Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Entity Registrant Name | VCI Global Limited |
Entity Central Index Key | 0001930510 |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 36,808,428 |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Title of 12(b) Security | Ordinary Shares |
Trading Symbol | VCIG |
Security Exchange Name | NASDAQ |
Entity File Number | 001-41678 |
Entity Incorporation, State or Country Code | D8 |
Entity Address, Address Line One | B03-C-8 & 10, Menara 3A |
Entity Address, Address Line Two | KL Eco City |
Entity Address, Address Line Three | No.3 Jalan Bangsar |
Entity Address, City or Town | Kuala Lumpur |
Entity Address, Country | MY |
Entity Address, Postal Zip Code | 59200 |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Name | WWC, P.C. |
Auditor Firm ID | 1171 |
Auditor Location | San Mateo, California |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Ang Zhi Feng |
Contact Personnel Email Address | finance@v-capital.co |
Entity Address, Address Line One | B03-C-8 & 10, Menara 3A |
Entity Address, Address Line Two | KL Eco City |
Entity Address, Address Line Three | No.3 Jalan Bangsar |
Entity Address, City or Town | Kuala Lumpur |
Entity Address, Country | MY |
Entity Address, Postal Zip Code | 59200 |
City Area Code | 603 |
Local Phone Number | 7717 3089 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) |
Non-current assets | |||
Financial assets measured at fair value through other comprehensive income | $ 2,911,924 | RM 12,819,747 | RM 34,221,879 |
Financial assets measured at fair value through profit and loss | 16,422 | 72,295 | 1,309,134 |
Property and equipment | 352,431 | 1,551,579 | 152,532 |
Right-of-use assets | 162,213 | 714,143 | |
Deferred initial public offering expense | 1,491,008 | 6,564,162 | 0 |
Deferred tax assets | 77,149 | 339,650 | 339,650 |
Total non-current assets | 5,011,147 | 22,061,576 | 36,023,195 |
Current assets | |||
Trade and other receivables – third parties | 3,283,091 | 14,453,809 | 4,540,984 |
Trade and other receivables – related party | 296,587 | 1,305,724 | |
Amount due from related parties | 1,590 | 7,000 | 427,677 |
Cash and bank balances | 907,665 | 3,995,995 | 3,122,947 |
Total current assets | 4,488,933 | 19,762,528 | 8,091,608 |
Total assets | 9,500,080 | 41,824,104 | 44,114,803 |
Current liabilities | |||
Trade and other payables | 2,364,183 | 10,408,318 | 1,726,403 |
Contract liabilities | 500,000 | ||
Bank and other borrowings | 177,977 | 783,542 | 812,466 |
Lease liabilities | 73,188 | 322,208 | |
Deferred revenue | 1,510,321 | ||
Income tax payable | 389,959 | 1,716,794 | 8,284,766 |
Total current liabilities | 3,005,307 | 13,230,862 | 12,833,956 |
Non-current liabilities | |||
Bank and other borrowings | 70,262 | 309,331 | 398,526 |
Lease liabilities | 96,025 | 422,751 | |
Amount due to related parties | 814,684 | 3,586,646 | 9,964,078 |
Deferred revenue | 1,555,000 | ||
Total non-current labilities | 980,971 | 4,318,728 | 11,917,604 |
Total liabilities | 3,986,278 | 17,549,590 | 24,751,560 |
Capital and reserves | |||
Share capital | 2,981,812 | 13,127,427 | 220,000 |
Capital reserve | 1,483,830 | 6,532,560 | 6,532,560 |
Retained earnings | 1,420,976 | 6,255,851 | 12,981,942 |
Attributable to equity owners of the Company | 5,886,618 | 25,915,838 | 19,734,502 |
Non-controlling interests | (372,816) | (1,641,324) | (371,259) |
Total equity | 5,513,802 | 24,274,514 | 19,363,243 |
Total liabilities and equity | $ 9,500,080 | RM 41,824,104 | RM 44,114,803 |
Consolidated Statements Of Prof
Consolidated Statements Of Profit Or Loss And Other Comprehensive Income/(Loss) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 MYR (RM) RM / shares shares | Dec. 31, 2021 MYR (RM) RM / shares shares | Dec. 31, 2020 MYR (RM) RM / shares shares | |
Profit or loss [abstract] | ||||
Revenue | $ 7,783,170 | RM 34,265,404 | RM 37,871,829 | RM 3,648,406 |
Revenue - related party | 296,304 | 1,304,478 | 9,603,213 | |
Total revenue | 8,079,474 | 35,569,882 | 47,475,042 | 3,648,406 |
Other income | 393,491 | 1,732,343 | 278,855 | 402,250 |
Cost of services | (1,738,987) | (7,655,889) | (10,300,051) | (416,179) |
Depreciation | (106,216) | (467,616) | (55,232) | |
Directors' fees | (43,839) | (193,000) | (656,000) | |
Employee benefit expense | (2,361,216) | (10,395,252) | (4,198,908) | |
Impairment allowance on trade receivables | (77,780) | (342,427) | (1,415,211) | |
Rental expenses | (58,431) | (257,243) | (237,205) | |
Legal and professional fees | (41,165) | (181,228) | (728,716) | (3,377) |
Finance cost | (11,608) | (51,104) | (106,473) | |
Other operating expenses | (916,405) | (4,034,471) | (2,997,803) | (29,128) |
Profit before income tax | 3,117,318 | 13,723,995 | 27,058,298 | 3,601,972 |
Income tax expense | 1,497,100 | 6,590,981 | (7,120,480) | (872,882) |
Profit for the year | 4,614,418 | 20,314,976 | 19,937,818 | 2,729,090 |
Other comprehensive income/(loss) | ||||
Fair value adjustment on financial assets measured at fair value through other comprehensive income | (4,861,358) | (21,402,132) | 27,822,892 | |
Other comprehensive income/(loss) | (4,861,358) | (21,402,132) | 27,822,892 | |
Total comprehensive income/(loss) for the year | (246,940) | (1,087,156) | 47,760,710 | 2,729,090 |
Profit/(Loss) attributable to: | ||||
Equity owners of the Company | 4,902,905 | 21,585,041 | 20,339,137 | 2,729,090 |
Non-controlling interests | (288,487) | (1,270,065) | (401,319) | |
Profit for the year | 4,614,418 | 20,314,976 | 19,937,818 | 2,729,090 |
Total comprehensive income/(loss) attributable to: | ||||
Equity owners of the Company | 41,547 | 182,909 | 48,162,029 | 2,729,090 |
Non-controlling interests | (288,487) | (1,270,065) | (401,319) | |
Total comprehensive income/(loss) for the year | $ (246,940) | RM (1,087,156) | RM 47,760,710 | RM 2,729,090 |
EARNINGS PER SHARE – BASIC | (per share) | $ 0.13 | RM 0.59 | RM 0.6 | RM 0.08 |
EARNINGS PER SHARE – DILUTED | (per share) | $ 0.13 | RM 0.59 | RM 0.6 | RM 0.08 |
EARNINGS PER SHARE | ||||
Weighted average number of ordinary shares used in computing basic earnings | 34,412,259 | 34,412,259 | 33,400,100 | 33,400,100 |
Weighted average number of ordinary shares used in computing diluted earnings | 34,412,259 | 34,412,259 | 33,400,100 | 33,400,100 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity | USD ($) | MYR (RM) | Share capital [member] MYR (RM) | Capital reserves [member] MYR (RM) | Retained earnings [member] MYR (RM) | Total [member] MYR (RM) | Non-controlling interests [member] MYR (RM) |
Beginning balance at Dec. 31, 2019 | RM 703,575 | RM 220,000 | RM 483,575 | RM 703,575 | |||
Group restructuring – injection of operating subsidiaries | 5,139,808 | 6,048,985 | RM (909,177) | 5,139,808 | |||
Total comprehensive income for the year | 2,729,090 | 2,729,090 | 2,729,090 | ||||
Ending balance at Dec. 31, 2020 | 8,572,473 | 220,000 | 6,532,560 | 1,819,913 | 8,572,473 | ||
Total comprehensive income for the year | 47,760,710 | ||||||
Profit for the year | 19,937,818 | 20,339,137 | 20,339,137 | RM (401,319) | |||
Other comprehensive income/loss | 27,822,892 | 27,822,892 | 27,822,892 | ||||
Contribution from non-controlling shareholders | 30,060 | 30,060 | |||||
Constructive dividends paid | (37,000,000) | (37,000,000) | (37,000,000) | ||||
Ending balance at Dec. 31, 2021 | 19,363,243 | 220,000 | 6,532,560 | 12,981,942 | 19,734,502 | (371,259) | |
Total comprehensive income for the year | $ (246,940) | (1,087,156) | |||||
Profit for the year | 21,585,041 | 21,585,041 | 21,585,041 | ||||
Other comprehensive income/loss | (4,861,358) | (21,402,132) | (21,402,132) | (21,402,132) | |||
Contribution from non-controlling shareholders | (1,270,065) | (1,270,065) | |||||
Issuance of new shares | 12,907,427 | 12,907,427 | 12,907,427 | ||||
Constructive dividends paid | (6,909,000) | (6,909,000) | (6,909,000) | ||||
Ending balance at Dec. 31, 2022 | $ 5,513,802 | RM 24,274,514 | RM 13,127,427 | RM 6,532,560 | RM 6,255,851 | RM 25,915,838 | RM (1,641,324) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | |
Operating activities | ||||
Profit before income tax | $ 3,117,318 | RM 13,723,995 | RM 27,058,298 | RM 3,601,972 |
Adjustments for: | ||||
Impairment allowance on trade receivables | 77,780 | 342,427 | 1,415,211 | |
Impairment of goodwill on consolidation | 282,963 | |||
Bad debt written off | 123,502 | |||
Preliminary expense written off | 10,400 | |||
Property and equipment written off | 3 | 12 | ||
Depreciation of property and equipment | 52,145 | 229,568 | 55,232 | |
Depreciation of right-of-use assets | 54,071 | 238,048 | ||
Gain on disposal of investment | (350,301) | (1,542,200) | ||
Adjustments For Loss On Disposals Property Plant And Equipment | (1,477) | (6,501) | ||
Loss on disposal of property and equipment | 6,648 | 29,267 | ||
Interest expense | 11,432 | 50,328 | 106,473 | |
Interest income | (11) | (49) | (1,571) | |
Operating cash flows before movements in working capital | 2,967,608 | 13,064,895 | 29,050,508 | 3,601,972 |
Trade and other receivables – third parties | (2,955,196) | (13,010,252) | (5,729,429) | 54,117 |
Trade and other receivables – related party | (296,587) | (1,305,724) | ||
Trade and other payables | 157,906 | 695,175 | 4,453,808 | (2,217) |
Contract liabilities | (113,572) | (500,000) | ||
Deferred revenue | (70,487) | (310,321) | ||
Cash generated from/(used in)operations | (310,328) | (1,366,227) | 27,774,887 | 3,653,872 |
Income tax paid | 5,226 | 23,009 | (56,646) | |
Net cash from/(used in) operating activities | (305,102) | (1,343,218) | 27,718,241 | 3,653,872 |
Investing activities | ||||
Purchase of property and equipment | (379,092) | (1,668,951) | (105,458) | |
Proceeds from disposal of property and equipment | 3,988 | 17,558 | ||
Interest received | 11 | 49 | 1,571 | |
Purchase of financial assets measured at fair value through other comprehensive income | (6,398,987) | |||
Purchase of financial assets measured at fair value through profit and loss | (2,319) | (10,211) | (1,309,134) | |
Proceed from disposal of investment | 633,560 | 2,789,250 | ||
Acquisition of subsidiaries (Note 1) | 255,900 | |||
Net cash (used in)/from investing activities | 256,148 | 1,127,695 | (7,556,108) | |
Financing activities | ||||
Proceeds from other borrowings | 1,200,000 | |||
Proceeds from issuance of shares | 2,931,840 | 12,907,427 | ||
Repayment of other borrowings | (4,295) | (18,909) | (600,000) | |
Proceeds from bank borrowings | 300,000 | |||
Repayment of bank borrowings | (28,340) | (124,770) | (56,226) | |
Deferred Initial Public expense | (131,158) | (577,422) | ||
Repayment of operating lease | (52,697) | (232,000) | ||
Advances made to related parties | (2,468,089) | (10,865,755) | (18,343,816) | (3,237,899) |
Contribution from non-controlling interests | 30,060 | |||
Net cash (used in)/from financing activities | 247,261 | 1,088,571 | (17,469,982) | (3,237,899) |
Net increase in cash and cash equivalents | 198,307 | 873,048 | 2,692,151 | 415,973 |
Cash and bank balances at beginning of year | 709,358 | 3,122,947 | 430,796 | 14,823 |
Cash and bank balances at end of year | 907,665 | 3,995,995 | 3,122,947 | RM 430,796 |
NON-CASH FINANCING ACTIVITIES: | ||||
Constructive dividends paid | $ 1,569,336 | RM 6,909,000 | RM 37,000,000 |
Organization And Principal Acti
Organization And Principal Activities | 12 Months Ended |
Dec. 31, 2022 | |
General Information [Abstract] | |
Organization And Principal Activities | 1 ORGANIZATION AND PRINCIPAL ACTIVITIES Organization and reorganization VCI Global Limited was incorporated in the British Virgin Islands on April 29, 2020. The registered office of the Company is situated at Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, British Virgin Islands. The principal place of business of the Company is situation at B03-C-8, Menara 3A, KL Eco City, No.3 Jalan Bangsar, 59200 Kuala Lumpur, Malaysia. The Group structure which represents the operating subsidiaries and dormant companies as the reporting date is as follow: The Company and its subsidiaries are in the table as follows: Percentage of effective ownership December 31, Name Date of 2020 2021 2022 Place of incorporation Principal % % % VCI Global Limited 29.04.2020 - 100 100 British Virgin Island Holding company V Capital Kronos Berhad 01.09.2020 100 100 100 Malaysia Holding company V Capital Venture Sdn Bhd 19.08.2014 100 100 100 Malaysia Provision of corporate and business advisory services in corporate finance, corporate structuring and restructuring, listings on recognised stock exchanges, and fintech advisory Accuventures Sdn Bhd 22.06.2015 - 80 80 Malaysia Provision of technology development, computer software programming and holding company. Credilab Sdn Bhd 26.10.2020 - 80 80 Malaysia Carry on licensed money lending activities, consulting, information technology development, and computer software programming V Capital Advisory Sdn Bhd 12.02.2018 100 100 100 Malaysia Provision of corporate and business advisory in relation to corporate listing exercise, equity investment, corporate restructuring, merger and acquisition and corporate finance. V Capital Quantum Sdn Bhd 18.01.2018 100 100 100 Malaysia Provision of information technology development, business consultancy services and holding company. V Capital Consulting Limited 01.03.2016 100 100 100 British Virgin Island Provision of corporate and business advisory services in corporate finance, corporate structuring and restructuring, listings on recognised stock exchanges, and fintech advisory Imej Jiwa Communication Sdn Bhd 29.10.2012 - 100 100 Malaysia Provision of investor relation consultation services. AB Management and Consultancy Sdn Bhd 05.04.2020 - 80 80 Malaysia Holding company Elmu Education Group Sdn Bhd 03.12.2020 - 56 56 Malaysia Education and training services Elmu V Sdn Bhd 18.05.2021 - 69.2 69.2 Malaysia Education and training services Elmu Higher Education Sdn Bhd 24.05.2021 - 56 56 Malaysia Education and training services V Capital Real Estate Sdn Bhd 05.07.2021 - 100 100 Malaysia Dormant V Capital Robotics Sdn Bhd 12.10.2021 - 100 100 Malaysia Dormant TGI V Sdn Bhd 12.11.2021 - 100 100 Malaysia Dormant VCIG Limited 29.04.2020 - 100 100 British Virgin Island Dormant V Galactech Sdn Bhd 12.01.2022 - - 100 Malaysia Provision of information technology development VC Acquisition Ltd 04.01.2022 - - 100 Malaysia Dormant VC Acquisition II Ltd 04.01.2022 - - 100 British Virgin Island Dormant In order to facilitate the Company’s initial public offering, the Company completed a series of reorganization transactions (the “Reorganization”), whereby, each of the operating and holding entities under the controlling shareholder’s common control before and after the Reorganization, were ultimately contributed to the Company: On April 21, 2021, Mr. Victor Hoo Voon Him and his spouse, Liew Soo Hua transferring 100% issued capital of V Capital Quantum Sdn Bhd to V Capital Kronos Berhad; On April 22, 2021, Mr. Victor Hoo Voon Him transferring 100% issued share capital of V Capital Advisory Sdn Bhd to V Capital Kronos Berhad; On April 22, 2021, Mr. Victor Hoo Voon Him and his spouse, Liew Soo Hua transferring 100% issued capital of V Capital Venture Sdn Bhd to V Capital Kronos Berhad; On August 30, 2021, Mr. Victor Hoo Voon Him transferring 100% issued share capital of V Capital Consulting Limited to V Capital Quantum Sdn Bhd; On September 29, 2021, Messrs. Chang Wai Kwan, Harold Chen Yoong Kin, Lim May Ling, each transferring 29 ordinary shares and 2 ordinary shares respectively in Accuventures Sdn Bhd to V Capital Ventures Sdn Bhd; and On February 21, 2022, Mr. Victor Hoo Voon Him transferring 100% issued share capital of Imej Jiwa Communication Sdn Bhd to V Capital Kronos Berhad; and On April 8, 2022, the Company has issued a total of 33,400,100 shares at USD0.0001 to V Capital Kronos Berhad’s shareholders in exchange of their shares in V Capital Kronos Berhad. VCI Global Limited acquired 100% of V Capital Kronos Berhad from the Founder and other insignificant shareholders. As V Capital Kronos Berhad was under common control of the founder during all the periods presented, was accounted for in a manner similar to a pooling of interest with assets and liabilities all reflected at their historical amounts in the Group’s consolidated financial statements as if the reorganization had always been in place. As such, the Group’s consolidated financial statements were prepared as if VCI Global Limited has control over V Capital Kronos Berhad for all periods presented. The Reorganization completed on April 8, 2022. Through the Reorganization, the Company became the holding company of the companies now comprising the Group. Accordingly, the financial statements were prepared on a consolidated basis by applying the principles of common control as if the reorganization had been completed at the beginning of the first reporting period. Principal activities The Company is a holding company. The principal activities of the Company and its subsidiaries (collectively referred to as the “Company” or “the Group”) are the provision of business strategy consultancy and technology development solution consultancy. The Company is headquartered in Malaysia and conducts its primary operations through its significant direct and indirectly held subsidiaries that are incorporated and domiciled in Malaysia, namely V Capital Kronos Berhad, V Capital Quantum Sdn. Bhd., and V Capital Consulting Limited where was incorporated in the British Virgin Islands. |
Summary of Significant Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING The consolidated financial statements have been prepared in accordance with the historical cost basis, except as disclosed in the accounting policies below, and are drawn up in accordance with the provisions of the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability which market participants would take into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on such a basis. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: · Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; · Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and · Level 3 inputs are unobservable inputs for the asset or liability. ADOPTION OF NEW AND REVISED STANDARDS At the date of authorisation of these financial statements, management anticipates that the adoption of the above/other IFRSs and amendments to IFRS in future periods will not have a material impact on the financial statements of the Group in the period of their initial adoption. NEW AND REVISED IFRS IN ISSUE BUT NOT YET EFFECTIVE At the date of authorisation of these financial statements, the Group has not adopted the new and revised IFR S Group do not anticipate that the adoption of these new and revised IFRS pronouncements in future periods will have a material impact on the Group’s financial statements in the period of their initial adoption. The preparation of these financial statements in conformity with IFRS requires management to exercise its judgement in the process of applying the Group’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where estimates and assumptions are significant to the financial statements are disclosed in Note 3. BASIS OF CONSOLIDATION (a) Consolidation As the Group were under same control of the controlling shareholders and their entire equity interests were also ultimately held by the controlling shareholders immediately prior to the group reorganization, the consolidated statements of profit or loss and other comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows statements are prepared as if the current group structure had been in existence throughout the three-year period ended December 31, 2022, or since the respective dates of incorporation/establishment of the relevant entity, where this is a shorter period. The consolidated statements of financial position as at December 31, 2021 and 2022 present the assets and liabilities of the aforementioned companies now comprising the Group which had been incorporated/established as at the relevant balance sheet date as if the current group structure had been in existence at those dates based on the same control aforementioned. The Group eliminates all significant intercompany balances and transactions in its consolidated financial statements. Subsidiary corporations are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiary corporations are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date on that control ceases. In preparing the consolidated financial statements, transactions, balances and unrealized gains on transactions between group entities are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the transferred asset. Accounting policies of subsidiary corporations have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests comprise the portion of a subsidiary corporation’s net results of operations and its net assets, which is attributable to the interests that are not owned directly or indirectly by the equity holders of the Company. They are shown separately in the consolidated statements of comprehensive income, statements of changes in equity, and statements of financial position . Total comprehensive income is attributed to the non-controlling interests based on their respective interests in a subsidiary, even if this results in the non-controlling interests having a deficit balance. Acquisition of entities under an internal reorganization scheme does not result in any change in economic substance. Accordingly, the consolidated financial statements of the Group are a continuation of the acquired entities and is accounted for as follows: (i) The results of entities are presented as if the internal reorganization occurred from the beginning of the earliest period presented in the financial statements; (ii) The Group will consolidate the assets and liabilities of the acquired entities at the pre-combination carrying amounts. No adjustments are made to reflect fair values, or recognize any new assets or liabilities, at the date of the internal reorganization that would otherwise be done under the acquisition method; and (iii) No new goodwill is recognized as a result of the internal reorganization. The only goodwill that is recognized is the existing goodwill relating to the combining entities. Any difference between the consideration paid/transferred and the equity acquired is reflected within equity as merger reserve or deficit. (b) Acquisitions The acquisition method of accounting is used to account for business combinations entered into by the Group. The consideration transferred for the acquisition of a subsidiary corporation or business comprises the fair value of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred also includes any contingent consideration arrangement and any pre-existing equity interest in the subsidiary measured at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. The excess of (a) the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the (b) fair value of the identifiable net assets acquired is recorded as goodwill. (c) Disposals When a change in the Group’s ownership interest in a subsidiary corporation result in a loss of control over the subsidiary corporation, the assets and liabilities of the subsidiary corporation including any goodwill are derecognized. Amounts previously recognized in other comprehensive income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings if required by a specific Standard. Any retained equity interest in the entity is remeasured at fair value. The difference between the carrying amount of the retained interest at the date when control is lost, and its fair value is recognized in profit or loss. (d) Transactions with non-controlling interests Changes in the Group’s ownership interest in a subsidiary corporation that do not result in a loss of control over the subsidiary corporation are accounted for as transactions with equity owners of the Company. Any difference between the change in the carrying amounts of the non-controlling interest and the fair value of the consideration paid or received is recognized within equity attributable to the equity holders of the Company. CONVENIENCE TRANSLATION Translations of amounts in the consolidated statement of financial position, consolidated statements of profit or loss and other comprehensive income, and consolidated statement of cash flows from RM into USD as of and for the year ended December 31, 2022 are solely for the convenience of the reader and were calculated at the noon buying rate of USD1 = RM4.4025, as published in H.10 statistical release of the United States Federal Reserve Board. No representation is made that the RM amounts could have been, or could be, converted, realized or settled into USD at such rate or at any other rate. FINANCIAL ASSETS (a) Classification and measurement The Group classifies its financial assets at fair value through other comprehensive income, fair value through profit and loss and amortized cost. The classification depends on the Group’s business model for managing the financial assets as well as the contractual terms of the cash flows of the financial assets. Financial assets at fair value through other comprehensive income (“FVTOCI”) are equity securities which are not held for trading but more for strategic investments or debt securities where contractual cash flows are solely principal and interest and the objective of the Group’s business model is achieved both by collecting contractual cash flow and selling financial assets. On initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVTOCI. Designation at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognised by an acquirer in a business combination. Investments in equity instruments as at FVTOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income (“OCI”) and accumulated in the retained earnings. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments, and will be transferred to retained earnings. The Group reclassifies debt instruments when and only when its business model for managing those assets changes. At subsequent measurement - Debt instrument Debt instruments mainly comprise of cash and cash equivalents and other receivables (excluding prepayments). Debt instruments that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt instrument that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in interest income using the effective interest rate method. The Group recognises a loss allowance for ECL on financial assets which are subject to impairment assessment under IFRS 9. