ar2023

2 02 3
A NN U AL
R E PORT Builder of Nations
PIONEERING
TOMORROW’S
POSSIBILITIES
ANNUAL REPORT 2023 SOUTHERN SCORE BUILDERS BERHAD
Builder of Nations
II
COVER
RATIONALE
“PIONEERING TOMORROW’S
POSSIBILITIES”
Our annual report for this year reflects

our relentless commitment to shaping
the future of the construction industry.
We’ve strengthened our foundation,
harnessed innovation, and fortified our
relationships with stakeholders to ensure
Go paperless to help the continued growth and success of
our environment. Scan Southern Score Builders Berhad. This
this QR code from your report is a testament to our dedication
mobile device to instantly to building not only structures but also
access an online copy enduring partnerships and a sustainable
of this Annual Report. tomorrow for all.
SOUTHERN SCORE BUILDERS BERHAD
TABLE OF 4 5 6 7
ANNUAL REPORT 2023

CONTENTS Corporate Corporate Corporate Directors’
Milestones Information Structure Profile
15 17 20 24 34
1
Senior Financial Chairman’s Management Sustainability
Management Highlights Statement Discussion & Statements
Profile Analysis
37 51 54 57 59
Corporate Audit and Risk Statement on Additional Directors’
Governance Management Risk Management Compliance Responsibility
Overview Committee and Internal Information Statement
Statement Report Control
60 118 120 124 125

Financial Analysis of Notice of the Statement Adminstrative
Statements Shareholdings Twentieth (20th) Accompanying Notes
Annual General Notice of AGM
Meeting
Proxy Form
OUR CORE PRINCIPLES

INTEGRITY COURAGE SIMPLICITY
WE HONOUR WE DO THE WE INTEGRATE
COMMITMENTS RIGHT THING AND STREAMLINE
PHILOSOPHY MISSION VISION

We are dedicated to making Our goal is to actively We are united by a single
a lasting and positive impact contribute to the economic, purpose: to enhance the
in every construction project social, and environmental nation’s construction
we undertake. well-being of society. industry.
YOUR
ASPIRATION,
OUR
FOUNDATION
CORPORATE
MILESTONES
ANNUAL REPORT 2023
Southern Score Sdn Bhd (“Southern Score”), a company principally involved in construction management services, was
acquired by Southern Score Builders Berhad (“Southern Score Builders” or “SSBB” or “the Company”) following the
completion of SSBB’s regularisation plan on 9 November 2022. Prior to the acquisition of Southern Score, SSBB was a GN3
4
company which had ceased all of its business operations.
2010 2011 2015 2016
Incorporation of Southern Score adopted Southern Score Southern Score was

Southern Score under its present name was appointed as a registered as a Grade 7
the name of Pembinaan turnkey contractor for contractor under CIDB for
Lebar Waras Sdn Bhd the development of the categories of Building
PR1MA Jalan Jubilee (B), Civil Engineering (CE) and
Mechanical Engineering (ME)
2018 2019 2020
Southern Score secured a Southern Score secured the following projects: Southern Score secured a
project for the development of • Vista Sentul Residences (piling works); project for the development
Platinum Teratai Residences in • Platinum Arena Residences (main building works); of Vista Sentul Residences
relation to main external road • Vista Wirajaya 1 @ PV 9 Residences (main building works); and in relation to main
works and associated works • PV 18 Residences (main external road works). building works
2021 2022 2023
• Southern Score was registered with the Ministry of Finance for Southern Score secured the following Southern Score
Government procurements under the supply of provision of projects: secured a project
services in the sectors set out in the registration • Berlian Setapak 2 Residences in relation for the development
• Southern Score incorporated an associate, i.e. TCS SS Precast to turnkey construction services; and of Residensi PV 22
Construction Sdn Bhd (“TSPC”), with TCS Group Holdings • a residential development project in relation to piling
Berhad holding 65% equity interest and Southern Score holding located adjacent to Lot 56, Jalan Sungai works.
the remaining 35% equity interest Besi, Mukim Wilayah Persekutuan
• Southern Score was appointed as a turnkey contractor for the Kuala Lumpur in relation to turnkey
development of Vista Harmoni Residences construction services
AWARDS AND RECOGNITIONS
SHASSIC
ISO 9001:2015 CIDB Certificate of
certificate for Vista APEA award
on CCE works Achievement
Sentul Project
CORPORATE
INFORMATION
ANNUAL REPORT 2023

AS AT 6 OCTOBER 2023
BOARD OF DIRECTORS
5
Dato Haji Mohd Amran Bin Wahid
(Non-Independent Non-Executive Chairman)
Tan Sri Datuk Seri Gan Yu Chai Chai Tham Poh

(Managing Director) (Non-Independent Non-Executive Director)
Gan Yee Hin Phe Kheng Peng

(Chief Executive Officer cum Executive Director) (Independent Non-Executive Director)
Datuk Sydney Lim Tau Chin Too Siew Mooi

(Executive Director) (Independent Non-Executive Director)
AUDIT AND RISK MANAGEMENT REGISTERED OFFICE PRINCIPAL BANKERS

COMMITTEE
Unit 621, 6 Floor,
th
AmBank (M) Berhad
Phe Kheng Peng (Chairperson) Block A Kelana Centre Point, RHB Bank Berhad
Chai Tham Poh (Member) No 3, Jalan SS7/19, Kelana Jaya Malayan Islamic Bank Berhad
Too Siew Mooi (Member) 47301 Petaling Jaya Public Bank Berhad
Selangor Darul Ehsan
Malaysia
NOMINATION AND SHARE REGISTRAR
Tel : 03-7880 9699
REMUNERATION COMMITTEE Fax : 03-7880 8699 Mega Corporate Services Sdn. Bhd.
E-mail : info@corporatepartners.com.my 15-2, Bangunan Faber Imperial Court
Too Siew Mooi (Chairperson)
Jalan Sultan Ismail
Chai Tham Poh (Member) 50250 Kuala Lumpur
Phe Kheng Peng (Member) HEAD OFFICE W. P. Kuala Lumpur
Unit No 21-3, PV7 Malaysia
COMPANY SECRETARIES Jalan Melati Utama 2 Tel : 03-2692 4271
Taman Melati Utama Fax : 03- 2732 5388
Cynthia Gloria Louis
53100 Setapak E-mail : mega-info@megacorp.com.my
(SSM PC No. 201908003061)
W. P. Kuala Lumpur
(MAICSA 7008306)
Malaysia
STOCK EXCHANGE LISTING
Chew Mei Ling Tel : 03-41628289
Fax : 03-41622338 ACE Market of
(SSM PC No. 201908003178) Bursa Malaysia Securities Berhad
(MAICSA 7019175) E-mail : finance@southernscore.com
Stock Name : SSB8
Stock Code : 0045
SPONSOR
AUDITORS Stock Sector : Construction
Grant Thornton Malaysia PLT Kenanga Investment Bank Berhad
(201906003682 & Level 17, Kenanga Tower,
WEBSITE
LLP0022494-LCA) 237, Jalan Tun Razak,
50400 Kuala Lumpur, www.southernscore.com.my
Chartered Accountants (AF 0737)
Level 11, Sheraton Imperial Court Wilayah Persekutuan,
Jalan Sultan Ismail Malaysia
50250 Kuala Lumpur Tel : 03-2172 2888
Tel : 03-2692 4022 Fax : 03-2172 2999
Fax : 03-2691 5229
CORPORATE
STRUCTURE
ANNUAL REPORT 2023
6
Builder of Nations
SOUTHERN SCORE BUILDERS BHD (Registration No.: 200301019817 (622237-D))

(Listed on the ACE Market of Bursa Malayisa Securities Berhad)
PRINCIPAL ACTIVITY
Investment Holding, Research and Development in Information Technology
BOARD OF DIRECTORS
Dato’ Haji Mohd Amran Bin Wahid

Tan Sri Datuk Seri Gan Yu Chai
Mr Gan Yee Hin
Datuk Sydney Lim Tau Chin
Mr Chai Tham Poh
Ms. Phe Kheng Peng
Ms. Too Siew Mooi
100%
SOUTHERN SCORE SDN BHD 35% TCS SS PRECAST CONSTRUCTION SDN BHD
(Registration no. 201001042073 (926001-X)) (Registration no. 202101012306 (1412605-A))
PRINCIPAL ACTIVITY
Business of Construction,
Contractors and Subcontractors
BOARD OF DIRECTORS

Mr Gan Yee Hin
Datuk Sydney Lim Tau Chin
DIRECTORS’
PROFILE
ANNUAL REPORT 2023

7
Dato’ Haji Mohd Amran Bin Wahid
Non-Independent Non-Executive Chairman
Nationality Malaysian
Age 62
Gender Male
Date of Appointment 18 May 2018
Dato’ Haji Mohd Amran Bin Wahid (“Dato’ Amran”) was Dato’ Amran does not hold any directorship in other
appointed to the Board of SSBB on 18 May 2018 as a public or listed companies.
Non-Independent Non-Executive Chairman.
He does not have any family relationship with any
Dato’ Amran graduated with a Master of Science directors and/or major shareholder of SSBB nor any
in Mining with Mineral Technology from University conflict of interest/ potential conflict of interest in any
Malaysia Pahang and Degree of Law from University business arrangement involving the Group. He has no
of Malaya. Dato’ Amran also holds a Diploma in Public convictions for any offences (excluding traffic offences,
Administration from University Technology Mara. He if any) within the past five (5) years and no public
is a lawyer by profession and a partner in a legal firm, sanction or penalty imposed by the relevant regulatory
Messrs Daing Khatijah & Amran and is also a member bodies during the financial year under review.
of the Malaysian Bar.
Dato’ Amran has more than 20 years of experience

in businesses related to mining and solar farms.
He is currently the Executive Chairman of Lembing
Resources Sdn Bhd, a joint venture company with
Perbadanan Kemajuan Negeri Pahang.
Directors’ Profile
ANNUAL REPORT 2023
8

Managing Director
Age 56
Gender Male
Date of Appointment 9 November 2022
Tan Sri Datuk Seri Gan Yu Chai (“Tan Sri Datuk Seri Upon graduation, Tan Sri Datuk Seri Gan began his
Gan”) was appointed to the Board of SSBB on 9 career as a business partner in Unigreen Hardware
November 2022 as the Managing Director, following Supplies, a building materials trading business
the completion of the Company’s regularisation plan. co-owned by his family. He was initially tasked to
Tan Sri Datuk Seri Gan has been serving on the board oversee the sales department before taking over the
of Southern Score since 7 June 2012. He is responsible management and operations of this business.
for developing and executing business strategies that
contribute to the business growth of Southern Score, Tan Sri Datuk Seri Gan’s entry into the property
and managing its corporate development. development arena began with the successful
completion of Pelangi Condominium in Kuala Lumpur
Tan Sri Datuk Seri Gan graduated with a Diploma in in 2002, a project carried out by Inner Glamour Sdn Bhd.
Electronic Engineering from the Institute of Further Building on this initial triumph, he went on to establish
Technical Education, Malaysia in 1989. He has a legacy of thriving developments through his flagship
more than 30 years of experience in the property company, the Platinum Victory Group. This journey has
development and construction industries. To date, Tan seen the realization of numerous prosperous projects,
Sri Datuk Seri Gan has successfully completed over 20 including the Platinum Hill condominium series in
property developments projects in the Klang Valley Taman Melati Utama, the Platinum Lake condominium
area, mainly in the vicinity of Kuala Lumpur. series in Danau Kota Setapak, and the Platinum Suites
series on Jalan Sultan Ismail in Kuala Lumpur, all
executed under the entities of Platinum Victory Sdn
ANNUAL REPORT 2023

9
Bhd, Platinum Victory Development Sdn Bhd, and Under Tan Sri Datuk Seri Gan’s leadership, Southern
Platinum Victory Property Sdn Bhd. To date, Tan Sri Score participated in tenders for public and private
Datuk Seri Gan’s leadership has guided the successful sector construction projects. Subsequently, in 2015,
completion of over 30 development projects, and Southern Score was awarded its first construction
he continues to actively shape the landscape of the services project, namely the PR1MA Jalan Jubilee
property development industry. project by PR1MA Corporation Berhad.
In 2010, leveraging on his experience and knowledge Tan Sri Datuk Seri Gan does not hold any directorship
in construction and project management skills, Tan in other public or listed companies.
Sri Datuk Seri Gan decided to venture downstream
into construction. This led to the establishment Tan Sri Datuk Seri Gan is the father of Gan Yee Hin,
of Southern Score to pursue opportunities in the the Chief Executive Officer cum Executive Director
provision of construction services mainly for high- and the major shareholder of SSBB via his direct
rise residential buildings. interest in Super Advantage Property Sdn Bhd, a
major shareholder of SSBB. Save for the above,
he does not have any family relationship with any
directors and/or major shareholder of SSBB nor any
conflict of interest/ potential conflict of interest in any
business arrangement involving the Group. He has no
convictions for any offences (excluding traffic offences,
if any) within the past five (5) years and no public
sanction or penalty imposed by the relevant regulatory
bodies during the financial year under review.
ANNUAL REPORT 2023
10
Gan Yee Hin

Chief Executive Officer cum Executive Director
Age 30
Gender Male
Gan Yee Hin (“Mr Gan”) was appointed to the Board of Leveraging on his civil and structural engineering
Southern Score on 1 August 2019, and subsequently to qualifications and experience in property development
the Board of SSBB on 9 November 2022 as the Chief projects, Mr Gan is also responsible for formulating
Executive Officer cum Executive Director, following business strategies that contribute to Southern Score’s
the completion of the Company’s regularisation plan. business growth.
He is responsible for overseeing the planning and
implementation of construction projects undertaken Mr Gan does not hold any directorship in other public
by Southern Score. or listed companies.
Mr Gan graduated with a Master of Engineering (Civil Mr Gan is the son of Tan Sri Datuk Seri Gan, the
and Structural) from the University of Sheffield, United Managing Director and the major shareholder of
Kingdom in 2015. SSBB. Mr Gan is also a major shareholder of SSBB
via his direct interest in Super Advantage Property
Upon graduation in 2015, Mr Gan began his career in Sdn Bhd. Save for the above, he does not have
Platinum Victory Holdings Sdn Bhd as an Executive any family relationship with any directors and/
Director. During his tenure in the company, he set up or major shareholder of SSBB nor any conflict
the company’s branding and marketing team and of interest/ potential conflict of interest in any
was responsible for implementing and monitoring business arrangement involving the Group. He has
the implementation of branding, marketing and sales no convictions for any offences (excluding traffic
activities. While at Platinum Victory Holdings Sdn Bhd, offences, if any) within the past five (5) years and no
Mr Gan gained exposure to the property development public sanction or penalty imposed by the relevant
industry as he was also involved in the property regulatory bodies during the financial year under
development projects undertaken by the company. review.
ANNUAL REPORT 2023

11
Datuk Sydney Lim Tau Chin (DPSM)
Executive Director
Age 53
Gender Male
Datuk Sydney Lim Tau Chin (“Datuk Sydney”) was Pacific Sdn Bhd. During this period, he gained exposure
appointed to the Board of SSBB on 9 November 2022 and honed his skills in financial modelling. He joined
as an Executive Director, following the completion of the Corporate Finance department of Utama Merchant
the Company’s Regularisation Plan. He was appointed Bank in 1998 where he advised and participated in
to Southern Score’s board since 2 February 2021 and is various corporate finance proposals on matters relating
responsible for overseeing the corporate planning and to fundraising. His attachment at Utama Merchant
corporate finance matters of Southern Score. Bank further widened his exposure and experience in
corporate finance.
Datuk Sydney graduated with a Bachelor of Science
in Accounting from the California State University, From 2000 to August 2003, Datuk Sydney joined
United States of America in 1992. He then completed the corporate sector when he was appointed as the
the Harvard Business School Senior Management Senior General Manager of Corporate Planning for Sitt
Development Program in 2004. In 2006, he obtained Tatt Berhad. Subsequently in October 2003, he was
a Corporate Finance qualification from the Institute of appointed as an Executive Director of FBO Berhad
Charted Accountants of England and Wales. During (now known as Eastland Equity Berhad). He last held
the same year, he became a member of the Singapore the position of Group Managing Director of FBO
Institute of Arbitrators. He had also attended the Berhad (now known as Eastland Equity Berhad) before
Residential Strategic Leadership Programme at Oxford his retirement in 2014.
University, United Kingdom in 2007. He has been a
member of the Malaysian Institute of Management Leveraging on his past experiences, Datuk Sydney
since January 2022. founded a private investment holding company with
involvement in two Langkawi properties, one of which
In early 1993, Datuk Sydney returned to Malaysia from the is the Royal Agate Beach Resort.
USA and started his career in the Advisory department
of Arthur Andersen. Thereafter, he joined the Corporate Currently, Datuk Sdyney is a Non-Independent Non-
Finance departments of Amanah Merchant Bank and Executive Director of Radium Development Berhad,
Utama Merchant Bank in 1994 and 1998 respectively, and is the Chairman of the Remuneration Committee
where he advised and participated in various corporate and a member of the Nomination Committee of
finance proposals and advised the clients of Amanah Radium Development Berhad.
Merchant Bank and Utama Merchant Bank, respectively
on matters relating to fundraising. In 1996, he joined He does not have any family relationship with any
Sadec Asia Pacific Sdn Bhd, a boutique advisory firm, as directors and/or major shareholder of SSBB nor any
Corporate Finance Manager, and was involved in advising conflict of interest/ potential conflict of interest in any
the firm’s clients on corporate advisory and privatisation business arrangement involving the Group. He has no
matters. Subsequently in 1997, he was seconded by convictions for any offences (excluding traffic offences,
Sadec Asia Pacific Sdn Bhd to the board of SCK Group if any) within the past five (5) years and no public
(being a client of Sadec Asia Pacific Sdn Bhd) as well as sanction or penalty imposed by the relevant regulatory
the boards of the subsidiary companies of Sadec Asia bodies during the financial year under review.
ANNUAL REPORT 2023
12
Chai Tham Poh

