make advances to any person other than to its subsidiaries or related companies (both as defined
in the Companies Act, 2016);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) create any form of charge, mortgage, debenture, pledge, lien, encumbrances or security interest of whatever
nature or permit to exist any caveat or prohibitory order or both in respect of any of the Borrower's properties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) declare and pay any dividend or other distribution whether of an income or capital nature (but such consent
of the Bank will not be unreasonably withheld).

**xxxxxxxxx END OF ANNEXURE xxxxxxxxxx**

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MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

**<u>ANNEXURE IB</u>**

**<u>Declaration And Undertaking On Residential And Domestic Borrowing Status - Foreign Exchange Administration Rules (Applicable To Resident Business/Entity And Non-Resident Business/Entity)</u>**

**Note:** Please tick and provide the necessary, and leave the ☐ blank if it is not applicable.

**Part a. Malaysian Resident/Non-Malaysian Resident**

☐ I am/We are business and/or company incorporated or established outside Malaysia however registered or obtained approval from an authority in Malaysia. As such, I/we hereby declare that pursuant to Foreign Exchange Administration Rules issued by Bank Negara Malaysia ("BNM") and Financial Services Act 2013, I am/we are a <u>Malaysian resident;</u> or

☒ I am/We are business
 and/or company registered with Companies Commission of Malaysia or any authority in Malaysia.
 As such, I/we hereby declare that pursuant to Foreign Exchange Administration Rules issued
 by BNM and Financial Services Act 2013, I am/we are a <u>Malaysian resident</u>; or

☐ I am/We are business and/or company incorporated or established outside Malaysia and do not have any approval from any authority in Malaysia. As such, I/we hereby declare that pursuant to Foreign Exchange Administration Rules issued by BNM and Financial Services Act 2013, I am/we are a <u>Non-Malaysian resident.</u>

**Part b. Domestic Borrowing**

☒ I/We DO NOT have domestic Ringgit borrowing.

☐ I/We have *domestic Ringgit borrowing\*,* and my/our total investment in Foreign Currency of (RM______________) is within the stipulated aggregate threshold per group per calendar year.

 

☐ I/We have *domestic Ringgit borrowing\*,* and my/our total investment in Foreign Currency of (RM______________) have exceeded the stipulated aggregate threshold per group per calendar year. I/We hereby furnish the approval letter from BNM as supporting document.

 

\* *The whole group is considered as domestic Ringgit borrower if one/more companies within the group is/are domestic Ringgit borrower.*

 

**Part c. Financial Guarantee Involving Non-Residents**

☐ I am/We are a Malaysian resident as provided in Part a. above and I/we have not given any financial guarantee in any amount in foreign currency or ringgit on or behalf of or in favour of a Non-Resident.

☐ I am/We are a Malaysian resident as provided in Part a. above and I/we have given a financial guarantee in foreign currency or ringgit of *(-insert the currency and amount-),* not exceeding RM50.0 million in aggregate on or behalf of or in favour of a Non-Resident.*\*\*(i)*

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MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

☐ I am/We are a Malaysian resident as provided in Part a. above and we have obtained a financial guarantee of *(-insert the amount-)* from a Non-Resident.*\*\*(ii)*

*\*\** *For (i) and (ii), please refer to Part d., Item 5 below.*

 

☐ I am/We are a Malaysian resident individuals (including Sole Proprietors and General Partnerships) as provided in Part a. above and I/We have given a financial guarantee in foreign currency or ringgit of *(-insert the currency and amount-),* exceeding RM1.0 million in aggregate on or behalf of or in favour of a Non-Resident for the following purpose(s):-

● using foreign currency funds sourced from Trade Foreign Currency Account (TFCA);

● using foreign currency funds sourced from conversion of ringgit; or

● through the swapping of financial assets.

☐ We are a Malaysian resident as provided in Part a. above and we have given a financial guarantee in foreign currency or ringgit of *(-insert the currency and amount-),* exceeding RM50.0 million in aggregate on or behalf of or in favour of a Non-Resident for the following purpose(s):-

● To secure borrowing obtained by a Non-Resident which is not part of our group entities;

● To secure borrowing obtained by a Non-Resident which obtains financing from a Non- Resident financial institution or any person which is not part of our entity's group of entities or not our direct shareholder(s)/partner(s)/director(s).