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognises lifetime ECL for accounts receivables. The ECL on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial instruments, the Group measures the loss allowance equal to 12-month ECL, unless when there has a significant increase in credit risk since initial recognition, the Group recognises lifetime ECL. The assessment of whether lifetime ECL should be recognised is based on significant increase in the likelihood or risk of a default occurring since initial recognition. Significant increase in credit risk In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Forward-looking information considered includes the future prospects of the industries in which the Group’s debtors operate, obtained from economic expert reports, financial analysts, governmental bodies, relevant think-tanks and other similar organisations, as well as consideration of various external sources of actual and forecast economic information that relate to the Group’s operations. In particular, the following information is taken into account when assessing whether credit risk has increased significantly: · an actual or expected significant deterioration in the financial instrument’s external (if available) or internal credit rating; · significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor; · existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations; · an actual or expected significant deterioration in the operating results of the debtor; · significant increases in credit risk on other financial instruments of the same debtor; · an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor’s ability to meet its debt obligations. Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are more than 60 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise. ( b Recognition and derecognition Regular way purchases and sales of financial assets are recognized on trade date – the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. On disposal of a debt instrument, the difference between the carrying amount and the sale proceeds is recognized in profit or loss. F INANCIAL LIABILITIES AND EQUITY INSTRUMENTS Classification as debt or equity Debt and equity instruments issued by the Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Financial liabilities Except for derivative financial instruments which are stated at fair value through profit or loss, all other financial liabilities are subsequently measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability. Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. Offsetting financial instruments Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. PROPERTY AND EQUIPMENT (a) Measurement (i) Property and equipment Property and equipment are initially recognized at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. (ii) Components of costs The cost of an item of property and equipment initially recognized includes its purchase price and any cost that is 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. (b) Depreciation Depreciation on other items of property and equipment is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives as followed; Office renovation - 10 years Office equipment - 5 years Furniture and fittings - 5 years Electrical and fittings - 10 years Right of use asset - 3 years No depreciation is charged on construction in progress. The residual values estimated useful lives and depreciation method of property and equipment are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision are recognized in profit or loss when the changes arise. (c) Subsequent expenditure Subsequent expenditure relating to property and equipment that has already been recognized is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. All other repair and maintenance expenses are recognized in profit or loss when incurred. (d) Disposal On disposal of an item of property and equipment, the difference between the disposal proceeds and its carrying amount is recognized in profit or loss. TRADE AND OTHER RECEIVABLES A receivable is recognised when the Group Group IMPAIRMENT OF NON-FINANCIAL ASSETS Property and equipment are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e., the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the Cash Generating units (“CGU”) to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognized as an impairment loss in profit or loss. An impairment loss for an asset is reversed if, and only if, there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is recognized in profit or loss. TRADE AND OTHER PAYABLES Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented as non-current liabilities. Trade and other payables are initially recognized at fair value, and subsequently carried at amortized cost using the effective interest method. CONTRACT LIABILITIES A contract liability is recognised when the customer pays non-refundable consideration before the Group recognises the related revenue. A contract liability would also be recognised if the Group has an unconditional right to receive non-refundable consideration before the Group recognises the related revenue. In such cases, a corresponding receivable would also be recognised. Contract liabilities are recognized as revenue when the Group satisfied its performance obligation. BANK AND OTHER BORROWINGS Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the balance sheet date, in which case they are presented as non-current liabilities. (a) Borrowings - (b) Borrowing costs - All other borrowing costs are recognised in profit or loss in the period in which they are incurred. DEFERRED REVENUE Deferred revenue refers to advance payment from clients for services that have not yet been rendered. Under the accrual basis of accounting, the Group records this payment as a liability. Once the services have been rendered, the liability is reversed and revenue is recorded instead. LEASES When the Group is the lessee At the inception of the contract, the Group assesses if the contract contains a lease. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Reassessment is only required when the terms and conditions of the contract are changed. ● Right-of-use assets The Group recognizes a right-of-use asset and lease liability at the date which the underlying asset is available for use. Right-of-use assets are measured at cost which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before the commencement date and lease incentive received. Any initial direct costs that would not have been incurred if the lease had not been obtained are added to the carrying amount of the right- of-use assets. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. Right-of-use assets are presented within “Property and equipment”. ● Lease liabilities The initial measurement of a lease liability is measured at the present value of the lease payments discounted using the implicit rate in the lease, if the rate can be readily determined. If that rate cannot be readily determined, the Group shall use its incremental borrowing rate. Lease payments include the following: - Fixed payment (including in-substance fixed payments), less any lease incentives receivables; - Variable lease payment that are based on an index or rate, initially measured using the index or rate as at the commencement date; - Amount expected to be payable under residual value guarantees; - The exercise price of a purchase option if is reasonably certain to exercise the option; and - Payment of penalties for terminating the lease, if the lease term reflects the Group exercising that option. For contracts that contain both lease and non-lease components, the Group allocates the consideration to each lease component on the basis of the relative stand-alone price of the lease and non-lease component. The Group has elected to not separate lease and non-lease component for property leases and account these as one single lease component. Lease liability is measured at amortized cost using the effective interest method. Lease liability shall be remeasured when: - There is a change in future lease payments arising from changes in an index or rate; - There is a change in the Group’s assessment of whether it will exercise an extension option; or - There is modification in the scope or the consideration of the lease that was not part of the original term. Lease liability is remeasured with a corresponding adjustment to the right-of-use assets, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. ● Short-term and low-value leases The Group has elected to not recognized right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months or less and leases of low - ● Variable lease payments Variable lease payments that are not based on an index or a rate are not included as part of the measurement and initial recognition of the lease liability. The Group shall recognize those lease payments in profit or loss in the periods that triggered those lease payments. EMPLOYEE BENEFITS Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset. (a) Defined contribution plans Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions into separate entities such as the Employees Provident Fund on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. (b) Employee leave entitlement Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date. PROVISIONS Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. REVENUE RECOGNITION Revenue is recognised to depict the transfer of promised services to clients at an amount that reflects the consideration to which an entity expects to be entitled in exchange for those services. Specifically, the Group uses a five-step approach to recognise revenue: · · · · · Group The Group recognises revenue when (or as) a performance obligation is satisfied, i.e., when “control” of the services underlying the particular performance obligations is transferred to clients. A performance obligation represents a service (or a bundle of services) that is distinct or a series of distinct services that are substantially the same. Control is transferred overtime and revenue is recognised overtime by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met: · the client simultaneously receives and consumes the benefits provided by the Group’ s performance as the Group performs; · the Group’s · the Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. Otherwise, revenue is recognised at a point in time when the customer obtains control of the distinct service. Advance payments received from clients are recognized as contract liabilities as the Group has not yet satisfied its performance obligation. Contract liabilities are recognized as revenue when the Group satisfied its performance obligation. The Group may receive payment for service prior to, or after it satisfies the performance obligation under a service agreement. a) Business Strategy Consultancy Business strategy consultancy services primarily included listing advisory and solutions, investors relations and boardroom strategies consultancy. The revenues generated from business strategy consultancy services are generally based on the fixed fee billing arrangements that require the clients to pay a pre-established fee in exchange for a predetermined set of professional services. The clients agree to pay a fixed fee periodically over the contract terms as specified in the service agreements. Our contracts from business strategy consultancy are typically less than a year in duration. Revenues are generally recognised over time. When contractual billings represent an amount that corresponds directly with the value provided to the client, revenues are recognised as amount become billable in accordance with the contract terms. Revenues from fixed-priced contracts are generally recognised using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying the Company performance obligations. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to client. b) Technology Development, Solutions and Consultancy Technology development, solutions and consultancy primarily included digital development, fintech solution and software solutions. Technology Development The contract is typically fixed priced and does not provide any post contract client support or upgrades. The Group designs system based on clients’ specific needs which require the Group to perform services including design/redesign, development, and integration. These services also require significant customization. Upon delivery of the services, client acceptance is generally required. The Group assesses that software development services is considered as a performance obligation. The duration of the development period is usually six months to two years. The Group’s Group The Group’s revenue from technology development contracts is generally recognized over time. The Group Group Group’s Group Solutions and Consultancy Revenue from solutions and consulting services is primarily comprised of fixed-fee contracts, which require the Group GOVERNMENT GRANTS AND SUBSIDIES Grants from the government are recognized as a receivable at their fair value when there is reasonable assurance that the grant will be received and the Group will comply with all the attached conditions. Government grants receivable are recognized as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income. Grants related to assets are presented as deferred income under trade and other payables. CASH AND CASH EQUIVALENTS For the purpose of presentation in the consolidated statements SHARE CAPITAL Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against the share capital account. INCOME TAX Current income tax for |
Critical Accounting Judgements
Critical Accounting Judgements and Key Sources of Estimation Uncertainty | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Accounting Judgements And Estimates [Abstract] | |
Critical Accounting Judgements and Key Sources of Estimation Uncertainty | 3 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Group’s accounting policies, which are described in Note 2 to the financial statements, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods. Critical judgements in applying the Group’s accounting policies There are no critical judgements, apart from those involving estimation (see below) that the management has made in the process of applying the Group’s accounting policy and that has the most significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are disclosed below: Fair value measurement of unquoted shares (Note 5) In determining the fair value of the unquoted shares, the Group relies on the net asset values of the investee companies or independent valuation report. The availability of observable inputs can vary from investment to investment. For certain investments classified under Level 3 of the fair value hierarchy, the valuation could be based on models or inputs that are less observable o unobservable in the market and the determination of the fair values require significant judgement. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to occurrence of future events which could not be reasonably determined as at the balance sheet date. |
Financial Assets Measured At Fa
Financial Assets Measured At Fair Value Through Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2022 | |
Financial assets measured at fair value through other comprehensive income [abstract] | |
Financial Assets Measured At Fair Value Through Other Comprehensive Income | 4 FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME 2021 2022 RM RM USD Q At beginning of year - 34,221,879 7,773,283 Addition 6,398,987 - - Fair value adjustment 27,822,892 (21,402,132) (4,861,359) At end of year 34,221,879 12,819,747 2,911,924 Quoted s hares measured at FVTOCI Quoted i nvestment in shares measured at FVTOCI relates to an equity interest of 14.55% ( 2021: 14.55%) in a Treasure Global Inc, an entity that is currently listed on the N asdaq The above quoted equity investments are not held for trading. Instead, they are held for medium to long-term strategic purposes. Accordingly, the Group has elected to designate these investments in equity instruments as at FVTOCI as the Group believe that recognising short-term fluctuations in these investments’ fair value in profit or loss would not be consistent with the Group ’s strategy of holding the investments for long-term purpose and realising their performance potential in long run. During the financial year December 31, 2021, the fair value of the unquoted investment was determined by the Group using a third-party independent valuation firm not connected to the Group using the income approach and discounted cash flow methodology. The valuation was performed in accordance with International Valuation Standards and set forth in a valuation report dated May 21, 2022. The steps followed in applying a discounted cash flow (“DCF”) method include estimating the expected future cash flows attributable to an entity and converting these cash flows to present value through discounting. This, as assessed by management, will be within the Level 2 of the fair value hierarchy. The Group takes full responsibility for the determination of the value of the unquoted investment. The significant unobservable inputs used in the fair value measurements categorized within Level 2 of the fair value hierarchy, together with a quantitative sensitivity analysis as at December 31, 2021 are shown below: Exit Multiple 10% increase (decrease) in the Exit Multiple would result in an increase (decrease) in the fair value by USD5.9 million. EBITDA margin (% of revenue) 50 basis points increase (decrease) in the EBITDA margin (% of revenue) would result in an increase (decrease) in the fair value by USD 9.2 million. Weighted Average Cost of Capital (“WACC”) 500 basis points increase (decrease) in the WACC would result in a decrease (increase) in the fair value by USD8.8 million (USD10.6 million). Discount for Lack of Marketability (“DLOM”) 500 basis points increase (decrease) in the DLOM would result in a decrease (increase) in the fair value by USD3.5 million. |
Financial Assets Measured At _2
Financial Assets Measured At Fair Value Through Profit And Loss | 12 Months Ended |
Dec. 31, 2022 | |
Financial assets at fair value through profit or loss [abstract] | |
Financial Assets Measured At Fair Value Through Profit And Loss | 5 FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS 2021 2022 RM RM USD U At beginning of year - 1,309,134 297,361 Addition 1,309,134 10,211 2,319 Disposal - (1,247,050 ) (283,258 ) At end of year 1,309,134 72,295 16,422 Other unquoted shares Included in the unquoted shares are investment in the following: · Nil% (202 1: 3%) equity interest in DFA Robotic Co. Ltd, an entity incorporated in Japan. In September 15, 2022, the Group disposed DFA Robotic Co. Ltd to third party at amount JPY 106,294,838 ( RM 2,789,250). · 5% (2021: 5%) equity interest in Zero Carbon Farms Ltd, an entity incorporated in United Kingdom. · 0.1% (2021: nil) equity interest in Unique Fire Holdings Berhad, an entity incorporated in Malaysia. The above valuations are categorised under Level 3 of the fair value hierarchy, and are generally sensitive to the unobservable inputs. Any increase or decrease in transacted price would result in an increase or decrease in the fair value of the unquoted investment s |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property And Equipment | 6 PROPERTY AND EQUIPMENT Office Furniture Office Computer Total RM RM RM RM RM Cost: At January 1, 2020 and at December 31, 2020 2,302 104,017 - - 106,319 Subsidiaries acquired 21,545 39,436 35,500 113,070 209,551 Additions 6,022 3,258 67,050 29,128 105,458 At December 31, 2021 29,869 146,711 102,550 142,198 421,328 Addition s 157,518 218,109 1,221,412 71,912 1,668,951 Disposal/written off (2,302 ) (104,017 ) - (86,460 ) (192,779 ) At December 31, 2022 185,085 260,803 1,323,962 127,650 1,897,500 Accumulated depreciation: At January 1, 2020 and at December 31, 2020 2,300 104,007 - - 106,307 Subsidiaries acquired 15,151 39,007 35,499 17,600 107,257 Charges 2,694 837 13,410 38,291 55,232 At December 31, 2021 20,145 143,851 48,909 55,891 268,796 Charges 17,944 31,613 135,552 44,459 229,568 Disposal/written off (2,300 ) (104,006 ) - (46,137 ) (152,443 ) At December 31, 2022 35,789 71,458 184,461 54,213 345,921 Carrying amount: At December 31, 2021 9,724 2,860 53,641 86,307 152,532 At December 31, 2022 149,296 189,345 1,139,501 73,437 1,551,579 At December 31, 2022 (USD) 33,911 43,009 258,830 16,681 352,431 |
Right-Of-Use Assets
Right-Of-Use Assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Right Of Use Assets [Abstract] | |
Right-Of-Use Assets | 7 RIGHT- OF- USE ASSETS 2021 2022 RM RM USD Cost At January 1 - - - Additions - 952,191 216,284 At December 31 - 952,191 216,284 Accumulated depreciation At January 1 - - - Charges - 238,048 54,071 At December 31 - 238,048 54,071 Carrying amount as at December 31 - 714,143 162,213 |
Deferred Initial Public Offerin
Deferred Initial Public Offering Expense | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Deferred Initial Public Offering Costs [Abstract] | |
Deferred Initial Public Offering Expense | 8 DEFERRED INITIAL PUBLIC OFFERING EXPENSE 2021 2022 RM RM USD Cost At January 1 - - - Additions - 6,564,162 1,491,008 At December 31 - 6,564,162 1,491,008 Initial public offering expense directly attributable to offering of securities are deferred and would be charged against the gross proceeds of the offering, as a reduction in share capital. These deferred expenses mainly consist of legal fee relating to the drafting of registration statement, consulting fee, application fee, listing fee for SEC filing and printing costs. |
Deferred Tax Assets
Deferred Tax Assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Deferred Taxes [Abstract] | |
Deferred Tax Assets | 9 DEFERRED TAX ASSETS The following are the major deferred tax assets recognised by the Group and the movements thereon, during the current and prior reporting periods: 2021 2022 RM RM USD Provisions: At January 1 - 339,650 77,149 Credit to profit and loss 339,650 - - At December 31 339,650 339,650 77,149 |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current receivables [abstract] | |
Trade and Other Receivables | 10 TRADE AND OTHER RECEIVABLES 2021 2022 RM RM USD Trade receivables Third parties 5,065,541 15,266,925 3,467,785 Less: Impairment allowance on trade receivables (1,415,211 ) (1,757,638 ) (399,236 ) 3,650,330 13,509,287 3,068,549 Related party - 1,305,724 296,587 Net 3,650,330 14,815,011 3,365,136 Deposits 63,590 195,507 44,408 Prepayments 9,971 28,578 6,491 Sundry receivables 817,093 720,437 163,643 Total 4,540,984 15,759,533 3,579,678 Movement in impairment allowance on trade receivables Beginning balances - 1,415,211 321,456 Charge off 1,415,211 342,427 77,780 Ending balance 1,415,211 1,757,638 399,236 The average credit period for services rendered is 30 days. No interest is charged on the outstanding balances. 2021 2022 RM RM USD Not past due 3,630,571 11,643,721 2,644,798 Past due 1,434,970 4,928,928 1,119,574 Less: Impairment allowance on trade receivables (1,415,211 ) (1,757,638 ) (399,236 ) Net trade receivables 3,650,330 14,815,011 3,365,136 A majority of the Group’s trade receivables that are neither past due nor impaired are with creditworthy counterparties with good track record of credit history. (i) Aging of receivables that are past due the average cr 2021 2022 RM RM USD < 30 days - - - 31 days to 60 days - 1,862,965 423,161 61 days to 210 days 39,518 - - 211 days to 240 days - - - 241 days to < 1 year 1,395,452 3,065,963 696,413 Total 1,434,970 4,928,928 1,119,574 In determining the recoverability of a trade receivable s s (ii) These amounts are stated before any deduction for impairment losses and are not secured by any collateral or credit enhancements. The impairment allowance in trade receivable has been determined by taking into consideration recovery prospects and past doubtful experience. As part of the Group’s credit risk management, the Group Impairment allowance on trade receivables has been measured at an amount equal to lifetime expected credit losses (“ECL”). The ECL on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate. The Group has recognized a loss allowance of 100% against general receivables over 240 days past due because historical experience has indicated that these receivables are generally not recoverable. For specific and individual trade receivables, t There has been no change in the estimation techniques or significant assumptions made during the current reporting period. A trade receivable is written - The following table details the risk profile of trade receivables based on the Group’s provision matrix. As the Group’s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group’s different customer base: Trade receivables – days past due Not past 1 to 30 31-60 61-210 211 – 240 Over 241 Total RM RM RM RM RM RM RM Expected credit loss rate - - - 50.0 % 60.0 % 100.0 % - Lifetime ECL – FY 2021 - - - 19,759 - 1,395,452 1,415,211 Lifetime ECL – FY 2022 - - - - - 1,757,638 1,757,638 The above balances that are not denominated in the functional currency are as follows: 2021 2022 RM RM United States dollar 1,414,025 3,205,795 |
Cash and Bank Balances
Cash and Bank Balances | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Cash and Bank Balances | 1 1 CASH AND BANK BALANCES 2021 2022 RM RM USD Cash and bank balances 2,782,773 3,953,991 898,124 Cash at share trading accounts 340,174 42,004 9,541 Total 3,122,947 3,995,995 907,665 Cash at share trading accounts are readily convertible to a known amount of cash which are subject to an insignificant risk of changes in value. The above balances that are not denominated in the functional curr e 2021 2022 RM RM Singapore dollar 5,225 12,605 United States dollar 72,037 20,326 |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables [abstract] | |
Trade and Other Payables | 1 2 TRADE AND OTHER PAYABLES 2021 2022 RM RM USD Trade payable s 270,659 139,102 31,596 Accruals 482,226 7,965,442 1,809,300 Sundry payables 973,518 2,303,774 523,287 Total 1,726,403 10,408,318 2,364,183 Accruals consist mainly of staff salaries and sundry payables consist mainly of audit fees, secretarial fees and other professional fees. The above balances that are not denominat e 2021 2022 RM RM United States dollar 62,490 6,008,843 |
Contract Liabilities