Non-Independent Non-Executive Director
Age 59
Gender Male
Date of Appointment 18 May 2018
Chai Tham Poh (“Mr Chai”) was appointed to the Board Mr Chai does not hold any directorship in other public
of SSBB on 18 May 2018 as an Executive Director, or listed companies.
and was subsequently re-designated as a Non-
Independent Non-Executive Director on 9 November Mr Chai does not have any family relationship with any
2022. He is currently a member of SSBB’s Audit and directors and/or major shareholder of SSBB nor any
Risk Management Committee and the Nomination and conflict of interest/ potential conflict of interest in any
Remuneration Committee. business arrangement involving the Group. He has no
convictions for any offences (excluding traffic offences,
Mr Chai graduated with a Diploma in Civil if any) within the past five (5) years and no public
Engineering in 1986 in Malaysia. He is currently the sanction or penalty imposed by the relevant regulatory
Managing Director of Lembing Resources Sdn Bhd, bodies during the financial year under review.
a private company involved in tin mining business.
He is also the Managing Director of Myah Mines Sdn
Bhd, a private company and a subsidiary company
of Lembing Resources Sdn Bhd. Myah Mines Sdn
Bhd is a joint venture company with Perbadanan
Kemajuan Negeri Pahang.
ANNUAL REPORT 2023

13
Phe Kheng Peng
Independent Non-Executive Director
Age 53
Gender Female
Phe Kheng Peng (“Ms Phe”) was appointed to 2010, she assumed the role of Managing Director,
the Board of SSBB on 9 November 2022 as an Markets Division, where she was tasked to oversee
Independent Non-Executive Director. She is the global markets division, formulate strategies and
currently the Chairperson of SSBB’s Audit and Risk product innovation for the government, institutional
Management Committee and a member of the and corporate sectors.
Nomination and Remuneration Committee.
She joined Deutsche Bank Malaysia Berhad in 2013
Ms Phe graduated with a Bachelor of Commerce as Managing Director, to head the Institutional Client
majoring in Accounting and Finance from the Group. In 2018, her role was expanded to cover
University of New South Wales in 1994. She has been the entire Philippines franchise. In her role, she led
a Certified Public Accountant since 1994 and fellow Malaysia and Philippines global markets sales for
member of CPA Australia since February 2022. She institutional and corporate clients. She left Deutsche
has close to 30 years of experience in the financial Bank Malaysia Berhad in November 2021.
industry.
In January 2022, Ms Phe was appointed as an
Upon returning to Malaysia, Ms Phe started her Independent and Non-Executive Director of Pintaras
career in 1996 with Arab-Malaysian Merchant Bank Jaya Berhad. She is currently the Chairman of the
Berhad (a member of the Arab-Malaysian Banking Remuneration and Nomination Committees and
Group) as a Quantitative Analyst, where she was Audit Committee of Pintaras Jaya Berhad. Further
responsible for developing financial models to in July 2022, she was appointed as an Independent
analyse pricing, risk and returns of investments. She Non-Executive Director of Public Investment Bank
was promoted to the position of Fund Manager in Berhad. She is also currently sitting on the Board of
AMMB Asset Management Sdn Bhd (a member of the Public Financial Holdings Limited, a company listed
Arab-Malaysian Banking Group) in 1999, and Fixed on the Hong Kong Stock Exchange since May 2023
Income Chief Investment Officer in AmInvestment and subsequently at Public Bank (Hong Kong) Ltd
Management Sdn Bhd (a subsidiary of AMMB and Public Finance Ltd, as an Independent Director
Holdings Berhad) in 2005. In her last held position in September 2023.
as Chief Investment Officer, she was responsible
for supervising fund managers to develop short Ms Phe does not have any family relationship with
and long-term investment plans, recommended any directors and/or major shareholder of SSBB nor
investments and implement strategies to grow the any conflict of interest/ potential conflict of interest
company’s assets under management. in any business arrangement involving the Group.
She has no convictions for any offences (excluding
Ms Phe was later tasked to take up a key role in the traffic offences, if any) within the past five (5) years
Treasury and Global Markets division of AmBank and no public sanction or penalty imposed by the
Group Berhad and subsequently assumed the relevant regulatory bodies during the financial year
position of Co-Head, Treasury & Markets in 2009. In under review.
ANNUAL REPORT 2023
14
Too Siew Mooi

Independent Non-Executive Director
Age 53
Gender Female
Too Siew Mooi (“Ms Too”) was appointed to the Board Lachaman Lalchand & Associates as a Partner. As a
of SSBB on 9 November 2022 as an Independent Partner at Messrs Lachaman Lalchand & Associates,
Non-Executive Director. She is currently a member of she oversaw both corporate and conveyancing cases
SSBB’s Audit and Risk Management Committee and for clients of the firm. In 2007, she joined Messrs Shukor
the Chairperson of the Nomination and Remuneration Baljit & Partners as a Partner specialising in corporate
Committee. and conveyancing matters, a position she continues to
hold till today.
She graduated with a Bachelor of Laws from the
University of London in 1993. She went on to obtain As a practising lawyer with close to 30 years of legal
her a Certificate of Legal Practice in 1994, and was practice, Ms Too has extensive experience in the
subsequently called to the Bar in 1995. In 2009, she corporate and conveyancing fields. She had advised
obtained a Post Graduate Diploma in Islamic Law both local and overseas clients on various aspects of
(Islamic Banking) from the International Islamic corporate banking and commercial law matters.
University Malaysia. She is presently a member of
the Disciplinary Committee Panel of the Advocates Ms Too does not hold any directorship in other public
& Solicitors Disciplinary Board, a position she was or listed companies.
elected to since 2016.
Ms Too does not have any family relationship with any
Ms Too joined Messrs Yazid Baba & Partners in 1996 directors and/or major shareholder of SSBB nor any
as a Legal Assistant where she was tasked to assist in conflict of interest/ potential conflict of interest in any
managing conveyancing files, specifically in relation to business arrangement involving the Group. She has no
real estate sales and purchase transactions. Thereafter, convictions for any offences (excluding traffic offences,
she joined Messrs Azam-Malek & Soh in 1999 as a if any) within the past five (5) years and no public
Legal Assistant where she managed conveyancing sanction or penalty imposed by the relevant regulatory
cases for clients of the firm. In 2001, she joined Messrs bodies during the financial year under review.
Notes to Directors’ Profile:

(i) The details of Directors’ shareholdings in the Company are set out in the Analysis of Shareholdings section of this Annual
Report.
(ii) The number of board meetings attended by the Directors of the Company is set out in the Corporate Governance
Overview Statement section of this Annual Report.
SENIOR
MANAGEMENT PROFILE
ANNUAL REPORT 2023

Lee Chen Nee
15
Chief Finance Officer of Finance & Accounting
Age 43
Gender Female
Date of Appointment 1 June 2019
Ms. Lee holds a Bachelor of Management in Accounting from Ms. Lee was promoted to Group Finance, Assistant General
the University of Technology Malaysia. She is a Chartered Manager of Platinum Victory Group in 2017 before joining
Accountant and a member of Association of Malaysian Southern Score on 1 June 2019. Now in her new role as Chief
Institute of Accountants. Finance Officer of Southern Score, she ably delivers budgets
and forecasts growth to ensure optimal business outcomes
Ms. Lee started her career as an Audit Assistant in Ernst & for the company.
Young. By the time she left the firm in 2008, she had been
promoted to an Audit Assistant Manager. She has key Ms. Lee does not hold any directorship in other public or
experience in managing statutory audits of public listed and listed companies.
non-public listed companies in various industries i.e. property
development, steel manufacturing, tourism, retailing and She does not have any family relationship with any directors
waste treatment. and/or major shareholder of SSBB nor any conflict of interest/
potential conflict of interest in any business arrangement
Prior to joining Platinum Victory Group in 2010, Ms. Lee was involving the Group. She has no convictions for any offences
with KPMG (Guangzhou, China). She managed the IFRS (excluding traffic offences, if any) within the past five (5) years
audits of group reporting packages for foreign investment and no public sanction or penalty imposed by the relevant
entities in China (to their overseas holding companies) and regulatory bodies during the financial year under review.
managed the statutory audits for foreign investment entities
under the old China PRC GAAP.
Pang Cheng Wei

Head of Legal & Corporate Communication
Age 44
Gender Male
Mr. Pang read law at the University of the West of England, In 2012, Mr. Pang joined the Platinum Victory Group as the
Bristol where he obtained his LLB (Hons) in 2002, and new head of the Group Legal Department, where he set
subsequently his LLM in Commercial Law from the University up the Legal Department of Platinum Victory Group. To
of Derby in 2006. With years of experience in particular broaden his horizons in the construction industry, Mr. Pang
corporate and commercial law, Mr. Pang has been effective then joined Southern Score on 1 June 2019. Leveraging on
in various capacities. skillsets honed over the years, Mr. Pang is ready to give
Southern Score the competitive edge it needs in meeting
At Zelan Holdings (M) Sdn. Bhd (a subsidiary of Zelan Berhad), both stakeholder and client needs.
he was actively involved in various cross border negotiations,
projects implementation, risk management, joint venture Mr Pang does not hold any directorship in other public or
and land deals including merger and acquisitions. listed companies.
Thereafter, Mr. Pang joined a medium size legal firm located He does not have any family relationship with any directors
within the Golden Triangle of Kuala Lumpur, where he was and/or major shareholder of SSBB nor any conflict of interest/
tasked to oversee and manage the newly established branch potential conflict of interest in any business arrangement
of the firm, with particular focus on Corporate, Commercial involving the Group. He has no convictions for any offences
and Conveyancing portfolios. (excluding traffic offences, if any) within the past five (5) years
and no public sanction or penalty imposed by the relevant
regulatory bodies during the financial year under review.
Senior Management Profile

ANNUAL REPORT 2023
Puan Sri Elaine Lee Kuan Kiow

16
Director of Human Resource & Administrative
Age 55
Gender Female
A lifelong proponent of empowering people, Ms. Lee Ms. Lee does not hold any directorship in other public or
believes that one should keep learning, improving the way listed companies.
one thinks and the way one approaches life, every day.
Ms. Lee is the wife of Tan Sri Datuk Seri Gan Yu Chai, the
Ms. Lee began her career teaching in a government school Managing Director, and the mother of Gan Yee Hin, the Cheif
(1987 – 1989), intent on nurturing young minds. Thereafter, Executive Officer cum Executive Director of SSBB. Both
in a quest to grow her own ambitions, she joined a leading Tan Sri Datuk Seri Gan and Mr Gan are major shareholders
local bank, making a niche for herself in the industry for over of SSBB. Save for the above, she does not have any family
15 years (1990 – 2005). relationship with any directors and/or major shareholder
of SSBB nor any conflict of interest/ potential conflict of
Having cut her teeth in the banking industry, Ms. Lee interest in any business arrangement involving the Group.
decided to return to her roots – empowering people. Thus in She has no convictions for any offences (excluding traffic
2006, Ms. Lee joined the Human Resource & Administrative offences, if any) within the past five (5) years and no public
Department of Platinum Victory Group. She is currently the sanction or penalty imposed by the relevant regulatory
Director of Human Resource & Administrative of Southern bodies during the financial year under review.
Score since 1 June 2019.
Ir. Ong Beng Hoe

Director of Development & Projects
Age 55
Gender Male
Mr. Ong has been responsible for the construction operations Southern Score as the Director of Development & Projects
of the Platinum Victory Group since 2013. on 1 June 2019. His extensive experience and portfolio
includes successful developments such as Bandar Bukit
Mr. Ong joined Platinum Victory Group as a Project Tinggi, Bandar Bukit Tinggi 2 and Bandar Parkland.
Manager in June 2005. Mr. Ong had been responsible for
the construction operations of the Platinum Victory Group Mr. Ong does not hold any directorship in other public or
before being promoted to the role of Senior Project Manager listed companies.
and General Manager in 2008 and 2013 respectively.
He does not have any family relationship with any directors
In 1993, armed with a Bachelor of Engineering from University and/or major shareholder of SSBB nor any conflict of
Malaya, Mr. Ong began his early career in various engineering interest/ potential conflict of interest in any business
consultancy firms before entering the construction and arrangement involving the Group. He has no convictions
development industry. for any offences (excluding traffic offences, if any) within the
past five (5) years and no public sanction or penalty imposed
After 25 years of garnering experience in project design, by the relevant regulatory bodies during the financial year
from implementation and development, to contract under review.
administration and quality management, Mr. Ong joined
FINANCIAL
HIGHLIGHTS
ANNUAL REPORT 2023

<---------------- SSSB Group1--------------> <-------SSBB Group2---->
31 Dec 2019 31 Dec 2020 31 Dec 2021 31 Dec 2022 30 June 2023
12 months 12 months 12 months 12 months 6 months
17
RM RM RM RM RM
Revenue 66,989,924 148,807,528 285,000,645 234,859,360 97,933,052
Gross Profit (“GP”) 12,353,799 28,970,746 51,563,193 48,951,755 33,755,143
Profit Before Tax (“PBT”) 9,030,631 25,511,786 46,487,418 28,267,051 32,585,977
Profit After Tax Attributable to
Owners of the Company 6,513,011 19,196,482 35,177,783 17,956,976 25,311,419
Earning Per Share (“EPS”) (sen)

- Basic/ Diluted 6.51 19.20 35.18 1.02 1.11
GP Margin 18.4% 19.5% 18.1% 20.8% 34.5%

PBT Margin 13.5% 17.1% 16.3% 12.0% 33.3%
Note 1 : SSSB Group comprises Southern Score Sdn Bhd and TCS SS Precast Construction Sdn Bhd.
Note 2 : SSBB Group comprising Southern Score Builders Berhad (“SSBB”) and SSSB Group, was formed following the completion
of SSBB’s regularisation plan including the reverse acquisition of SSBB by SSSB on 9 November 2022. Under the reverse
acquisition method of accounting, even though the consolidated financial statements of the combined entity are issued
under the name of the legal holding company, that is, the Company, the consolidated financial statements represent a
continuation of the historical financial statements of the legal subsidiary, that is, Southern Score Sdn Bhd.
Revenue Gross Profit

(RM) (RM)
285,000,645
51,563,193
234,859,360
48,951,755
148,807,528
97,933,052
33,755,143
28,970,746
66,989,924
12,353,799
Dec Dec Dec Dec Jun Dec Dec Dec Dec Jun
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Profit After Tax Attributable to

Profit Before Tax Owners of the Company
(RM) (RM)
46,487,418
35,177,783
32,585,977
28,267,051
25,311,419
25,511,786
19,196,482
17,956,976
9,030,631
6,513,011
Dec Dec Dec Dec Jun Dec Dec Dec Dec Jun
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
CHARTING THE
COURSE FOR
A BRIGHTER
FUTURE
CHAIRMAN’S
STATEMENT
ANNUAL REPORT 2023
Dear Esteemed Shareholders,

20
On behalf of the Board of Directors of

Southern Score Builders Berhad (“Southern
Score Builders”), I am pleased to present
Southern Score Builders Annual Report
and audited financial statements for the
6-month financial period ended 30 June
2023 (“FPE2023”). The audited accounts of
the Group contained in this report reflect a
period of six (6) months, following a change
in the financial year end of the subsidiary
acquired (i.e. Southern Score) following the
completion of the Company’s regularisation
plan on 9 November 2022.
TAN SRI DATUK SERI

GAN YU CHAI
(P.S.M)(S.M.W)
Managing Director
In the past year, the experienced

management of Southern Score Builders
have undertaken a monumental task to
not only restructure but also to transform
the Group into a technology-driven
construction services business. Our efforts
successfully averted a potential delisting
by Bursa Malaysia Securities Berhad, and
we are pleased to report that shareholders’
equity has rebounded to a surplus of
RM149.0 million as at 30 June 2023.
Notably, the Group also boasts total assets
of RM197.5 million whilst total liabilities
amount to a modest RM48.5 million as at
30 June 2023.
Our regularisation plan was completed on

9 November 2022 and with that, Southern
Score Builders has successfully exited the
GN3 status.
The outcome of the restructuring efforts

surpassed our expectations, with the Group
achieving a net profit of RM25.3 million
for FPE2023. Furthermore, we achieved
a remarkable net profit margin of 25.8%
during this period.
Chairman’s Statement
ANNUAL REPORT 2023

21
The Board’s strategic decision to venture into The Group’s venture into construction began
the construction business proved timely, as the with the acquisition of Southern Score Sdn Bhd
Malaysian construction landscape rebounded (“SSSB”), a G7 contractor, as part of the Company’s
convincingly post-COVID-19 pandemic. More regularisation plan. Following the acquisition,
opportunities continued to emerge in the Southern Score Builders began to be involved
construction sector as it grew by 8.1% year-on- in the provision of construction management
year (“y-o-y”) in the second quarter of 2023, which services, mainly for high-rise residential buildings.
is the fifth consecutive quarter of expansion. The acquisition came with a cumulative net profit
The Government of Malaysia’s renewed focus guarantee of RM80 million over the three-year
in boosting construction activities via increased period from 2022 to 2024. Notably, up to FPE 2023,
public investments in infrastructure projects SSSB has seen the delivery of RM54.4 million out
would also be positive for the Group’s outlook. of this guarantee.
ANNUAL REPORT 2023
REVIEW OF FINANCIAL PERFORMANCE MOVING FORWARD
During the FPE 2023, Southern Score Builders The Malaysian construction industry is expected
22
posted a net profit of RM25.31 million, against a to continue its growth in the upcoming quarters,
revenue of RM97.93 million. especially in 2024, amidst the improvement
in market sentiment and the Government’s
As anticipated, some of the existing projects were commitment to increase its investments in
nearing completion as scheduled, the Group infrastructure and affordable housing projects.
witnessed lower progress for such projects. This The Government’s decision to increase the 12th
has, to an extent, resulted in reduced revenue Malaysia Plan’s development expenditure ceiling
recognition for Southern Score Builders in the to RM415 billion would benefit several sectors,
6-month period. However, the Management has among which is construction. In the Medium-
been actively replenishing the orderbook by Term Review of the 12th Malaysia Plan, 11 major
tendering for new projects from both public and infrastructure projects were mentioned. Among
private sectors. them were the remaining phase 1B of Sabah
Pan Borneo Highway, Penang Light Rail Transit
As at 30 June 2023, the order book value stood and Phase 2 of Sabah-Sarawak Link Road. The
at RM602.7 million, offering earnings visibility for Government also aims to build 500,000 affordable
the next three to four years. The majority of these homes by the end of 2025. By end-2022, a total
secured projects, accounting for 63%, came from of 108,373 units of affordable homes have been
the private sector, with the remaining 37% being built, with over 390,000 units to be built between
contracts from the public sector. 2023 to 2025. Southern Score Builders is likely
to be one of the beneficiaries of such efforts,
Operating margin for the 6-month period was given its prior track record including as a turnkey
recorded at an impressive 33%. contractor for the development of PR1MA Jalan
Jubilee. The Group is also well experienced in
Southern Score Builders’ financial position has providing civil works such as road and drainage,
improved substantially in FPE2023, with the Group and water reticulation and sewerage package
registering a net asset position of RM149.0 million. works.
As at 30 June 2023, the Group’s total assets stood
at RM197.5 million, while total liabilities were
RM48.5 million. Meanwhile, the Group had cash
and bank balances including fixed deposits and
short-term deposit placement of RM79.5 million
as at 30 June 2023, against total borrowings of
RM5.4 million.
ANNUAL REPORT 2023