☐ I am/We are a Malaysian resident as provided in Part a. above and I/we have given a financial guarantee in any amount where payment will be made to or by a Non-Resident for an underlying foreign currency borrowing.

**Part d. Declaration & Undertaking**

I/We understand that under BNM's Foreign Exchange Administrative Rules,

1. The Bank has the right to suspend my/our account and/or Banking Facility denominated in currencies other
than Ringgit Malaysia without the approval letter from BNM if my/our Banking Facility has exceeded the stipulated aggregate threshold
per calendar year.

2. Resident refers to:

● A citizen of Malaysia, excluding a citizen who has obtained permanent resident status in a country or a territory outside Malaysia and is residing outside Malaysia;

● A non-citizen of Malaysia who has obtained permanent resident status in Malaysia and is ordinarily residing in Malaysia;

● A body corporate incorporated or established, or registered with or approved by any authority, in Malaysia;

● An unincorporated body registered with or approved by any authority in Malaysia; or

● The Government or any State Government.

3. Non-Resident refers to:

● Any person other than a resident;

● An overseas branch, a subsidiary, regional office, sales office or representative office of a resident company;

● Embassies, Consulates, High Commissions, supranational or international organization; or

● A Malaysian citizen who has obtained permanent resident status of a country or territory outside Malaysia and is residing outside Malaysia.

Page **20**

MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

4. Domestic Ringgit borrowing refers to:

Any borrowing/financing in Ringgit obtained by a resident from another resident (including individuals, corporations and financial institutions) in the form of credit facility, financing facility, trade guarantee or guarantee for payment of goods, redeemable preference share, Islamic redeemable preference share, corporate bond or sukuk **<u>other than</u>**<u>:</u>

● Trade credit terms extended by a supplier for all types of good or services;

● Forward contract with a licensed onshore bank excluding a contract that involves the exchanging or swapping of Ringgit or foreign currency debt obligation with another foreign currency debt obligation or the exchanging or swapping of foreign currency debt obligation with a Ringgit debt obligation;

● Performance guarantee or financial guarantee;

● Operational leasing facility;

● Factoring facility without recourse;

● A credit facility or financing facility obtained by a resident individual from a resident to purchase one residential property and one vehicle;

● Credit card and charge card facility obtained by a resident individual from a resident.

'Domestic Ringgit borrowing/financing' above shall also exclude the borrowing/financing in Ringgit of a resident entity from another resident entity within its group of entities with parent-subsidiary relationship.

5. Financial guarantee:-

Should the amount of the financial guarantee under item \*\*(i) or (ii) of Part c. above exceed RM50.0 million, I/We shall register with the Bank not later than seven (7) business days after giving or obtaining the financial guarantee.

6. I/We hereby confirm and agree that the Bank is allowed to retain up to 25% of foreign currency proceeds
from its exports of goods upon receipt of the proceeds in foreign currency, whilst the balance of foreign currency proceeds from the export
of goods shall be converted into ringgit.

7. I/We shall consent to abide with and be bound by the provision of the Financial Services Act 2013 and
Foreign Exchange Administration Rules and any amendments from time to time with regards to any transaction or payments to or from my/our
relevant account(s).

8. In the event there are changes to the circumstances and/or details contained in this declaration and undertaking,
I/we undertake to update the Bank of the changes immediately, failing which you may proceed to take any actions you deem fit without further
reference to me/us.

9. I/We hereby declare that the information given in this form is true and correct.

Page **21**

MEKAR SUBUR AV SDN BHD (1055070D)<br> CA No: 20000492/CA/20/01

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| |
|:---|
| ![](ea026657304_ex10-7img3.jpg) |
| ![](ea026657304_ex10-7img3.jpg) |
| ![](ea026657304_ex10-7img3.jpg) |
| ![](ea026657304_ex10-7img3.jpg) |
| ![](ea026657304_ex10-7img3.jpg) |
| ![](ea026657304_ex10-7img3.jpg) |
| ![](ea026657304_ex10-7img3.jpg) |
| /s/ Low You Siong |

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| | |
|:---|:---|
| Witnessed and signature verified by; | /s/ Sao Sin Ze |
|  | (Signature) |
|  | Sao Sin Ze |
|  | 453304 |
|  | (Name & Position) |

---

Page **22**

## Exhibit 10.8

**Exhibit 10.8**

![](ea026657304_ex10-8img1.jpg)

![](ea026657304_ex10-8img2.jpg)

Date: 30/03/2020

**PRIVATE & CONFIDENTIAL**

MEKAR SUBUR AV SDN. BHD.