Contract Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Contract liabilities [abstract] | |
Contract Liabilities | 1 3 CONTRACT LIABILITIES 2021 2022 RM RM USD At January 1 - 500,000 113,572 Cash received in advance of performance and not recognised as revenue 500,000 - - Amount recognised as revenue - (500,000) (113,572 ) At December 31 500,000 - - Contract liabilities relates to advances collected from customers upon contract fee billed but services have yet rendered. These will be recognised as revenue over the t e twelve the end of the reporting period . |
Lease Liabilities
Lease Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities [abstract] | |
Lease Liabilities | 1 4 LEASE LIABILITIES 2021 2022 RM RM USD At January 1 Additions - 952,191 216,284 Finance cost - 24,768 5,626 Payment - (232,000 ) (52,697 ) At December 31 - 744,959 169,213 Future lease payment payable: - Not later than one year - 348,000 79,046 - More than one year to five years - 435,000 98,807 Total future minimum lease payments - 783,000 177,853 Less: Future finance charges - (38,041 ) (8,640 ) - 744,959 169,213 These are office lease contracts for premises with a tenure of 3 years. The obligations under these leases are secured by the lessor's title to the leased assets. In contrast, the Group or less. The Group applies the "short-term lease" recognition exemptions for these leases. Details of the carrying amounts of right-of-use assets recognized and the movements during the year are disclosed in Note 7 The lease liabilities at the end of the reporting period b ear : ) per annum. 2021 2022 RM RM USD Depreciation of right-of-use asset - 238,048 54,071 Interest expense on lease liabilities - 24,768 5,626 Lease expense not capitalised in lease liabilities: -expense relating to short-term lease 237,205 257,243 58,431 Total amount recognised in profit or loss 237,205 520,059 118,128 |
Bank and Other Borrowings
Bank and Other Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
Bank and Other Borrowings | 1 5 BANK AND OTHER BORROWINGS 2021 2022 RM RM USD Bank borrowings - Current 143,858 133,843 30,402 - Non-current 398,526 309,331 70,262 Total bank borrowings 542,384 443,174 100,664 Other borrowings – current 668,608 649,699 147,575 Total borrowings 1,210,992 1,092,873 248,239 Notes: (A) Bank borrowings This is made up of the following loans: Loan 1 : A principal amount of RM150,000 from a financial institution, which charged an interest rate at 5.00% per annum and repayable over 60 months in equal monthly instalments (principal and interest) of RM3,318. The maturity date is June Loan 2 : A principal amount of RM200,000 from a financial institution, which charged an interest rate at 3.50% per annum and repayable over 60 months in equal monthly instalments (principal and interest) of RM3,639. The maturity date is August 2026. Loan 3 : A principal amount of RM300,000 from a financial institution, which charged an interest rate at 3.50% per annum and repayable over 60 months in equal monthly instalments (principal and interest) of RM6,136. The maturity date is August The bank borrowings of the Group are secured against: a) Guarantee in favour of the lender by Credit Guarantee Corporation (CGC) under the portfolio guarantee scheme for 70% of the approved limit; b) Corporate guarantee in favour of the lender by a third party company which the Director have interests; c) Assignment of single premium reducing term plan issued by Sun Life Malaysia Assurance Berhad under Director of the Company, for the sum insured of not less than RM150,000 to the lender; and d) Jointly and severally guaranteed in favour of the lender by a Director of the Company. (B) Other borrowings This relates to redeemable preference shares issued by a subsidiary. The redeemable preference shares are liability in nature as the subsidiary has to redeem the shares at a particular date by paying agreed amount to the holder of the shares. Non-discretionary dividends paid on redeemable preference shares is recorded as expenses in income statement as any return paid towards liabilities is treated as an interest expense in the income statement. The redeemable preference shares have a face value of RM600,000 representing 600,000 shares at RM 1.00 each. It is redeemable at a fair value of RM600,000. |
Deferred Revenue
Deferred Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Deferred Income [Abstract] | |
Deferred Revenue | 1 6 DEFERRED REVENUE 2021 2022 RM RM USD At January 1 - 3,065,321 696,268 Additions 3,065,321 - - Amount recognised as revenue - (310,321 ) (70,487 ) Reversal - (2,755,000 ) (625,781 ) At December 31 3,065,321 - - The income represents billed amount for fee relating to technology development, solutions and consultancy contract but obligation has yet to be satisfied. This deferred revenue has been adjusted to revenue accordingly upon the services have been rendered to the customers. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2022 | |
Issued capital [abstract] | |
Share Capital | 1 7 SHARE CAPITAL 202 1 202 2 202 1 202 2 2022 Number ordinary shares Number of ordinary shares RM RM USD Paid up capital: At January 1 50,000 50,000 220,000 220,000 49,972 Share buyback - (50,000 ) - (220,000) (49,972) Issuance of shares (1) - 33,400,100 - 3,330 756 Issuance of shares (2) - 1,012,159 - 13,124,097 2,981,056 At December 31 50,000 34,412,259 220,000 13,127,427 2,981,812 As of December 31, 2021, the Company has authorized 50,000 ordinary shares at USD1.00. The paid up ordinary shares has no par value and carry one vote per share and carry a right to dividends as and when declared by the Company. (1) On April 8, 2022 VCI Global Limited issued a total of 33,400,100 shares at USD0.0001 to V Capital Kronos Berhad’s shareholders in exchange of their shares in V Capital Kronos Berhad. For the purposes of comparative value in calculating the Group’s earnings per share (“EPS”), the Group has assumed that 33,400,100 shares were outstanding from 1 January 2020 to 31 December 2021 as would be included in the denominator of the EPS calculation. (2 ) From April 8, 2022 until November 1, 2022 , a total of additional 1,012,159 ordinary shares have been issued to various investors between to USD4.00 per share. |
Capital Reserve
Capital Reserve | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of reserves within equity [abstract] | |
Capital Reserve | 1 8 CAPITAL RESERVE This is in relation to merger reserves. The merger reserve represents effects of changes in ownership interests in subsidiaries when there is no change in control. Under merger accounting, the assets, liabilities, revenue, expenses and cash flows of all the entities within the Group are combined after making such adjustments as are necessary to achieve consistency of accounting policies. This manner of presentation reflects the economic substance of combining companies, which were under common control throughout the relevant period, as a single economic enterprise. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Revenue | 1 9 REVENUE 2020 2021 2022 RM RM RM USD Business strategy consultancy 3,648,406 27,308,368 17,681,457 4,016,231 Technology development, solutions consultancy - 19,425,038 17,505,200 3,976,196 Others - 741,636 383,225 87,047 Total 3,648,406 47,475,042 35,569,882 8,079,474 This represents revenue arising from the Group’s contracts with customers for business strategy consultancy, technology development, solution and consultancy and investment. |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other Operating Income [Abstract] | |
Other Income | 20 OTHER INCOME 2020 2021 2022 RM RM RM USD Interest income - 1,571 49 11 Wage subsidy - 149,500 29,900 6,792 Gain on disposal of investment - - 1,542,200 350,301 Gain on disposal of property, plant and equipment - - 6,501 1,477 Reimbursement income for expenses incurred 402,250 127,784 153,693 34,910 Total 402,250 278,855 1,732,343 393,491 The Wage Subsidy Program (“ WSP |
Cost of Services
Cost of Services | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Cost Of Sales [Abstract] | |
Cost of Services | 2 1 COST OF SERVICES 2020 2021 2022 RM RM RM USD Consultant fee - 9,982,074 1,884,806 428,122 IT expenses - 204,903 5,724,360 1,300,253 Secondment of staff expenses 402,250 - - - Subscription fee - 94,141 14,125 3,208 Others 13,929 18,933 32,598 7,404 Total 416,179 10,300,051 7,655,889 1,738,987 The “ c consultant Secondment of staff expenses incurred in year 2020 where most of the staff being recruited under V Capital Sdn Bhd – a related party to V Capital Group. Therefore, such staff has been seconded to the Group to manage the operations of the Group Group |
Employee Benefit Expenses
Employee Benefit Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Classes of employee benefits expense [abstract] | |
Employee Benefit Expenses | 2 2 EMPLOYEE BENEFIT EXPENSES 2020 2021 2022 RM RM RM USD Wages and salaries - 3,647,956 8,847,798 2,009,721 Defined contribution plans - 433,442 895,795 203,474 Other short-term benefits - 117,510 651,659 148,021 Total - 4,198,908 10,395,252 2,361,216 In cluded in the employee benefit expenses is remuneration and benefit to d 2020 2021 2022 RM RM RM USD Wages and salaries - 1,222,000 2,974,000 675,525 Defined contribution plans - 138,180 282,000 64,055 Other short-term benefits - 2,082 3,319 754 Total - 1,362,262 3,259,319 740,334 |
Finance Cost
Finance Cost | 12 Months Ended |
Dec. 31, 2022 | |
Borrowing costs [abstract] | |
Finance Cost | 2 3 FINANCE COST 2020 2021 2022 RM RM RM USD Interest expenses on: Bank charges - 16,103 776 176 Operating lease obligation - - 24,768 5,626 Other borrowings - 90,370 25,560 5,806 Total - 106,473 51,104 11,608 |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Expenses by nature [abstract] | |
Other Operating Expenses | 2 4 OTHER OPERATING EXPENSES 2020 2021 2022 RM RM RM USD Regulatory compliance and statutory cost 15,131 130,100 326,926 74,260 Regulatory consultancy fee - 159,943 149,757 34,016 Cost incurred to obtain licence - 968,530 134,434 30,536 Impairment of goodwill on consolidation - 282,963 - - Bad debt written off - 123,502 - - Bank charges 8,778 35,323 29,578 6,718 Foreign exchange adjustment 3,463 1,002 115,973 26,343 Loss on disposal of property and equipment - - 29,267 6,648 Marketing expenses - 339,875 1,110,233 252,182 Software and website usage fee - 275,600 97,221 22,083 Office expenses 1,346 197,206 774,399 175,899 Preliminary expenses written off - 11,692 11,264 2,559 Property and equipment written off - - 12 3 Recruitment fees - 84,202 96,470 21,913 Travelling expenses 410 102,605 524,295 119,090 Net investment loss - 285,260 634,642 144,155 Total 29,128 2,997,803 4,034,471 916,405 Net investment loss is derived from the total net loss incurred from the trading of shares on recognized stock exchanges during the financial year. |
Profit Before Income Tax
Profit Before Income Tax | 12 Months Ended |
Dec. 31, 2022 | |
Profit (loss) [abstract] | |
Profit Before Income Tax | 2 5 PROFIT BEFORE INCOME TAX In addition to the expenses disclosed in the notes to the financial statements, profit before income tax has been arrived at after charging the following material expenses: 2020 2021 2022 RM RM RM USD Legal and professional fees 3,377 728,716 181,228 41,165 Director’s fees - 656,000 193,000 43,839 |
Income Tax Expenses
Income Tax Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Income Tax Expenses [Abstract] | |
Income Tax Expenses | 2 6 INCOME TAX EXPENSES 2020 2021 2022 RM RM RM USD Current income tax expense 872,882 7,460,130 917,273 208,353 Deferred tax - (339,650 ) - - Overprovision in prior year - - (7,508,254 ) (1,705,453 ) Income tax expenses 872,882 7,120,480 (6,590,981 ) (1,497,100 ) The tax on the Group’s profit before income tax differs from the theoretical amount that would arise using the Malaysia’s standard rate of income tax as follows 2020 2021 2022 2022 RM RM RM USD Profit before income tax 3,601,972 27,058,298 13,723,995 3,117,318 Tax calculated at tax rate of 24% 864,473 6,493,992 3,293,759 748,156 Effects of: - non taxable income - - (5,032,188 ) (1,143,030 ) - unutilised tax losses forfeited - - 2,437,874 553,748 - expenses not deductible for tax purposes 8,409 626,488 217,828 49,479 872,882 7,120,480 917,273 208,353 Overprovision in prior year - - (7,508,254 ) (1,705,453 ) Income tax expenses 872,882 7,120,480 (6,590,981 ) (1,497,100 ) |
Operating Lease
Operating Lease | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Operating Lease [Abstract] | |
Operating Lease | 2 7 OPERATING LEASE 2020 2021 2022 RM RM RM USD Short-term leases - 237,205 257,243 58,431 The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months. Lease payments relating to these leases are expensed to profit or loss on a straight-line basis over the lease term. |
Significant Related Party Trans
Significant Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Related Party Transactions [Abstract] | |
Significant Related Party Transactions | 28 SIGNIFICANT RELATED PARTY TRANSACTIONS Related companies in these financial statements refer to members of the ultimate holding company’s group of companies. Some of the Group 2020 2021 2022 RM RM RM USD Balance with related parties (common shareholders) Trade r V Invesco Sdn Bhd - - 1,305,724 296,587 Non-trade receivable s Hoo Voon Him 3,014,790 - - - V Invesco Sdn Bhd - 393,810 - - VC Acquisition Limited - 4,220 - - VC Acquisition II Limited - 4,220 - - V Capital Kronos Limited - 5,580 - - Imej Jiwa SB - 18,613 - - V Invesco Fund (L) Limited - - - - Elmu E Sdn Bhd - - 3,000 681 Biosecure Integrators Sdn Bhd - - 4,000 909 V Invesco Limited - 1,234 - - Total amount due from related parties 3,014,790 427,677 7,000 1,590 Trade payable s V Capital Sdn Bhd - 2,000,000 - - Non-trade payable s Hoo Voon Him - 2,129,088 966,797 219,602 Noraini - - 472,000 107,212 V C - - 100,000 22,714 V Invesco Sdn Bhd - - 202,574 46,013 V Capital Sdn Bhd 29,967 5,834,990 1,845,275 419,143 Amount due to related parties 29,967 9,964,078 3,586,646 814,684 Amount due to related parties are not expected to be repaid within the next 12 months. Transactions with related parties The following represents the significant related party transactions for the years ended December 31, 202 0, For the year For the year For the year Relationship Nature Description RM RM RM USD V Capital Sdn Bhd Common shareholder Trade nature Purchase of technology consultancy services - 2,000,000 - - V Capital Sdn Bhd Common shareholder Trade nature Purchase of services 402,250 2,227,465 - - V Capital Sdn Bhd Common shareholder Non-trade nature Advances paid by V Capital Sdn Bhd (29,967 ) (5,834,990 ) (1,845,275 ) (419,143 ) V Invesco Sdn Bhd Common shareholder Non-trade nature Advances paid to V Invesco Sdn Bhd - 393,810 (202,574 ) (46,013 ) V Invesco Sdn Bhd Common shareholder Trade nature Sale of services - - 1,304,478 296,304 Hoo Voon Him Director Non-trade nature Advance paid to Director which was repaid in 2021. 3,014,790 - - - Hoo Voon Him Director Non-trade nature Advance receipt from Director - (1,428,088 ) (966,797 ) (219,602 ) Treasure Global Inc Common Director Trade nature Sale of business consultancy fee - 9,603,213 - - Treasure Global Inc Common Director Non-trade nature Investment in shares - 34,221,879 - - |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Segments Operations [Abstract] | |
Operating Segments | 29 OPERATING SEGMENTS Services from which reportable segments derive their revenues reported to the Group’s chief operating decision maker (CODM) for the purposes of resource allocation and assessment of segment performance focuses on the types of services provided. Management has chosen to organise the Group around differences in services. No operating segments have been aggregated in arriving at the reportable segments of the Group. Segment revenues and results Revenue Net profit 2020 2021 2022 2020 2021 2022 RM RM RM RM RM RM Business strategy consultancy 3,648,406 27,308,368 17,681,457 3,601,972 11,425,338 4,695,816 Technology development, solutions consultancy - 19,425,038 17,505,200 - 15,737,127 8,450,724 Others - 741,636 383,225 - 325,679 744,482 Total 3,648,406 47,475,042 35,569,882 3,601,972 27,488,144 13,891,022 Other gains and losses - (324,944 ) (115,972 ) Interest income - 1,571 49 Finance cost - (106,473 ) (51,104 ) Profit before income 3,601,972 27,058,298 13,723,995 Income tax expense (872,882 ) (7,120,480 ) 6,590,981 Profit for the year 2,729,090 19,937,818 20,314,976 Revenue reported above represents revenue generated from external customers, There were no inter-segment sales in 2020, 2021 and 2022. The accounting policies of the reportable segments are the same as the Group’s accounting policies described in Note 2. Segment profit represents the profit earned by each segment without allocation of central administration costs, finance income, finance cost and income tax expense. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance. Segment assets 2020 2021 2022 RM RM RM Business strategy consultancy 3,445,598 2,586,832 19,043,436 Technology development, solutions consultancy - 3,606,903 1,175,112 Investments and others - 37,251,225 12,962,743 3,445,598 43,444,960 33,181,291 Unallocated assets - 669,843 8,642,813 Consolidated total assets 3,445,598 44,114,803 41,824,104 No geographical segment information presented as Group’s operations are conducted predominantly in |
Financial Instruments, Financia
Financial Instruments, Financial Risks and Capital Risks Management | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments Financial Risk and Capital Risk Management [abstract] | |
Financial Instruments, Financial Risks and Capital Risks Management | 30 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL RISKS MANAGEMENT a) Categories of financial instruments The following table sets out the financial instruments as at the end of the reporting period: 2021 2022 RM RM USD Financial assets Loan and receivable s 8,081,637 19,733,950 4,482,442 Finance assets measured at fair value through other comprehensive income 34,221,879 12,819,747 2,911,924 Finance assets measured at fair value through profit or loss 1,309,134 72,295 16,422 Financial liabilities Payable at amortised cost 12,901,473 15,832,796 3,596,319 Borrowings and lease liabilities at amortised cost 1,210,992 1,837,832 417,452 b) Financial instruments subject to offsetting, enforceable master netting arrangements and similar agreements The Group does not have any financial instruments which are subject to enforceable master netting arrangements or similar netting agreements. c) Financial risk management policies and objectives The management of the Group monitors and manages the financial risks relating to the operations of the Group to ensure appropriate measures are implemented in a timely and effective manner. These risks include market risk (including foreign (i) Market risk management The Group activities are exposed primarily to the financial risks of changes in foreign currency exchange rates and interest rates. Management monitors risks associated with changes in foreign currency exchanges rates and interest rates and will consider appropriate measures should the need arise. There has been no significant change to the Group’s exposure to market risk or the manner in which it manages and measures the risk. (ii) Foreign currency risk management The Group also transacts business in foreign currencies other than its functional currencies, as further disclosed below, and is therefore exposed to foreign exchange risk. The currency exposure of financial assets and financial liabilities denominated in currencies other than the Group’s functional currency is as follows: Assets Liabilities 2021 2022 2021 2022 RM RM RM RM Singapore Dollar 5,225 12,605 - - United States Dollar 1,486,062 3,226,121 62,490 6,008,843 Foreign currency sensitivity The following table details the sensitivity to a 5% increase and decrease in the related foreign currencies against the functional currency (“RM”) with all the other variables held constant. 5% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% change in foreign currency rates. 2021 2022 RM RM Singapore Dollar 261 630 United States Dollar 71,179 (139,136 ) (iii) Interest rate risk management The Group is exposed to interest rate risk as the Group has bank loans which are interest bearing. The interest rates and terms of repayment of the loans are disclosed in the n s Interest rate sensitivity analysis The sensitivity analysis below has been determined based on the exposure to interest rate for non-derivative instruments at the end of the reporting period. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates. If interest rates on loans had been 50 basis points higher/lower and all other variables were held constant, the Group’s profit for the year would decrease/increase by approximately RM3,000 (2021: RM3,000 and 2020: Nil). (iv) Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. At the end of each reporting period, the Group’s maximum exposure to credit risk which will cause a financial loss to the Group due to failure to discharge an obligation by the counterparties arises from the carrying amount of the respective recognized financial assets as stated in the statements of financial position. In order to minimise credit risk, the Group has delegated its finance team to develop and maintain the Group’s credit risk grading to categorise exposures according to their degree of risk of default. The finance team uses publicly available financial information and the Group’s own historical repayment records to rate its major customers and debtors. The Group’s exposure and the credit ratings of its counterparties are continuously monitored, and the aggregate value of transactions concluded is spread amongst approved counterparties. The Group’s current credit risk grading framework comprises the following categories: Category Description Basis for recognising ECL Performing The counterparty has a low risk of default and does not have any past-due amounts 12-month ECL Doubtful There has been a significant increase in credit risk since initial recognition Lifetime ECL- not credit-impaired In default There is evidence indicating the asset is credit impaired Lifetime ECL - credit impaired Write-off There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery Amount is written off For trade receivables, the Group has applied the simplified approach allowed in the accounting standard to measure the loss allowance at lifetime ECL. The Group determines the ECL on these items by using a provision matrix, estimated based on historical credit loss experience based on the past default experience of the debtor, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. To measure the expected credit losses, trade receivables has been grouped based on shared credit risk characteristics (including high risk, normal risk and low risk type). As at the end of the reporting period, the impairment allowance for ECL is disclosed in Note 1 0 (v) Liquidity risk management Liquidity risk is the risk that the Group will encounter difficulty in meeting financial obligations due to shortage of funds. In assessing our liquidity, we monitor and analyse our cash and cash equivalents and our operating expenditure commitments. Our liquidity needs are to meet our working capital requirements and operating expenses obligations. To date, we have financed our operations primarily through cash flows from operations, equity financing, and short-term borrowing from banks and related parties. Based on the above considerations, management is of the opinion that the Group The Group maintains sufficient cash and cash equivalents, and internally generated cash flows to finance their activities. Liquidity risk analyses Non-derivative financial liabilities The following table details the remaining contractual maturity for non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. The adjustment column represents the possible future cash flows attributable to the instrument included in the carrying amount of the financial liabilities on the statement of financial position. Weighted On average demand effective or within Within interest rate 1 year 2 to Total % RM RM RM 2022 Non-interest bearing - 13,994,964 - 13,994,964 Fixed interest rate 3.5-5% 1,114,999 744,331 1,859,330 Variable interest rate BLR+2.6% 16,543 - 16,543 Total 15,126,506 744,331 15,870,837 2021 Non-interest bearing - 11,690,481 - 11,690,481 Fixed interest rate 3.5-5% 753,561 426,431 1,179,992 Variable interest rate BLR+2.6% 39,816 16,543 56,359 Total 12,483,858 442,974 12,926,832 2020 Non-interest bearing - 40,828 - 40,828 Total - 40,828 - 40,828 (vi) Fair value of financial assets and financial liabilities The management considers that the carrying amounts of Group’s financial assets and financial liabilities approximate their respective fair values due to the relatively short-term maturity of these financial instruments. The fair values of other classes of financial assets and liabilities are disclosed in the respective notes to financial statements. (d) Capital risk management policies and objectives The management manages its capital to ensure that the Group will be able to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce cost of capital. The capital structure of the Group consists of equity attributable to owners of the Company, comprising issued capital , reserve and retained earnings as disclosed in the notes to financial statements. Management monitors capital based on debt-to-equity ratio. The debt-to-equity ratio is calculated as total debt divided by total equity. Total debt is calculated as borrowings plus trade and other payables 2021 2022 RM RM USD Total debts 12,901,473 15,832,796 3,596,319 Total equity 19,363,243 24,274,514 5,513,802 Debt-to-equity % 66.63 % 65.22 % 65.22 % The Group is not subject to externally imposed capital requirements for the financial years ended December 31, 202 1 The Group’s overall strategy remains unchanged from prior year. (e) Concentrations Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of accounts receivable s to The following table sets forth a summary of single customers who represent 10% or more of the Group’s total revenue: 2020 2021 2022 RM RM RM USD Amount of the Group’s revenue: Customer A NA* 22,081,000 19,139,493 4,347,415 Customer B NA* 9,627,000 9,462,273 2,149,295 Customer C 3,648,000 NA* NA* NA* The following table sets forth a summary of single customers who represent 10% or more of the Group’s total accounts receivable: 2021 2022 RM RM USD Amount of the Group’s accounts receivable: Customer A 2,755,000 4,078,000 926,292 * Revenue from relevant customer was less than 10% of the Group’s total revenue for the respective year. |