The Group remains positive of its prospects, Via the MOU, the Group will be venturing into the
23
supported by our ongoing projects and potential integration of automation and robotics in the design,
to secure new contracts in the financial year manufacturing and construction processes of
ending 30 June 2024, as the post pandemic Industrialised Building Systems (“IBS”) in Malaysia.
economic recovery gains momentum. Southern Robotic construction technology has the potential
Score Builders has continuously participated to enhance construction speed and accuracy.
in projects tendering in the public and private Once the technology becomes commercially
sector and will remain committed to exploring viable, the Group has plans to offer the services to
opportunities which could yield long term and other construction companies in Malaysia. At the
sustainable revenue growth. moment, Southern Score Builders and its partners
are currently in the testing and research phase for
Going forward, an exciting growth opportunity the robotic construction technology.
for the Group that offers superior margins lies
in our endeavor to pioneer robotic construction Southern Score Builders has always been a firm
technologies within Malaysia. This aligns believer in embracing advanced technology. To
seamlessly with our longstanding objective of date, we have widely implemented the IBS across
venturing into new markets and broadening the majority of our development and construction
our revenue streams. On 2 June 2023, Southern projects, aiming to enhance both productivity and
Score Builders had entered into a Memorandum quality. It exemplifies our dedication to refining
of Understanding with MCC Overseas (M) Sdn operations and maintaining competitiveness
Bhd and Guangdong Bright Dream Robotics within the industry.
Co Ltd (“MOU”) to establish a partnership
aimed at implementing and developing robotic
construction technologies in Malaysia. APPRECIATION
In closing, I would like to extend my gratitude to

all stakeholders of Southern Score Builders for
your unwavering support and loyalty to the Group,
amid internal and external challenges in previous
years. Spearheaded by the strategic decisions
made by the Board and the Management of
Southern Score Builders, I am highly confident
that the Group will be better positioned moving
forward, delivering value to shareholders and
enhancing our financial performance. On this
note, I would also like to convey my sincere
appreciation to the Management and employees
of Southern Score Builders for their relentless
efforts and commitment in taking the Group to
greater heights.
Following our successful restructuring, Southern

Score Builders is on the right trajectory in
becoming a leading construction management
services provider in the country. Our ongoing
efforts to accelerate the adoption of technology
for the construction sectors will open up
growth opportunities for the Group as we move
forward. With continued great support from all
stakeholders of Southern Score Builders, I am
confident that we will achieve these milestones.
MANAGEMENT
DISCUSSION & ANALYSIS
ANNUAL REPORT 2023
Listed on the ACE Market of Bursa Malaysia, Southern Score

Builders Berhad (“Southern Score Builders” or “the Group”)
is involved in the provision of construction management
24
services, especially for high-rise residential buildings, as

well as civil works such as road and drainage, and water
reticulation and sewerage package works. Southern Score
Builders was formed in November 2022 following the
completion of the reverse takeover exercise of G Neptune
Berhad by Southern Score Sdn Bhd.
The reverse takeover exercise was the final part of an

elaborate restructuring process, which allowed the Group
to exit the Guidance Note 3 status. The Group is also no
longer involved in the information technology industry
specialising in software for the apparel or textile industry.
Southern Score Builders is well-positioned to chart

a new profitable corporate journey ahead, led by an
experienced and technically strong management team.
We are exhilarated to witness the vote of confidence by
our new and existing clients in requiring our services for
their development projects.
OUR BUSINESS
As a technology forward construction services company, Southern Score Builders adopts

construction practices that optimises the efficiency optimisation of its construction projects. The
Group implements the Industrialised Building System (“IBS”) in most of its development and
construction projects which is aimed at increasing productivity and improving quality of its projects.
Besides that, by leveraging on its asset-light and flexible delivery model, Southern Score Builders
is able to offer a standardised and cost-efficient building process which enables scalability and
flexibility with lower exposure to cyclicality and raw material prices.
As at 30 June 2023, the Group has completed a total project value of RM738 million. Among the key
completed projects to date are Vista Wirajaya 1 @ PV 9 Residences, Taman Melati (Estimate Final
Contract Values: RM308.9 million), Platinum Arena Residences, Old Klang Road (Estimate Final Contract
Value: RM204.1 million), and PR1MA, Jalan Jubilee (Final Contract Value: RM186.5 million). While most
of our projects are from the private sector, we are working towards increasing our exposure in projects
from the public sector.
As at 30 June 2023, Southern Score Builders has a current outstanding order book of RM602.7 million.
The orderbook would provide earnings visibility for the next three to four years. Meanwhile, our tender
book is valued at RM934 million and it is noteworthy that approximately 73% of the projects tendered
are from the private sector.
We build landmark projects through passion and determination. As a trusted construction and project
management partner to the industry and government, our projects range from niche to large scale,
across the country and region.
Management Discussion & Analysis
ANNUAL REPORT 2023

Being a technology forward construction management services company, below are our key service
offerings:-
25
Building Construction
We provide design and construction services for residential, commercial and specialised buildings. We
analyse the needs of our clients and offer customised solutions based on their budgets and required
functionalities. Among our key projects to date are Vista Sentul Residences (Latest Contract Value:
RM147.5 million), PV9 Residences (Estimate Final Contract Value: RM308.9 million), Platinum Arena
Residences (Estimate Final Contract Value: RM204.1 million) and PR1MA Jalan Jubilee Residences (Final
Contract Value: RM186.5 million).
Infrastructure Services
We deliver integrated solutions for the infrastructure development of services, facilities and systems.
We are a specialist in providing main external works and other associated works. Among our key projects
to date are PV18 Residences and Platinum Teratai Residences with a final contract value of RM9.88
million and RM9.95 million, respectively.
Foundation & Geotechnics
We utilise soil and rock mechanics and structural engineering to build foundations and earthworks. We
employ state-of-the-art technologies to ensure the delivery of top-quality services to our clients. For
example, we have a proven track record in providing piling and pile cap works for the now-completed
Vista Sentul Residences, with a final contract value of RM10.6 million.
Industrialised Building System (“IBS”)
IBS is an optimised building method compared to conventional construction practices. We specialise in

providing a wide range of IBS services, from the analysis, design, procurement, supply and installation
of precast concrete products.
Every IBS product is procured from stringently selected external suppliers and manufacturers. This
process is closely monitored by our in-house expert team of IBS specialists to ensure that we achieve
the desired quality and efficiency. By employing IBS methods across all our projects, this service is
complementary and allows us to provide enhanced value engineering that enhances the cost and
labour efficiency of our projects.

ANNUAL REPORT 2023
FINANCIAL PERFORMANCE REVIEW
For the FPE 2023, Southern Score Builders

26
registered a revenue of RM97.9 million and a net

profit of RM25.3 million.
There are no comparative year-on-year figures.

On 8 February 2023, Southern Score Sdn
Bhd, a wholly-owned subsidiary of the Group,
had changed its financial year end from 31
December to 30 June so as to coincide with
the financial year end of the Group. As such,
Southern Score Builders first set of audited
financial statements following the change in
financial year end covers the period from 1
January 2023 to 30 June 2023. The acquisition
of Southern Score Sdn Bhd as part of the
Company’s regularisation plan delivered a profit
after tax of RM25.3 million for FPE 2023.
Notably, the Group’s revenue in FPE 2023 was

affected by the lower progress specifically in the
last quarter of the year (“Q4FY2023”) for projects
which were nearing completion and the absence
of significant project delivery milestones. That
said, Southern Score Builders overall profitability
was not negatively affected by the dip in revenue
as it benefited from lower cost of sales in FPE
2023, arising from reduction in the estimated Sturdy Balance Sheet & Liquidity Position
gross development cost for one of the Group’s
key projects. Southern Score Builders enjoys a healthy balance
sheet position. As at 30 June 2023, Southern Score
Revenue for FPE 2023 was driven by the Builders held cash and bank balances including
execution of key projects such as Vista Sentul fixed deposits and short term deposit placement
Residences (RM13.6 million), Vista Harmony of RM79.5 million. Our cash and bank balances
Sentul Residences (RM20.5 million) and Berlian far exceeded the Group’s total borrowings of
Setapak 2 Residences (RM12.5 million), piling RM5.4 million. Southern Score Builders is in a
works for PV 22 Residences (RM50.7 million) as strong position to meet its debt obligations, fund
well as site clearance and relocation works for operational and expansion needs as well as to
PT27043, Mukim Batu (RM0.6 million). reward its shareholders.
The Group’s net assets as at 30 June 2023 stood at

RM149 million, translating to a net asset per share
of RM0.07. The Group’s current ratio improved
to 3.9 times as compared to 3.0 times as of 31
December 2022. This indicates that the Group is
highly capable of meeting financial obligations in
the short term.
With regards to dividend payout, on 20 February

2023, the Board declared an interim dividend of
1 sen per ordinary share amounting to RM22.73
million in respect of the financial period ended 30
June 2023. The said dividends were subsequently
paid on 18 April 2023. This represents a payout
ratio of 90%.
ANNUAL REPORT 2023

Capital Expenditure
Southern Score Builders adoption of an asset-light model has been instrumental in our agile approach
27
to managing capital expenditure. In this framework, we avoid setting concrete plans for capital
outlays, opting instead for a just-in-time, need-based approach. This strategy ensures that any capital
expenditure is efficiently allocated, primarily to alleviate bottlenecks should there be a surge in demand
for our services. By maintaining this flexibility, we are well-prepared to swiftly respond to evolving market
conditions and seize opportunities, positioning ourselves for sustained growth and efficiency in the ever-
changing and increasingly technology driven landscape of the construction industry.
PROJECT HIGHLIGHTS
This section highlights the latest developments of key projects categorised into completed, ongoing
and secured in the last 18 months (January 2022 to June 2023).
Key Projects Completed – RM521.3 million
Project Description Contract Value (RM’ million)

1. Vista Wirajaya 1 @ PV9 Residences, Taman Melati 308.9
Marques Land 2. Platinum Arena Residences, Old Klang Road 204.1
3. Site clearance & relocation works, PT27043, Mukim Batu 8.3
Key Projects Secured – RM585.3 million

Monisprings Development 1. Berlian Setapak 2 Residences 110.0
2. Residential Development Project 167.0
3. PPAM, PT27043 Mukim Batu 173.0
4. PV 22 Residences 135.3
Ongoing Projects (Other than newly secured projects)

1. Vista Sentul Residences 147.5
Klasik Ikhtiar 2. Vista Harmoni Sentul Residences 131.4


ANNUAL REPORT 2023
ANTICIPATED OR KNOWN RISKS
Market Risk
28
The economic growth slowdown, both in Malaysia and globally, poses a significant risk to the demand
for Southern Score Builders services in the market. Construction activities are typically among the first
sectors affected by a subdued market sentiment, potentially leading to reduced investments in public
infrastructure projects and the development of residential and commercial properties. This, in turn,
directly impacts our Group as we specialize in providing construction management services.
Southern Score Builders acknowledges the prevailing market conditions and has proactively
implemented a range of measures to fortify its business against these challenges. We are actively
pursuing strategic collaborations, partnerships, and alliances on both domestic and international fronts
to enhance our operational resilience and expand our market presence.
Raw Material Risk
Post COVID-19 pandemic, the risk of supply disruption for building materials has reduced significantly.
However, global geopolitical instability and the slowdown in major economies continue to pose some
degree of risks on the supply of raw materials. On our part, we have minimised the risk of any interruption
as we procure most of our raw materials from suppliers within Malaysia. In addition, we also have long-
term business relationships with our suppliers, hence this allows us to coordinate the supply of raw
materials without major disruptions. Southern Score Builders also minimises the impact from higher raw
material prices by procuring building materials in bulk and at highly competitive rates.
Competition Risk
Southern Score Builders is operating in a highly competitive environment. Not only is the Group
competing with the existing business rivals offering similar services such as building construction;
infrastructure services; foundation & geotechnics and IBS, but we also face competition from new
entrants into this space. However, given our established track record in various multi-million-ringgit
projects, large customer base, experienced management and our strength in technology adoption,
Southern Score Builders is well-positioned to set ourselves apart from other players in the construction
industry. Southern Score Builders will strive to remain competitive by keeping abreast and implementing
the latest IBS and construction technology.
ANNUAL REPORT 2023

MARKET OUTLOOK
In June 2023, the World Bank had cautioned that the lagged effects of monetary tightening, as well as
29
restrictive credit conditions, are expected to weigh on global economic activities in the second half
of 2023, with weakness persisting into 2024. Pronounced deceleration in growth is expected across
the board, affecting advanced and developing economies. The World Bank projects global economic
growth to decline to 2.1% in 2023, before a tepid recovery to 2.4% in 2024.
As for Malaysia, the World Bank forecasts a growth of 4.3% and 4.2% in 2023 and 2024 respectively. The
projection for 2023 was within the Malaysian government’s official guidance of 4% to 5%. Economic growth
in Malaysia is affected by external factors following the economic weakness in major trading partners
and foreign investment contributors. Nevertheless, the Malaysian economy remains supported by
resilient domestic demand on the back of a more controlled headline inflation and the accommodative
Overnight Policy Rate which continues to be below the 2019 level.
With regard to the construction industry, the Department of Statistics Malaysia reported that Malaysia’s
construction activities rose for the fifth straight quarter in the April to June 2023 period, but also noted
that the pace has slowed in the second quarter. The sector recorded an increase of 8.1% year-on-year in
value of work done to RM32.4 billion for the second quarter of 2023. Moving forward, amidst the softness
in overall economic sentiment, the construction industry is expected to continue to report positive
growth, backed by pick-up in government projects and continued expansion in private sector output.
OUR STRATEGIES
With the promising opportunities arising in the Malaysian market, Southern Score Builders is enthusiastic
about the road ahead. We are proactively expanding our order book by participating in project tenders
supported by both the public and private sectors. Furthermore, we are intensifying our commitment to
becoming Malaysia’s foremost construction services provider that champions the adoption of robotic
construction technology. Our objective is to enhance productivity, optimize costs over the long term,
and spearhead sustainable construction methods in the industry.
Expansion of project portfolio
Guided by a seasoned management team, the Group is resolutely dedicated to securing a portfolio of
projects characterized by increased contract values and expanded scopes. We maintain an unwavering
commitment to actively engaging in project tenders within both public and private sectors, striving to
achieve an ambitious internal target success rate of 60% from the projects tendered. With economic
uncertainties expected to wane as we enter 2024, and with the Malaysian government’s renewed
emphasis on construction and infrastructure projects, we eagerly anticipate an expanded role in
government projects, particularly with a dedicated focus on the development of affordable housing.
The Group will continue to explore opportunities in other projects which could yield long term and
sustainable revenue. Southern Score Builders is open to forging partnerships to undertake new
projects and to venture into new markets. We actively seek partnerships with industry players,
regulatory bodies, and technology providers. This collaborative ethos facilitates knowledge
exchange, enhances expertise, and positions us at the forefront of industry trends. Our efforts in the
area of robotic IBS is one such example.

