The order book is stated as RM1.28 billion as at 31 December 2025 (Page 34 of AR 2025), matching the prior year’s audited revenue still to be recognised on contracts of RM1,288.9 million rather than the current year’s RM1,126.8 million, which is down 12.6% and excludes contracts of one year or less (Page 231 of AR 2025).

 

Contract assets rose to RM247.3 million, now larger than trade receivables, while operating cash flow halved from RM108.9 million to RM50.6 million (Page 170 and Page 33 of AR 2025).

 

• Can the Company confirm whether the order book is current as at 31 December 2025 or reflects the prior year’s figure? How much comprises contracts of one year or less excluded from the audited figure?

 

• Apart from the RM71.0 million of retention sum receivables are expected to be collected within the period range from 1 to 4 years (Page 230 of AR 2025), what is the ageing of the remaining contract assets? How much remains unbilled for more than twelve months?

The external auditors have issued a Qualified Opinion on the financial statements as they were unable to obtain sufficient appropriate audit evidence regarding several critical transactions, namely:

 

• loss on disposal of subsidiary of RM3.875 million;

 

• impairment loss of associates of RM6.125 million; and

 

• profit guarantee receivable of RM2.3 million.

 

(Page 110 of the annual report (AR) 2025)

 

• Why supporting documents are not available to the auditors?

 

• What specific actions have been taken to resolve these issues?

 

• Does the Board expect these audit qualifications to be resolved in the next audit cycle? If not, what are the remaining obstacles?

 

• With regard to the acquisition of Alpha Fintech Sdn. Bhd., was there any recourse available to the Company in the event that the vendor failed to meet the guaranteed minimum profit targets? If not, what were the reasons for the absence of safeguards to protect the Company’s interests?

 

The external auditors draw attention to Note 3 in the financial statements, which indicates that the Group and the Company incurred a net loss of RM19,517,129 and RM11,514,800 respectively during the financial year ended 31 December 2025 and that the Group’s current liabilities exceeded its current assets by RM8,748,483 as at that date. As stated in Note 3, these conditions indicate that a material uncertainty exists that may cast significant doubt on the Group’s and the Company’s ability to continue as a going concern. (Page 110 of the AR 2025)

 

• How does the Board plan to address the abovementioned issues highlighted by the external auditors?

 

• On the issue of current liabilities exceeding current assets, is the Company able to meet its short-term obligations in FY2026?

The Group has repeatedly highlighted the need for new business ventures.

 

• Please provide a clear timeline for identifying, evaluating and executing a new business venture.

 

• What sectors are currently under consideration, and what key criteria will be used to assess potential acquisitions or investments?

 

“Operating performance in both years was severely impacted by the stagnant Chinese wine market as consumer demand for both red and white wine has weakened notably.” (page 14 of AR 2025)

 

• Given the prolonged weakness in China’s wine market and recurring losses, does the Group still believe the wine business can achieve sustainable profitability?

The Group commenced systematic biodiversity data collection and assessments in FY2025, including biodiversity risk evaluations, identification of protected or restored habitats, and screening against the IUCN Red List and relevant national conservation lists.

 

The enhanced disclosures in FY2025 and FY2026 reflect improvements in sustainability data management systems, a broader assessment scope, and strengthened internal reporting controls.

 

Details of the relevant biodiversity and environmental performance indicators are disclosed on page 69 of the Annual Report 2026.

 

• The Group increased biodiversity risk assessment coverage from 10% in FY2025 to 60% in FY2026. What is the target timeline for completing assessments across the remaining operations and projects?

 

• We note that protected or restored habitat areas increased from 46.69 hectares in FY2025 to 53.87 hectares in FY2026. What percentage of the Group’s total landbank is currently allocated to habitat protection or restoration?

 

• As formal biodiversity assessments commenced only in FY2025, what assurance can the Board provide that the FY2026 biodiversity data is complete and reliable, given that the Sustainability Statement has not been subject to independent external assurance? Does the Group plan to pursue external assurance in the future?

The e-bike segment recorded no revenue but a loss of RM2.61 million, with an electric motorcycle introduction targeted for the first half of 2026 (Pages 18 and 165 of AR 2025).

 

A deposit of RM2.89 million is held with PT Terang Dunia Internusa Tbk in Indonesia for the purchase of inventories, e-bikes (Page 149 of AR 2025).

 

• When does this segment expect to record its first sales? How much has been invested and committed in total to bring the product to the introduction stage?

 

• In the event that the product introduction is deferred or discontinued, is the RM2.89 million deposit refundable? What is the recovery position?