Fair Value and Fair Value Hiera
Fair Value and Fair Value Hierarchy of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Fair Value and Fair Value Hierarchy of Financial Instruments | 3 1 FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS The carrying amounts and fair value s Carrying amount Fair value 2020 2021 2022 2020 2021 2022 RM RM RM RM RM RM Financial assets Financial assets at fair value through profit or loss - 1,309,134 72,295 - 1,309,134 72,295 Financial assets at fair value through other comprehensive income - 34,221,879 12,819,747 - 34,221,879 12,819,747 In prior year, management has assessed that the fair value of financial assets measured at fair value through other comprehensive income approximate to their carrying amounts largely due to the independent valuation performed and valuation technique that take into account key inputs such as revenue multiples, long term growth rate and discount rate, measured. At each reporting date, management analyses the movements in the values of financial instruments and determines the major inputs applied in the valuation. The valuation procedures applied include consideration of recent transactions in the same security or financial instrument, recent financing of the investee companies, economic and market conditions, current and projected financial performance of the investee companies, and the investee companies’ management team as well as potential future strategies to realize the investments. Management believes that the estimated fair values resulting from the valuation technique, which are recorded in the consolidated statements of financial position, and the related changes in fair values, which are recorded in profit or loss, are reasonable, and that they were the most appropriate values at the end of the reporting periods. Below is a summary of significant unobservable inputs to valuation of financial instruments together with a quantitative sensitivity analysis as at December 31, 202 1 Significant Sensitivity Valuation Unobservable of value to Technique input Input the input Unlisted equity investment Income Approach. In this approach, the discounted cash flow method was used to Weighted average cost of capital Illiquidity discount 25% to 35% 17.52% 5% increase/decreas in illiquidity result in increase/decrease in fair value by approximately 6% Fair value hierarchy The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments: Assets measured at fair value: Fair value measurement using Quoted Significant Significant Total RM RM RM RM As at December 31, 2021 Financial assets at fair value through profit or loss - - 1,309,134 1,309,134 Financial assets at fair value through other comprehensive income - 34,221,879 - 34,221,879 As at December 31, 2022 Financial assets at fair value through profit or loss - - 72,295 72,295 Financial assets at fair value through other comprehensive income 12,819,747 - - 12,819,747 During the year ended December 31, 2022, the financial assets at fair value through other comprehensive income has been transferred from Level 2 to Level 1 as the financial asset is quoted on Nasdaq Stock Market. The movements in fair value measurements within Level 1 during the years are as follow: 2020 2021 2022 RM RM RM USD Quoted/Unquoted equity shares at fair value through other comprehensive income At January 1 - - 34,221,879 7,773,282 Addition - 6,398,987 - - Total unrealized gain recognized in other comprehensive income/(loss) - 27,822,892 (21,402,132 ) (4,861,358 ) At December 31 - 34,221,879 12,819,747 2,911,924 |
Reconciliations of Liabilities
Reconciliations of Liabilities Arising from Financing Activities | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Reconciliations of Liabilities Arising from Financing Activities | 3 2 RECONCILIATIONS OF LIABILITIES ARISING FROM FINANCING ACTIVITIES At Subsidiary Proceeds Principal Interest Interest At end of RM RM RM RM RM RM RM 2022 Bank borrowings 542,384 - - (99,210 ) 25,560 (25,560 ) 443,174 Lease liabilities - - 952,191 (207,232 ) 24,768 (24,768 ) 744,959 Other borrowings 668,608 - - (18,909 ) - - 649,699 1,210,992 - 952,191 (325,351 ) 50,328 (50,328 ) 1,837,832 Repayment Within 2023 2024 2025 2026 Total RM RM RM RM RM RM 2022 Bank borrowings 133,843 117,300 117,300 74,731 - 443,174 Lease liabilities 322,208 336,372 86,379 - - 744,959 Other borrowings 649,699 - - - - 649,699 1,105,750 453,672 203,679 74,731 - 1,837,832 At Subsidiary Proceeds Principal Interest Interest At end of RM RM RM RM RM RM RM 2021 Bank borrowings - 260,745 300,000 (18,361 ) 16,103 (16,103 ) 542,384 Other borrowings - - 1,200,000 (600,000 ) 90,370 (21,762 ) 668,608 - 260,745 1,500,000 (618,361 ) 106,473 (37,865 ) 1,210,992 Repayment Within 2023 2024 2025 2026 Total RM RM RM RM RM RM 2021 Bank borrowings 120,300 127,658 117,300 117,300 59,826 542,384 Other borrowings 668,608 - - - - 668,608 788,908 127,658 117,300 117,300 59,826 1,210,992 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | 3 3 SUBSEQUENT EVENTS The Company evaluated all events and transactions that occurred after December 31, 2022 up through May 1 5 On January 3, 2023, the Company disposed 100% of its 1,702,899 shares in Treasure Global Inc for an aggregate price of approximately As a result of the transaction , the Company hold nil of the equity interest in Treasure Global Inc. On April 17, 2023, the Company closed its initial public offering. In our initial public offering, the Company issued 1,280,000 Ordinary Shares at a price of US$4.00 per share. The Company received gross proceeds in the amount of USD5,120,000 before deducting any underwriting discounts or expenses. The Ordinary Shares were previously approved for listing on Nas d and |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Summary of Significant Accounting Policies [Abstract] | |
Basis of accounting | BASIS OF ACCOUNTING The consolidated financial statements have been prepared in accordance with the historical cost basis, except as disclosed in the accounting policies below, and are drawn up in accordance with the provisions of the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability which market participants would take into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these financial statements is determined on such a basis. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: · Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; · Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and · Level 3 inputs are unobservable inputs for the asset or liability. |
Adoption of new and revised standards | ADOPTION OF NEW AND REVISED STANDARDS At the date of authorisation of these financial statements, management anticipates that the adoption of the above/other IFRSs and amendments to IFRS in future periods will not have a material impact on the financial statements of the Group in the period of their initial adoption. |
New and revised IFRS in issue but not yet effective | NEW AND REVISED IFRS IN ISSUE BUT NOT YET EFFECTIVE At the date of authorisation of these financial statements, the Group has not adopted the new and revised IFR S Group do not anticipate that the adoption of these new and revised IFRS pronouncements in future periods will have a material impact on the Group’s financial statements in the period of their initial adoption. The preparation of these financial statements in conformity with IFRS requires management to exercise its judgement in the process of applying the Group’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where estimates and assumptions are significant to the financial statements are disclosed in Note 3. |
Basis of consolidation | BASIS OF CONSOLIDATION (a) Consolidation As the Group were under same control of the controlling shareholders and their entire equity interests were also ultimately held by the controlling shareholders immediately prior to the group reorganization, the consolidated statements of profit or loss and other comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows statements are prepared as if the current group structure had been in existence throughout the three-year period ended December 31, 2022, or since the respective dates of incorporation/establishment of the relevant entity, where this is a shorter period. The consolidated statements of financial position as at December 31, 2021 and 2022 present the assets and liabilities of the aforementioned companies now comprising the Group which had been incorporated/established as at the relevant balance sheet date as if the current group structure had been in existence at those dates based on the same control aforementioned. The Group eliminates all significant intercompany balances and transactions in its consolidated financial statements. Subsidiary corporations are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiary corporations are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date on that control ceases. In preparing the consolidated financial statements, transactions, balances and unrealized gains on transactions between group entities are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the transferred asset. Accounting policies of subsidiary corporations have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests comprise the portion of a subsidiary corporation’s net results of operations and its net assets, which is attributable to the interests that are not owned directly or indirectly by the equity holders of the Company. They are shown separately in the consolidated statements of comprehensive income, statements of changes in equity, and statements of financial position . Total comprehensive income is attributed to the non-controlling interests based on their respective interests in a subsidiary, even if this results in the non-controlling interests having a deficit balance. Acquisition of entities under an internal reorganization scheme does not result in any change in economic substance. Accordingly, the consolidated financial statements of the Group are a continuation of the acquired entities and is accounted for as follows: (i) The results of entities are presented as if the internal reorganization occurred from the beginning of the earliest period presented in the financial statements; (ii) The Group will consolidate the assets and liabilities of the acquired entities at the pre-combination carrying amounts. No adjustments are made to reflect fair values, or recognize any new assets or liabilities, at the date of the internal reorganization that would otherwise be done under the acquisition method; and (iii) No new goodwill is recognized as a result of the internal reorganization. The only goodwill that is recognized is the existing goodwill relating to the combining entities. Any difference between the consideration paid/transferred and the equity acquired is reflected within equity as merger reserve or deficit. (b) Acquisitions The acquisition method of accounting is used to account for business combinations entered into by the Group. The consideration transferred for the acquisition of a subsidiary corporation or business comprises the fair value of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred also includes any contingent consideration arrangement and any pre-existing equity interest in the subsidiary measured at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifiable net assets. The excess of (a) the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the (b) fair value of the identifiable net assets acquired is recorded as goodwill. (c) Disposals When a change in the Group’s ownership interest in a subsidiary corporation result in a loss of control over the subsidiary corporation, the assets and liabilities of the subsidiary corporation including any goodwill are derecognized. Amounts previously recognized in other comprehensive income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings if required by a specific Standard. Any retained equity interest in the entity is remeasured at fair value. The difference between the carrying amount of the retained interest at the date when control is lost, and its fair value is recognized in profit or loss. (d) Transactions with non-controlling interests Changes in the Group’s ownership interest in a subsidiary corporation that do not result in a loss of control over the subsidiary corporation are accounted for as transactions with equity owners of the Company. Any difference between the change in the carrying amounts of the non-controlling interest and the fair value of the consideration paid or received is recognized within equity attributable to the equity holders of the Company. |
Convenience translation | CONVENIENCE TRANSLATION Translations of amounts in the consolidated statement of financial position, consolidated statements of profit or loss and other comprehensive income, and consolidated statement of cash flows from RM into USD as of and for the year ended December 31, 2022 are solely for the convenience of the reader and were calculated at the noon buying rate of USD1 = RM4.4025, as published in H.10 statistical release of the United States Federal Reserve Board. No representation is made that the RM amounts could have been, or could be, converted, realized or settled into USD at such rate or at any other rate. |
Financial assets | FINANCIAL ASSETS (a) Classification and measurement The Group classifies its financial assets at fair value through other comprehensive income, fair value through profit and loss and amortized cost. The classification depends on the Group’s business model for managing the financial assets as well as the contractual terms of the cash flows of the financial assets. Financial assets at fair value through other comprehensive income (“FVTOCI”) are equity securities which are not held for trading but more for strategic investments or debt securities where contractual cash flows are solely principal and interest and the objective of the Group’s business model is achieved both by collecting contractual cash flow and selling financial assets. On initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVTOCI. Designation at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognised by an acquirer in a business combination. Investments in equity instruments as at FVTOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income (“OCI”) and accumulated in the retained earnings. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments, and will be transferred to retained earnings. The Group reclassifies debt instruments when and only when its business model for managing those assets changes. At subsequent measurement - Debt instrument Debt instruments mainly comprise of cash and cash equivalents and other receivables (excluding prepayments). Debt instruments that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt instrument that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in interest income using the effective interest rate method. The Group recognises a loss allowance for ECL on financial assets which are subject to impairment assessment under IFRS 9. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognises lifetime ECL for accounts receivables. The ECL on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial instruments, the Group measures the loss allowance equal to 12-month ECL, unless when there has a significant increase in credit risk since initial recognition, the Group recognises lifetime ECL. The assessment of whether lifetime ECL should be recognised is based on significant increase in the likelihood or risk of a default occurring since initial recognition. Significant increase in credit risk In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Forward-looking information considered includes the future prospects of the industries in which the Group’s debtors operate, obtained from economic expert reports, financial analysts, governmental bodies, relevant think-tanks and other similar organisations, as well as consideration of various external sources of actual and forecast economic information that relate to the Group’s operations. In particular, the following information is taken into account when assessing whether credit risk has increased significantly: · an actual or expected significant deterioration in the financial instrument’s external (if available) or internal credit rating; · significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor; · existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations; · an actual or expected significant deterioration in the operating results of the debtor; · significant increases in credit risk on other financial instruments of the same debtor; · an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor’s ability to meet its debt obligations. Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are more than 60 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise. ( b Recognition and derecognition Regular way purchases and sales of financial assets are recognized on trade date – the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. On disposal of a debt instrument, the difference between the carrying amount and the sale proceeds is recognized in profit or loss. |
Financial liabilities and equity instruments | F INANCIAL LIABILITIES AND EQUITY INSTRUMENTS Classification as debt or equity Debt and equity instruments issued by the Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Financial liabilities Except for derivative financial instruments which are stated at fair value through profit or loss, all other financial liabilities are subsequently measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability. Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. Offsetting financial instruments Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. |
Property and equipment | PROPERTY AND EQUIPMENT (a) Measurement (i) Property and equipment Property and equipment are initially recognized at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. (ii) Components of costs The cost of an item of property and equipment initially recognized includes its purchase price and any cost that is 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. (b) Depreciation Depreciation on other items of property and equipment is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives as followed; Office renovation - 10 years Office equipment - 5 years Furniture and fittings - 5 years Electrical and fittings - 10 years Right of use asset - 3 years No depreciation is charged on construction in progress. The residual values estimated useful lives and depreciation method of property and equipment are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision are recognized in profit or loss when the changes arise. (c) Subsequent expenditure Subsequent expenditure relating to property and equipment that has already been recognized is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. All other repair and maintenance expenses are recognized in profit or loss when incurred. (d) Disposal On disposal of an item of property and equipment, the difference between the disposal proceeds and its carrying amount is recognized in profit or loss. |
Trade and other receivables | TRADE AND OTHER RECEIVABLES A receivable is recognised when the Group Group |
Impairment of non-financial assets | IMPAIRMENT OF NON-FINANCIAL ASSETS Property and equipment are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e., the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the Cash Generating units (“CGU”) to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognized as an impairment loss in profit or loss. An impairment loss for an asset is reversed if, and only if, there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is recognized in profit or loss. |
Trade and other payables | TRADE AND OTHER PAYABLES Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented as non-current liabilities. Trade and other payables are initially recognized at fair value, and subsequently carried at amortized cost using the effective interest method. |
Contract liabilities | CONTRACT LIABILITIES A contract liability is recognised when the customer pays non-refundable consideration before the Group recognises the related revenue. A contract liability would also be recognised if the Group has an unconditional right to receive non-refundable consideration before the Group recognises the related revenue. In such cases, a corresponding receivable would also be recognised. Contract liabilities are recognized as revenue when the Group satisfied its performance obligation. |
Bank and other borrowings | BANK AND OTHER BORROWINGS Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the balance sheet date, in which case they are presented as non-current liabilities. (a) Borrowings - (b) Borrowing costs - All other borrowing costs are recognised in profit or loss in the period in which they are incurred. |
Deferred revenue | DEFERRED REVENUE Deferred revenue refers to advance payment from clients for services that have not yet been rendered. Under the accrual basis of accounting, the Group records this payment as a liability. Once the services have been rendered, the liability is reversed and revenue is recorded instead. |
Leases | LEASES When the Group is the lessee At the inception of the contract, the Group assesses if the contract contains a lease. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Reassessment is only required when the terms and conditions of the contract are changed. ● Right-of-use assets The Group recognizes a right-of-use asset and lease liability at the date which the underlying asset is available for use. Right-of-use assets are measured at cost which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before the commencement date and lease incentive received. Any initial direct costs that would not have been incurred if the lease had not been obtained are added to the carrying amount of the right- of-use assets. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. Right-of-use assets are presented within “Property and equipment”. ● Lease liabilities The initial measurement of a lease liability is measured at the present value of the lease payments discounted using the implicit rate in the lease, if the rate can be readily determined. If that rate cannot be readily determined, the Group shall use its incremental borrowing rate. Lease payments include the following: - Fixed payment (including in-substance fixed payments), less any lease incentives receivables; - Variable lease payment that are based on an index or rate, initially measured using the index or rate as at the commencement date; - Amount expected to be payable under residual value guarantees; - The exercise price of a purchase option if is reasonably certain to exercise the option; and - Payment of penalties for terminating the lease, if the lease term reflects the Group exercising that option. For contracts that contain both lease and non-lease components, the Group allocates the consideration to each lease component on the basis of the relative stand-alone price of the lease and non-lease component. The Group has elected to not separate lease and non-lease component for property leases and account these as one single lease component. Lease liability is measured at amortized cost using the effective interest method. Lease liability shall be remeasured when: - There is a change in future lease payments arising from changes in an index or rate; - There is a change in the Group’s assessment of whether it will exercise an extension option; or - There is modification in the scope or the consideration of the lease that was not part of the original term. Lease liability is remeasured with a corresponding adjustment to the right-of-use assets, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. ● Short-term and low-value leases The Group has elected to not recognized right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months or less and leases of low - ● Variable lease payments Variable lease payments that are not based on an index or a rate are not included as part of the measurement and initial recognition of the lease liability. The Group shall recognize those lease payments in profit or loss in the periods that triggered those lease payments. |
Employee benefits | EMPLOYEE BENEFITS Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset. (a) Defined contribution plans Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions into separate entities such as the Employees Provident Fund on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. (b) Employee leave entitlement Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date. |
Provisions | PROVISIONS Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. |