1055070D

NO. 35-G & 35-1 JALAN 2/115A

TAMAN PAGAR.RUYUNG JALAN KUCHAI LAMA

58200 KUALA LUMPUR

W. PERSEKUTUAN

Dear Sir/Madam,

**NOTIFICATION LETTER**

**<u>Re : Standard Chartered Bank Business Instalment Loan ("the Facility")</u>**

This is the full notification further to our earlier SMS informing you of the approval of your application for Business Instalment Loan facility with us.

(i) Facility Amount (RM) : 1,000,000.00

(ii) Effective Interest Rate (% + BLR) : 6.75% + 6.20% = 12.95% p.a on monthly rest basis (variable rate)

(iii) Tenor (Months) : 84

(iv) Monthly Installment Amount (RM) : 18,164.79

(v) Guarantee Scheme (if applicable) : CGC

(vi) Loan Account Number : 60080159

(vii) Date of disbursement : 30/03/2020

In accordance to the terms of the Facility, a new current account ("Designated Account"), with details as stated below, has been opened for the loan disbursement and the payment of the Monthly Instalment Amount through standing instruction:

---

| | |
|:---|:---|
| **Standard Chartered Branch:** | EQUATORIAL PLAZA |
| **Standard Chartered Account Number:** | 312192985122 |

---

Please be informed that your Monthly Instalment Amount are payable on their respective due dates which will commence **<u>one (1) month</u>** from the **<u>Date of Disbursement</u>** stated above. Kindly ensure that there are sufficient funds in your Designated Account to effect payment on each payment date. Kindly be reminded to that, in accordance to the terms of the Facility, if you do not utilise the amount disbursed in part or in full, OR perform any banking activity on the Designated Account within twenty (20) days from the Date of Disbursement ("cooling-off period"), the Bank has the right to close the Designated Account and terminate or rescind the Facility through early settlement of the outstanding amount using the proceeds from the Designated Account at no further cost to you. In respect of this agreed cooling-off period, time is of the essence.

Kindly be advised that the Product Disclosure Sheet (PDS) attached with this notification shall supersede the earlier PDS.

Please do not hesitate to contact our Contact Center at 1300 888 111 if you have any queries

Thank you for banking with us.

Regards,

Standard Chartered Bank Malaysia Berhad (Reg No 115793P)

![](ea026657304_ex10-8img3.jpg)

Authorised Signatory

BIL Notification Letter Version Aug 2019

Standard Chartered Bank Malaysia Berhad (115793-P)

Level 22, Equatorial Plaza,

Jalan Sultan Ismail, 50250 Kuala Lumpur.

www.sc.com/my

A Standard Chartered Group Company

The Registered Office of Standard Chartered Bank Malaysia Berhad is at Level 26, Equatorial Plaza, Jalan Sultan Ismail, 50250 Kuala Lumpur.

![](ea026657304_ex10-8img2.jpg)

---

| | |
|:---|:---|
| **PRODUCT DISCLOSURE SHEET**<br>**Read this Product Disclosure Sheet before you decide to take up the selected product.**<br>**Be sure to also read the terms in the BIL Terms & Conditions, Master Credit Terms, Standard Terms and the Account Terms Covering Banking Facilities.**<br>**Seek clarification from the Sales Officer / Contact Center (details below in Q9) if you do not understand any part of this document or the general terms.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Standard Chartered Bank Malaysia Berhad**<br>**Company Name : MEKAR SUBUR AV SDN. BHD.**<br>**Registration No.: 1055070D**<br>**Please tick whichever is applicable in this document.**<br> ☐ **BIL Conventional**<br> ☒ **BIL Conventional – CGC**<br> ☐ **BIL Conventional - SJPP (WCGS or SSGS)**<br>**Date of PDS issuance: 30/03/2020** |