ANNUAL REPORT 2023
Increased focus on technology
The strategic adoption of cutting-edge

30
technologies, such as Building Information

Modelling (BIM) and robotics, sets us apart as
pioneers in the construction sector. This positions
us well for future growth and efficiency gains. For
example, the integration of the BIM technology
proved to be useful for auditing our construction
plans as it minimises human error, optimises
costs and ensures the safety of our workers on
site. Moving forward, the Group is committed
to further embrace additional technologies as
we undertake more projects in the future. On 2
June 2023, the Group announced its venture into
robotics IBS and artificial intelligence following
the Memorandum of Understanding with MCC
Overseas (M) Sdn Bhd and Guangdong Bright
Dream Robotics Co Ltd. This collaboration is
set to revolutionise Malaysia’s housing sector
as Southern Score Builders will be venturing
into the integration of automation and robotics
in the design, manufacturing and construction
processes of IBS in Malaysia. The initial aim is to
construct 5,000 homes through this collaboration.
In September 2023, Southern Score Builders Diversification of market footprint

achieved a momentous milestone with the
deployment of a robotic system at Vista Harmoni At the moment, our completed and ongoing
Residences, Kuala Lumpur, marking a watershed projects are predominantly in Kuala Lumpur,
moment in the annals of the construction industry. serving high-rise buildings. While the Group
This site has been designated as both a testing continues to see encouraging demand for its
ground and a data collection battleground to services in the capital city, our strategic growth
evaluate the efficiency and effectiveness of plans encompass geographical expansion in
utilising three specific robots. As we employ order to diversify our revenue sources. This
greater scale of technology in more upcoming approach would mitigate risks associated with
projects, it would firmly establish the Group as a market fluctuations and bolster our resilience in
frontrunner within the industry. varying economic conditions.
Looking ahead, we aim to expand our presence

into several states namely, Johor, Seremban
and Penang. The management of Southern
Score Builders foresees these new markets to
provide a strong growth catalyst for the Group
and the opportunity to maintain the Group’s
commendable margin level. Our forward-looking
approach is underpinned by a comprehensive
vision that accounts for market dynamics,
technological advancements, and sustainability
imperatives. We are poised to capitalise on
emerging opportunities and navigate challenges
with agility.
ANNUAL REPORT 2023

Embracing greener operations
The management of Southern Score Builders strongly believes in the importance of a sustainable
31
business model. We seek to incorporate green practices from a project’s inception. By factoring
sustainability considerations into the initial design, we can optimise the building’s layout, orientation,
and systems to minimise energy consumption and waste. Assessing the local regulatory landscape,
incentives, and tax benefits that support green initiatives can significantly offset upfront costs, making
green construction more financially viable.
We consistently invest in educating clients, investors, and stakeholders about the long-term benefits
of green initiatives that can foster a willingness to invest in sustainable practices and technologies. The
Group also implements agile project management techniques that allow for continuous evaluation and
adjustment and can identify potential cost-saving opportunities throughout the construction process.
ACKNOWLEDGEMENT
I wish to take this opportunity to express my appreciation to the Southern Score

Builders family, including the board members, senior management and the rest of our
employees. Your excellent contributions have put the Group on the right trajectory
towards sustainable growth. I would also like to express my sincerest gratitude to our
clients, business partners and shareholders for being supportive of our growth journey
during the financial period under review.
Looking ahead, I am confident that Southern Score Builders is ever-ready to embark on

new challenges and market opportunities as we strive to be a world-class construction
management services outfit, while delivering improved value to our stakeholders.
ANNUAL REPORT 2023
32 SOUTHERN SCORE BUILDERS BERHAD
ANNUAL REPORT 2023

33
REDEFINING
THE FUTURE
OF INNOVATIVE
BUILDING
ANNUAL REPORT 2023 SOUTHERN SCORE BUILDERS BERHAD
SUSTAINABILITY
STATEMENTS
34
At Southern Score Builders, we are committed to ensuring that

our corporate decisions and operations are in adherence to the
aspirations of a sustainable and responsible business ecosystem.
The Board of Directors strongly believe that the Group’s pursuit
of profitability should not be realised at the expense of societal
exploitations and environmental degradation.
In achieving this core principle of Southern Score Builders, the

Board of Directors constantly reviews all business decisions
undertaken by the management of the Group, in order to
evaluate and eliminate any possible negative outcomes from
our business activities.
Each material factor presents unique risks and opportunities to our Group. It is our commitment to
regularly review these factors to assess their impacts on our business model over short, medium,
and long term. Southern Score Builders has identified the following as our environmental, social and
governance focus areas:-
Sustainability Strategies
ENVIRONMENTAL SOCIAL GOVERNANCE
• Ensuring a cleaner • Nurturing diversity and • Prioritising health and

environment inclusion safety protocols
• Reducing carbon • Promoting education and • Maintaining ethical
footprint awareness activities business practices
• Promoting efficient usage • Fostering high-quality • Ensuring zero tolerance
of resources workforce to corruption
• Supporting local • Streamlining costs
communities
Sustainability Statements
ANNUAL REPORT 2023

Environmental
35
Key Focus Areas Initiatives
Ensuring a cleaner - We have adopted robotic construction technology which has enabled
environment us to create a cleaner working environment on our sites. These machines
considerably reduce the emission of dust into the surrounding, whereby
it simultaneously vacuums and grinds, subsequently converting the
collected dust into bricks for alternative use on construction sites.
Reducing carbon - We prioritise the usage of green and environmentally friendly building
footprint materials such as Mivan formwork which is good in reusability, efficiency
quality and promote energy saving as they are light and easier to
transfer floor to floor without tower crane, precast box-culvert items
which are able to reduce the labour and time needed to build, resulting
in lower costs (e.g. minimise wastage) and faster construction times etc
in our projects. These materials are not only high in quality but are also
composed of renewable sources.
Promoting efficient - All our projects are GreenRE certified, demonstrating our commitment
usage of resources to environmental sustainability.
- We also opt to work with companies that are GreenRE certified as we
strive to achieve a sustainable supply chain.
- Our projects incorporate energy-efficient features such as solar panels,
LED lighting, and advanced insulation, that can lead to substantial
reductions in energy consumption, translating into lower utility bills for
occupants.
Social

Nurturing diversity and - Southern Score Builders believes in having a diverse workforce, free
inclusion from any form of gender, racial and religious discrimination.
- We have a clear anti-discrimination approach which has been well
communicated to our staff across various employee categories.
- Our workforce boasts strong representation of female employees. In the
management level, 5 out of 14 employees are women, as of June 2023.
In the executive level, 13 out of 35 employees are females.
Promoting education - The Group consistently undertakes awareness sessions for all our
and awareness stakeholders such as clients, investors, and suppliers, to emphasise the
activities long-term benefits of green initiatives. As a result of these sessions, we
have witnessed an increasing acceptance of sustainable efforts among
our stakeholders, reflecting in their willingness to invest in sustainable
practices and technologies.
Fostering high-quality - The Group places high importance on enhancing employee productivity.
workforce Annual appraisals are conducted to assess employee performance in
their respective roles and identify areas for improvement that align with
the Company’s overall mission.
- We are committed to continuous talent development and retention by
providing regular training to foster employee growth.
- Employees are required to participate in customised training
programmes aimed at developing and enhancing their skills.
Sustainability Statements
ANNUAL REPORT 2023
Social (Cont’d)
36

Supporting local - Even as the Group undertakes its business restructuring, our
communities commitment to supporting the local communities remain unwavering.
From January 2022 to June 2023, we have provided donations to Kasih
Hospice Foundation and supported a local bank’s CSR program on tree
planting and supply of dialysis machine to non-profit organization in
Kota Kinabalu, Sabah.
- We have also given an incentive of RM100,000 to Malaysia’s top men’s
doubles pair Aaron Chia and Soh Wooi Yik, who won Malaysia’s first gold
at the 2022 World Badminton Championships in Tokyo .
- The Group also provided a RM200,000 sponsorship to the Petaling
Badminton Club, the club from which our world champions were
nurtured before they joined the national team.
Governance

Prioritising health and - We have established clear health and safety protocols that are
safety mandatory for all individuals at all our premises/sites to adhere to.
- We conduct the “Weekly Tool-Box Talk” meetings to promote awareness
of potential hazards, reinforce safe work practices, and encourage active
participation in maintaining a high standard of workplace safety.
- The Group carries out the “Site Safety Campaign”, which aims to prevent
accidents and reduce injuries, among others. This campaign involves
regular machinery inspections to identify and mitigate potential
hazards, promoting good housekeeping practices to maintain clean and
organised work areas, and routine tools inspections to ensure they are
in proper working condition and pose no risk to our workers.
Maintaining ethical - We ensure that all our management and executive-level employees
business practices are thoroughly familiar with ethical business practices, including those
related to tender submission, procurement and quality assurance.
- We have established an internal reporting system to proactively identify
and prevent any unethical practices that could potentially tarnish the
reputation of Southern Score Builders at an early stage.
Ensuring zero - We are committed to fostering transparency and preventing various forms
tolerance to corruption of corruption; including but not limited to offering or accepting a bribe in
money or in kind, conflict of interest, fraud, and money laundering.
- We ensure that we all our business transactions are conducted with
reputable suppliers and contractors.
Streamlining costs - The Group practises lean business operations to reduce unnecessary
costs, ultimately enhancing returns.
- We have integrated the Building Information Modelling (BIM) technology
which facilitates comprehensive audits of our construction plans to
ensure proper execution. This implementation will lead to significant
time and cost savings.
- We work closely with suppliers, manufacturers, and technology
providers to explore innovative solutions that strike a balance between
upfront expenses and long-term savings. By fostering partnerships with
entities that share our commitment to sustainability, we can collectively
reduce costs through economies of scale and shared expertise.
CORPORATE GOVERNANCE
OVERVIEW STATEMENT
ANNUAL REPORT 2023

The Board of Directors (the “Board”) of Southern Score Builders Berhad (“SSBB” or “the Company”) is dedicated to practicing
good corporate governance by supporting and applying the Principles and Practices set out in the Malaysian Code on
Corporate Governance (the “Code”). The Board acknowledges the vital role of upholding ethical governance standards in
37
ensuring business integrity and performance, which are essential for delivering value to shareholders. Furthermore, the
Board assesses and, when appropriate, implements relevant suggestions to ensure that both the Company and its subsidiary
(the “Group”) consistently uphold strong corporate governance practices. This effort aims to enhance the Board’s efficacy in
contributing to shareholders’ value.
This statement is prepared in compliance with the ACE Market Listing Requirements (“AMLR”) of Bursa Malaysia Securities
Berhad (“Bursa Securities”) and is to be read together with the Corporate Governance Report 2023 which can be downloaded
from SSBB’s website at www.southernscore.com.my or from Bursa Securities’ website.
Our Board is pleased to inform that save for those listed below, we have fully complied with the MCCG practices for the year:-
i. Practice 4.4 – Performance evaluations of the board and senior management include a review of the performance of
the board and senior management in addressing the company’s material sustainability risks and opportunities.
ii. Practice 5.2 – At least half of the board comprises independent directors.
iii. Practice 5.9 – The board comprises at least 30% women directors.
iv. Practice 8.2 – The board discloses on a named basis the top five senior management’s remuneration component
including salary, bonus, benefits in-kind and other emoluments in bands of RM50,000.
PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS
I. BOARD RESPONSIBILITIES
1. Board of Directors
The Board assumes responsibility for the effective stewardship and control of the Group towards meeting the
objectives and goals of the Company. To this end, the Board has the overall responsibility for reviewing and
adopting the strategic plans, overseeing the Group’s business, implementing an appropriate system of risk
management and ensuring the adequacy and integrity of the Company’s system of internal control.
The Board also has a crucial role in establishing a proper ethical framework within the organization. It is entrusted
with the task of effectively and ethically leading and managing the Group. Each Director is legally obligated to
act in the Group’s best interests, ultimately aiming to enhance shareholder value. The Directors, both collectively
and individually, are fully aware of their responsibilities towards stakeholders in managing the Group’s affairs.
Detailed information about these responsibilities can be found in the Board Charter & Code of Conduct, which is
accessible on the Company’s website at www.southernscore.com.my.
The corporate governance of the Group comprises a framework of structures, policies, and procedures. At its
core is the Board, supported by two (2) Board Committees: the Audit and Risk Management Committee and the
Nomination and Remuneration Committee.
These committees are actively involved and serve as oversight bodies. They assess and make recommendations
on matters falling within their respective areas of responsibility for the Board’s consideration and approval.
The Board is also kept informed by the respective Chairman of these committees about the discussions and
deliberations that occur during their meetings.
The Board conveys its directives to the Management through the Managing Director (“MD”), who is responsible
for implementing these directives. Management, in turn, is accountable for the day-to-day administration of
the Group, operating within the powers delegated by the Board and in compliance with applicable laws and
regulations.
Corporate Governance Overview Statement

ANNUAL REPORT 2023
PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (CONT’D)
I. BOARD RESPONSIBILITIES (CONT’D)

38
1. Board of Directors (Cont’d)
The Board reserves full decision-making powers on the following matters:
(i) Conflict of interest issues relating to a substantial shareholder or a Director

(ii) Material acquisitions and disposition of assets not in the ordinary course of business
(iii) Investment in capital projects
(iv) Authority levels
(v) Treasury policies and bank mandate
(vi) Risk management policies
(vii) Key human resource issues
2. Chairman and Managing Director
The role of the Chairman and the Managing Director (“MD”) are separate functions and are held by different
individuals.
The Chairman of the Board, Dato’ Haji Mohd Amran Bin Wahid, is an Non-Independent Non-Executive Chairman
who leads the Board by setting the tone at the top and manages the Board effectiveness by focusing on
governance and compliance and acts as a facilitator at Board meetings to ensure that contributions from
Directors are forthcoming on matters being deliberated and that no Board member dominates the discussion.
He further seeks to secure the provision of accurate, timely and clear information to the Board. During Board
meetings, the Chairman fosters a collaborative environment and ensures that every Director has the opportunity
to contribute to the discussions and debates, promoting a balanced and inclusive decision-making process.
The MD, Tan Sri Datuk Seri Gan Yu Chai is primarily accountable for overseeing the day-to-day management to
spearhead the business and ensure the smooth and effective operation within the Group. He is responsible for
the development and implementation of the strategies for the Group and setting the overall strategic policy and
direction of the Group’s business operations based on effective risk management controls. Our MD also ensures
that the financial management practice is performed at the highest level of integrity and transparency and that
the business and affairs of the Group are carried out in an ethical manner and in compliance with the relevant
laws and regulations.
3. Company Secretary
The Board is supported by qualified company secretaries. The Board has unrestricted access to the services of
the Company Secretaries. The Company Secretaries assist the Board in corporate governance and compliance
matters including:-
(a) Assist in preparation of the agenda for Board and Board Committee Meetings in consultation with the
Chairman and Executive Management
(b) Provide advice on areas that need to be addressed to comply with the MCCG
(c) Provide updates on changes in regulatory requirements governing the Company.
(d) Assist the Board in compliance with disclosure requirements in accordance with Listing Requirements and
the Companies Act 2016.
The Company Secretaries ensure that all Board and Board Committee meetings are properly convened and
that accurate and proper records of the deliberations, proceedings and resolutions passed are recorded and
statutory registers are properly maintained at the registered office of the Company. The Board is kept regularly
informed about the latest developments concerning the AMLR, directives, and circulars from Bursa Securities
and other legal and regulatory developments.
The appointment and removal of Company Secretaries are matters reserved for the Board.
ANNUAL REPORT 2023

39
4. Board Charter, Codes and Policies
The Board has the following in place:-
(a) Board Charter & Code of Conduct and Ethics
The Board Charter serves as a comprehensive document outlining the fundamental values, principles,
and overall culture of the Company. It delineates policies and clearly defines the roles of various entities,
including the Board itself, the Chairman, Managing Director, Chief Executive Officer, Independent
Directors, Board Committees, and individual Directors. This Charter offers structured guidance and sets
ethical standards for both Directors and Management, guiding them in fulfilling their responsibilities to the
Company. Additionally, it outlines the operational practices of the Board.
The Board Charter lists out matters that are reserved for the Board supported by any recommendation as
may be made from time to time by the Board Committees (as appropriate).
The Charter undergoes an annual review, with necessary adjustments made to ensure alignment with the
Board’s objectives, prevailing laws, and best practices.
The Code of Conduct and Ethics, on the other hand, encompasses all aspects of the Group’s daily business
operations. It establishes the expectations for Directors and employees in terms of behaviour and conduct,
emphasising honesty and integrity in interactions with both employees and stakeholders.
The Code of Conduct and Ethics is based on the following principles:
• Compliance with legal and regulatory requirements, and the Company’s policies;
• Observance of the Board Charter;
• Duty to act in the best interest of the Company;
• Honesty and integrity;
• Avoid conflict of interests;
• No-profit rule; and
• Relationship with stakeholders.
All Directors and employees are expected to exercise care and diligence in safeguarding confidential and
price-sensitive information related to the Company and its business associates, preventing any misuse for
personal gain.
To ensure compliance, notices regarding the closed trading period for the Company’s shares are regularly
distributed to Directors, principal officers, and relevant employees on a quarterly basis. These notices
specify the timeframe during which trading in the Company’s shares is prohibited, unless they comply with
the procedures for dealings during closed period as stipulated in AMLR.
Both the Board Charter & Code of Conduct and Ethics are accessible to the public on the Company’s
website at www.southernscore.com.my.

ANNUAL REPORT 2023

40
4. Board Charter, Codes and Policies (Cont’d)
(b) Anti-Bribery and Corruption Policy
The Anti-Bribery and Corruption Policy outlines the boundaries and measures put in place to prevent
instances of bribery and corrupt practices in relation to the Group’s operations. This policy is readily
available to the public on the Company’s website at www.southernscore.com.my.
To ensure effective implementation, the Group has established relevant procedures, guided by the
principles outlined in the Guideline on Adequate Procedures, as mandated by Section 17A(5) of the
Malaysian Anti-Corruption Commission Act 2009.
(c) Whistleblowing Policy
The Whistleblowing Policy serves as a comprehensive guide for employees on how to report legitimate
concerns regarding potential improprieties. These concerns may pertain to financial reporting, compliance
issues, corruption, and other questionable practices. The policy emphasises the importance of reporting
these concerns promptly and through the appropriate channels. This policy provides detailed procedures
on when, how, and to whom such concerns should be raised, ensuring that they are addressed effectively
and in a manner that safeguards the whistle-blower.
There were no whistleblowing incidents reported for the financial year ended 30 June 2023 (“FYE 2023”).
This policy is available on the Company’s website at www.southernscore.com.my.
(d) Directors’ Fit and Proper Policy
On 07 June 2022, the Board introduced the Directors’ Fit and Proper Policy. This policy was implemented
with the objective of ensuring that any individual considered for appointment, election, or re-election as
a Director of SSBB and its subsidiary meets certain essential criteria. These criteria encompass qualities,
character, integrity, competence, and commitment, all of which are deemed necessary to effectively fulfill
the responsibilities associated with the Director’s role.
It also serves as a guide to the Nomination and Remuneration Committee (“NRC”) and the Board in their
review and assessment of candidates who are to be appointed onto the Board as well as directors who are
seeking for election or re-election.
The general criteria that form the overarching criteria in relation to the Fit and Proper Policy are:-
(a) Character and integrity;

(b) Experience and competence; and
(c) Time and commitment
The Directors’ Fit and Proper Policy can be accessed by the public on the Company’s website at www.
southernscore.com.my.
ANNUAL REPORT 2023

41
5. Board Meetings and Access to Information
The Board ordinarily schedules to meet quarterly with additional meetings to be convened when urgent and
significant decisions need to be made outside of the regular schedule. To assist Directors in managing their time
effectively, an annual meeting calendar is prepared and distributed prior to the start of each year.
The Board held seven (7) Board Meetings during the financial year ended 30 June 2023 (“FYE 2023”) and the
attendance record is as follows:
DIRECTORS NUMBER OF
MEETINGS ATTENDED
Dato Haji Mohd Amran Bin Wahid 6/7
Chai Tham Poh 7/7
(Non-Independent Non-Executive Director)
Tan Sri Datuk Seri Gan Yu Chai 3/3*
(Managing Director)
Gan Yee Hin 3/3*
(Chief Executive Offier cum Executive Director)
Datuk Sydney Lim Tau Chin 3/3*
(Executive Director)
Phe Kheng Peng 3/3*
(Independent Non-Executive Director)
Too Siew Mooi 3/3*
Cheah Hannon 5/5#
Peter Ling Sie Wuong 4/4^
* Appointed w.e.f. 09 November 2022

# Resigned w.e.f. 31 January 2023
^ Resigned w.e.f. 09 November 2022
There is a procedure in place for timely dissemination of Board and Board Committee papers as well as minutes
of meeting to all Directors within a reasonable period prior to the Board and Board Committee meetings, to
facilitate decision making by the Board and to deal with matters arising from such meetings. Management may
be invited to participate in meetings to provide insights and information related to their areas of responsibility.
In addition to Management, the Board retains the flexibility to invite external parties, including external auditors,
solicitors, and consultants, as deemed necessary based on specific circumstances and needs.
When necessary, Board members have the right to seek independent professional advice at the Company’s
expense, especially concerning matters related to the Group or their duties as Directors.