Revenue recognition | REVENUE RECOGNITION Revenue is recognised to depict the transfer of promised services to clients at an amount that reflects the consideration to which an entity expects to be entitled in exchange for those services. Specifically, the Group uses a five-step approach to recognise revenue: · · · · · Group The Group recognises revenue when (or as) a performance obligation is satisfied, i.e., when “control” of the services underlying the particular performance obligations is transferred to clients. A performance obligation represents a service (or a bundle of services) that is distinct or a series of distinct services that are substantially the same. Control is transferred overtime and revenue is recognised overtime by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met: · the client simultaneously receives and consumes the benefits provided by the Group’ s performance as the Group performs; · the Group’s · the Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. Otherwise, revenue is recognised at a point in time when the customer obtains control of the distinct service. Advance payments received from clients are recognized as contract liabilities as the Group has not yet satisfied its performance obligation. Contract liabilities are recognized as revenue when the Group satisfied its performance obligation. The Group may receive payment for service prior to, or after it satisfies the performance obligation under a service agreement. a) Business Strategy Consultancy Business strategy consultancy services primarily included listing advisory and solutions, investors relations and boardroom strategies consultancy. The revenues generated from business strategy consultancy services are generally based on the fixed fee billing arrangements that require the clients to pay a pre-established fee in exchange for a predetermined set of professional services. The clients agree to pay a fixed fee periodically over the contract terms as specified in the service agreements. Our contracts from business strategy consultancy are typically less than a year in duration. Revenues are generally recognised over time. When contractual billings represent an amount that corresponds directly with the value provided to the client, revenues are recognised as amount become billable in accordance with the contract terms. Revenues from fixed-priced contracts are generally recognised using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying the Company performance obligations. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to client. b) Technology Development, Solutions and Consultancy Technology development, solutions and consultancy primarily included digital development, fintech solution and software solutions. Technology Development The contract is typically fixed priced and does not provide any post contract client support or upgrades. The Group designs system based on clients’ specific needs which require the Group to perform services including design/redesign, development, and integration. These services also require significant customization. Upon delivery of the services, client acceptance is generally required. The Group assesses that software development services is considered as a performance obligation. The duration of the development period is usually six months to two years. The Group’s Group The Group’s revenue from technology development contracts is generally recognized over time. The Group Group Group’s Group Solutions and Consultancy Revenue from solutions and consulting services is primarily comprised of fixed-fee contracts, which require the Group |
Government grants and subsidies | GOVERNMENT GRANTS AND SUBSIDIES Grants from the government are recognized as a receivable at their fair value when there is reasonable assurance that the grant will be received and the Group will comply with all the attached conditions. Government grants receivable are recognized as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income. Grants related to assets are presented as deferred income under trade and other payables. |
Cash and cash equivalents | CASH AND CASH EQUIVALENTS For the purpose of presentation in the consolidated statements |
Share capital | SHARE CAPITAL Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against the share capital account. |
Income tax | INCOME TAX Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred income tax is recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. A deferred income tax liability is recognized on temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income tax is measured: (i) at the tax rates that are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date; and (ii) based on the tax consequence that will follow from the manner in which the Group expects, at the balance sheet date, to recover or settle the carrying amounts of its assets and liabilities except for investment properties. Investment property measured at fair value is presumed to be recovered entirely through sale. Current and deferred income taxes are recognized as income or expense in profit or loss, except to the extent that the tax arises from a business combination or a transaction which is recognized directly in equity. Deferred tax arising from a business combination is adjusted against goodwill on acquisition. The Group accounts for investment tax credits (for example, productivity and innovation credit) similar to accounting for other tax credits where a deferred tax asset is recognized for unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax credits can be utilized. |
Foreign currency transactions | FOREIGN CURRENCY TRANSACTIONS (a) Functional and presentation currency Items included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The financial statements are presented in Ringgit Malaysia (“RM”), which is the functional currency of the Company presentation currency of the Group The value of foreign currencies including, the US Dollar ( “ USD”), may fluctuate against the RM. Any significant variations of the aforementioned currencies relative to the RM may materially affect the Group’s financial condition in terms of reporting in RM. The following table outlines the currency exchange rates that were used in preparing the accompanying consolidated financial statements: December 31, 2020 2021 2022 RM to USD Year End 4.0225 4.1750 4.4025 RM to USD Average Rate 4.1970 4.1403 4.3983 (b) Transactions and balances Transactions in a currency other than the functional currency (“foreign currency”) are translated into the functional currency using the exchange rates at the dates of the transactions. Currency exchange differences resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date are recognized in profit or loss. Monetary items include primarily financial assets (other than equity investments), contract assets and financial liabilities. However, in the consolidated financial statements, currency translation differences arising from borrowings in foreign currencies and net investment in foreign operations, are recognized in other comprehensive income and accumulated in the currency translation reserve. When a foreign operation is disposed of or any loan forming part of the net investment of the foreign operation is repaid, a proportionate share of the accumulated currency translation differences is reclassified to profit or loss, as part of the gain or loss on disposal. Non-monetary items measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined. (c) Translation of Group entities’ financial statements The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets and liabilities are translated at the closing exchange rates at the reporting date; (ii) income and expenses are translated at average exchange rates (unless the average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at the dates of the transactions); and (iii) all resulting currency translation differences are recognized in other comprehensive income and accumulated in the currency translation reserve. These currency translation differences are reclassified to profit or loss on disposal or partial disposal with loss of control of the foreign operation. Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign operations and translated at the closing rates at the reporting date. |
Related parties | RELATED PARTIES (a) A person, or a close member of that person’s family, is related to the (i) has control or joint control over the (ii) has significant influence over the (iii) is a member of the key management personnel of the (b) An entity is related to the (i) The entity and the g (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a (iii) Both entities are joint ventures of the same third party. (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (v) The entity is a post-employment benefit plan for the benefit of employees of either the g (vi) The entity is controlled or jointly controlled by a person identified in (a). (vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). (viii) The entity, or any member of a Group of which it is a part, provides key management personnel services to the Group or to the Group’s parent. Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity. |
Earnings per share | EARNINGS PER SHARE The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted-average number of ordinary shares outstanding during the year, adjusted for own shares held, if any. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted-average number of ordinary shares outstanding, adjusted for own shares held, if any, for the effects of all dilutive potential ordinary shares. |
Segment reporting | SEGMENT REPORTING Operating segments, and the amounts of each segment item reported in the financial statements, are identified from the financial information provided regularly to the Group’s most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Group’s various lines of business and geographical locations. Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria. |
Organization And Principal Ac_2
Organization And Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
General Information [Abstract] | |
Summary of Information About Consolidated Financial Statements And Company Principal Subsidiaries | The Company and its subsidiaries are in the table as follows: Percentage of effective ownership December 31, Name Date of 2020 2021 2022 Place of incorporation Principal % % % VCI Global Limited 29.04.2020 - 100 100 British Virgin Island Holding company V Capital Kronos Berhad 01.09.2020 100 100 100 Malaysia Holding company V Capital Venture Sdn Bhd 19.08.2014 100 100 100 Malaysia Provision of corporate and business advisory services in corporate finance, corporate structuring and restructuring, listings on recognised stock exchanges, and fintech advisory Accuventures Sdn Bhd 22.06.2015 - 80 80 Malaysia Provision of technology development, computer software programming and holding company. Credilab Sdn Bhd 26.10.2020 - 80 80 Malaysia Carry on licensed money lending activities, consulting, information technology development, and computer software programming V Capital Advisory Sdn Bhd 12.02.2018 100 100 100 Malaysia Provision of corporate and business advisory in relation to corporate listing exercise, equity investment, corporate restructuring, merger and acquisition and corporate finance. V Capital Quantum Sdn Bhd 18.01.2018 100 100 100 Malaysia Provision of information technology development, business consultancy services and holding company. V Capital Consulting Limited 01.03.2016 100 100 100 British Virgin Island Provision of corporate and business advisory services in corporate finance, corporate structuring and restructuring, listings on recognised stock exchanges, and fintech advisory Imej Jiwa Communication Sdn Bhd 29.10.2012 - 100 100 Malaysia Provision of investor relation consultation services. AB Management and Consultancy Sdn Bhd 05.04.2020 - 80 80 Malaysia Holding company Elmu Education Group Sdn Bhd 03.12.2020 - 56 56 Malaysia Education and training services Elmu V Sdn Bhd 18.05.2021 - 69.2 69.2 Malaysia Education and training services Elmu Higher Education Sdn Bhd 24.05.2021 - 56 56 Malaysia Education and training services V Capital Real Estate Sdn Bhd 05.07.2021 - 100 100 Malaysia Dormant V Capital Robotics Sdn Bhd 12.10.2021 - 100 100 Malaysia Dormant TGI V Sdn Bhd 12.11.2021 - 100 100 Malaysia Dormant VCIG Limited 29.04.2020 - 100 100 British Virgin Island Dormant V Galactech Sdn Bhd 12.01.2022 - - 100 Malaysia Provision of information technology development VC Acquisition Ltd 04.01.2022 - - 100 Malaysia Dormant VC Acquisition II Ltd 04.01.2022 - - 100 British Virgin Island Dormant |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Summary of Significant Accounting Policies [Abstract] | |
Summary of estimated useful lives of property plant and equipment | Depreciation on other items of property and equipment is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives as followed; Office renovation - 10 years Office equipment - 5 years Furniture and fittings - 5 years Electrical and fittings - 10 years Right of use asset - 3 years |
Summary of foreign exchange rates | The value of foreign currencies including, the US Dollar ( “ USD”), may fluctuate against the RM. Any significant variations of the aforementioned currencies relative to the RM may materially affect the Group’s financial condition in terms of reporting in RM. The following table outlines the currency exchange rates that were used in preparing the accompanying consolidated financial statements: December 31, 2020 2021 2022 RM to USD Year End 4.0225 4.1750 4.4025 RM to USD Average Rate 4.1970 4.1403 4.3983 |
Financial Assets Measured At _3
Financial Assets Measured At Fair Value Through Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial assets measured at fair value through other comprehensive income [abstract] | |
Summary of Financial Assets Measured At Fair Value Through Other Comprehensive Income | 2021 2022 RM RM USD Q At beginning of year - 34,221,879 7,773,283 Addition 6,398,987 - - Fair value adjustment 27,822,892 (21,402,132) (4,861,359) At end of year 34,221,879 12,819,747 2,911,924 |
Summary of Significant Unobservable Inputs And Sensitivity Analysis Within Level 2 | The significant unobservable inputs used in the fair value measurements categorized within Level 2 of the fair value hierarchy, together with a quantitative sensitivity analysis as at December 31, 2021 are shown below: Exit Multiple 10% increase (decrease) in the Exit Multiple would result in an increase (decrease) in the fair value by USD5.9 million. EBITDA margin (% of revenue) 50 basis points increase (decrease) in the EBITDA margin (% of revenue) would result in an increase (decrease) in the fair value by USD 9.2 million. Weighted Average Cost of Capital (“WACC”) 500 basis points increase (decrease) in the WACC would result in a decrease (increase) in the fair value by USD8.8 million (USD10.6 million). Discount for Lack of Marketability (“DLOM”) 500 basis points increase (decrease) in the DLOM would result in a decrease (increase) in the fair value by USD3.5 million. |
Financial Assets Measured At _4
Financial Assets Measured At Fair Value Through Profit And Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial assets at fair value through profit or loss [abstract] | |
Summary of Financial Assets Measured At Fair Value Through Profit And Loss | 2021 2022 RM RM USD U At beginning of year - 1,309,134 297,361 Addition 1,309,134 10,211 2,319 Disposal - (1,247,050 ) (283,258 ) At end of year 1,309,134 72,295 16,422 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of Property And Equipment | Office Furniture Office Computer Total RM RM RM RM RM Cost: At January 1, 2020 and at December 31, 2020 2,302 104,017 - - 106,319 Subsidiaries acquired 21,545 39,436 35,500 113,070 209,551 Additions 6,022 3,258 67,050 29,128 105,458 At December 31, 2021 29,869 146,711 102,550 142,198 421,328 Addition s 157,518 218,109 1,221,412 71,912 1,668,951 Disposal/written off (2,302 ) (104,017 ) - (86,460 ) (192,779 ) At December 31, 2022 185,085 260,803 1,323,962 127,650 1,897,500 Accumulated depreciation: At January 1, 2020 and at December 31, 2020 2,300 104,007 - - 106,307 Subsidiaries acquired 15,151 39,007 35,499 17,600 107,257 Charges 2,694 837 13,410 38,291 55,232 At December 31, 2021 20,145 143,851 48,909 55,891 268,796 Charges 17,944 31,613 135,552 44,459 229,568 Disposal/written off (2,300 ) (104,006 ) - (46,137 ) (152,443 ) At December 31, 2022 35,789 71,458 184,461 54,213 345,921 Carrying amount: At December 31, 2021 9,724 2,860 53,641 86,307 152,532 At December 31, 2022 149,296 189,345 1,139,501 73,437 1,551,579 At December 31, 2022 (USD) 33,911 43,009 258,830 16,681 352,431 |
Right-Of-Use Assets (Tables)
Right-Of-Use Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Right Of Use Assets [Abstract] | |
Summary of Quantitative Information About Right Of Use Assets | 2021 2022 RM RM USD Cost At January 1 - - - Additions - 952,191 216,284 At December 31 - 952,191 216,284 Accumulated depreciation At January 1 - - - Charges - 238,048 54,071 At December 31 - 238,048 54,071 Carrying amount as at December 31 - 714,143 162,213 |
Deferred Initial Public Offer_2
Deferred Initial Public Offering Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Deferred Initial Public Offering Costs [Abstract] | |
Summary Of Deferred Initial Public Offering Expense | 2021 2022 RM RM USD Cost At January 1 - - - Additions - 6,564,162 1,491,008 At December 31 - 6,564,162 1,491,008 |
Deferred Tax Assets (Tables)
Deferred Tax Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Movement In Deferred Tax Assets [Abstract] | |
Summary of Major Deferred Tax Assets Recognised In Group | The following are the major deferred tax assets recognised by the Group and the movements thereon, during the current and prior reporting periods: 2021 2022 RM RM USD Provisions: At January 1 - 339,650 77,149 Credit to profit and loss 339,650 - - At December 31 339,650 339,650 77,149 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current receivables [abstract] | |
Summary of Trade and Other Current Receivables | 2021 2022 RM RM USD Trade receivables Third parties 5,065,541 15,266,925 3,467,785 Less: Impairment allowance on trade receivables (1,415,211 ) (1,757,638 ) (399,236 ) 3,650,330 13,509,287 3,068,549 Related party - 1,305,724 296,587 Net 3,650,330 14,815,011 3,365,136 Deposits 63,590 195,507 44,408 Prepayments 9,971 28,578 6,491 Sundry receivables 817,093 720,437 163,643 Total 4,540,984 15,759,533 3,579,678 Movement in impairment allowance on trade receivables Beginning balances - 1,415,211 321,456 Charge off 1,415,211 342,427 77,780 Ending balance 1,415,211 1,757,638 399,236 The average credit period for services rendered is 30 days. No interest is charged on the outstanding balances. 2021 2022 RM RM USD Not past due 3,630,571 11,643,721 2,644,798 Past due 1,434,970 4,928,928 1,119,574 Less: Impairment allowance on trade receivables (1,415,211 ) (1,757,638 ) (399,236 ) Net trade receivables 3,650,330 14,815,011 3,365,136 |
Summary of Aging of Receivables that are Past Due the Average Credit Period | (i) Aging of receivables that are past due the average cr 2021 2022 RM RM USD < 30 days - - - 31 days to 60 days - 1,862,965 423,161 61 days to 210 days 39,518 - - 211 days to 240 days - - - 241 days to < 1 year 1,395,452 3,065,963 696,413 Total 1,434,970 4,928,928 1,119,574 |
Summary of Provision Matrix Trade Receivables | The following table details the risk profile of trade receivables based on the Group’s provision matrix. As the Group’s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group’s different customer base: Trade receivables – days past due Not past 1 to 30 31-60 61-210 211 – 240 Over 241 Total RM RM RM RM RM RM RM Expected credit loss rate - - - 50.0 % 60.0 % 100.0 % - Lifetime ECL – FY 2021 - - - 19,759 - 1,395,452 1,415,211 Lifetime ECL – FY 2022 - - - - - 1,757,638 1,757,638 |
Summary of Current Trade Receivables Not Denominated in the Functional Currency | The above balances that are not denominated in the functional currency are as follows: 2021 2022 RM RM United States dollar 1,414,025 3,205,795 |
Cash and Bank Balances (Tables)
Cash and Bank Balances (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Summary of Cash and Cash Equivalents | 2021 2022 RM RM USD Cash and bank balances 2,782,773 3,953,991 898,124 Cash at share trading accounts 340,174 42,004 9,541 Total 3,122,947 3,995,995 907,665 |
Summary of Cash and Cash Equivalents Not Denominated in Functional Currency | The above balances that are not denominated in the functional curr e 2021 2022 RM RM Singapore dollar 5,225 12,605 United States dollar 72,037 20,326 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables [abstract] | |
Summary of Trade and Other Payables | 2021 2022 RM RM USD Trade payable s 270,659 139,102 31,596 Accruals 482,226 7,965,442 1,809,300 Sundry payables 973,518 2,303,774 523,287 Total 1,726,403 10,408,318 2,364,183 |
Summary of Trade and Other Payables Not Denominated in Functional Currency | The above balances that are not denominat e 2021 2022 RM RM United States dollar 62,490 6,008,843 |
Contract Liabilities (Tables)
Contract Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Contract liabilities [abstract] | |
Summary of Contract Liabilities | 2021 2022 RM RM USD At January 1 - 500,000 113,572 Cash received in advance of performance and not recognised as revenue 500,000 - - Amount recognised as revenue - (500,000) (113,572 ) At December 31 500,000 - - |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities [abstract] | |
Summary of Operating Lease Obligations | 2021 2022 RM RM USD At January 1 Additions - 952,191 216,284 Finance cost - 24,768 5,626 Payment - (232,000 ) (52,697 ) At December 31 - 744,959 169,213 Future lease payment payable: - Not later than one year - 348,000 79,046 - More than one year to five years - 435,000 98,807 Total future minimum lease payments - 783,000 177,853 Less: Future finance charges - (38,041 ) (8,640 ) - 744,959 169,213 |
Summary Of Information About Lease Liabilities Expense Income | 2021 2022 RM RM USD Depreciation of right-of-use asset - 238,048 54,071 Interest expense on lease liabilities - 24,768 5,626 Lease expense not capitalised in lease liabilities: -expense relating to short-term lease 237,205 257,243 58,431 Total amount recognised in profit or loss 237,205 520,059 118,128 |
Bank and Other Borrowings (Tabl
Bank and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
Summary of Bank and Other Borrowings | 2021 2022 RM RM USD Bank borrowings - Current 143,858 133,843 30,402 - Non-current 398,526 309,331 70,262 Total bank borrowings 542,384 443,174 100,664 Other borrowings – current 668,608 649,699 147,575 Total borrowings 1,210,992 1,092,873 248,239 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Deferred Income [Abstract] | |
Summary of Deferred Revenue | 2021 2022 RM RM USD At January 1 - 3,065,321 696,268 Additions 3,065,321 - - Amount recognised as revenue - (310,321 ) (70,487 ) Reversal - (2,755,000 ) (625,781 ) At December 31 3,065,321 - - |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Issued capital [abstract] | |
Summary of Share Capital | 202 1 202 2 202 1 202 2 2022 Number ordinary shares Number of ordinary shares RM RM USD Paid up capital: At January 1 50,000 50,000 220,000 220,000 49,972 Share buyback - (50,000 ) - (220,000) (49,972) Issuance of shares (1) - 33,400,100 - 3,330 756 Issuance of shares (2) - 1,012,159 - 13,124,097 2,981,056 At December 31 50,000 34,412,259 220,000 13,127,427 2,981,812 (1) On April 8, 2022 VCI Global Limited issued a total of 33,400,100 shares at USD0.0001 to V Capital Kronos Berhad’s shareholders in exchange of their shares in V Capital Kronos Berhad. For the purposes of comparative value in calculating the Group’s earnings per share (“EPS”), the Group has assumed that 33,400,100 shares were outstanding from 1 January 2020 to 31 December 2021 as would be included in the denominator of the EPS calculation. (2 ) From April 8, 2022 until November 1, 2022 , a total of additional 1,012,159 ordinary shares have been issued to various investors between to USD4.00 per share. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Summary of Revenue | 2020 2021 2022 RM RM RM USD Business strategy consultancy 3,648,406 27,308,368 17,681,457 4,016,231 Technology development, solutions consultancy - 19,425,038 17,505,200 3,976,196 Others - 741,636 383,225 87,047 Total 3,648,406 47,475,042 35,569,882 8,079,474 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other Operating Income [Abstract] | |
Summary of Other Income | 2020 2021 2022 RM RM RM USD Interest income - 1,571 49 11 Wage subsidy - 149,500 29,900 6,792 Gain on disposal of investment - - 1,542,200 350,301 Gain on disposal of property, plant and equipment - - 6,501 1,477 Reimbursement income for expenses incurred 402,250 127,784 153,693 34,910 Total 402,250 278,855 1,732,343 393,491 |
Cost of Services (Tables)
Cost of Services (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Detailed Information About Cost Of Sales [Abstract] | |
Summary of Cost of Services | 2020 2021 2022 RM RM RM USD Consultant fee - 9,982,074 1,884,806 428,122 IT expenses - 204,903 5,724,360 1,300,253 Secondment of staff expenses 402,250 - - - Subscription fee - 94,141 14,125 3,208 Others 13,929 18,933 32,598 7,404 Total 416,179 10,300,051 7,655,889 1,738,987 |
Employee Benefit Expenses (Tabl
Employee Benefit Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Classes Of Employee Benefits Expense [Line Items] | |
Summary of Employee Benefit Expenses | 2020 2021 2022 RM RM RM USD Wages and salaries - 3,647,956 8,847,798 2,009,721 Defined contribution plans - 433,442 895,795 203,474 Other short-term benefits - 117,510 651,659 148,021 Total - 4,198,908 10,395,252 2,361,216 |
Director [Member] | |
Classes Of Employee Benefits Expense [Line Items] | |
Summary of Employee Benefit Expenses | In cluded in the employee benefit expenses is remuneration and benefit to d 2020 2021 2022 RM RM RM USD Wages and salaries - 1,222,000 2,974,000 675,525 Defined contribution plans - 138,180 282,000 64,055 Other short-term benefits - 2,082 3,319 754 Total - 1,362,262 3,259,319 740,334 |
Finance Cost (Tables)
Finance Cost (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowing costs [abstract] | |
Summary of Finance Cost | 2020 2021 2022 RM RM RM USD Interest expenses on: Bank charges - 16,103 776 176 Operating lease obligation - - 24,768 5,626 Other borrowings - 90,370 25,560 5,806 Total - 106,473 51,104 11,608 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Expenses by nature [abstract] | |
Summary of Other Operating Expenses | 2020 2021 2022 RM RM RM USD Regulatory compliance and statutory cost 15,131 130,100 326,926 74,260 Regulatory consultancy fee - 159,943 149,757 34,016 Cost incurred to obtain licence - 968,530 134,434 30,536 Impairment of goodwill on consolidation - 282,963 - - Bad debt written off - 123,502 - - Bank charges 8,778 35,323 29,578 6,718 Foreign exchange adjustment 3,463 1,002 115,973 26,343 Loss on disposal of property and equipment - - 29,267 6,648 Marketing expenses - 339,875 1,110,233 252,182 Software and website usage fee - 275,600 97,221 22,083 Office expenses 1,346 197,206 774,399 175,899 Preliminary expenses written off - 11,692 11,264 2,559 Property and equipment written off - - 12 3 Recruitment fees - 84,202 96,470 21,913 Travelling expenses 410 102,605 524,295 119,090 Net investment loss - 285,260 634,642 144,155 Total 29,128 2,997,803 4,034,471 916,405 |
Profit Before Income Tax (Table
Profit Before Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Profit (loss) [abstract] | |
Profit Before Income Tax | 2020 2021 2022 RM RM RM USD Legal and professional fees 3,377 728,716 181,228 41,165 Director’s fees - 656,000 193,000 43,839 |
Income Tax Expenses (Tables)
Income Tax Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Income Tax Expenses [Abstract] | |