---

---

| | |
|:---|:---|
| **1.** | **What is this product about?** |
| Business Instalment Loan ("BIL") is an unsecured installment based lending product available to borrowing entities to meet their for day to day working capital and business expansion requirements | Business Instalment Loan ("BIL") is an unsecured installment based lending product available to borrowing entities to meet their for day to day working capital and business expansion requirements |

---

---

| | | |
|:---|:---|:---|
| | BIL Conventional | This unsecured term loan is offered on a variable rate basis with interest rates linked to the Base Lending Rate ("BLR"). The interest is computed on monthly rests based on schedule balances. |
| ![](ea026657304_ex10-8img4.jpg) | BIL Conventional - CGC<br> (Credit Guarantee Corporation) | This unsecured term loan is offered on a variable rate basis with interest rates linked to the Base Lending Rate ("BLR"). The interest is computed on monthly rests based on schedule balances. It is partially guaranteed by Guarantee Scheme Provider - CGC |
|  | BIL Conventional - SJPP (WCGS or SSGS)<br> (Syarikat Jaminan Pembiayaan Perniagaan) | This unsecured term loan is offered on a variable rate basis with interest rates linked to the Base Lending Rate ("BLR"). The interest is computed on monthly rests based on schedule balances. It is partially guaranteed by Guarantee Scheme Provider - SJPP |

---

**2.** **What do I get from this product?** 

---

| | |
|:---|:---|
| Total Amount Borrowed (RM) | 1000000.00 |
| Tenor (Months) | 84 |
|  | &nbsp;&nbsp;&nbsp;<u>%</u> |
| Current BLR (Base Lending Rate) p.a. | 6.20% |
| Spread p.a. | 6.75% |
| Effective Interest Rate (EIR) p.a. | 12.95% |

---

BIL PDS Version Aug 2019

Standard Chartered Bank Malaysia Berhad (115793-P)

Level 22, Equatorial Plaza,

Jalan Sultan Ismail, 50250 Kuala Lumpur.

www.sc.com/my

A Standard Chartered Group Company

The Registered Office of Standard Chartered Bank Malaysia Berhad is at Level 26, Equatorial Plaza, Jalan Sultan Ismail, 50250 Kuala Lumpur.

![](ea026657304_ex10-8img2.jpg)

**3.** **What are my obligations?** 

---

| | |
|:---|:---|
| Your monthly instalment (EMI): RM | 18164.79 |
| The total repayment amount at the end of *t* months: | 1525842.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;'*t*' months = | 84.0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;Today<br> BLR = 6.20% | &nbsp;&nbsp;Today<br> BLR = 6.20% | &nbsp;&nbsp;If BLR goes up 1% | &nbsp;&nbsp;If BLR goes up 1% | &nbsp;&nbsp;If BLR goes up 2% | &nbsp;&nbsp;If BLR goes up 2% |
| Monthly Instalment (EMI): | &nbsp;&nbsp;RM | &nbsp;&nbsp;18164.79 | &nbsp;&nbsp;RM | &nbsp;&nbsp;18164.79 | &nbsp;&nbsp;RM | &nbsp;&nbsp;18164.79 |
| Total interest cost at the end of *t* months | &nbsp;&nbsp;RM | &nbsp;&nbsp;525842.48 | &nbsp;&nbsp;RM | &nbsp;&nbsp;571841.74 | &nbsp;&nbsp;RM | &nbsp;&nbsp;618571.90 |
| Total repayment amount at the end of *t* months | &nbsp;&nbsp;RM | &nbsp;&nbsp; 1525842.48 | &nbsp;&nbsp;RM | &nbsp;&nbsp;1571841.74 | &nbsp;&nbsp;RM | &nbsp;&nbsp;1618571.90 |
| Total repayment tenor *t* months (if keeping installment constant) |  | &nbsp;&nbsp;84 |  | &nbsp;&nbsp;88 |  | &nbsp;&nbsp;94 |

---

BIL PDS Version Aug 2019

Standard Chartered Bank Malaysia Berhad (115793-P)

Level 22, Equatorial Plaza,

Jalan Sultan Ismail, 50250 Kuala Lumpur.

www.sc.com/my

A Standard Chartered Group Company

The Registered Office of Standard Chartered Bank Malaysia Berhad is at Level 26, Equatorial Plaza, Jalan Sultan Ismail, 50250 Kuala Lumpur.