ANNUAL REPORT 2023

42
6. Board Committees
The Board Committees are to examine specific issues within their respective approved terms of reference
and report to the Board with their recommendations. However, the ultimate responsibility for decision making
remains with the Board. The terms of reference of the Board Committees are available for reference on the
Group’s website at www.southernscore.com.my.
7. Audit and Risk Management Committee (“ARMC”)
The ARMC oversees internal control policies and procedures to protect the Group’s assets and maintain financial
reporting integrity. The ARMC maintains direct, unimpeded access to the Company’s External Auditors, Internal
Auditors, and Management.
A full ARMC report is set out on pages 51 to 53 of this Annual Report.
8. Nomination and Remuneration Committee (“NRC”)
The NRC supports the Board in ensuring that its members possess the essential skills, knowledge, and
experience required to carry out their duties effectively. Additionally, the NRC is involved in matters concerning
the remuneration of both the Board and senior management.
NRC MEMBERS Designation Attendance

Too Siew Mooi Chairperson 1/1*
Phe Kheng Peng Member 1/1*
Chai Tham Poh Member 1/1*
Peter Ling Sie Wuong Chairman 2/2^
Dato Haji Mohd Amran Bin Wahid Member 2/2^
Cheah Hannon Member 2/2^

Below is the summary of the key activities undertaken by the NRC in FYE 2023 in the discharge of its duties:-
(a) Reviewed and revised the NRC’s Terms of Reference;

(b) Reviewed and recommended to the Board for approval, the re-election and retirement by rotation of
Directors at the 2023 Annual General Meeting (“AGM”);
(c) Conducted the annual assessment of the Board, the Board Committees and the individual Directors;
(d) Reviewed terms of office of ARMC and each ARMC member;
(e) Reviewed and assessed the ARMC’s performance and the NRC Statement for inclusion into the Annual
Report;
(f) Reviewed the independence of Independent Directors;
(g) Reviewed trainings accomplished as well as training needs for Directors;
(h) Reviewed the remuneration policy and remuneration framework; and
(i) Reviewed the remuneration packages of the Executive Directors, Non-Executive Directors and Senior
Management of the Company.
(j) Reviewed the profiles and nominated candidates for appointment as Directors of the Company
(k) Reviewed the proposed change in the composition of the Board Committees
ANNUAL REPORT 2023

II. BOARD COMPOSITION
43
1. Composition and Diversity
The Board recognises the value of a diverse and inclusive composition, believing that it harnesses the unique
strengths of its members to effectively steer the company and maintain its competitive edge. To ensure this,
the Board, through its NRC, conducts an annual review of its size and composition. This evaluation aims to
confirm that the Board possesses the appropriate size, diversity, and independence to align with the Company’s
objectives and strategic goals.
The Board consists of one (1) Non-Independent Non-Executive Chairman, one (1) Non-Independent Non-
Executive Director, two (2) Independent Non-Executive Directors and three (3) Executive Directors. This complies
with Paragraph 15.02(1) of the AMLR which requires at least two (2) Directors or one-third (1/3) of the board to be
Independent Directors. In the event of any vacancy in the Board of Directors resulting in non-compliance with
Para 15.02(1) of the AMLR, the Company must fill the vacancy within 3 months. A brief profile of each Director is
presented in pages 7 to 14 of this Annual Report.
The Directors bring a wealth of diverse knowledge, skills, and competencies to the Board, enabling them to
make active, informed, and positive contributions to the Group’s management, business operations, and
strategic development. The appointments of both the Board and Senior Management are based on objective
criteria, merit, and a commitment to diversity, encompassing skills, experience, age, cultural and socio-economic
backgrounds, and gender.
While the Board acknowledges the importance of promoting gender diversity and aims to increase female
representation in both the Board and Senior Management in the future, it has chosen not to establish specific
targets. The focus remains on having the right mix of skills and competencies rather than merely percentages.
Currently, there are two (2) women serving on the Board, representing approximately 28.6% of female
representation.
Diversity at the Senior Management level fosters constructive debates and leads to better decision-making,
particularly in today’s rapidly changing environment. The Board values the diversity of perspectives and
experiences at the Senior Management level, recognizing the advantages it brings to decision-making and
competitiveness.
An ongoing focus on Board composition allows the NRC to maintain a well-balanced blend of fresh insights from
recently appointed Directors. With a moderately sized Board, it incorporates a mix of entrepreneurship, business
acumen, and professional expertise across various domains, including business and risk management, finance
(including audit, tax, and accounting), and the technical aspects relevant to the Group’s industries. The collective
business, management, and professional experience, along with knowledge and expertise, possessed by Board
members, provides the essential competencies necessary for diverse and objective perspectives on the Group’s
business and strategic direction.
The Board Diversity Policy is included in the Board Charter of the Company and is available for reference on the
Group’s website at www.southernscore.com.my.
2. Independence
The Board places great importance on having Directors who are not only capable and willing to make decisions
in the best interest of shareholders but also free from any conflicts of interest. These Directors are expected to be
independent of Management, which means they should be able to carry out their duties and express their views
without any hindrance caused by personal relationships or business ties.
Presently, the Board has two (2) Independent Non-Executive Directors, namely Ms Phe Kheng Peng and Ms Too
Siew Mooi. Neither of them holds any shares in the company nor are they employed by the Group. Furthermore,
they do not have any relationships that could potentially influence their impartial judgment.

ANNUAL REPORT 2023
II. BOARD COMPOSITION (CONT’D)

44
2. Independence (Cont’d)
Consistent with the guidelines established by the Code and the Board Charter, the tenure of an Independent
Non-Executive Director should not exceed a cumulative term of nine (9) years. Once this nine-year period is
reached, an Independent Director may continue to serve on the Board. However, the Board is required to provide
justification, and subject to obtaining approval from shareholders, it may retain an Independent Non-Executive
Director who has served for nine years or more. As of the date of this statement, none of the Independent Non-
Executive Directors has completed nine (9) years of service since their appointment.
The Board conducts an annual assessment of the independence of Independent Non-Executive Directors as
part of the annual Board assessment process. This assessment is conducted based on the criteria set by Bursa
Securities. The Board is content with the level of independence demonstrated by all Independent Non-Executive
Directors.
3. Board Appointments and Re-election of Directors
The appointment of Directors to the Board of SSBB follows a structured, thorough, and transparent procedure.
The Board, through the NRC, assesses the following factors when considering the appointment of new Directors
and the re-election of retiring Directors:
(a) the composition requirements for the Board and its committees;
(b) the candidate’s age, education background, experience, skills, knowledge, expertise, integrity, conflict of
interest or any potential conflict of interest and other qualities which are relevant for the Board to discharge
his or her responsibilities in an effective and competent manner;
(c) the candidate’s independence (for the appointment/ re-election of Independent and Non-Executive
Director);
(d) the candidate’s ability to allocate time and commitment to attend to the Group’s affairs; and
(e) the annual assessment of the candidate (for the re-election of retiring Director).
Pursuant to the Company’s Constitution, one-third (1/3) of the Board is subject to retirement by rotation at
each AGM provided always that each Director shall retire at least once in every three (3) years and the retiring
Director shall be eligible for re-election. Further, a retiring Director shall retain office until the conclusion of the
AGM at which he retires.
Upon the recommendation of the NRC, the Board has confirmed that the following Directors who are retiring
and seeking re-election at the 20th AGM have been assessed and found to continue performing effectively and
demonstrating commitment:-
DIRECTORS DESIGNATION
Tan Sri Datuk Seri Gan Yu Chai (Managing Director)
(Clause 118)
Chai Tham Poh (Non-Independent Non-Executive Director)
(Clause 118)
Information on each of the Directors standing for re-election is set out in pages 8, 9 & 12 of this Annual Report
ANNUAL REPORT 2023

II. BOARD COMPOSITION (CONT’D)
45
4. Annual Assessment
The NRC bears the responsibility of conducting an annual evaluation of the performance and effectiveness of
the entire Board, the various Board Committees, and individual Directors. This evaluation process is overseen by
the NRC Chairman and facilitated with the assistance of the Company Secretary, who administers questionnaires
to gather feedback.
The NRC had on 24 October 2023 assessed the effectiveness of the Board, its Committees and the contribution
of each Director by identifying the strengths and weaknesses of the Board for the financial year 2023.
The Board’s evaluation process encompasses several key aspects, including the performance assessment of
the Board and its various Committees, self-evaluation by Directors, and an evaluation of the independence
of Independent Directors. These assessments revolve primary areas relating to board structure, boardroom
activities, Board and Chairman’s roles and responsibilities, Board’s roles and responsibilities in dealing with
ESG issues and Board Committees’ roles and responsibilities. For Directors’ self-evaluation, specific criteria are
considered, including their fit and appropriateness, ability and competence, personal qualities, mix of skills
technical knowledge, objectivity, and their level of engagement and contribution during Board and Committee
meetings.
The Board expressed satisfaction with the evaluation outcomes. It was confident that the skills and experiences
of the current Directors align with the requirements outlined in the skills matrix. Additionally, it affirmed that the
Chairman possesses the leadership qualities necessary to safeguard the interests of stakeholders and ensure
the Group’s profitability. The Directors also demonstrated their commitment by dedicating the requisite time and
effort to fulfill their responsibilities to the Company and the Group throughout the year. The NRC concurred with
the re-appointment of existing members to the various Board Committees for the upcoming year.
5. Directors Training
All Directors have attended the Mandatory Accreditation Programme as required by the AMLR.
The Board members are also encouraged to attend training programmes which are relevant to the Group’s
operations and business. Listed below are the training programmes attended by Directors during the FYE 2023:
• Sanctions and Financial Crime Prevention

• KLSCCCI Business Summit 2022
• FIMM Annual Convention and Industry Education Series 2022
• ESG Frameworks: Understanding the Alphabet Soup
• Board’s Strategic Oversight and Stewardship: Trends, Challenges and Opportunities
• Contextualising Net Zero
• 2023 FIDE Core Programme
• Navigating Data into Decisions
• Global Economic Outlook 2023
• Gender Diversity, Equity & Inclusion at the Workplace: What Worked, what didn’t and everything in between
• The Generation Divide: Bridging Differences and Building Collaboration
• Understanding the Impact of Digital Transformation in the Financial Industry: What Board Members need to
know.
• Navigating ESG Data into Decisions
• Understanding Employment Law from an Accountant’s Perspective
• Chapter 10 Series: Computation of Percentage Ratios
Furthermore, Directors regularly receive briefings and updates regarding the Group’s businesses, operations, risk
management initiatives, AMLR and pertinent legal developments. The NRC maintains an ongoing commitment
to assess and identify the training requirements of its members aimed at equipping Directors with the knowledge
and skills necessary to effectively fulfill their roles and responsibilities as members of the Board.

ANNUAL REPORT 2023
III. REMUNERATION
46
The Company’s approach to determining the remuneration of Directors and Senior Management is driven by the
objective of offering equitable and competitive compensation. This strategy aims to attract and retain a high-caliber
team that benefits the Company. The remuneration packages for Executive Directors and Senior Management comprise
a fixed component (in the form of a base salary and, where applicable, fixed allowances determined by the Group’s
Human Resource policies) and variable components (which would normally comprise of annual bonus) together with
benefits-in-kind, if any to reward performance that supports the Group’s strategy and creates sustainable long-term
value for shareholders.
When assessing the structure and level of Directors’ fees for Non-Executive Directors, the NRC takes into account
the roles and responsibilities and time commitment of Directors. The NRC also benchmarks against industry peers’
practices, the demands and complexities associated with the Company’s operations, and its performance. Each Non-
Executive Director receives a fixed base fee, and a meeting allowance for attendance at Board, Board Committee,
and General Meetings. The fees and benefits for Directors are proposed by the NRC for the Board consideration for
tabling to the shareholders for approval at the AGM. Notably, Directors abstain from voting to approve their own fees
and benefits.
The Remuneration Policy is outlined in the Board Charter and is accessible for reference on the Group’s website at
www.southernscore.com.my.
Additionally, the NRC conducts an annual review of the remuneration packages for Senior Management. This
assessment considers factors such as Company and Group performance, individual performance against key
performance indicators, and the requisite qualifications, skills, and experience. Comparable market and industry data
is also taken into account.
The Directors’ remuneration paid/payable for the financial year/period ended 30 June 2023 of the Company and the
Group on an individual basis is set out below:
Group (Jan-June 23)

Meeting Salaries/ Benefits- Other
Fees Allowance Allowance Bonus in-kind Emoluments
RM RM RM RM RM RM
Non-Executive Directors
Dato Haji Mohd Amran Bin Wahid 36,000 - - - - -
Chai Tham Poh 36,000 - - - - -
Phe Kheng Peng 36,000 - - - - -
Too Siew Mooi 36,000 - - - - -
Cheah Hannon 6,000 - - - - -
Executive Directors
Tan Sri Datuk Seri Gan Yu Chai - - 156,000 - 11,975 22,299
Gan Yee Hin - - 168,000 - - 23,739
Datuk Sydney Lim Tau Chin - - 179,200 - - 25,083
ANNUAL REPORT 2023

III. REMUNERATION (CONT’D)
47
The Directors’ remuneration paid/payable for the financial year/period ended 30 June 2023 of the Company and the
Group on an individual basis is set out below (Cont’d):-
Group (Jan-Dec 22)

RM RM RM RM RM RM
Chai Tham Poh 10,400 - - - - -
Phe Kheng Peng 10,400 - - - - -
Too Siew Mooi 10,400 - - - - -
Cheah Hannon 10,400 - - - - -
Executive Directors
Tan Sri Datuk Seri Gan Yu Chai - - 275,000 60,000 - 38,202
Gan Yee Hin - - 275,000 60,000 - 38,202
Datuk Sydney Lim Tau Chin - - 275,000 60,000 - 38,202
Company (July 22-June 23)

RM RM RM RM RM RM
Chai Tham Poh 46,400 - - - - -
Phe Kheng Peng 46,400 - - - - -
Too Siew Mooi 46,400 - - - - -
Cheah Hannon 16,400 - - - - -
Executive Directors
Tan Sri Datuk Seri Gan Yu Chai - - - - - -
Gan Yee Hin - - - - - -
Datuk Sydney Lim Tau Chin - - - - - -
Directors abstained from voting on their own remunerations. Similarly, Executive Directors are not involved in deciding
on their own remuneration.