Summary Of Major Components Of Income Tax Expense | 2020 2021 2022 RM RM RM USD Current income tax expense 872,882 7,460,130 917,273 208,353 Deferred tax - (339,650 ) - - Overprovision in prior year - - (7,508,254 ) (1,705,453 ) Income tax expenses 872,882 7,120,480 (6,590,981 ) (1,497,100 ) |
Summary Of Profit Before Income Tax Differs From Using Standard Rate Of Income Tax Explanatory | The tax on the Group’s profit before income tax differs from the theoretical amount that would arise using the Malaysia’s standard rate of income tax as follows 2020 2021 2022 2022 RM RM RM USD Profit before income tax 3,601,972 27,058,298 13,723,995 3,117,318 Tax calculated at tax rate of 24% 864,473 6,493,992 3,293,759 748,156 Effects of: - non taxable income - - (5,032,188 ) (1,143,030 ) - unutilised tax losses forfeited - - 2,437,874 553,748 - expenses not deductible for tax purposes 8,409 626,488 217,828 49,479 872,882 7,120,480 917,273 208,353 Overprovision in prior year - - (7,508,254 ) (1,705,453 ) Income tax expenses 872,882 7,120,480 (6,590,981 ) (1,497,100 ) |
Operating Lease (Tables)
Operating Lease (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Operating Lease [Abstract] | |
Summary Of Quantitative Information About Operating Lease | 2020 2021 2022 RM RM RM USD Short-term leases - 237,205 257,243 58,431 |
Significant Related Party Tra_2
Significant Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Related Party Transactions [Abstract] | |
Summary of Transactions Between Related Parties | Some of the Group 2020 2021 2022 RM RM RM USD Balance with related parties (common shareholders) Trade r V Invesco Sdn Bhd - - 1,305,724 296,587 Non-trade receivable s Hoo Voon Him 3,014,790 - - - V Invesco Sdn Bhd - 393,810 - - VC Acquisition Limited - 4,220 - - VC Acquisition II Limited - 4,220 - - V Capital Kronos Limited - 5,580 - - Imej Jiwa SB - 18,613 - - V Invesco Fund (L) Limited - - - - Elmu E Sdn Bhd - - 3,000 681 Biosecure Integrators Sdn Bhd - - 4,000 909 V Invesco Limited - 1,234 - - Total amount due from related parties 3,014,790 427,677 7,000 1,590 Trade payable s V Capital Sdn Bhd - 2,000,000 - - Non-trade payable s Hoo Voon Him - 2,129,088 966,797 219,602 Noraini - - 472,000 107,212 V C - - 100,000 22,714 V Invesco Sdn Bhd - - 202,574 46,013 V Capital Sdn Bhd 29,967 5,834,990 1,845,275 419,143 Amount due to related parties 29,967 9,964,078 3,586,646 814,684 The following represents the significant related party transactions for the years ended December 31, 202 0, For the year For the year For the year Relationship Nature Description RM RM RM USD V Capital Sdn Bhd Common shareholder Trade nature Purchase of technology consultancy services - 2,000,000 - - V Capital Sdn Bhd Common shareholder Trade nature Purchase of services 402,250 2,227,465 - - V Capital Sdn Bhd Common shareholder Non-trade nature Advances paid by V Capital Sdn Bhd (29,967 ) (5,834,990 ) (1,845,275 ) (419,143 ) V Invesco Sdn Bhd Common shareholder Non-trade nature Advances paid to V Invesco Sdn Bhd - 393,810 (202,574 ) (46,013 ) V Invesco Sdn Bhd Common shareholder Trade nature Sale of services - - 1,304,478 296,304 Hoo Voon Him Director Non-trade nature Advance paid to Director which was repaid in 2021. 3,014,790 - - - Hoo Voon Him Director Non-trade nature Advance receipt from Director - (1,428,088 ) (966,797 ) (219,602 ) Treasure Global Inc Common Director Trade nature Sale of business consultancy fee - 9,603,213 - - Treasure Global Inc Common Director Non-trade nature Investment in shares - 34,221,879 - - |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Segments Operations [Abstract] | |
Summary of Segment Revenues and Results | Segment revenues and results Revenue Net profit 2020 2021 2022 2020 2021 2022 RM RM RM RM RM RM Business strategy consultancy 3,648,406 27,308,368 17,681,457 3,601,972 11,425,338 4,695,816 Technology development, solutions consultancy - 19,425,038 17,505,200 - 15,737,127 8,450,724 Others - 741,636 383,225 - 325,679 744,482 Total 3,648,406 47,475,042 35,569,882 3,601,972 27,488,144 13,891,022 Other gains and losses - (324,944 ) (115,972 ) Interest income - 1,571 49 Finance cost - (106,473 ) (51,104 ) Profit before income 3,601,972 27,058,298 13,723,995 Income tax expense (872,882 ) (7,120,480 ) 6,590,981 Profit for the year 2,729,090 19,937,818 20,314,976 |
Summary of Segment Assets | Segment assets 2020 2021 2022 RM RM RM Business strategy consultancy 3,445,598 2,586,832 19,043,436 Technology development, solutions consultancy - 3,606,903 1,175,112 Investments and others - 37,251,225 12,962,743 3,445,598 43,444,960 33,181,291 Unallocated assets - 669,843 8,642,813 Consolidated total assets 3,445,598 44,114,803 41,824,104 |
Financial Instruments, Financ_2
Financial Instruments, Financial Risks and Capital Risks Management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments Financial Risk and Capital Risk Management [abstract] | |
Summary of Financial Instruments at the End of the Reporting Period | The following table sets out the financial instruments as at the end of the reporting period: 2021 2022 RM RM USD Financial assets Loan and receivable s 8,081,637 19,733,950 4,482,442 Finance assets measured at fair value through other comprehensive income 34,221,879 12,819,747 2,911,924 Finance assets measured at fair value through profit or loss 1,309,134 72,295 16,422 Financial liabilities Payable at amortised cost 12,901,473 15,832,796 3,596,319 Borrowings and lease liabilities at amortised cost 1,210,992 1,837,832 417,452 |
Summary of Currency Exposure of Financial Assets and Financial Liabilities | The currency exposure of financial assets and financial liabilities denominated in currencies other than the Group’s functional currency is as follows: Assets Liabilities 2021 2022 2021 2022 RM RM RM RM Singapore Dollar 5,225 12,605 - - United States Dollar 1,486,062 3,226,121 62,490 6,008,843 |
Summary of Sensitivity Analysis in Foreign Currency | The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 5% change in foreign currency rates. 2021 2022 RM RM Singapore Dollar 261 630 United States Dollar 71,179 (139,136 ) |
Summary of Current Credit Risk Grading Framework | The Group’s current credit risk grading framework comprises the following categories: Category Description Basis for recognising ECL Performing The counterparty has a low risk of default and does not have any past-due amounts 12-month ECL Doubtful There has been a significant increase in credit risk since initial recognition Lifetime ECL- not credit-impaired In default There is evidence indicating the asset is credit impaired Lifetime ECL - credit impaired Write-off There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery Amount is written off |
Summary of Non-derivative Financial Liabilities | The following table details the remaining contractual maturity for non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. The adjustment column represents the possible future cash flows attributable to the instrument included in the carrying amount of the financial liabilities on the statement of financial position. Weighted On average demand effective or within Within interest rate 1 year 2 to Total % RM RM RM 2022 Non-interest bearing - 13,994,964 - 13,994,964 Fixed interest rate 3.5-5% 1,114,999 744,331 1,859,330 Variable interest rate BLR+2.6% 16,543 - 16,543 Total 15,126,506 744,331 15,870,837 2021 Non-interest bearing - 11,690,481 - 11,690,481 Fixed interest rate 3.5-5% 753,561 426,431 1,179,992 Variable interest rate BLR+2.6% 39,816 16,543 56,359 Total 12,483,858 442,974 12,926,832 2020 Non-interest bearing - 40,828 - 40,828 Total - 40,828 - 40,828 |
Summary of Capital Risk Management | Management monitors capital based on debt-to-equity ratio. The debt-to-equity ratio is calculated as total debt divided by total equity. Total debt is calculated as borrowings plus trade and other payables 2021 2022 RM RM USD Total debts 12,901,473 15,832,796 3,596,319 Total equity 19,363,243 24,274,514 5,513,802 Debt-to-equity % 66.63 % 65.22 % 65.22 % |
Summary of Single Customers who Represent 10% or More of the Group's Total Revenue | The following table sets forth a summary of single customers who represent 10% or more of the Group’s total revenue: 2020 2021 2022 RM RM RM USD Amount of the Group’s revenue: Customer A NA* 22,081,000 19,139,493 4,347,415 Customer B NA* 9,627,000 9,462,273 2,149,295 Customer C 3,648,000 NA* NA* NA* |
Summary of Single Customers who Represent 10% or More of the Group's Total Accounts Receivable | The following table sets forth a summary of single customers who represent 10% or more of the Group’s total accounts receivable: 2021 2022 RM RM USD Amount of the Group’s accounts receivable: Customer A 2,755,000 4,078,000 926,292 * Revenue from relevant customer was less than 10% of the Group’s total revenue for the respective year. |
Fair Value and Fair Value Hie_2
Fair Value and Fair Value Hierarchy of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Carrying Amounts that Reasonably Approximate to Fair Values | The carrying amounts and fair value s Carrying amount Fair value 2020 2021 2022 2020 2021 2022 RM RM RM RM RM RM Financial assets Financial assets at fair value through profit or loss - 1,309,134 72,295 - 1,309,134 72,295 Financial assets at fair value through other comprehensive income - 34,221,879 12,819,747 - 34,221,879 12,819,747 |
Summary of Significant Unobservable Inputs to Valuation of Financial Instruments | Below is a summary of significant unobservable inputs to valuation of financial instruments together with a quantitative sensitivity analysis as at December 31, 202 1 Significant Sensitivity Valuation Unobservable of value to Technique input Input the input Unlisted equity investment Income Approach. In this approach, the discounted cash flow method was used to Weighted average cost of capital Illiquidity discount 25% to 35% 17.52% 5% increase/decreas in illiquidity result in increase/decrease in fair value by approximately 6% |
Summary of Fair Value Measurement Hierarchy | The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments: Assets measured at fair value: Fair value measurement using Quoted Significant Significant Total RM RM RM RM As at December 31, 2021 Financial assets at fair value through profit or loss - - 1,309,134 1,309,134 Financial assets at fair value through other comprehensive income - 34,221,879 - 34,221,879 As at December 31, 2022 Financial assets at fair value through profit or loss - - 72,295 72,295 Financial assets at fair value through other comprehensive income 12,819,747 - - 12,819,747 |
Summary of Movements in Fair Value Measurements within Level 1 | The movements in fair value measurements within Level 1 during the years are as follow: 2020 2021 2022 RM RM RM USD Quoted/Unquoted equity shares at fair value through other comprehensive income At January 1 - - 34,221,879 7,773,282 Addition - 6,398,987 - - Total unrealized gain recognized in other comprehensive income/(loss) - 27,822,892 (21,402,132 ) (4,861,358 ) At December 31 - 34,221,879 12,819,747 2,911,924 |
Reconciliations of Liabilitie_2
Reconciliations of Liabilities Arising from Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Summary of Reconciliation of Liabilities Arising from Financing Activities | At Subsidiary Proceeds Principal Interest Interest At end of RM RM RM RM RM RM RM 2022 Bank borrowings 542,384 - - (99,210 ) 25,560 (25,560 ) 443,174 Lease liabilities - - 952,191 (207,232 ) 24,768 (24,768 ) 744,959 Other borrowings 668,608 - - (18,909 ) - - 649,699 1,210,992 - 952,191 (325,351 ) 50,328 (50,328 ) 1,837,832 At Subsidiary Proceeds Principal Interest Interest At end of RM RM RM RM RM RM RM 2021 Bank borrowings - 260,745 300,000 (18,361 ) 16,103 (16,103 ) 542,384 Other borrowings - - 1,200,000 (600,000 ) 90,370 (21,762 ) 668,608 - 260,745 1,500,000 (618,361 ) 106,473 (37,865 ) 1,210,992 |
Summary of Repayment Schedule of Liabilities Arising from Financing Activities | Repayment Within 2023 2024 2025 2026 Total RM RM RM RM RM RM 2022 Bank borrowings 133,843 117,300 117,300 74,731 - 443,174 Lease liabilities 322,208 336,372 86,379 - - 744,959 Other borrowings 649,699 - - - - 649,699 1,105,750 453,672 203,679 74,731 - 1,837,832 Repayment Within 2023 2024 2025 2026 Total RM RM RM RM RM RM 2021 Bank borrowings 120,300 127,658 117,300 117,300 59,826 542,384 Other borrowings 668,608 - - - - 668,608 788,908 127,658 117,300 117,300 59,826 1,210,992 |
Organization And Principal Ac_3
Organization And Principal Activities - Summary of Information About Consolidated Financial Statements And Company Principal Subsidiaries (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
VCI Global Limited [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 29.04.2020 | ||
Percentage of effective ownership | 100% | 100% | |
Place of incorporation | British Virgin Island | ||
Principal activities | Holding company | ||
V Capital Kronos Berhad [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 01.09.2020 | ||
Percentage of effective ownership | 100% | 100% | 100% |
Place of incorporation | Malaysia | ||
Principal activities | Holding company | ||
V Capital Venture Sdn Bhd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 19.08.2014 | ||
Percentage of effective ownership | 100% | 100% | 100% |
Place of incorporation | Malaysia | ||
Principal activities | Provision of corporate and business advisory services in corporate finance, corporate structuring and restructuring, listings on recognised stock exchanges, and fintech advisory | ||
Accuventures Sdn Bhd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 22.06.2015 | ||
Percentage of effective ownership | 80% | 80% | |
Place of incorporation | Malaysia | ||
Principal activities | Provision of technology development, computer software programming and holding company. | ||
Credilab Sdn Bhd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 26.10.2020 | ||
Percentage of effective ownership | 80% | 80% | |
Place of incorporation | Malaysia | ||
Principal activities | Carry on licensed money lending activities, consulting, information technology development, and computer software programming | ||
V Capital Advisory Sdn Bhd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 12.02.2018 | ||
Percentage of effective ownership | 100% | 100% | 100% |
Place of incorporation | Malaysia | ||
Principal activities | Provision of corporate and business advisory in relation to corporate listing exercise, equity investment, corporate restructuring, merger and acquisition and corporate finance. | ||
V Capital Quantum Sdn Bhd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 18.01.2018 | ||
Percentage of effective ownership | 100% | 100% | 100% |
Place of incorporation | Malaysia | ||
Principal activities | Provision of information technology development, business consultancy services and holding company. | ||
V Capital Consulting Limited [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 01.03.2016 | ||
Percentage of effective ownership | 100% | 100% | 100% |
Place of incorporation | British Virgin Island | ||
Principal activities | Provision of corporate and business advisory services in corporate finance, corporate structuring and restructuring, listings on recognised stock exchanges, and fintech advisory | ||
Imej Jiwa Communication Sdn Bhd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 29.10.2012 | ||
Percentage of effective ownership | 100% | 100% | |
Place of incorporation | Malaysia | ||
Principal activities | Provision of investor relation consultation services. | ||
AB Management and Consultancy Sdn Bhd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 05.04.2020 | ||
Percentage of effective ownership | 80% | 80% | |
Place of incorporation | Malaysia | ||
Principal activities | Holding company | ||
Elmu Education Group Sdn Bhd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 03.12.2020 | ||
Percentage of effective ownership | 56% | 56% | |
Place of incorporation | Malaysia | ||
Principal activities | Education and training services | ||
Elmu V Sdn Bhd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 18.05.2021 | ||
Percentage of effective ownership | 69.20% | 69.20% | |
Place of incorporation | Malaysia | ||
Principal activities | Education and training services | ||
Elmu Higher Education Sdn Bhd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 24.05.2021 | ||
Percentage of effective ownership | 56% | 56% | |
Place of incorporation | Malaysia | ||
Principal activities | Education and training services | ||
V Capital Real Estate Sdn Bhd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 05.07.2021 | ||
Percentage of effective ownership | 100% | 100% | |
Place of incorporation | Malaysia | ||
Principal activities | Dormant | ||
V Capital Robotics Sdn Bhd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 12.10.2021 | ||
Percentage of effective ownership | 100% | 100% | |
Place of incorporation | Malaysia | ||
Principal activities | Dormant | ||
TGI V Sdn Bhd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 12.11.2021 | ||
Percentage of effective ownership | 100% | 100% | |
Place of incorporation | Malaysia | ||
Principal activities | Dormant | ||
VCIG Limited [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 29.04.2020 | ||
Percentage of effective ownership | 100% | 100% | |
Place of incorporation | British Virgin Island | ||
Principal activities | Dormant | ||
V Galactech Sdn Bhd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 12.01.2022 | ||
Percentage of effective ownership | 100% | ||
Place of incorporation | Malaysia | ||
Principal activities | Provision of information technology development | ||
VC Acquisition Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 04.01.2022 | ||
Percentage of effective ownership | 100% | ||
Place of incorporation | Malaysia | ||
Principal activities | Dormant | ||
VC Acquisition II Ltd [Member] | |||
Disclosure of subsidiaries [line items] | |||
Date of incorporation | 04.01.2022 | ||
Percentage of effective ownership | 100% | ||
Place of incorporation | British Virgin Island | ||
Principal activities | Dormant |
Organization And Principal Ac_4
Organization And Principal Activities - Additional Information (Detail) - $ / shares | Nov. 01, 2022 | Apr. 08, 2022 | Feb. 21, 2022 | Sep. 29, 2021 | Aug. 30, 2021 | Apr. 22, 2021 | Apr. 21, 2021 |
V Capital Quantum Sdn Bhd [Member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Percentage of voting equity interests acquired | 100% | ||||||
V Capital Advisory Sdn Bhd [Member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Percentage of voting equity interests acquired | 100% | ||||||
V Capital Venture Sdn Bhd [Member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Percentage of voting equity interests acquired | 100% | ||||||
V Capital Consulting Limited [Member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Percentage of voting equity interests acquired | 100% | ||||||
Accuventures Sdn Bhd [Member] | Messrs. Chang Wai Kwan Harold Chen Yoong Kin [Member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Number of shares issued | 29 | ||||||
Accuventures Sdn Bhd [Member] | Lim May Ling [Member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Number of shares issued | 2 | ||||||
Imej Jiwa Communication Sdn Bhd [Member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Percentage of voting equity interests acquired | 100% | ||||||
V Capital Kronos Berhad [Member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Percentage of voting equity interests acquired | 100% | ||||||
Number of shares issued | 1,012,159 | 33,400,100 | |||||
Par value per share | $ 0.0001 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Property Plant And Equipment (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Office renovation [Member] | |
Disclosure of Estimated Useful Lives of Property Plant And Equipment [Line Items] | |
Estimated useful life of property, plant and equipment | 10 years |
Office equipment [member] | |
Disclosure of Estimated Useful Lives of Property Plant And Equipment [Line Items] | |
Estimated useful life of property, plant and equipment | 5 years |
Furniture and fittings [member] | |
Disclosure of Estimated Useful Lives of Property Plant And Equipment [Line Items] | |
Estimated useful life of property, plant and equipment | 5 years |
Electrical and fittings [Member] | |
Disclosure of Estimated Useful Lives of Property Plant And Equipment [Line Items] | |
Estimated useful life of property, plant and equipment | 10 years |
Right-of-use assets [member] | |
Disclosure of Estimated Useful Lives of Property Plant And Equipment [Line Items] | |
Estimated useful life of property, plant and equipment | 3 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Foreign Exchange Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2022 yr | Dec. 31, 2021 yr | Dec. 31, 2020 yr | |
Foreign exchange rates [abstract] | |||
RM to USD Year End | 4.4025 | 4.175 | 4.0225 |
RM to USD Average Rate | 4.3983 | 4.1403 | 4.197 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 MYR (RM) | |
Disclosure of Summary of Significant Accounting Policies [Abstract] | |
Buying rate per USD | RM 44,025 |
Financial Assets Measured At _5
Financial Assets Measured At Fair Value Through Other Comprehensive Income - Summary of Financial Assets Measured At Fair Value Through Other Comprehensive Income (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | |
Quoted shares measured at fair value through other comprehensive income ("FVTOCI"): | |||
At beginning of year | $ 7,773,283 | RM 34,221,879 | |
Addition | RM 6,398,987 | ||
Fair value adjustment | (4,861,359) | (21,402,132) | 27,822,892 |
At end of year | $ 2,911,924 | RM 12,819,747 | RM 34,221,879 |
Financial Assets Measured At _6
Financial Assets Measured At Fair Value Through Other Comprehensive Income - Summary of Significant Unobservable Inputs And Sensitivity Analysis Within Level 2 (Detail) - Level 2 of fair value hierarchy [member] | 12 Months Ended |
Dec. 31, 2022 | |
Exit Multiple [member] | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | |
Description of inputs used in fair value measurement, assets | Exit Multiple |
Description of interrelationships between unobservable inputs and of how they might magnify or mitigate effect of changes in unobservable inputs on fair value measurement, assets | 10% increase (decrease) in the Exit Multiple would result in an increase (decrease) in the fair value by USD5.9 million. |
EBITDA margin (% of revenue) [member] | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | |
Description of inputs used in fair value measurement, assets | EBITDA margin (% of revenue) |
Description of interrelationships between unobservable inputs and of how they might magnify or mitigate effect of changes in unobservable inputs on fair value measurement, assets | 50 basis points increase (decrease) in the EBITDA margin (% of revenue) would result in an increase (decrease) in the fair value by USD 9.2 million. |
Weighted Average Cost of Capital ("WACC") [member] | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | |
Description of inputs used in fair value measurement, assets | Weighted Average Cost of Capital (“WACC”) |
Description of interrelationships between unobservable inputs and of how they might magnify or mitigate effect of changes in unobservable inputs on fair value measurement, assets | 500 basis points increase (decrease) in the WACC would result in a decrease (increase) in the fair value by USD8.8 million (USD10.6 million). |
Discount for Lack of Marketability ("DLOM") [member] | |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | |
Description of inputs used in fair value measurement, assets | Discount for Lack of Marketability (“DLOM”) |
Description of interrelationships between unobservable inputs and of how they might magnify or mitigate effect of changes in unobservable inputs on fair value measurement, assets | 500 basis points increase (decrease) in the DLOM would result in a decrease (increase) in the fair value by USD3.5 million. |
Financial Assets Measured At _7
Financial Assets Measured At Fair Value Through Other Comprehensive Income - Additional Information (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
Unquoted Investments In Shares [Member] | Treasure Global Inc one [Member] | ||
Disclosure Of Financial Assets Measured At Fair Value Through Other Comprehensive Income [Line Items] | ||
Percentage of voting equity interests acquired | 14.55% | 14.55% |
Financial Assets Measured At _8
Financial Assets Measured At Fair Value Through Profit And Loss - Summary of Financial Assets Measured At Fair Value Through Profit And Loss (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | |
Disclosure Of Detailed Information About Financial Assets At Fair Value Through Profit Or Loss [Line Items] | |||
At beginning of year | RM 1,309,134 | ||
At end of year | $ 16,422 | 72,295 | 1,309,134 |
Financial assets at fair value through profit or loss, category [member] | |||
Disclosure Of Detailed Information About Financial Assets At Fair Value Through Profit Or Loss [Line Items] | |||
At beginning of year | 297,361 | 1,309,134 | |
Addition | 2,319 | 10,211 | 1,309,134 |
SalesFairValueMeasurementAssets | (283,258) | (1,247,050) | |
At end of year | $ 16,422 | RM 72,295 | RM 1,309,134 |
Financial Assets Measured At _9
Financial Assets Measured At Fair Value Through Profit And Loss - Additional Information (Detail) | Sep. 15, 2022 MYR (RM) | Sep. 15, 2022 JPY (¥) | Dec. 31, 2022 | Dec. 31, 2021 |
DFA Robotic Co Ltd [Member] | ||||
Disclosure Of Detailed Information About Financial Assets At Fair Value Through Profit Or Loss [Line Items] | ||||
Gains (losses) on disposals of investments | RM 2,789,250 | ¥ 106,294,838 | ||
Other Unquoted Shares [Member] | JAPAN | DFA Robotic Co Ltd [Member] | ||||
Disclosure Of Detailed Information About Financial Assets At Fair Value Through Profit Or Loss [Line Items] | ||||
Percentage of voting equity interests acquired | 0% | 3% | ||
Other Unquoted Shares [Member] | UNITED KINGDOM | Zero Carbon Farms Ltd [Member] | ||||
Disclosure Of Detailed Information About Financial Assets At Fair Value Through Profit Or Loss [Line Items] | ||||
Percentage of voting equity interests acquired | 5% | 5% | ||
Other Unquoted Shares [Member] | MALAYSIA | Unique Fire Holdings Berhad [Member] | ||||
Disclosure Of Detailed Information About Financial Assets At Fair Value Through Profit Or Loss [Line Items] | ||||
Percentage of voting equity interests acquired | 0.10% | 0% |
Property And Equipment - Summar
