1. INTRODUCTION

The Board of Directors of the Company wishes to announce that the Company had invested into a company named Xifu Sdn. Bhd.[Registration No. 202001024985 (1381305-V)] (“Xifu”), a new subsidiary in Malaysia under the Companies Act, 2016.

2. INFORMATION ON NEW SUBSIDIARY

Xifu was incorporated on 25 August 2020 with an initial share capital of RM2 comprising 2 ordinary shares. The Company and KHC Ventures Sdn. Bhd. have equal shareholding in Xifu.

Xifu will be principally engaged in providing a social media investing platform for people who intend on growing their financial assets through smart and informed decisions. Xifu aims to provide the investing public with direct engagement and access to the promoters of the investment product and create a social hub for exchange of news and ideas.

3. FINANCIAL EFFECTS

The said investment is not expected to have any material impact on the earnings per share, net assets per share, share capital and substantial shareholders’ shareholdings of the Company for the financial year ending 31 December 2020.

4. RATIONALE

The Incorporation is mainly to facilitate the expansion of business activities of the Company.

5. INTERESTS OF DIRECTORS AND/OR SUBSTANTIAL SHAREHOLDERS AND/OR PERSON CONNECTED TO THEM

None of the directors and/or major shareholders of the Company and/or persons connected with them have any interest, whether direct or indirect, in the said investment.

6. STATEMENT BY DIRECTORS

The Board of Directors of the Company is of the opinion that the said investment is in the best interest of the Company.

7. APPROVAL REQUIRED

The said investment is not subjected to the approval of the Company’s shareholders.

8. COMPANY BACKGROUND

Excel Force MSC Berhad

Founded in 1994, the Company is a software development and application solution provider for the financial services industry, specifically the stockbroking sector. The Company has more than 25 years of experience supporting mission-critical online real-time operational needs of independent and bank-backed brokers. We built complete system solutions, including front end stock trading platforms (desktop, web and mobile) connecting investors to exchanges, and back office system flow for financing, clearing and settlement of trades done.

KHC Ventures Sdn. Bhd.

Incorporated in 2002 as an investment holding company, KHC Ventures Sdn Bhd offers on- and offline custom publishing, content marketing and training solutions for corporate and publicly traded company clientele.

This announcement is dated 3 September 2020.