![](ea026657304_ex10-8img2.jpg)

**3.** **What are my obligations?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The total interest payable, total repayment amount and the Effective
Interest Rate may vary if BLR changes. For latest BLR rate, you may refer to the Bank's website. (www.sc.com/my)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The effective interest rate can change based on market conditions
if you have taken a loan on a variable rate basis. The monthly installment we have provided you with is indicative and may change if
your loan is re-priced due to changes in the BLR or your risk profile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The financing amount and interest rate mentioned above are indicative
and subject to change based on Bank's decision on customer's overall credit assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Any late payment, prepayment, overpayment of monthly instalment
or other changes to the terms on the facility will also change the total interest amount payable, total repayment amount and effective
interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The monthly installment amount and total repayment amount is
calculated based on the assumption that your loan will be fully disbursed during the first disbursement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Based on the assumption that the Facility will be fully disbursed
during the first disbursement, repayment commences one (1) month after the full drawdown of the Facility. If the Facility is partially
disbursed, the repayment commence one (1) month after the first drawdown of the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) The first installment as stated above will be due one (1) month
after first or full drawdown, whichever is earlier, of the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) All approved Facility will be disbursed into the designated
current account for loan repayment maintained with us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) In the event there is no utilization of any amount of the funds
after 20 days upon disbursement, the Bank will cancel the facility and close the designated loan repayment account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) Loan statement will be sent every half yearly to the latest
address on our records

**4.** **What are the fees and charges I have to pay?** 

**<u>Stamp Duties</u>**

As per the Stamp Act 1949 (revised 1989)

**<u>Structuring Fee</u>**

RM500.00 or 1.00% on the Facility approved limit, whichever is higher, is payable upon drawdown of this facility. The Bank reserves the right to debit your loan account for facilitating the payment of the structuring fee upon drawdown of the Facility.

**<u>Guarantee Fee (Only Applicable to CGC or SJPP)</u>**

I/We agree and acknowledge that the Bank will include the guarantee fee into the interest rate on equal monthly instalment basis or debit to my/our loan account on due date; whichever method the Bank deems fit. In the event of early redemption, I /we may be required to reimburse the guarantee fee in full to the Bank which the Bank has paid in advance to CGC or SJPP on a yearly basis.

CGC or SJPP Guarantee Coverage – I/We understand that the CGC or SJPP guarantee coverage is only 70% of the Facility.

BIL Notification Letter Version Aug 2019

Standard Chartered Bank Malaysia Berhad (115793-P)

Level 22, Equatorial Plaza,

Jalan Sultan Ismail, 50250 Kuala Lumpur.

www.sc.com/my

A Standard Chartered Group Company

The Registered Office of Standard Chartered Bank Malaysia Berhad is at Level 26, Equatorial Plaza, Jalan Sultan Ismail, 50250 Kuala Lumpur.

![](ea026657304_ex10-8img2.jpg)

**5.** **What if I fail to fulfil my obligations to pay my loan on time on the due date?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Late payment charges of 1% p.a. on top of the Effective Interest
Rate calculated on a daily rests basis on the amount in arrears until the arrears are settled.

If the amount is in arrears beyond the repayment date, we will increase the effective interest rate as below:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) i. Past due 30 – 59 days = BLR + 12.25% p.a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Past due more than 60 days = BLR + 13.25% p.a.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) We may set-off any credit balance in the account maintained
with us against any outstanding balance in this financing account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Legal action will be taken if you fail to respond to reminder
notices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Legal action against you may affect your credit rating leading
to credit being more difficult or expensive to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) We have the right to outsource debt collection to an external
agency and the right to sell non-performing loans (NPL) to third parties.