Property And Equipment - Summary of Property And Equipment (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | RM 152,532 | RM 152,532 | |
Charges | $ 106,216 | 467,616 | 55,232 |
Ending balance | 352,431 | 1,551,579 | 152,532 |
Office equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 9,724 | ||
Ending balance | 33,911 | 149,296 | |
Fixtures and fittings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,860 | ||
Ending balance | 43,009 | 189,345 | |
Office Renovation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 53,641 | ||
Ending balance | 258,830 | 1,139,501 | |
Computer software [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 86,307 | ||
Ending balance | $ 16,681 | 73,437 | |
Gross Carrying Cost [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 421,328 | 106,319 | |
Subsidiaries acquired | 209,551 | ||
Additions | 1,668,951 | 105,458 | |
Disposal/written off | (192,779) | ||
Ending balance | 1,897,500 | 421,328 | |
Gross Carrying Cost [Member] | Office equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 29,869 | 2,302 | |
Subsidiaries acquired | 21,545 | ||
Additions | 157,518 | 6,022 | |
Disposal/written off | (2,302) | ||
Ending balance | 185,085 | 29,869 | |
Gross Carrying Cost [Member] | Fixtures and fittings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 146,711 | 104,017 | |
Subsidiaries acquired | 39,436 | ||
Additions | 218,109 | 3,258 | |
Disposal/written off | (104,017) | ||
Ending balance | 260,803 | 146,711 | |
Gross Carrying Cost [Member] | Office Renovation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 102,550 | ||
Subsidiaries acquired | 35,500 | ||
Additions | 1,221,412 | 67,050 | |
Ending balance | 1,323,962 | 102,550 | |
Gross Carrying Cost [Member] | Computer software [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 142,198 | ||
Subsidiaries acquired | 113,070 | ||
Additions | 71,912 | 29,128 | |
Disposal/written off | (86,460) | ||
Ending balance | 127,650 | 142,198 | |
Accumulated Amortisation And Depreciation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 268,796 | 106,307 | |
Subsidiaries acquired | 107,257 | ||
Charges | 229,568 | 55,232 | |
Disposal/written off | (152,443) | ||
Ending balance | 345,921 | 268,796 | |
Accumulated Amortisation And Depreciation [Member] | Office equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 20,145 | 2,300 | |
Subsidiaries acquired | 15,151 | ||
Charges | 17,944 | 2,694 | |
Disposal/written off | (2,300) | ||
Ending balance | 35,789 | 20,145 | |
Accumulated Amortisation And Depreciation [Member] | Fixtures and fittings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 143,851 | 104,007 | |
Subsidiaries acquired | 39,007 | ||
Charges | 31,613 | 837 | |
Disposal/written off | (104,006) | ||
Ending balance | 71,458 | 143,851 | |
Accumulated Amortisation And Depreciation [Member] | Office Renovation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 48,909 | ||
Subsidiaries acquired | 35,499 | ||
Charges | 135,552 | 13,410 | |
Ending balance | 184,461 | 48,909 | |
Accumulated Amortisation And Depreciation [Member] | Computer software [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 55,891 | ||
Subsidiaries acquired | 17,600 | ||
Charges | 44,459 | 38,291 | |
Disposal/written off | (46,137) | ||
Ending balance | RM 54,213 | RM 55,891 |
Right-Of-Use Assets - Summary o
Right-Of-Use Assets - Summary of Quantitative Information About Right of Use Assets (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Charges | $ 54,071 | RM 238,048 | |
At December 31 | 162,213 | 714,143 | |
Gross Carrying Cost [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Additions | 216,284 | 952,191 | |
At December 31 | 216,284 | 952,191 | |
Accumulated Amortisation and Depreciation [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Charges | 54,071 | 238,048 | |
At December 31 | $ 54,071 | RM 238,048 |
Deferred Initial Public Offer_3
Deferred Initial Public Offering Expense - Summary Of Deferred Initial Public Offering Costs (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | |
Disclosure Of Deferred Initial Public Offering Costs [Abstract] | |||
At January 1 | $ 0 | RM 0 | RM 0 |
Additions | 1,491,008 | 6,564,162 | 0 |
At December 31 | $ 1,491,008 | RM 6,564,162 | RM 0 |
Deferred Tax Assets - Summary o
Deferred Tax Assets - Summary of Major Deferred Tax Assets Recognised In Group (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | |
Deferred tax assets and liabilities [abstract] | |||
At January 1 | $ 77,149 | RM 339,650 | |
Credit to profit and loss | 339,650 | ||
At December 31 | $ 77,149 | RM 339,650 | RM 339,650 |
Trade and Other Receivables - S
Trade and Other Receivables - Summary of Trade and Other Current Receivables (Detail) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | |
Disclousre of Detailed Information about Trade and Other Current Receivables [Line Items] | |||||
Third parties | $ 3,467,785 | RM 15,266,925 | RM 5,065,541 | ||
Related party | 296,587 | 1,305,724 | 0 | ||
Less: impairment allowance on trade receivables | (399,236) | (1,757,638) | (1,415,211) | ||
Impairment loss recognised in profit or loss, trade receivables | 3,068,549 | RM 13,509,287 | RM 3,650,330 | ||
Net trade receivables | 3,365,136 | 14,815,011 | 3,650,330 | ||
Deposits | 44,408 | 195,507 | 63,590 | ||
Prepayments | 6,491 | 28,578 | 9,971 | ||
Sundry receivables | 163,643 | 720,437 | 817,093 | ||
Total | 3,579,678 | 15,759,533 | 4,540,984 | ||
Beginning balances | 321,456 | 1,415,211 | |||
Charge off | 77,780 | 342,427 | 1,415,211 | ||
Ending balance | 399,236 | RM 1,757,638 | RM 1,415,211 | ||
Not past due [member] | |||||
Disclousre of Detailed Information about Trade and Other Current Receivables [Line Items] | |||||
Trade receivables | 2,644,798 | 11,643,721 | 3,630,571 | ||
Past due [member] | |||||
Disclousre of Detailed Information about Trade and Other Current Receivables [Line Items] | |||||
Trade receivables | $ 1,119,574 | RM 4,928,928 | RM 1,434,970 |
Trade and Other Receivables -_2
Trade and Other Receivables - Summary of Aging of Receivables that are Past Due the Average Credit Period (Detail) - Current Trade Receivables [Member] | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) |
Disclousre of Analysis of Age of Financial Assets that are Past Due but not Impaired [Line Items] | |||
Financial assets | $ 1,119,574 | RM 4,928,928 | RM 1,434,970 |
Less than 30 days [member] | |||
Disclousre of Analysis of Age of Financial Assets that are Past Due but not Impaired [Line Items] | |||
Financial assets | |||
31 days to 60 days [member] | |||
Disclousre of Analysis of Age of Financial Assets that are Past Due but not Impaired [Line Items] | |||
Financial assets | 423,161 | 1,862,965 | |
61 days to 210 days [member] | |||
Disclousre of Analysis of Age of Financial Assets that are Past Due but not Impaired [Line Items] | |||
Financial assets | 0 | 0 | 39,518 |
211 days to 240 days [member] | |||
Disclousre of Analysis of Age of Financial Assets that are Past Due but not Impaired [Line Items] | |||
Financial assets | |||
241 days to less than 1 year [member] | |||
Disclousre of Analysis of Age of Financial Assets that are Past Due but not Impaired [Line Items] | |||
Financial assets | $ 696,413 | RM 3,065,963 | RM 1,395,452 |
Trade and Other Receivables -_3
Trade and Other Receivables - Summary of Provision Matrix Trade Receivables (Detail) - Current Trade Receivables [Member] - MYR (RM) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of provision matrix [line items] | ||
Expected credit loss rate | ||
Not past due [member] | ||
Disclosure of provision matrix [line items] | ||
Expected credit loss rate | ||
1 to 30 days [member] | ||
Disclosure of provision matrix [line items] | ||
Expected credit loss rate | ||
31-60 days [member] | ||
Disclosure of provision matrix [line items] | ||
Expected credit loss rate | ||
61-210 days [member] | ||
Disclosure of provision matrix [line items] | ||
Expected credit loss rate | 50% | |
211 – 240 days [member] | ||
Disclosure of provision matrix [line items] | ||
Expected credit loss rate | 60% | |
Over 241 days [member] | ||
Disclosure of provision matrix [line items] | ||
Expected credit loss rate | 100% | |
Lifetime expected credit losses [member] | ||
Disclosure of provision matrix [line items] | ||
Allowance account for credit losses of financial assets | RM 1,757,638 | RM 1,415,211 |
Lifetime expected credit losses [member] | Not past due [member] | ||
Disclosure of provision matrix [line items] | ||
Allowance account for credit losses of financial assets | ||
Lifetime expected credit losses [member] | 1 to 30 days [member] | ||
Disclosure of provision matrix [line items] | ||
Allowance account for credit losses of financial assets | ||
Lifetime expected credit losses [member] | 31-60 days [member] | ||
Disclosure of provision matrix [line items] | ||
Allowance account for credit losses of financial assets | ||
Lifetime expected credit losses [member] | 61-210 days [member] | ||
Disclosure of provision matrix [line items] | ||
Allowance account for credit losses of financial assets | 19,759 | |
Lifetime expected credit losses [member] | 211 – 240 days [member] | ||
Disclosure of provision matrix [line items] | ||
Allowance account for credit losses of financial assets | ||
Lifetime expected credit losses [member] | Over 241 days [member] | ||
Disclosure of provision matrix [line items] | ||
Allowance account for credit losses of financial assets | RM 1,757,638 | RM 1,395,452 |
Trade and Other Receivables -_4
Trade and Other Receivables - Summary of Current Trade Receivables Not Denominated in the Functional Currency (Detail) - MYR (RM) | Dec. 31, 2022 | Dec. 31, 2021 |
United States dollar [member] | Current Trade Receivables [Member] | ||
Disclosure of Detailed Information About Current Trade Receivables Not Denominated in the Functional Currency [Line Items] | ||
Allowance account for credit losses of financial assets | RM 3,205,795 | RM 1,414,025 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional Information (Detail) - Current Trade Receivables [Member] | Dec. 31, 2022 |
Disclousre of Detailed Information about Trade and Other Current Receivables [Line Items] | |
Expected credit loss rate | |
Over 240 days [member] | |
Disclousre of Detailed Information about Trade and Other Current Receivables [Line Items] | |
Expected credit loss rate | 100% |
Cash and Bank Balances - Summar
Cash and Bank Balances - Summary of Cash and Cash Equivalents (Detail) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | Dec. 31, 2019 MYR (RM) |
Cash and cash equivalents [abstract] | ||||||
Cash and bank balances | $ 898,124 | RM 3,953,991 | RM 2,782,773 | |||
Cash at share trading accounts | 9,541 | 42,004 | 340,174 | |||
Total | $ 907,665 | RM 3,995,995 | $ 709,358 | RM 3,122,947 | RM 430,796 | RM 14,823 |
Cash and Bank Balances - Summ_2
Cash and Bank Balances - Summary of Cash and Cash Equivalents Not Denominated in Functional Currency (Detail) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | Dec. 31, 2019 MYR (RM) |
Disclosure of Cash and Cash Equivalents [Line Items] | ||||||
Cash and bank balances | $ 907,665 | RM 3,995,995 | $ 709,358 | RM 3,122,947 | RM 430,796 | RM 14,823 |
Singapore dollar [member] | ||||||
Disclosure of Cash and Cash Equivalents [Line Items] | ||||||
Cash and bank balances | 12,605 | 5,225 | ||||
United States dollar [member] | ||||||
Disclosure of Cash and Cash Equivalents [Line Items] | ||||||
Cash and bank balances | RM 20,326 | RM 72,037 |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Detail) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) |
Trade and other payables [abstract] | |||
Trade payables | $ 31,596 | RM 139,102 | RM 270,659 |
Accruals | 1,809,300 | 7,965,442 | 482,226 |
Sundry payables | 523,287 | 2,303,774 | 973,518 |
Total | $ 2,364,183 | RM 10,408,318 | RM 1,726,403 |
Trade and Other Payables - Su_2
Trade and Other Payables - Summary of Trade and Other Payables Not Denominated in Functional Currency (Detail) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) |
Disclosure of Trade and Other Payables [Line Items] | |||
Trade and other payables | $ 2,364,183 | RM 10,408,318 | RM 1,726,403 |
United States dollar [member] | |||
Disclosure of Trade and Other Payables [Line Items] | |||
Trade and other payables | RM 6,008,843 | RM 62,490 |
Contract Liabilities - Summary
Contract Liabilities - Summary of Contract Liabilities (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | |
Contract liabilities [abstract] | |||
At January 1 | $ 113,572 | RM 500,000 | |
Cash received in advance of performance and not recognised as revenue | RM 500,000 | ||
Amount recognised as revenue | $ (113,572) | RM (500,000) | |
At December 31 | RM 500,000 |
Contract Liabilities - Addition
Contract Liabilities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Contract liabilities [abstract] | |
Explanation of when entity expects to recognise transaction price allocated to remaining performance obligations as revenue | twelve months |
Lease Liabilities - Summary of
Lease Liabilities - Summary of Operating Lease Obligations (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2022 MYR (RM) | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||||
Additions | $ 216,284 | RM 952,191 | ||
Finance cost | 5,626 | 24,768 | ||
Payment | (52,697) | (232,000) | ||
At end of the year | 169,213 | RM 744,959 | ||
Total future minimum lease payments | 177,853 | RM 783,000 | ||
Less: Future finance charges | (8,640) | (38,041) | ||
Lease liabilities | 169,213 | 744,959 | ||
Not later than one year [member] | ||||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||||
Total future minimum lease payments | 79,046 | 348,000 | ||
More than one year to five years [Member] | ||||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||||
Total future minimum lease payments | $ 98,807 | RM 435,000 |
Lease Liabilities - Additional
Lease Liabilities - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease liabilities [abstract] | ||
Office lease contract term | 3 years | |
Statement that lessee accounts for leases of low-value assets using recognition exemption | 12 months | |
Weighted average incremental borrowing rate | 4.31% | 0% |
Lease Liabilities - Summary O_2
Lease Liabilities - Summary Of Information About Lease Liabilities Expense Income (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | |
Lease liabilities [abstract] | |||
Depreciation, right-of-use assets | $ 54,071 | RM 238,048 | |
Interest expense on lease liabilities | 5,626 | 24,768 | |
Lease expense not capitalised in lease liabilities: | |||
-expense relating to short-term lease | 58,431 | 257,243 | 237,205 |
Total amount recognised in profit or loss | $ 118,128 | RM 520,059 | RM 237,205 |
Bank and Other Borrowings - Sum
Bank and Other Borrowings - Summary of Bank and Other Borrowings (Detail) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) |
Bank borrowings | |||
Current | $ 30,402 | RM 133,843 | RM 143,858 |
Non-current | 70,262 | 309,331 | 398,526 |
Total bank borrowings | 100,664 | 443,174 | 542,384 |
Other borrowings - current | 147,575 | 649,699 | 668,608 |
Total borrowings | $ 248,239 | RM 1,092,873 | RM 1,210,992 |
Bank and Other Borrowings - Add
Bank and Other Borrowings - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 MYR (RM) RM / shares shares | |
Redeemable Preference Shares [member] | |
Disclosure of detailed information about borrowings [line items] | |
Face value of preference shares issued | RM 600,000 |
Number of shares issued | shares | 600,000 |
Par value per share | RM / shares | RM 1 |
Shares redeemable at fair value | RM 600,000 |
Sun Life Malaysia Assurance Berhad [member] | |
Disclosure of detailed information about borrowings [line items] | |
Term insurance policy | RM 150,000 |
Credit Guarantee Corporation [member] | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings, threshold limit | 70% |
Loan 1 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Notional amount | RM 150,000 |
Borrowings, interest rate | 5% |
Borrowings, maturity | 60 months |
Borrowings, periodic payment | RM 3,318 |
Loan 2 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Notional amount | RM 200,000 |
Borrowings, interest rate | 3.50% |
Borrowings, maturity | 60 months |
Borrowings, periodic payment | RM 3,639 |
Loan 3 [member] | |
Disclosure of detailed information about borrowings [line items] | |
Notional amount | RM 300,000 |
Borrowings, interest rate | 3.50% |
Borrowings, maturity | 60 months |
Borrowings, periodic payment | RM 6,136 |
Deferred Revenue - Summary of D
Deferred Revenue - Summary of Deferred Revenue (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | |
Disclosure Of Deferred Income [Abstract] | |||
At January 1 | $ 696,268 | RM 3,065,321 | RM 0 |
Additions | 0 | 0 | 3,065,321 |
Amount recognised as revenue | (70,487) | (310,321) | 0 |
Reversal | (625,781) | (2,755,000) | 0 |
At December 31 | $ 0 | RM 0 | RM 3,065,321 |
Share Capital - Summary of Shar
Share Capital - Summary of Share Capital (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 MYR (RM) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2021 MYR (RM) shares | |
Disclosure of classes of share capital [line items] | ||||
At January 1 (Shares) | 33,400,100 | 33,400,100 | 33,400,100 | 33,400,100 |
At December 31 (Shares) | 33,400,100 | 33,400,100 | ||
At January 1 (value) | RM | RM 220,000 | |||
At December 31 (Value) | $ 2,981,812 | RM 13,127,427 | RM 220,000 | |
Ordinary shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
At January 1 (Shares) | 50,000 | 50,000 | 50,000 | 50,000 |
Share buyback (Shares) | (50,000) | (50,000) | 0 | 0 |
Issuance of shares(1) (Shares) | 33,400,100 | 33,400,100 | ||
Issuance of shares(2) (Shares) | 1,012,159 | 1,012,159 | 0 | 0 |
At December 31 (Shares) | 34,412,259 | 34,412,259 | 50,000 | 50,000 |
At January 1 (value) | $ 49,972 | RM 220,000 | RM 220,000 | |
Share buyback (Value) | (49,972) | (220,000) | 0 | |
Issuance of shares(1) (Value) | 756 | 3,330 | ||
Issuance of shares(2) (Value) | 2,981,056 | 13,124,097 | 0 | |
At December 31 (Value) | $ 2,981,812 | RM 13,127,427 | $ 49,972 | RM 220,000 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) - Ordinary shares [member] | Dec. 31, 2021 $ / shares shares |
Disclosure of classes of share capital [line items] | |
Number of shares authorised | shares | 50,000 |
Par value per share | $ / shares | $ 1 |
Share Capital - Summary of Sh_2
Share Capital - Summary of Share Capital (Parenthetical) (Detail) - $ / shares | Nov. 01, 2022 | Apr. 08, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding | 33,400,100 | 33,400,100 | ||
V Capital Kronos Berhad [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Par value per share | $ 0.0001 | |||
Number of shares issued | 1,012,159 | 33,400,100 | ||
V Capital Kronos Berhad [member] | Bottom of range [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Par value per share | $ 2.5 | |||
V Capital Kronos Berhad [member] | Top of range [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Par value per share | $ 4 |
Revenue - Summary of Revenue (D
Revenue - Summary of Revenue (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | $ 8,079,474 | RM 35,569,882 | RM 47,475,042 | RM 3,648,406 |
Business strategy consultancy [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 4,016,231 | 17,681,457 | 27,308,368 | RM 3,648,406 |
Technology development solutions and consultancy [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | 3,976,196 | 17,505,200 | 19,425,038 | |
Others [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue | $ 87,047 | RM 383,225 | RM 741,636 |
Other Income - Summary of Other
Other Income - Summary of Other Income (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | |
Disclosure Of Other Operating Income [Abstract] | ||||
Interest income | $ 11 | RM 49 | RM 1,571 | |
Wage subsidy | 6,792 | 29,900 | 149,500 | |
Gain on disposal of investment | 350,301 | 1,542,200 | ||
Gain on disposal of property, plant and equipment | 1,477 | 6,501 | ||
Reimbursement income for expenses incurred | 34,910 | 153,693 | 127,784 | RM 402,250 |
Total | $ 393,491 | RM 1,732,343 | RM 278,855 | RM 402,250 |
Other Income - Additional Info
Other Income - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | |
Disclosure Of Other Operating Income [line items] | |||
Wages and salaries | $ 2,009,721 | RM 8,847,798 | RM 3,647,956 |
Wage Subsidy Program [member] | MY | |||
Disclosure Of Other Operating Income [line items] | |||
Wages and salaries | RM 4,000 |
Cost of Services - Summary of C
Cost of Services - Summary of Cost of Services (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | |
Disclosure Of Detailed Information About Cost Of Sales [Abstract] | ||||
Consultant fee | $ 428,122 | RM 1,884,806 | RM 9,982,074 | |
IT expenses | 1,300,253 | 5,724,360 | 204,903 | |
Secondment of staff expenses | RM 402,250 | |||
Subscription fee | 3,208 | 14,125 | 94,141 | |
Others | 7,404 | 32,598 | 18,933 | 13,929 |
Total | $ 1,738,987 | RM 7,655,889 | RM 10,300,051 | RM 416,179 |
Employee Benefit Expenses - Sum
Employee Benefit Expenses - Summary of Employee Benefit Expenses (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | |
Classes Of Employee Benefits Expense [Line Items] | ||||
Wages and salaries | $ 2,009,721 | RM 8,847,798 | RM 3,647,956 | |
Defined contribution plans | 203,474 | 895,795 | 433,442 | |
Other short-term benefits | 148,021 | 651,659 | 117,510 | |
Total | 2,361,216 | 10,395,252 | 4,198,908 | |
Director [member] | ||||
Classes Of Employee Benefits Expense [Line Items] | ||||
Wages and salaries | 675,525 | 2,974,000 | 1,222,000 | |
Defined contribution plans | 64,055 | 282,000 | 138,180 | |
Other short-term benefits | 754 | 3,319 | 2,082 | |
Total | $ 740,334 | RM 3,259,319 | RM 1,362,262 | RM 0 |
Finance Cost - Summary of Finan
Finance Cost - Summary of Finance Cost (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | |
Borrowing costs [abstract] | ||||
Bank charges | $ 176 | RM 776 | RM 16,103 | |
Operating lease obligation | 5,626 | 24,768 | ||
Other borrowings | 5,806 | 25,560 | 90,370 | |
Total | $ 11,608 | RM 51,104 | RM 106,473 |
Other Operating Expenses - Summ
Other Operating Expenses - Summary of Other Operating Expenses (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | |
Expenses by nature [abstract] | ||||
Regulatory compliance and statutory cost | $ 74,260 | RM 326,926 | RM 130,100 | RM 15,131 |
Regulatory consultancy fee | 34,016 | 149,757 | 159,943 | |
Cost incurred to obtain licence | 30,536 | 134,434 | 968,530 | |
Impairment of goodwill on consolidation | 282,963 | |||
Bad debt written off | 123,502 | |||
Bank charges | 6,718 | 29,578 | 35,323 | 8,778 |
Foreign exchange adjustment | 26,343 | 115,973 | 1,002 | 3,463 |
Loss on disposal of property and equipment | 6,648 | 29,267 | ||
Marketing expenses | 252,182 | 1,110,233 | 339,875 | |
Software and website usage fee | 22,083 | 97,221 | 275,600 | |
Office expenses | 175,899 | 774,399 | 197,206 | 1,346 |
Preliminary expenses written off | 2,559 | 11,264 | 11,692 | |
Property and equipment written off | 3 | 12 | ||
Recruitment fees | 21,913 | 96,470 | 84,202 | |
Travelling expenses | 119,090 | 524,295 | 102,605 | 410 |
Net investment loss | 144,155 | 634,642 | 285,260 | |
Total | $ 916,405 | RM 4,034,471 | RM 2,997,803 | RM 29,128 |
Profit Before Income Tax - Summ
Profit Before Income Tax - Summary Of Detailed Information About Profit Before Income Tax (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | |
Profit (loss) [abstract] | ||||
Legal and professional fees | $ 41,165 | RM 181,228 | RM 728,716 | RM 3,377 |
Director's fees | $ 43,839 | RM 193,000 | RM 656,000 |
Income Tax Expenses - Summary O
Income Tax Expenses - Summary Of Major Components Of Income Tax Expense (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | |
Major components of tax expense (income) [abstract] | ||||
Current income tax expense | $ 208,353 | RM 917,273 | RM 7,460,130 | RM 872,882 |
Deferred tax | 0 | 0 | (339,650) | 0 |
Overprovision in prior year | (1,705,453) | (7,508,254) | 0 | 0 |
Income tax expenses | $ (1,497,100) | RM (6,590,981) | RM 7,120,480 | RM 872,882 |
Income Tax Expenses - Summary_2
Income Tax Expenses - Summary of Profit Before Income Tax Differs From Using Standard Rate Of Income Tax Explanatory (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||||
Profit before income tax | $ 3,117,318 | RM 13,723,995 | RM 27,058,298 | RM 3,601,972 |
Tax calculated at tax rate of 24% | 748,156 | 3,293,759 | 6,493,992 | 864,473 |
- non taxable income | (1,143,030) | (5,032,188) | 0 | 0 |
- unutilised tax losses forfeited | 553,748 | 2,437,874 | 0 | 0 |
- expenses not deductible for tax purposes | 49,479 | 217,828 | 626,488 | 8,409 |
Effects Of Income Tax Expenses | 208,353 | 917,273 | 7,120,480 | 872,882 |
Overprovision in prior year | (1,705,453) | (7,508,254) | 0 | 0 |
Total | $ (1,497,100) | RM (6,590,981) | RM 7,120,480 | RM 872,882 |
Income Tax Expenses - Summary_3
Income Tax Expenses - Summary Of Profit Before Income Tax Differs From Using Standard Rate Of Income Tax Explanatory (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Applicable tax rate | 24% | 24% | 24% |
Operating Lease - Summary Of Qu
Operating Lease - Summary Of Quantitative Information About Operating Lease (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | |
Disclosure of quantitative information about leases for lessee [abstract] | ||||
Short-term leases | $ 58,431 | RM 257,243 | RM 237,205 | RM 0 |
Significant Related Party Tra_3
Significant Related Party Transactions - Summary of Transactions Between Related Parties (Detail) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | Dec. 31, 2022 MYR (RM) | |
Balance with related parties (common shareholders) | |||||
Amounts receivable, related party transactions | $ 1,590 | RM 427,677 | RM 3,014,790 | RM 7,000 | |
Amounts payable, related party transactions | 814,684 | 9,964,078 | 29,967 | 3,586,646 | |
Revenue from rendering of services, related party transactions | $ 296,304 | RM 1,304,478 | 9,603,213 | ||
V Invesco Sdn Bhd One [Member] | |||||
Balance with related parties (common shareholders) | |||||
Relationship | Common shareholder | Common shareholder | |||
Nature | Non-trade nature | Non-trade nature | |||
Description | Advances paid to V Invesco Sdn Bhd | Advances paid to V Invesco Sdn Bhd | |||
Commitments made on behalf of entity, related party transactions | $ (46,013) | RM (202,574) | 393,810 | ||
V Invesco Sdn Bhd One [Member] | Trade receivables [member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts receivable, related party transactions | 296,587 | 1,305,724 | |||