ANNUAL REPORT 2023
III. REMUNERATION (CONT’D)

48
The aggregate remuneration of the Senior Management (excluding Executive Directors) for the financial period ended
30 June 2023 is as follow:-
Group Salaries, wages, bonuses and

other emoluments Benefits-In-Kind Total
(RM) (RM) (RM)
Senior Management* 543,490 5,500 548,990
* Senior Management team comprises of the Ms Lee Chen Nee (Chief Finance Officer of Finance & Accounting); Mr Pang
Cheng Wei (Head of Legal & Corporate Communication); Puan Sri Datin Seri Elaine Lee Kuan Kiow (Director of Human
Resource & Administrative); & Ir. Ong Beng Hoe (Director of Development & Projects)
In accordance with the Remuneration Policy, the Board recognises the significance of offering competitive remuneration
packages to Senior Management based on their scope of responsibilities and performance. The Board emphasiszes
that this approach is in the best interests of the Company and its shareholders, as it helps motivate and retain talented
and dedicated Senior Management personnel, thereby promoting the Company’s growth prospects.
PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT
I. ARMC
1. Composition
The ARMC comprises solely the Non-Executive Directors. All ARMC members are financially literate and are able
to analyse and interpret financial statements in order to effectively discharge their duties and responsibilities as
members of the ARMC. The Chairman of the ARMC is not the Chairman of the Board ensuring that the impartiality
and objectivity of the Board’s review on the ARMC’s findings and recommendations remain intact.
The ARMC’s Terms of Reference (“TOR”) stipulate that any former partner of external audit firm must observe a
cooling-off period of at least three (3) years before being eligible for appointment as a member of the ARMC.
The NRC conducts an annual assessment of the composition of the ARMC and subsequently recommends
its composition to the Board for approval. This process ensures that all ARMC members meet the criteria of
independence, financial literacy, and a clear understanding of matters falling under the ARMC’s purview.
2. External Auditors
The ARMC conducts an annual assessment to evaluate the suitability, objectivity, and independence of the
external auditors. In this evaluation, the ARMC takes into consideration various factors, including the audit firm’s
experience and available resources. The ARMC has obtained written assurance from the External Auditors
confirming their independence throughout the course of the audit engagement, as per the terms of all relevant
professional and regulatory requirements, and was satisfied that the External Auditors have carried out their work
independently. The specific procedures for this assessment are outlined in the ARMC’s TOR, which is available
for reference on the Company’s website.
Moreover, the external auditors are granted direct access to the ARMC, enabling them to promptly bring forward
any concerns or issues that may arise. The ARMC meets with the external auditors at least once a year, in the
absence of Executive Directors and Management. During these meetings, discussions encompass a range of
topics, including audit findings, audit plans, and the Company’s financial statements.
ANNUAL REPORT 2023

PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT (CONT’D)
I. ARMC (CONT’D)
49
3. Financial Reporting
The Board is committed to providing a transparent, equitable, and thorough evaluation of the Group’s financial
position and future outlook, which extends to both the annual and quarterly financial statements. The Board
places great emphasis on ensuring that the annual and interim financial statements accurately represent the
current financial condition of the Group in accordance with the approved accounting standards in effect.
To assist the Board in fulfilling its responsibilities concerning financial reporting, the ARMC is assigned the
responsibility of reviewing both the quarterly results and the year-end financial statements of the Group. The
ARMC pays specific attention to the following areas during its review:
(a) changes in or implementation of major accounting policy changes;

(b) significant matters highlighted including financial reporting issues, significant judgments made by
Management, significant and unusual events or transactions and how these matters are being addressed;
(c) the going concern assumption; and
(d) compliance with accounting standards and other legal requirements.
A full ARMC report is set out on pages 51 to 53 of this Annual Report.
II. RISK MANAGEMENT AND INTERNAL CONTROL FRAMEWORK
The Board is responsible for reviewing and approving the Group’s overall risk philosophy and risk appetite, recognising
and understanding the major risks to which the Group is exposed and ensuring appropriate systems are in place to
effectively identify, control and manage those risks.
The Company has implemented an Enterprise Risk Management Framework and adheres to a Risk Management Policy,
both of which are designed to identify, assess, and manage substantial risks that could impact the Company’s business
objectives. The Board, through the ARMC, oversees and tracks the major risks highlighted by its outsourced Internal
Auditors, Sterling Business Alignment Consulting Sdn Bhd, to ensure proper management and mitigation of risks. The
Internal Auditors independently review the control environment and provide reports to the ARMC and Management.
These reports and associated recommendations are considered and acted upon to maintain or strengthen the internal
control environment. The Board maintains the viewpoint that the internal control and risk management systems within
the Group are robust and adequate. These systems serve to protect the Group’s assets, shareholders’ investments, as
well as the interests of customers, regulators, employees, and other stakeholders.
The Statement on Risk Management and Internal Control of the Group in pages 54 to 56 of this Annual Report provides
an overview of the risk management practices and internal controls implemented by the Group.
PRINCIPLE C: INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS
I. COMMUNICATION WITH STAKEHOLDERS
The Board places a high priority on ensuring that shareholders, regulators, the investment community, and the media
are promptly and accurately informed about all material business events.
The Group actively engages with institutional investors, private investors, and analysts throughout the year through
both scheduled and ad hoc interactions.
When the Company makes announcement on a major corporate exercise, it is typically accompanied by a press
release. Press conferences are typically held following General Meetings approving such major corporate exercise
which provides an opportunity for the management team to meet existing and/or potential investors in a dedicated
meeting.

ANNUAL REPORT 2023
PRINCIPLE C: INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS (CONT’D)
I. COMMUNICATION WITH STAKEHOLDERS (CONT’D)

50
The Group follows a practice of subjecting all material for public announcement, including annual and quarterly
financial statements, press releases, and presentations to investors, analysts, and the media, to internal review to
ensure accuracy and expressed in a clear and objective manner.
The Group’s corporate website includes an Investor Relations section that offers comprehensive information about
the Group, including announcements to Bursa Securities, share price information, and details about the corporate and
governance structure of the Group.
II. CONDUCT OF GENERAL MEETINGS
1. Shareholder Participation at AGM
The Board recognises the AGM as the primary platform for meaningful communication between shareholders
and the Management of the Group. In accordance with the AMLR, the notice of the AGM is required to be sent to
all shareholders at least 21 days prior to the meeting. However, the Code strongly recommends that the notice of
AGM be provided to shareholders at least 28 days before the meeting. In compliance with this recommendation,
SSBB issued the notice for its last year’s AGM on 10 November 2022, allowing 28 clear days before the meeting
held on 09 December 2022.
In the year 2022, the Company conducted its AGM on 09 December 2022 at Platinum Hall @ Platinum Suites,
D-50A-01, Level 50A, 1020, Jalan Sultan Ismail, Kampung Baru, 50250 Kuala Lumpur. Shareholders were actively
encouraged to raise questions, offer suggestions, or provide comments both before and during the AGM. All
questions raised by shareholders were addressed. All Directors attended the 19th AGM in person.
2. Voting
In compliance with the AMLR, the Company has implemented poll voting for all resolutions set out in the
Notice of AGM to be voted via electronic means as well as to expedite verification and counting of votes. The
Company has appointed an independent scrutineer to validate the votes cast at the AGM. The poll results
were also announced by the Company via Bursa LINK on the same day for the information of all shareholders.
The Minutes of the 19th AGM (including all the questions raised during the meeting) were published on the
Company’s corporate website no later than 30 business days after the AGM held on 09 December 2022.
Shareholders who are unable to attend the AGM are encouraged to vote on the proposed motions by
appointing a proxy.
3. Communication and Engagement of Shareholders and Prospective Investors
The Board recognises the need to inform the shareholders of all significant developments concerning the Group
on a timely basis and strict adherence the AMLR. Shareholders and potential investors are regularly updated
on the Group’s developments through official announcements, the Company’s Annual Reports, its website, and
circulars distributed to shareholders.
This statement together with the Corporate Governance Report was approved by the Board on 24 October 2023.
AUDIT AND RISK MANAGEMENT

COMMITTEE REPORT
ANNUAL REPORT 2023

1. Composition
The Audit and Risk Management Committee (“ARMC”) currently consists exclusively of Non-Executive Directors, two
51
(2) of whom are Independent Directors and one (1) is a Non-Independent Director. All ARMC members are financially
literate and have sufficient understanding of the Group’s business. All the members of the ARMC undertake continuous
professional development to keep abreast of relevant developments in accounting and auditing standards, practices
and rules. The ARMC members are:-
ARMC MEMBERS DESIGNATION

Phe Kheng Peng Chairperson
Too Siew Mooi Member
Chai Tham Poh Member
The Chairperson, Ms Phe Kheng Peng, is a Certified Public Accountant by the Institute of Chartered Accountants in
Australia, which is in compliance with Paragraph 15.09(1)(c) of the ACE Market Listing Requirements (“AMLR”) of Bursa
Malaysia Securities Berhad.
The ARMC in its Terms of Reference (“TOR”) requires a former partner of the external audit firm to observe a cooling-off
period of at least three (3) years before being appointed as a member of the ARMC. The Board via ARMC also observed
the requirement under 15.09(2) of the AMLR to ensure that no alternate director is appointed as a member of ARMC. A
copy of the TOR is available on the Company’s website at www.southernscore.com.my.
2. Attendance at Meetings
During the financial year ended 30 June 2023 (“FYE 2023”), the ARMC had seven (7) meetings and the attendance
record is as follows:-
NRC MEMBERS Designation Attendance

Phe Kheng Peng Chairperson 3/3*
Too Siew Mooi Member 3/3*
Chai Tham Poh Member 3/3*
Cheah Hannon Chairman 4/4^
Dato Haji Mohd Amran Bin Wahid Member 4/4^
Peter Ling Sie Wuong Member 4/4^

The Company Secretary acts as the Secretary of the ARMC. The ARMC Members were provided with the agenda and
relevant Committee papers before each Meeting. Minutes of each meeting were recorded and tabled for confirmation
at the next Meeting and subsequently presented to the Board for notation.
Audit and Risk Management Committee Report

ANNUAL REPORT 2023
3. Summary of Key Activities
The key activities undertaken by the ARMC in discharging its functions and duties during the FYE 2023 were as follows:-
52
(a) Financial Reporting and Annual Reporting
• Reviewed the unaudited quarterly financial results with Management to ensure that they are in compliance
with the Malaysian Financial Reporting Standards and AMLR before recommendation to the Board of
Directors (“Board”) for approval.
• Reviewed the audited financial statements for the FYE 2023 before recommendation to the Board of
Directors for approval.
(b) Internal Audit
• Reviewed and approved the internal audit plan for the FYE 2023.
• Reviewed and discussed the internal audit reports containing the audit findings and recommendations
made by the Internal Auditors and Management’s responses on those issues and whether or not appropriate
actions are taken on the recommendations.
• Reviewed and discussed the effectiveness of the Risk Management and Internal Control of the Group.
• Monitored progress of actions taken by Management to address any significant issues identified by the
Internal Auditors.
• Reviewed and assessed the adequacy of the scope, functions, competency and resources of the internal
audit functions.
• Met with the Internal Auditors in the absence of the Executive Board members and Management at least
once a year to discuss any significant issues which may have arisen in the course of their audit of the Group.
(c) External Audit
• Evaluated the performance of the external auditors, Grant Thornton Malaysia PLT (“External Auditors”)
(including assessment of their independence, objectivity and their services including non-audit services)
and recommended their re-appointment and audit fees to the Board.
• Procured from the External Auditors the required confirmation that they are and have been independent
throughout the conduct of the audit engagement in accordance with the terms of reference of all relevant
professional and regulatory requirements.
• Reviewed and approved the External Auditors’ audit plan together with their scope of work prior to the
commencement of audit.
• Reviewed and discussed any issues or findings raised by the External Auditors and Management’s response
to the same.
• Met with the External Auditors in the absence of the Executive Board members and Management at least
once a financial year to facilitate open and honest discussions in relation to financial reporting and auditing
process.
(d) Related Party Transactions
• Reviewed related party transactions entered into by the Group and conflict of interest, if any, on quarterly
basis.
(e) Others
• Reviewed the TOR of ARMC.

• Reviewed the audit and non-audit fees of the Group.
• Reviewed the Statement on Risk Management and Internal Control, ARMC Report and Corporate
Governance Overview Statement prior to recommendation for Board’s approval for inclusion into the
Annual Report.
Audit and Risk Management Committee Report
ANNUAL REPORT 2023

4. Internal Audit Function
The Company outsources its internal audit function to a professional service firm, namely Sterling Business Alignment
53
Consulting Sdn Bhd (“Internal Auditors”). The Internal Auditors report directly to the ARMC and the internal audit
function is independent of the activities or operations of other operating units in order to perform audit assignments
with impartiality, proficiency and due professional care. The main role of the Internal Auditors is to provide the Board,
through the ARMC, reasonable assurance of the effectiveness of the risk management, internal control and governance
processes in the Group.
The internal control review uses the Committee of Sponsoring Organisations of the Treadway Commission (COSO)
Internal Control-Integrated Framework as a basis for evaluating the effectiveness of SSBB’s internal control systems.
The components of the COSO framework encompass Control Environment, Risk Assessment, Control Activities,
Information & Communication and Monitoring Activities.
The internal audit activities were carried out based on a risk-based internal audit plan presented by the Internal Auditors
to the ARMC for approval. The establishment of the internal audit plan took into consideration the Group’s risk profile
and input from Management and the ARMC members.
The internal audit findings were presented in the ARMC meetings and appropriate recommendations were made on
any areas of concern within the Company and the Group for the ARMC’s deliberation. The following were the activities
undertaken by the Internal Auditors during the financial year under review:
(a) Tabled the internal audit plan for the FYE 2023 for the ARMC’s review and approval;
(b) Conducted internal auditing and review on the internal control environment of the Commercial & Contracts
functions as well as the management of subcontractors at Southern Score Sdn Bhd in accordance with the
approved internal audit plan; and
(c) Follow-up audit to ensure the corrective plans were implemented by the Group.
The total cost of internal audit services rendered by the Internal Auditors for the FYE 2023 was RM16,500.
STATEMENT ON RISK MANAGEMENT

AND INTERNAL CONTROL
ANNUAL REPORT 2023
INTRODUCTION
The Board is committed to maintain a sound system of internal control in the Group and is pleased to present the Statement
54
on Risk Management and Internal Control (“the Statement”) which outlines the nature and scope of risk management and
internal control of the Group during the FYE 2023. The Statement is in compliance with Rule 15.26(b) of the ACE Market Listing
Requirements of Bursa Malaysia Securities Berhad the Malaysian Code on Corporate Governance 2021 and has taken into
account the guidelines in the Statement on Risk Management and Internal Control (Guidelines for Directors of Listed Issuers).
Board’s Responsibility
The Board recognises the importance of maintaining a sound system of internal control and risk management. The Board
acknowledges its responsibilities to:-
1. Identify key risks and ensure implementation of appropriate control measures to manage the risks; and
2. Review the adequacy and integrity of the internal control system.
The Board through its Audit and Risk Management Committee (“ARMC”) has established an on-going process for identifying,
assessing and managing the risks faced by the Group and this process includes enhancing the risk management and internal
control system as and when there are changes to the business environment and regulatory requirements. The process is
reviewed by the Board and the ARMC on a periodic basis.
The system is designed to manage rather than eliminate the risk of failure to achieve the corporate objectives and to provide
reasonable but not absolute assurance against material misstatement or loss.
Risk Management
The Board confirms that there is a continuous process for identifying, assessing and managing the significant risks faced by
the Group, which has been in place for the financial year under review and up to the date of approval of the annual report and
financial statements.
Internal Control
The key elements of the Group’s internal control system are described below:-
• Limits of authority sets out clear segregation of duties based on the approved levels according to the role and function
for revenue and capital expenditure, to facilitate timely, effective, quality decision making and to keep potential
exposure under control. The limits are reviewed and updated regularly to reflect the current business environment,
operational and structural changes of the Group.
• Standard Operating Procedures (“SOP”) manual sets out the policies and procedures for day to day operations to be
carried out, periodic reviews are performed to ensure that the SOP remains current, relevant and aligned with evolving
business environment and operational needs.
• In compliance with Section 17A of the Malaysian Anti-Corruption Commission (“MACC”) Amendment Act 2018,
the Group has established the Anti-Bribery and Corruption (“ABC”) Policy to help prevent, detect and address
bribery and corruption, by establishing a culture of integrity, transparency and compliance. The ABC Policy and
its contents have been communicated to and signed off by the Board, all employees, vendors, suppliers and any
third parties that have business dealings with the Group. The ABC Policy is also made available on the Company’s
website at www.southernscore.com.my.
• The Group has implemented a Whistle Blowing Policy that provides an anonymous, secure and confidential
communication channel for any parties to raise genuine concerns without fear of reprisal to alert or disclose information
which he reasonably believes shows malpractice or any wrongdoings within the Group, in order to develop and maintain
high standard of corporate governance and business integrity. The Whistle Blowing Policy is made available on the
Company’s website at www.southernscore.com.my.
Statement on Risk Management and Internal Control
ANNUAL REPORT 2023

Internal Control (Cont’d)
• Safety, Health and Environment Policies and Procedures for construction sites are developed to assist in maintaining a
55
safe working environment for all site employees.
• Governance structure with clearly defined delegation of responsibilities to the ARMC and NRC by the Board.
• Internal audit review by an independent party to review and test the Group’s established framework of controls to
ascertain that they were operating effectively.
• The ARMC is responsible for assisting the Board in implementing the processes for identifying, evaluating, monitoring
and reporting risks throughout the period.
• The financial performance of the Group is provided to the ARMC and the Board on a quarterly basis.
.
Internal Audit Function
The Group’s internal audit function is outsourced to an independent professional firm who assesses the adequacy and
integrity of the internal control system and reports directly to the ARMC.
For the FY6/2023, independent assessment on the internal control of the Group was undertaken as below:-
Financial Reporting Quarter Reporting Month Name of Entity Audited Audited Area
3rd Quarter FY 6/2023 May 2023 Southern Score Sdn Bhd 1. Commercial and Contracts
(January 2023 – March 2023) 2. Management of sub-contractors
4th Quarter FY 6/2023 August 2023 Southern Score Sdn Bhd Follow up status review on previously
(April 2023 – June 2023) reported issues.
The results of the internal audit review and the recommendations for improvement were presented to the ARMC. Based on
the internal audit reviews conducted, none of the weaknesses noted have resulted in any material losses, contingencies or
uncertainties that would require separate disclosure in this annual report.
The cost of outsourcing the internal audit function for the FY6/2023 was RM16,500.
RISK MANAGEMENT FRAMEWORK
The Board recognises that an effective risk management framework will allow the Group to identify, evaluate and manage
risk that affect the achievement of the Group’s business objectives within defined risk parameters in a timely and effective
manner. The ARMC is delegated with the responsibility of managing identified risks within defined parameters and standards.
The risk management process can be briefly summarised as follows:-
• Identify Risk
• Determine Likelihood of Risk Occurring
• Determine impact of Risk
• Risk Reporting
• Ascertain control system implemented
• Residual Risk Reporting
• Monitoring
Statement on Risk Management and Internal Control