**6.** **What if I fully settle the loan before its maturity?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Lock in period is not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Upon receiving your notification, we will calculate and notify
you the early settlement amount payable and the latest date of payment for the amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) In the final year of the facility, the Facility may be settled
in full subject to at least one (1) month notice in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The early settlement amount is a total of the scheduled principal
amount of the remaining tenure plus 1 month interest, any arrears, accrued but unpaid interest, and all fees and charges in connection
with the facility.

**7.** **Do I need a guarantor or collateral?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Personal guarantee from key person(s) is/are required which
is determined based on shareholding and credit assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) No collateral is required.

BIL PDS Version Aug 2019

Standard Chartered Bank Malaysia Berhad (115793-P)

Level 22, Equatorial Plaza,

Jalan Sultan Ismail, 50250 Kuala Lumpur.

www.sc.com/my

A Standard Chartered Group Company

The Registered Office of Standard Chartered Bank Malaysia Berhad is at Level 26, Equatorial Plaza, Jalan Sultan Ismail, 50250 Kuala Lumpur.

![](ea026657304_ex10-8img2.jpg)

**8.** **What do I need to do if there are changes to my contact details?** 

It is important that you inform us of any change in your contact details to ensure that all correspondences reach you in a timely manner. To update your contact details, you may reach us via contact center given below or visiting your nearest bank branch.

**9.** **Where can I get assistance and redress?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) If you have difficulties in making repayments and clarifications
on the product features. You may contact us at

Standard Chartered Bank Malaysia Berhad

Tel No: 1300 888 111

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Alternatively, you may seek the services of Agensi Kaunseling
dan Pengurusan Kredit (AKPK), an agency established by Bank Negara Malaysia to provide free services on money management, credit counseling,
financial education and debt restructuring for individuals. You may contact AKPK at:

Tingkat 8, Maju Junction Mall

1001, Jalan Sultan Ismail

50250 Kuala Lumpur

Tel: 03-2616 7766

E-mail: enquiry@akpk.org.my

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) If you wish to complain on the product or services provided
by us, you may either:

Write to us at:

Standard Chartered Bank Malaysia Berhad

Client Experience - Retail Banking

Contact us at:

Tel: Call Customer Care Hotline: +603 77118888 / 1300 888 888 (local toll-free number)

E-mail: Malaysia.Feedback@sc.com

If your query or complaint is not satisfactorily resolved by us, you may contact Bank Negara Malaysia LINK or TELELINK at:

Block D, Bank Negara Malaysia,

Jalan Dato'Onn, 50480 Kuala Lumpur.

Tel: 1-300-88-5465

Fax: 03-21741515

E-mail: bnmtelelink@bnm.gov.my

Small Debt Resolution Schemes (SDRS): 1-300-88-5465

ABMConnect: 1-300-88-9980

**10.** **Other business loan facility available** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Commercial Mortgage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Trade and business working capital facilities

**IMPORTANT NOTE: LEGAL ACTION MAY BE TAKEN AGAINST YOU IF YOU <u>DO NOT</u> KEEP UP REPAYMENTS ON YOUR BUSINESS INSTALMENT LOAN.**

The information provided in this disclosure sheet is valid as at 30/03/2020

BIL PDS Version Aug 2019

Standard Chartered Bank Malaysia Berhad (115793-P)

Level 22, Equatorial Plaza,

Jalan Sultan Ismail, 50250 Kuala Lumpur.

www.sc.com/my

A Standard Chartered Group Company

The Registered Office of Standard Chartered Bank Malaysia Berhad is at Level 26, Equatorial Plaza, Jalan Sultan Ismail, 50250 Kuala Lumpur.

## Exhibit 23.1

**Exhibit 23.1**

**<u>Consent of Independent Registered Public Accounting Firm</u>**

We consent to the inclusion in Amendment No. 1 to the Registration Statement (Form F-1) of our report dated December 22, 2025, with respect to our audits of combined financial statements of MSAV Holdings Ltd as of June 30, 2024 and 2025 and for the years then ended. We also consent to the reference to our firm under the heading "Experts" in the Registration Statement.

/s/ HYYH CPA. LLC

Baltimore, Maryland

March 16, 2026