V Invesco Sdn Bhd One [Member] | Non Trade Receivables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts receivable, related party transactions | 393,810 | ||||
V Invesco Sdn Bhd One [Member] | Non Trade Payables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts payable, related party transactions | $ 46,013 | 0 | 202,574 | ||
Hoo Voon Him One [Member] | |||||
Balance with related parties (common shareholders) | |||||
Relationship | Director | Director | |||
Nature | Non-trade nature | Non-trade nature | |||
Description | Advance paid to Director which was repaid in 2021. | Advance paid to Director which was repaid in 2021. | |||
Commitments made on behalf of entity, related party transactions | 3,014,790 | ||||
Hoo Voon Him One [Member] | Non Trade Receivables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts receivable, related party transactions | 3,014,790 | ||||
Hoo Voon Him One [Member] | Non Trade Payables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts payable, related party transactions | 219,602 | 2,129,088 | 966,797 | ||
VC Acquisition Limited [Member] | Non Trade Receivables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts receivable, related party transactions | 4,220 | ||||
VC Acquisition II Limited [Member] | Non Trade Receivables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts receivable, related party transactions | 4,220 | ||||
V Capital Kronos Limited [Member] | Non Trade Receivables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts receivable, related party transactions | 5,580 | ||||
Imej jiwa SB [Member] | Non Trade Receivables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts receivable, related party transactions | 18,613 | ||||
V Invesco Fund (L) Limited [Member] | Non Trade Receivables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts receivable, related party transactions | |||||
Elmu E Sdn Bhd [Member] | Non Trade Receivables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts receivable, related party transactions | 681 | 3,000 | |||
Biosecure Integrators Sdn Bhd [Member] | Non Trade Receivables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts receivable, related party transactions | 909 | 4,000 | |||
V Invesco Limited [Member] | Non Trade Receivables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts receivable, related party transactions | 1,234 | ||||
V Capital Sdn Bhd One [Member] | |||||
Balance with related parties (common shareholders) | |||||
Relationship | Common shareholder | Common shareholder | |||
Nature | Trade nature | Trade nature | |||
Description | Purchase of technology consultancy services | Purchase of technology consultancy services | |||
Purchase of technology consultancy services | 2,000,000 | ||||
V Capital Sdn Bhd One [Member] | Trade Payables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts payable, related party transactions | 2,000,000 | ||||
V Capital Sdn Bhd One [Member] | Non Trade Payables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts payable, related party transactions | $ 419,143 | 5,834,990 | 29,967 | 1,845,275 | |
Hoo Voon Him Two [Member] | |||||
Balance with related parties (common shareholders) | |||||
Relationship | Director | Director | |||
Nature | Non-trade nature | Non-trade nature | |||
Description | Advance receipt from Director | Advance receipt from Director | |||
Commitments made on behalf of entity, related party transactions | $ (219,602) | RM (966,797) | (1,428,088) | ||
Noraini [Member] | Non Trade Payables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts payable, related party transactions | 107,212 | 472,000 | |||
V Consortium Sdn Bhd [Member] | Non Trade Payables [Member] | |||||
Balance with related parties (common shareholders) | |||||
Amounts payable, related party transactions | $ 22,714 | RM 100,000 | |||
V Invesco Sdn Bhd Two [Member] | |||||
Balance with related parties (common shareholders) | |||||
Relationship | Common shareholder | Common shareholder | |||
Nature | Trade nature | Trade nature | |||
Description | Sale of services | Sale of services | |||
Revenue from rendering of services, related party transactions | $ 296,304 | RM 1,304,478 | |||
V Capital Sdn Bhd Two [Member] | |||||
Balance with related parties (common shareholders) | |||||
Relationship | Common shareholder | Common shareholder | |||
Nature | Trade nature | Trade nature | |||
Description | Purchase of services | Purchase of services | |||
Purchase of services | 2,227,465 | 402,250 | |||
V Capital Sdn Bhd Three [Member] | |||||
Balance with related parties (common shareholders) | |||||
Relationship | Common shareholder | Common shareholder | |||
Nature | Non-trade nature | Non-trade nature | |||
Description | Advances paid by V Capital Sdn Bhd | Advances paid by V Capital Sdn Bhd | |||
Commitments made on behalf of entity, related party transactions | $ (419,143) | RM (1,845,275) | (5,834,990) | (29,967) | |
Treasure Global Inc one [Member] | |||||
Balance with related parties (common shareholders) | |||||
Relationship | Common Director | Common Director | |||
Nature | Trade nature | Trade nature | |||
Description | Sale of business consultancy fee | Sale of business consultancy fee | |||
Revenue from rendering of services, related party transactions | 9,603,213 | ||||
Treasure Global Inc Two [Member] | |||||
Balance with related parties (common shareholders) | |||||
Relationship | Common Director | Common Director | |||
Nature | Non-trade nature | Non-trade nature | |||
Description | Investment in shares | Investment in shares | |||
Investment in shares | RM 34,221,879 |
Operating Segments - Summary of
Operating Segments - Summary of Segment Revenues and Results (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | |
Disclosure of operating segments [line items] | ||||
Revenue | $ 8,079,474 | RM 35,569,882 | RM 47,475,042 | RM 3,648,406 |
Interest income | 11 | 49 | 1,571 | |
Finance cost | (11,608) | (51,104) | (106,473) | |
Profit before income tax | 3,117,318 | 13,723,995 | 27,058,298 | 3,601,972 |
Income tax expense | (1,497,100) | (6,590,981) | 7,120,480 | 872,882 |
Profit for the year | $ 4,614,418 | 20,314,976 | 19,937,818 | 2,729,090 |
Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 35,569,882 | 47,475,042 | 3,648,406 | |
Net profit | 13,891,022 | 27,488,144 | 3,601,972 | |
Other gains and losses | (115,972) | (324,944) | ||
Interest income | 49 | 1,571 | ||
Finance cost | (51,104) | (106,473) | ||
Profit before income tax | 13,723,995 | 27,058,298 | 3,601,972 | |
Income tax expense | 6,590,981 | (7,120,480) | (872,882) | |
Profit for the year | 20,314,976 | 19,937,818 | 2,729,090 | |
Business Strategy and Consultancy [member] | Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 17,681,457 | 27,308,368 | 3,648,406 | |
Net profit | 4,695,816 | 11,425,338 | 3,601,972 | |
Technology development solutions and consultancy [member] | Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 17,505,200 | 19,425,038 | ||
Net profit | 8,450,724 | 15,737,127 | ||
Other Segments [member] | Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 383,225 | 741,636 | ||
Net profit | RM 744,482 | RM 325,679 |
Operating Segments - Summary _2
Operating Segments - Summary of Segment Assets (Detail) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) |
Disclosure of operating segments [line items] | ||||
Assets | $ 9,500,080 | RM 41,824,104 | RM 44,114,803 | |
Consolidated total assets [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 41,824,104 | 44,114,803 | RM 3,445,598 | |
Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 33,181,291 | 43,444,960 | 3,445,598 | |
Unallocated amounts [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 8,642,813 | 669,843 | ||
Business Strategy and Consultancy [member] | Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 19,043,436 | 2,586,832 | 3,445,598 | |
Technology development solutions and consultancy [member] | Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | 1,175,112 | 3,606,903 | ||
Investments and others [member] | Operating segments [member] | ||||
Disclosure of operating segments [line items] | ||||
Assets | RM 12,962,743 | RM 37,251,225 |
Financial Instruments, Financ_3
Financial Instruments, Financial Risks and Capital Risks Management - Summary of Financial Instruments at the End of the Reporting Period (Detail) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) |
Financial assets | ||||
Loan and receivables (including cash and bank balances) | $ 4,482,442 | RM 19,733,950 | RM 8,081,637 | |
Finance assets measured at fair value through other comprehensive income | 2,911,924 | 12,819,747 | 34,221,879 | |
Finance assets measured at fair value through profit or loss | 16,422 | 72,295 | 1,309,134 | |
Payable [Member] | ||||
Financial liabilities | ||||
Financial liabilities at amortised cost | 3,596,319 | 15,832,796 | 12,901,473 | |
Borrowings And Lease Liabilities [Member] | ||||
Financial liabilities | ||||
Financial liabilities at amortised cost | $ 417,452 | RM 1,837,832 | RM 1,210,992 |
Financial Instruments, Financ_4
Financial Instruments, Financial Risks and Capital Risks Management - Summary of Currency Exposure of Financial Assets and Financial Liabilities (Detail) - MYR (RM) | Dec. 31, 2022 | Dec. 31, 2021 |
Singapore Dollar | ||
Disclosure in tabular form of exposure to financial assets and financial liabilities in currencies other than the groups functional currencies [line items] | ||
Financial assets | RM 12,605 | RM 5,225 |
Financial liabilities | ||
United States Dollar | ||
Disclosure in tabular form of exposure to financial assets and financial liabilities in currencies other than the groups functional currencies [line items] | ||
Financial assets | 3,226,121 | 1,486,062 |
Financial liabilities | RM 6,008,843 | RM 62,490 |
Financial Instruments, Financ_5
Financial Instruments, Financial Risks and Capital Risks Management - Summary of Sensitivity Analysis in Foreign Currency (Detail) - Currency risk [member] - MYR (RM) | Dec. 31, 2022 | Dec. 31, 2021 |
Singapore Dollar | ||
Disclosure in tabular form of sensitivity analysis of foreign currency against functional currency in respect of foreign currency denominated monetary assets and liabilities [line items] | ||
Foreign currency exchange rate | RM 630 | RM 261 |
United States Dollar | ||
Disclosure in tabular form of sensitivity analysis of foreign currency against functional currency in respect of foreign currency denominated monetary assets and liabilities [line items] | ||
Foreign currency exchange rate | RM (139,136) | RM 71,179 |
Financial Instruments, Financ_6
Financial Instruments, Financial Risks and Capital Risks Management - Summary of Current Credit Risk Grading Framework (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Performing [member] | |
Disclosure in tabular form of current risk grading framework [line items] | |
Description of credit risk | The counterparty has a low risk of default and does not have any past-due amounts |
Basis for recognizing ECL | 12-month ECL |
Doubtful [Member] | |
Disclosure in tabular form of current risk grading framework [line items] | |
Description of credit risk | There has been a significant increase in credit risk since initial recognition |
Basis for recognizing ECL | Lifetime ECL- not credit-impaired |
In Default [Member] | |
Disclosure in tabular form of current risk grading framework [line items] | |
Description of credit risk | There is evidence indicating the asset is credit impaired |
Basis for recognizing ECL | Lifetime ECL - credit impaired |
Write-off [Member] | |
Disclosure in tabular form of current risk grading framework [line items] | |
Description of credit risk | There is evidence indicating that the debtor is in severe financial difficulty and the Company has no realistic prospect of recovery |
Basis for recognizing ECL | Amount is written off |
Financial Instruments, Financ_7
Financial Instruments, Financial Risks and Capital Risks Management - Summary of Non-derivative Financial Liabilities (Detail) - MYR (RM) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Non-derivative financial liabilities | RM 15,870,837 | RM 12,926,832 | RM 40,828 |
Non-interest bearing [Member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Non-derivative financial liabilities | 13,994,964 | 11,690,481 | 40,828 |
Fixed interest rate [Member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Non-derivative financial liabilities | 1,859,330 | 1,179,992 | |
Variable interest rate [Member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Non-derivative financial liabilities | RM 16,543 | RM 56,359 | |
Variable Interest Rate Borrowings [Member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Fixed interest rate | BLR+2.6% | BLR+2.6% | |
On demand or within one year [Member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Non-derivative financial liabilities | RM 15,126,506 | RM 12,483,858 | 40,828 |
On demand or within one year [Member] | Non-interest bearing [Member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Non-derivative financial liabilities | 13,994,964 | 11,690,481 | RM 40,828 |
On demand or within one year [Member] | Fixed interest rate [Member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Non-derivative financial liabilities | 1,114,999 | 753,561 | |
On demand or within one year [Member] | Variable interest rate [Member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Non-derivative financial liabilities | 16,543 | 39,816 | |
Within 2 to 5 years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Non-derivative financial liabilities | 744,331 | 442,974 | |
Within 2 to 5 years | Fixed interest rate [Member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Non-derivative financial liabilities | 744,331 | 426,431 | |
Within 2 to 5 years | Variable interest rate [Member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Non-derivative financial liabilities | RM 0 | RM 16,543 | |
Top of range [member] | Fixed interest rate [Member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Weighted average effective interest rate | 3.50% | 3.50% | |
Bottom of range [member] | Fixed interest rate [Member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Weighted average effective interest rate | 5% | 5% |
Financial Instruments, Financ_8
Financial Instruments, Financial Risks and Capital Risks Management - Summary of Capital Risk Management (Detail) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) |
Disclosure of objectives, policies and processes for managing capital [line items] | |||
Total debts | $ 3,596,319 | RM 15,832,796 | RM 12,901,473 |
Total equity | $ 5,513,802 | RM 24,274,514 | RM 19,363,243 |
Debt-to-equity % | 65.22% | 65.22% | 66.63% |
Financial Instruments, Financ_9
Financial Instruments, Financial Risks and Capital Risks Management - Summary of Single Customers who Represent 10% or More of the Group's Total Revenue (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) | |
Disclosure in tabular form of concentration of revenue from major customers [line items] | ||||
Amount of the Group's revenue | $ 8,079,474 | RM 35,569,882 | RM 47,475,042 | RM 3,648,406 |
Customer Concentration [member] | Revenue [member] | Customer A [member] | ||||
Disclosure in tabular form of concentration of revenue from major customers [line items] | ||||
Amount of the Group's revenue | 4,347,415 | 19,139,493 | 22,081,000 | |
Customer Concentration [member] | Revenue [member] | Customer B [Member] | ||||
Disclosure in tabular form of concentration of revenue from major customers [line items] | ||||
Amount of the Group's revenue | $ 2,149,295 | RM 9,462,273 | RM 9,627,000 | |
Customer Concentration [member] | Revenue [member] | Customer C [member] | ||||
Disclosure in tabular form of concentration of revenue from major customers [line items] | ||||
Amount of the Group's revenue | RM 3,648,000 |
Financial Instruments, Finan_10
Financial Instruments, Financial Risks and Capital Risks Management - Summary of Single Customers who Represent 10% or More of the Group's Total Accounts Receivable (Detail) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) |
Disclosure in tabular form of concentration of accounts receivable from major customers [line items] | |||
Current trade receivables | $ 3,365,136 | RM 14,815,011 | RM 3,650,330 |
Customer Concentration [member] | Accounts Receivable [member] | Customer A [member] | |||
Disclosure in tabular form of concentration of accounts receivable from major customers [line items] | |||
Current trade receivables | $ 926,292 | RM 4,078,000 | RM 2,755,000 |
Financial Instruments, Finan_11
Financial Instruments, Financial Risks and Capital Risks Management - Additional Information (Detail) - MYR (RM) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest rate risk [member] | |||
Financial instruments financial risk and capital risk management [line items] | |||
Percentage of reasonably possible increase in unobservable input liabilities | 50% | 50% | 50% |
Percentage of reasonably possible decrease in unobservable input liabilities | 50% | 50% | 50% |
Increase decrease in fair value measurement due to reasonably possible increase in unobservable input recognized in profit or loss after tax liabilities | RM 3,000 | RM 3,000 | RM 0 |
Increase decrease in fair value measurement due to reasonably possible decrease in unobservable input recognized in profit or loss after tax liabilities | RM 3,000 | RM 3,000 | RM 0 |
Currency risk [member] | Singapore, Dollars | |||
Financial instruments financial risk and capital risk management [line items] | |||
Percentage increase (decrease) in foreign currency against the functional currency | 5% | 5% | |
Currency risk [member] | United States of America, Dollars | |||
Financial instruments financial risk and capital risk management [line items] | |||
Percentage increase (decrease) in foreign currency against the functional currency | 5% | 5% |
Fair Value and Fair Value Hie_3
Fair Value and Fair Value Hierarchy of Financial Instruments - Summary of Carrying Amounts that Reasonably Approximate to Fair Values (Detail) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) |
Disclosure in tabular form of carrying value and fair value of financial instruments [line items] | ||||
Financial assets at fair value through profit or loss | $ 16,422 | RM 72,295 | RM 1,309,134 | |
Financial assets at fair value through other comprehensive income | $ 2,911,924 | 12,819,747 | 34,221,879 | |
Carrying amount [member] | ||||
Disclosure in tabular form of carrying value and fair value of financial instruments [line items] | ||||
Financial assets at fair value through profit or loss | 72,295 | 1,309,134 | ||
Financial assets at fair value through other comprehensive income | RM 12,819,747 | RM 34,221,879 |
Fair Value and Fair Value Hie_4
Fair Value and Fair Value Hierarchy of Financial Instruments - Summary of Significant Unobservable Inputs to Valuation of Financial Instruments (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure in tabular form of significant unobservable input used in valuation of financial instruments and sensitivity analysis thereto [line items] | |
Valuation technique | Income Approach. In this approach, the discounted cash flow method was used to capture the present value of the expected future economic benefit to be derived from the ownership of this investees |
Sensitivity of value to Input | 5% increase/decrease in illiquidity result in increase/decrease in fair value by approximately 6% |
Weighted average cost of capital, measurement input [member] | |
Disclosure in tabular form of significant unobservable input used in valuation of financial instruments and sensitivity analysis thereto [line items] | |
Significant Unobservable Input | Weighted average cost of capital |
Discount for lack of marketability [member] | |
Disclosure in tabular form of significant unobservable input used in valuation of financial instruments and sensitivity analysis thereto [line items] | |
Significant Unobservable Input | Illiquidity discount |
input | 17.52 |
Bottom of range [member] | Weighted average cost of capital, measurement input [member] | |
Disclosure in tabular form of significant unobservable input used in valuation of financial instruments and sensitivity analysis thereto [line items] | |
input | 25 |
Top of range [member] | Weighted average cost of capital, measurement input [member] | |
Disclosure in tabular form of significant unobservable input used in valuation of financial instruments and sensitivity analysis thereto [line items] | |
input | 35 |
Fair Value and Fair Value Hie_5
Fair Value and Fair Value Hierarchy of Financial Instruments - Summary of Fair Value Measurement Hierarchy (Detail) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | Dec. 31, 2020 MYR (RM) |
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | $ 16,422 | RM 72,295 | RM 1,309,134 | |
Financial assets at fair value through other comprehensive income | $ 2,911,924 | 12,819,747 | 34,221,879 | |
Level 1 of fair value hierarchy [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through other comprehensive income | 12,819,747 | |||
Level 2 of fair value hierarchy [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through other comprehensive income | 34,221,879 | |||
Level 3 of fair value hierarchy [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | RM 72,295 | RM 1,309,134 |
Fair Value and Fair Value Hie_6
Fair Value and Fair Value Hierarchy of Financial Instruments - Summary of Movements in Fair Value Measurements within Level 1 (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 MYR (RM) | |
Disclosure in tabular form of movement in fair value of investments routed through other comprehensive income [line items] | |||
Beginning balance | RM 44,114,803 | ||
Ending balance | $ 9,500,080 | 41,824,104 | RM 44,114,803 |
Unlisted equity investments at fair value through other comprehensive income [member] | Level 1 of fair value hierarchy [member] | |||
Disclosure in tabular form of movement in fair value of investments routed through other comprehensive income [line items] | |||
Beginning balance | 7,773,282 | 34,221,879 | |
Addition | 6,398,987 | ||
Total unrealized gain recognized in other comprehensive income/(loss) | (4,861,358) | (21,402,132) | 27,822,892 |
Ending balance | $ 2,911,924 | RM 12,819,747 | RM 34,221,879 |
Reconciliations of Liabilitie_3
Reconciliations of Liabilities Arising from Financing Activities - Summary of Reconciliation of Liabilities Arising from Financing Activities (Detail) - MYR (RM) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At beginning of year | RM 1,210,992 | |
Subsidiary acquired | RM 260,745 | |
Proceeds from borrowings | 952,191 | 1,500,000 |
Principal | (325,351) | (618,361) |
Interest charges | 50,328 | 106,473 |
Interest paid | (50,328) | (37,865) |
At end of year | 1,837,832 | 1,210,992 |
Bank Borrowings [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At beginning of year | 542,384 | |
Subsidiary acquired | 260,745 | |
Proceeds from borrowings | 300,000 | |
Principal | (99,210) | (18,361) |
Interest charges | 25,560 | 16,103 |
Interest paid | (25,560) | (16,103) |
At end of year | 443,174 | 542,384 |
Lease liabilities [member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Proceeds from borrowings | 952,191 | |
Principal | (207,232) | |
Interest charges | 24,768 | |
Interest paid | (24,768) | |
At end of year | 744,959 | |
Other Borrowings [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
At beginning of year | 668,608 | |
Proceeds from borrowings | 1,200,000 | |
Principal | (18,909) | (600,000) |
Interest charges | 90,370 | |
Interest paid | (21,762) | |
At end of year | RM 649,699 | RM 668,608 |
Reconciliations of Liabilitie_4
Reconciliations of Liabilities Arising from Financing Activities - Summary of Repayment Liabilities Arising from Financing Activities (Detail) - MYR (RM) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | RM 1,837,832 | RM 1,210,992 |
Within one year [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 1,105,750 | 788,908 |
2023 [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 453,672 | 127,658 |
2024 [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 203,679 | 117,300 |
2025 [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 74,731 | 117,300 |
2026 [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 59,826 | |
Bank Borrowings [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 443,174 | 542,384 |
Bank Borrowings [Member] | Within one year [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 133,843 | 120,300 |
Bank Borrowings [Member] | 2023 [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 117,300 | 127,658 |
Bank Borrowings [Member] | 2024 [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 117,300 | 117,300 |
Bank Borrowings [Member] | 2025 [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 74,731 | 117,300 |
Bank Borrowings [Member] | 2026 [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 59,826 | |
Lease liabilities [member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 744,959 | |
Lease liabilities [member] | Within one year [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 322,208 | |
Lease liabilities [member] | 2023 [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 336,372 | |
Lease liabilities [member] | 2024 [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 86,379 | |
Other Borrowings [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | 649,699 | 668,608 |
Other Borrowings [Member] | Within one year [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Liabilities arising from financing activities | RM 649,699 | RM 668,608 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Apr. 17, 2023 | Jan. 03, 2023 |
Disposal of Investments [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Percentage Of Investment number of shares disposed | 100% | |
Major ordinary share transactions [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Number Of Shares Issued | 1,280,000 | |
Par value per share | $ 4 | |
Proceeds From Issue Of Ordinary Shares | $ 120,000 | |
Treasure Global Inc [Member] | Disposal of Investments [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Investment number of shares disposed off during the period | 1,702,899 | |
Proceeds from sale of investments other than investments accounted for using equity method | $ 3,065,218 | |
Investment sold price per share | $ 1.8 | |
Percentage of ownership | 0% |