ANNUAL REPORT 2023
MANAGEMENT’S ASSURANCE
Notwithstanding the fact that the Group’s system of risk management and internal controls do not eliminate the possibility
56
of collusion or deliberate circumvention of procedures by employees or fraud or other unforeseen circumstances, the Board
has received assurances from the CEO cum Executive Director and the CFO that the Group’s risk management and internal
control system is operating adequately and effectively in all material aspects, based on the risk management model adopted
by the Group. The Management will continue to review and take measures to ensure the ongoing effectiveness and adequacy
of the system on risk management and internal controls.
REVIEW OF THE STATEMENT BY EXTERNAL AUDITORS
As required by Rule 15.23 of the ACE Market Listing Requirements of Bursa Malaysia Securities Berhad, the external auditors
have reviewed this Statement. Their review was performed in accordance with Audit and Assurance Practice Guide 3 (“AAPG
3”), Guidance for Auditors on Engagements to report on the Statement on Risk Management and Internal Control included
in the Annual Report, issued by the Malaysian Institute of Accountants. Based on their review, the external auditors have
reported to the Board that nothing has come to their attention that causes them to believe that this Statement intended
to be included in the annual report is not prepared, in all material respect, in accordance with the disclosures required by
paragraphs 41 and 42 of the statement on Risk Management and Internal Internal Control (Guidelines for Directors of Listed
Issuers) to be set out, nor is the SORMIC factually inaccurate.
CONCLUSION
The Directors believe that the system of the internal control is considered appropriate to the current business operations and
that the risk taken is at an acceptable level within the context of the business environment of the Group. It should be noted
that such arrangements do not eliminate the possibility of collusion or deliberate circumvention of procedures by employees.
Human error and/or other unforeseen circumstances can result in poor judgement. For the financial year under review,
there were no significant internal control deficiencies or material weaknesses resulting in material losses, contingencies or
uncertainties which would require separate disclosure in this Annual Report.
This Statement is made in accordance with the resolution of the Board of Directors dated 24 October 2023.
ADDITIONAL
COMPLIANCE INFORMATION
ANNUAL REPORT 2023

1. UTILISATION OF PROCEEDS RAISED FROM CORPORATE PROPOSAL
On 9 November 2022, the Company completed its regularisation plan which includes a private placement exercise
57
following the listing and quotation of 543,047,900 Placement Shares at an issue price of RM0.20 per share on even
date. As at 30 June 2023, the total proceeds generated from the private placement exercise of RM108.61 million have
been utilised as follows:-
Purpose Intended Timeframe Proposed Actual Balance

for Utilisation (from the Utilisation Utilisation Unutilised
Date of Listing of the RM’000 RM’000 RM’000
Placement Shares)
Injection of funds to TCS SS Precast Within 18 months 21,800 - 21,800
Construction Sdn Bhd
Purchase of building materials Within 18 months 25,000 (11,071) 13,929
Repayment of contractors Within 12 months 25,000 (8,497) 16,503
Acquiring/ rent of construction assets Within 18 months 18,000 (1,932) 16,068
Acquiring of office Within 18 months 5,000 - 5,000
Working capital Within 24 months 9,410 (5,510) 3,900
Estimated expenses in relation to the Within 1 month 4,400 (4,400) -
regularisation plan
Total proceeds 108,610 (31,410) 77,200
2. AUDIT AND NON-AUDIT FEES
The amount of audit fees and other fees paid or payable to the External Auditors, Grant Thornton Malaysia PLT and its
member firm by the Group and the Company for the financial period/year ended 30 June 2023 are as follows:
Group Company
01.01.23 01.07.22
to 30.06.23 to 30.06.23
(RM) (RM)
Audit fees 110,000 45,000
Non-audit fees 20,300 13,800
Total 130,300 58,800
3. MATERIAL CONTRACTS INVOLVING DIRECTORS, CHIEF EXECUTIVE AND MAJOR SHAREHOLDERS’ INTEREST
Except as disclosed under RRPT transactions, there were no other material contracts entered into by the Group
involving Directors’ and major shareholders’ interest which were still subsisting as at the end of the financial period or
which were entered into since the end of the previous financial year.
4. FAMILY RELATIONSHIP OF DIRECTORS AND /OR MAJOR SHAREHOLDERS
There is no family relationship among the Directors and / or major shareholders except that:
- Tan Sri Datuk Seri Gan Yu Chai is the father of Mr Gan Yee Hin.
5. CONFLICT OF INTEREST WITH THE COMPANY
None of the Directors and Key Senior Management have any conflict of interest/ potential conflict of interest with the
Group during the financial year, which is material pursuant to the ACE Market Listing Requirements and Companies
Act 2016.
Additional Compliance Information

ANNUAL REPORT 2023
6. RECURRENT RELATED PARTY TRANSACTIONS
At the Extraordinary General Meeting (“EGM”) held on 03 February 2023, the Company had obtained a shareholders’
58
mandate to allow the Company to enter into recurrent related party transactions of a revenue or trading nature (“RRPT”).
Pursuant to paragraph 10.09(2)(b) and paragraph 3.1.5 of Guidance Note 8 of the AMLR of Bursa Securities, details of the
RRPT entered into from the Completion Date* up to 30 June 2023 are as follows:
Transacting Transacting Interested Nature of Nature of *Aggregated

Related Party within Director(s)/ relationship with transaction Value Transacted
Party(ies) the Group Major transacting Related from the
Shareholder(s) of Party(ies) Completion Date
SSBB up to 30 June
2023 (RM'000)
Platinum Victory SSSB Tan Sri Datuk Seri Tan Sri Datuk Seri Provision of 15,775
Holdings Sdn Gan Yu Chai and Gan Yu Chai and construction
Bhd (“PVH”) and Gan Yee Hin Gan Yee Hin are management
its subsidiaries, major shareholders services by SSSB
associate and directors of to PVH Group
companies and PVH as well as
JV companies directors of several
(“PVH Group”) subsidiaries of PVH
Platinum Victory SSSB Tan Sri Datuk Seri Tan Sri Datuk Seri Provision of 39,425
Development Gan Yu Chai and Gan Yu Chai and construction
Sdn Bhd (“PVD”) Gan Yee Hin Gan Yee Hin are management
major shareholders services by SSSB
and directors of PVD to PVD
Radium SSBB & SSSB Tan Sri Datuk Seri Siblings of Tan Sri - Provision of 29,024
Development Gan Yu Chai Datuk Seri Gan construction
Berhad Yu Chai (i.e. Gan management
(“Radium”) and Kah Siong, Gan services by SSSB
its subsidiaries, Kok Peng and Gan to Radium Group
associate Tiong Kian) are
companies and major shareholders - Payment of 0.2
JV companies and directors of rental of space
(“Radium Group”) Radium as well as by SSBB to
directors of several Radium Group
subsidiaries of for meetings,
Radium events or storage
purposes
Platinum Victory SSBB Tan Sri Datuk Seri Tan Sri Datuk Seri Provision 11
Resorts Sdn Bhd Gan Yu Chai Gan Yu Chai is a of food and
(“PVR”) major shareholder beverage, hotel
and director of PVR accommodation
as well as event
organisation
related services
by PVR to SSBB
.
* Completion Date refers to 09 November 2022, being the date of completion of the Company’s Regularisation Plan.
For further information, please refer to the Circular to Shareholders dated 22 August 2022 in relation to the Proposed
Regularisation Plan and Circular to Shareholders dated 19 January 2023 in relation to the Proposed Shareholders’
Mandate.
DIRECTORS’ RESPONSIBILITY
STATEMENT
ANNUAL REPORT 2023

IN RESPECT OF THE PREPARATION OF ANNUAL AUDITED FINANCIAL STATEMENTS
The Board is responsible for ensuring that the financial statements give a true and fair view of the state of affairs of the
Company and the Group as at end of the financial year/period and of the results and cash flow of the Company and the Group
for the financial year/period then ended.
59
In the preparation of these financial statements, the Directors have taken the following measures:
• Adopted and applied the appropriate and relevant accounting policies consistently;
• Made judgments and estimates that are prudent and reasonable;
• Complied with the applicable approved financial reporting standards, i.e. Malaysian Financial Reporting Standards,
International Financial Reporting Standards, AMLR and the provisions of the Companies Act 2016; and
• Prepared the financial statements on a going concern basis.
The Board is satisfied that the financial statements for the Company and the Group, as of 30 June 2023, have been developed
using appropriate accounting policies, applied consistently and prudently. Additionally, the Board believes that these financial
statements adhere to all relevant approved financial reporting standards and have been prepared on the basis of a going
concern.
FINANCIAL
STATEMENTS
62
Directors’
67
Statement
Report by Directors
67
Statutory
68
Independent
Declaration Auditors’ Report
72
Statements of
73
Statements of Profit
Financial Position or Loss and Other
Comprehensive Income
74
Statements of
75
Statements of
Changes in Equity Cash Flow
77
Notes to the
Financial
Statements
DIRECTORS’
REPORT
ANNUAL REPORT 2023
The Directors have pleasure in submitting their report together with the audited financial statements of the Group and of the
Company for the financial period/year ended 30 June 2023.
62
PRINCIPAL ACTIVITIES
The Company was principally engaged in investment holding, research and development in information technology.
The principal activities of the subsidiary are indicated in Note 5 to the financial statements.
There have been no significant changes in the nature of these principal activities of the Company and its subsidiary during
the financial period/year.
RESULTS
Group Company
1.1.2023 1.7.2022
to to
30.6.2023 30.6.2023
RM RM
Profit for the financial period/year attributable to:-
Owners of the Company 25,311,419 24,092,483
DIVIDENDS
The amount of dividends paid and declared since the end of the previous financial year was as follows:-
RM
In respect of the financial period/year ended 30 June 2023
First interim dividend of RM0.01 per share declared on 20 February 2023 and paid on 18 April 2023 22,725,896
The Directors do not propose any final dividend for the current financial period/year.
RESERVES AND PROVISIONS
There were no material transfers to or from reserves and provisions during the financial period/year other than those
disclosed in the financial statements.
DIRECTORS
The name of the Directors of the Company and its subsidiary in office during the financial period/year and during the period
commencing from the end of the financial period/year to the date of this report are as follows:-
Company:-
Dato’ Haji Mohd Amran Bin Wahid (Non-Independent Non-Executive Chairman)
Chai Tham Poh (Non-Independent Non-Executive Director)
Tan Sri Datuk Seri Gan Yu Chai* (Managing Director, Non-Independent) (Appointed on 9 November 2022)
Gan Yee Hin* (Chief Executive Officer/Executive Director, Non-Independent) (Appointed on 9 November 2022)
Datuk Sydney Lim Tau Chin* (Executive Director, Non-Independent) (Appointed on 9 November 2022)
Phe Kheng Peng (Independent Non-Executive Director) (Appointed on 9 November 2022)
Too Siew Mooi (Independent Non-Executive Director) (Appointed on 9 November 2022)
Peter Ling Sie Wuong (Independent Non-Executive Director) (Resigned on 9 November 2022)
Cheah Hannon (Independent Non-Executive Director) (Resigned on 31 January 2023)
* Director of the Company and its subsidiary

Directors’ Report
ANNUAL REPORT 2023

SHARES AND DEBENTURES
During the financial year, the Company:-
63
(a) completed the consolidation of every 10 existing ordinary shares in the Company into 1 ordinary share resulting in the
reduction in the number of shares from 288,750,000 ordinary shares to 28,875,000 ordinary shares.
(b) issued 1,680,000,000 units of new ordinary shares at an issue price of RM0.15 per ordinary share, in total RM252,000,000
pursuant to acquisition of a subsidiary.
(c) issued 543,047,900 units of new ordinary shares at an issue price of RM0.20 per ordinary share, for total cash consideration
of RM108,609,580 via private placement exercise.
(d) issued 20,666,667 units of new ordinary shares at an issue price of RM0.15 per ordinary share, in total RM3,100,000 for
debt settlement on amount due to a Director, Mr. Chai Tham Poh.
The new ordinary shares issued during the financial year rank pari passu in all respects with the existing ordinary shares of
the Company.
There was no issuance of debentures during the financial year.
DIRECTORS’ INTERESTS
According to the Register of Directors’ Shareholdings required to be kept under Section 59 of the Companies Act 2016 in
Malaysia, the interests and deemed interests in the ordinary shares of the Company and its related corporations of those who
were Directors as at financial year end (including the interests of the spouses or children of the Directors who themselves are
not Directors of the Company) are as follows:-
Number of ordinary shares

Balance Balance
as of Share as of
1.7.2022 consolidation Bought Sold 30.6.2023
Interest in the Company
Direct interest
Gan Yee Hin - - 276,227,000 - 276,227,000
Chai Tham Poh 23,688,000 (21,319,200) 20,666,667 (9,625,000) 13,410,467
Dato’ Haji Mohd Amran Bin Wahid 7,400,000 (6,660,000) - - 740,000
Deemed interest
Tan Sri Datuk Seri Gan Yu Chai^# - - 1,956,227,000 (467,727,000) 1,488,500,000
Gan Yee Hin^ - - 1,680,000,000 (467,727,000) 1,212,273,000
Chai Tham Poh^^ 6,300,000 (5,670,000) - - 630,000
Interest in ultimate holding company

Super Advantage Property Sdn. Bhd.
Direct interest
Tan Sri Datuk Seri Gan Yu Chai 800 - - - 800
Gan Yee Hin 200 - - - 200
Deemed interest
Tan Sri Datuk Seri Gan Yu Chai# 200 - - - 200
Gan Yee Hin## 800 - - - 800
Directors’ Report
ANNUAL REPORT 2023
DIRECTORS’ INTERESTS (CONT’D)
^ Deemed interest by virtue of shareholding in Super Advantage Property Sdn. Bhd.

64
^^ Deemed interest by virtue of shares held by spouse and son.

# Deemed interest by virtue of shares held by son.
## Deemed interest by virtue of shares held by father.
By virtue of Tan Sri Datuk Seri Gan Yu Chai’s and Gan Yee Hin’s substantial interest in the ordinary shares of the Company, they
also deemed to have interest in the shares of the subsidiary during the financial year to the extent that the Company has an
interest under Section 8 of the Companies Act 2016 in Malaysia.
Other than the above, no other Director at the end of the financial year held any interest in shares of the Company or its related
corporations.
DIRECTORS’ EMOLUMENTS AND BENEFITS
During the financial period/year, the emoluments received and receivable by the Directors of the Company are as follows:-
Group Company
1.1.2023 1.7.2022
to to
30.6.2023 30.6.2023
RM RM
Directors’ fee 150,000 202,000
Salaries, wages and other emoluments 503,200 -
Defined contribution plan 69,384 -
Social security contribution 1,738 -
724,322 202,000
The estimated monetary value of Director’s benefit-in-kind for the Group is RM11,975.
During and at the end of the financial period, no arrangement subsisted to which the Company is a party, with the object or
objects enabling Directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures of, the
Company or any other body corporate.
Since the end of the previous financial year, no Director has received or become entitled to receive any benefit (except as
disclosed in Notes 23, 27 and 28 to the financial statements) by reason of a contract made by the Company or a related
corporation with the Director or with a firm of which the Director is a member, or with a Company in which the Director has a
substantial financial interest.
OTHER STATUTORY INFORMATION
Before the financial statements of the Group and of the Company were made out, the Directors took reasonable steps:-
(a) To ascertain that action had been taken in relation to the writing off of bad debts and the making of provision for
doubtful debts and satisfied themselves that there were no bad debts to be written off and no provision for doubtful
debts was required; and
(b) To ensure that any current assets which were unlikely to be realised in the ordinary course of business including their
values as shown in the accounting records of the Group and of the Company have been written down to an amount
which they might be expected so to realise.
Directors’ Report
ANNUAL REPORT 2023

OTHER STATUTORY INFORMATION (CONT’D)
At the date of this report, the Directors are not aware of any circumstances:-
65
(a) Which would render it necessary to write off any bad debts or to make any provision for doubtful debts in the financial
statements of the Group and of the Company; or
(b) Which would render the values attributed to current assets in the financial statements of the Group and of the Company
misleading; or
(c) Which have arisen which would render adherence to the existing method of valuation of assets or liabilities of the
Group and of the Company misleading or inappropriate; or
(d) Not otherwise dealt with in this report or the financial statements which would render any amount stated in the financial
statements of the Group and of the Company misleading.
At the date of this report, there does not exist:-
(a) Any charge on the assets of the Group and of the Company which has arisen since the end of the financial period/year
which secures the liability of any other person; or
(b) Any contingent liability of the Group and of the Company which has arisen since the end of the financial period/year.
In the opinion of the Directors:-
(a) No contingent liability or other liability has become enforceable or is likely to become enforceable within the period
of twelve months after the end of the financial period/year which will or may affect the ability of the Group and of the
Company to meet its obligations as and when they fall due;
(b) The results of operations of the Group and of the Company during the financial period/year were not substantially
affected by any item, transaction or event of a material and unusual nature; and
(c) There has not arisen in the interval between the end of the financial period/year and the date of this report any item,
transaction or event of a material and unusual nature likely to affect substantially the results of the operations of the
Group and of the Company for the current financial period/year in which this report is made.
INDEMNITY AND INSURANCE FOR DIRECTORS AND OFFICERS
There was no indemnity coverage and insurance premium paid for the Directors and Officers of the Group and of the Company
during the financial period/year.
HOLDING COMPANY
The Company is a subsidiary of Super Advantage Property Sdn. Bhd., a private limited liability company incorporated and
domiciled in Malaysia.
SIGNIFICANT EVENT DURING THE FINANCIAL YEAR
The significant event during the financial year is disclosed in Note 33 to the financial statements.
Directors’ Report
ANNUAL REPORT 2023
AUDITORS
The Auditors, Grant Thornton Malaysia PLT have expressed their willingness to continue in office.
66
The amount of audit and other fees paid or payable to the external auditors and its member firm by the Group and by the
Company for the financial period/year ended 30 June 2023 amounted to RM130,300 and RM58,800 respectively. Further
details are disclosed in Note 23 to the financial statements.
The Group and the Company have agreed to indemnify the Auditors, Grant Thornton Malaysia PLT to the extent permissible
under the provision of the Companies Act 2016 in Malaysia. However, no payment has been made arising from this indemnity
for the financial period/year.
Signed on behalf of the Directors in accordance with a resolution of the Board of Directors dated 24 October 2023.
.................................................……………..…….….…............ .................................................……………..…….….…............
TAN SRI DATUK SERI GAN YU CHAI GAN YEE HIN
Director Director
STATEMENT BY
DIRECTORS
ANNUAL REPORT 2023

In the opinion of the Directors, the financial statements set out on pages 72 to 117 are drawn up in accordance with Malaysian
Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act 2016
in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company as at 30 June 2023, and
67
of their financial performance and their cash flows for the financial period/year then ended.
Signed on behalf of the Directors in accordance with a resolution of the Board of Directors dated 24 October 2023.
.................................................……………..…….….…............ .................................................……………..…….….…............
TAN SRI DATUK SERI GAN YU CHAI GAN YEE HIN
STATUTORY
DECLARATION
I, Lee Chen Nee, being the Officer primarily responsible for the financial management of Southern Score Builders Berhad, do
solemnly and sincerely declare that to the best of my knowledge and belief, the financial statements set out on pages 72 to
117 are correct and I make this solemn declaration conscientiously believing the same to be true and by virtue of the Statutory
Declarations Act, 1960.
Subscribed and solemnly declared by )

the abovenamed at Kuala Lumpur in )
the Federal Territory this day of )
24 October 2023 ) ....................................................................................
LEE CHEN NEE
Before me: (MIA NO: CA 27702)
Commissioner for Oaths

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF SOUTHERN SCORE BUILDERS BERHAD
ANNUAL REPORT 2023
(INCORPORATED IN MALAYSIA)
REGISTRATION NO: 200301019817 (622237 - D)
Report on the Audit of the Financial Statements
Opinion
68
We have audited the financial statements of Southern Score Builders Berhad, which comprise the statements of financial
position as at 30 June 2023 of the Group and of the Company, and the statements of profit or loss and other comprehensive
income, statements of changes in equity and statements of cash flows of the Group and of the Company for the financial
period/year then ended, and notes to the financial statements, including a summary of significant accounting policies, as set
out on pages 72 to 117.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group and of
the Company as at 30 June 2023, and of their financial performance and their cash flows for the financial period/year then
ended in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the
requirements of the Companies Act 2016 in Malaysia.
Basis for Opinion
We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on
Auditing. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the
Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.
Independence and Other Ethical Responsibilities
We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics, Conduct and
Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”), and
we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the Group and of the Company for current financial period/year. These matters were addressed in the context
of our audit of the financial statements of the Group and of the Company as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.
Allowance for Expected Credit Losses of Trade Receivables
The Risk
Refer to Note 8 to the financial statements. We focused on this area because the Group has material amount of trade
receivables. The key associated risk was the recoverability of billed trade receivables as management judgement is required
in determining the completeness of the allowance for expected credit losses of trade receivables and in assessing its
adequacy through considering the expected recoverability of the period-end trade receivables.
Our Response
We have obtained an understanding of the Group’s controls relating to credit control and approval process, how the
Group identifies and assesses the allowance for expected credit losses of trade receivables and how the Group makes the
accounting estimates for the allowance. We have also reviewed the ageing analysis of the trade receivables and tested the
reliability thereof and assessed the recoverability of the overdue trade receivables through examination of cash receipts
subsequent to the period end.
Independent Auditors’ Report

To the members f Southern Score Builders Berhad
ANNUAL REPORT 2023

(Incorporated in Malaysia)
Registration No: 200301019817 (622237 - D)
Key Audit Matters (Cont’d)
Revenue Recognition for Construction Contracts
69
The Risk
There are significant accounting judgements involved including determining the stage of completion, the timing of revenue
recognition and the calculation under the percentage of completion method made by management in applying the Group’s
revenue recognition policies to construction contracts entered into by the Group. The nature of these judgements resulted in
them being susceptible to management bias.
Contract revenue should include the amount agreed in the initial contract, plus revenue from alterations in the original
contract work, plus claims and incentive payments that are expected to be collected and that can be measured reliably.
Refer to Note 20 to the financial statements, total revenue from construction contracts was RM97,933,052 which represents
100% of the Group’s revenue in this financial period.
Our Response
We performed a range of audit procedures which included obtaining samples of contracts or letter of awards, reviewing for
change orders or variation orders, reviewing estimated profit and costs to complete and enquiring of key personnel regarding
adjustments for job costing and potential contract losses.
We assessed whether the revenue and cost recognition policies are appropriate in accordance with MFRS 15 Revenue from
Contracts with Customers.
There is no key audit matter to be communicated in respect of the audit of the financial statements of the Company.
Information Other than the Financial Statements and Auditors’ Report Thereon
The Directors of the Company are responsible for the other information. The other information comprises the information
included in the annual report, but does not include the financial statements of the Group and of the Company and our
auditors’ report thereon.
Our opinion on the financial statements of the Group and of the Company does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the financial statements
of the Group and of the Company or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditors’ report,
we conclude that there is a material misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Responsibilities of the Directors for the Financial Statements
The Directors of the Company are responsible for the preparation of financial statements of the Group and of the Company
that give a true and fair view in accordance with Malaysian Financial Reporting Standards, International Financial Reporting
Standards and the requirements of the Companies Act 2016 in Malaysia. The Directors are also responsible for such internal
control as the Directors determine is necessary to enable the preparation of financial statements of the Group and of the
Company that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements of the Group and of the Company, the Directors are responsible for assessing the Group’s
and of the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Directors intend either to liquidate the Group or the Company or to
cease operations, or have no realistic alternative but to do so.

ANNUAL REPORT 2023
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the Company
70
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with approved standards on auditing in Malaysia and International Standards on Auditing will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing,
we exercise professional judgement and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements of the Group and of the Company,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and of the
Company’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Directors.
- Conclude on the appropriateness of Directors’ use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Group’s or the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors’ report to the related disclosures in the financial statements of the Group
and of the Company or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group or
the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements of the Group and of the Company,
including the disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within
the Group to express an opinion on the financial statements of the Group. We are responsible for the direction, supervision
and performance of the group audit. We remain solely responsible for our audit opinion.
We communicated with the Directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identified during our audit.
We also provided the Directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on
our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Directors, we determine those matters that were of most significance in the audit
of the financial statements of the Group and of the Company for the current financial period/year and are therefore the key
audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.

ANNUAL REPORT 2023

Other Matters
1. This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the Companies
71
Act 2016 in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of
this report.
2. The financial statements of the Group and of the Company as at 30 June 2022 were audited by another firm of Chartered
Accountants whose Auditors’ report dated 7 October 2022 contained a disclaimer of opinion and material uncertainty
related to going concern paragraph.
.................................................……………..…….….…............ .................................................……………..…….….…............
GRANT THORNTON MALAYSIA PLT LUI LEE PING
(201906003682 & LLP0022494-LCA) (NO: 03334/11/2023(J))
CHARTERED ACCOUNTANTS (AF 0737) CHARTERED ACCOUNTANT
Kuala Lumpur
24 October 2023
STATEMENTS OF
FINANCIAL POSITION
ANNUAL REPORT 2023
AS AT 30 JUNE 2023
Group Company
Note 30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
72
ASSETS
Non-current assets
Property, plant and equipment 4 1,895,186 809,194 4,682 -
Investment in a subsidiary 5 - - 252,000,000 -
Investment in an associate 6 252,601 254,441 - -
Cash and bank balances, deposits and
short-term placements 7 7,718,132 - 7,718,132 -
Total non-current assets 9,865,919 1,063,635 259,722,814 -
Current assets
Trade receivables 8 88,447,434 86,564,694 - -
Contract assets 9 25,571,872 23,506,959 - -
Other receivables 10 1,787,070 421,941 95,837 -
Amount due from a subsidiary 11 - - 27,537,962 -
short-term placements 7 71,821,270 108,223,318 71,438,563 6,530
Total current assets 187,627,646 218,716,912 99,072,362 6,530
TOTAL ASSETS 197,493,565 219,780,547 358,795,176 6,530
EQUITY AND LIABILITIES

Equity
Equity attributable to owners of the Company
Share capital 12 117,041,712 117,041,712 373,502,415 9,792,835
Capital reserve 13 - - 622,480 622,480
Retained earnings/(Accumulated losses) 31,941,798 29,356,275 (15,484,293) (16,850,880)
Total equity 148,983,510 146,397,987 358,640,602 (6,435,565)
Liabilities
Non-current liabilities
Lease liabilities 14 266,230 91,164 - -
Deferred tax liabilities 15 159,000 83,000 - -
Total non-current liabilities 425,230 174,164 - -
Current liabilities
Trade payables 16 35,216,613 66,012,187 - -
Other payables 17 1,504,196 2,718,124 90,093 1,048,708
Amount due to a Director 18 - 1,543,428 - 5,393,387
Lease liabilities 14 151,218 35,183 - -
Borrowing 19 4,995,142 - - -
Tax payable 6,217,656 2,899,474 64,481 -
Total current liabilities 48,084,825 73,208,396 154,574 6,442,095
Total liabilities 48,510,055 73,382,560 154,574 6,442,095
TOTAL EQUITY AND LIABILITIES 197,493,565 219,780,547 358,795,176 6,530
The accompanying notes form an integral part of the financial statements. The combined financial statements of Southern Score
Builders Berhad and its subsidiary as at 31 December 2022 are presented as the comparative following the reverse acquisition
of the Company as explained in Note 2.1 to the financial statements.
STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME
ANNUAL REPORT 2023

FOR THE FINANCIAL PERIOD/YEAR ENDED 30 JUNE 2023
Group Company
1.1.2023 1.1.2022 1.7.2022 1.7.2021
to to to to
73
Note 30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Revenue 20 97,933,052 234,859,360 24,500,000 -
Cost of sales (64,177,909) (185,907,605) - -
Gross profit 33,755,143 48,951,755 24,500,000 -
Other income 3,075,261 700,728 3,772,153 518,730
Administrative expenses (4,477,720) (6,990,889) (4,716,694) (1,210,695)
Other expenses - (14,628,942) (2,975) (1)
Finance income 21 398,759 243,851 660,730 -
Finance costs 22 (163,626) (5,910) - -
Share of net loss of an associate (1,840) (3,542) - -
Profit/(Loss) before tax 23 32,585,977 28,267,051 24,213,214 (691,966)
Tax expense 24 (7,274,558) (10,310,075) (120,731) -
Profit/(Loss) for the financial period/year/

Total comprehensive income/(loss) for the
financial period/year 25,311,419 17,956,976 24,092,483 (691,966)
Earnings per share attributable to owners

of the Company (sen):- 25
Basic 1.11 1.02
Diluted 1.11 1.02
STATEMENTS OF
CHANGES IN EQUITY
ANNUAL REPORT 2023
Share Retained Total

Note capital earnings equity
RM RM RM
74
Group
At 1 January 2022 1,000,000 21,399,299 22,399,299
Transactions with owners:-

Deemed cost purchase consideration 4,332,132 - 4,332,132
Issuance of placement shares pursuant
to the regularisation plan 108,609,580 - 108,609,580
Issuance of settlement shares pursuant
to the regularisation plan 3,100,000 - 3,100,000
Dividend paid 26 - (10,000,000) (10,000,000)
Total transactions with owners 116,041,712 (10,000,000) 106,041,712
Total comprehensive income for the
financial year - 17,956,976 17,956,976
At 31 December 2022 117,041,712 29,356,275 146,397,987
Transaction with owners:-

Dividend paid 26 - (22,725,896) (22,725,896)
financial period - 25,311,419 25,311,419
At 30 June 2023 117,041,712 31,941,798 148,983,510
Share Capital Accumulated Total

Note capital reserve losses equity
RM RM RM RM
Company
At 1 July 2021 9,792,835 622,480 (16,158,914) (5,743,599)
Total comprehensive loss for the financial year - - (691,966) (691,966)
At 30 June 2022 9,792,835 622,480 (16,850,880) (6,435,565)
Transactions with owners:-

Issuance of shares pursuant to
acquisition of a subsidiary 252,000,000 - - 252,000,000
Issuance of placement shares pursuant
to the regularisation plan 108,609,580 - - 108,609,580
Issuance of settlement shares pursuant
to the regularisation plan 3,100,000 - - 3,100,000
Dividend paid 26 - - (22,725,896) (22,725,896)
Total transactions with owners 363,709,580 - (22,725,896) 340,983,684
financial year - - 24,092,483 24,092,483
At 30 June 2023 373,502,415 622,480 (15,484,293) 358,640,602
STATEMENTS OF
CASH FLOWS
ANNUAL REPORT 2023

Group Company
1.1.2023 1.1.2022 1.7.2022 1.7.2021
to to to to
75
Note 30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
OPERATING ACTIVITIES
Profit/(Loss) before tax 32,585,977 28,267,051 24,213,214 (691,966)
Adjustments for:-
Depreciation of property, plant and equipment 174,230 167,722 618 -
Dividend income - - (24,500,000) -
Interest expense 163,626 5,910 - -
Interest income (398,759) (243,851) (660,730) -
Share of net loss of an associate 1,840 3,542 - -
Waiver of debts received (1,794,479) (360,850) (2,155,329) -
Cost of listing arising from reverse acquisition 5.3 - 14,625,967 - -
Write back of corporate guarantee expenses - - - (518,730)
Loss on a subsidiary struck-off - - - 1
Operating profit/(loss) before working
capital changes 30,732,435 42,465,491 (3,102,227) (1,210,695)
Changes in working capital:-

Receivables (3,158,032) (11,120,721) (6,000) -
Contract assets (2,064,913) (2,454,900) - -
Payables (32,009,502) (10,096,204) (597,765) (1,412,804)
Cash (used in)/generated from operations (6,500,012) 18,793,666 (3,705,992) (2,623,499)
Interest paid (155,060) - - -

Interest received 190,577 223,818 247,650 -
Dividend received - - 24,500,000 -
Tax paid (3,880,376) (11,533,967) (56,250) -
Net cash (used in)/from operating activities (10,344,871) 7,483,517 20,985,408 (2,623,499)
INVESTING ACTIVITIES
Interest received 92,469 20,033 116,995 -
Net cash inflow from acquisition of a subsidiary 5.3 - 6,530 - -
Purchase of property, plant and equipment A (905,222) (153,038) (5,300) -
Advancement to a subsidiary - - (27,357,590) -
Net cash used in investing activities (812,753) (126,475) (27,245,895) -
FINANCING ACTIVITIES
Dividend paid (22,725,896) (10,000,000) (22,725,896) -
Repayment of lease liabilities (63,899) (33,690) - -
Interest paid (8,566) (5,910) - -
Interest received 25,876 - 25,876 -
Placement of deposits pledged to licensed banks (7,718,132) - (7,718,132) -
Advancement from/(Repayment to) a Director 251,051 (1,863,353) (498,908) 2,623,499
Proceeds from issuance of private placement
shares - 108,609,580 108,609,580 -
Net cash (used in)/from financing activities (30,239,566) 96,706,627 77,692,520 2,623,499
Statements of Cash Flows

For the Financial Period/Year Ended 30 June 2023
ANNUAL REPORT 2023
Group Company
1.1.2023 1.1.2022 1.7.2022 1.7.2021
to to to to
76
Note 30.6.2023 31.12.2022 30.6.2023 30.6.2022

RM RM RM RM
CASH AND CASH EQUIVALENTS

Net changes (41,397,190) 104,063,669 71,432,033 -
Brought forward 108,223,318 4,159,649 6,530 6,530
Carried forward B 66,826,128 108,223,318 71,438,563 6,530
NOTES TO THE STATEMENTS OF CASH FLOWS
A. PURCHASE OF PROPERTY, PLANT AND EQUIPMENT
Group Company
1.1.2023 1.1.2022 1.7.2022 1.7.2021
to to to to
30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Total additions 1,260,222 153,038 5,300 -
Purchase through lease arrangements (355,000) - - -
Cash payment 905,222 153,038 5,300 -
B. CASH AND CASH EQUIVALENTS
Cash and cash equivalents included in the statements of cash flows comprise of the following amounts:-
Group Company
30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Deposits with licensed banks 7,718,132 - 7,718,132 -
Cash and bank balances 699,953 27,882,549 317,246 6,530
Short-term placements 71,121,317 80,340,769 71,121,317 -
Bank overdraft (4,995,142) - - -
74,544,260 108,223,318 79,156,695 6,530
Less: Deposits pledged (7,718,132) - (7,718,132) -
66,826,128 108,223,318 71,438,563 6,530
NOTES TO THE
FINANCIAL STATEMENTS
ANNUAL REPORT 2023

– 30 JUNE 2023
1. GENERAL INFORMATION
The Company is a public limited liability company, incorporated and domiciled in Malaysia and listed on the ACE
77
Market of Bursa Malaysia Securities Berhad. The registered office of the Company is located at Unit 621, 6th Floor,
Block A, Kelana Centre Point, No. 3, Jalan SS7/19, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan, Malaysia.
The principal place of business of the Company is located at Unit No. 21-3, PV7, Jalan Melati Utama 2, Taman Melati
Utama, 53100 Setapak, Kuala Lumpur.
The Company was principally engaged in investment holding, research and development in information technology.
The principal activities of the subsidiary are indicated in Note 5 to the financial statements.
There have been no significant changes in the nature of these principal activities of the Company and its subsidiary
during the financial period/year.
The Company is a subsidiary of Super Advantage Property Sdn. Bhd., a private limited liability company incorporated
and domiciled in Malaysia.
The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the
Directors on 24 October 2023.
2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
2.1 Reverse Acquisition
On 9 July 2021, the Company had entered into a conditional sales of shares agreement with Super Advantage
Property Sdn. Bhd. (“SAP”) for the acquisition by the Company of 1,000,000 ordinary shares in Southern Score
Sdn. Bhd. (“SSSB”), representing the entire equity interest of SSSB held by SAP, for a purchase consideration
of RM252,000,000 (“Purchase Consideration”). The Purchase Consideration will be satisfied via the issuance of
1,680,000,000 consideration shares at issue price of RM0.15 per consideration share. Upon completion of the
acquisition of SSSB on 9 November 2022, the Company became legal holding company of SSSB.
The former shareholders of SSSB became the majority shareholders of the Company, controlling about 73.92%
of the issued and paid-up share capital of the Company. Further, the Company’s continuing operations and key
executive management are those of SSSB. Accordingly, the substance of the business combination is that SSSB
acquired the Company in a reverse acquisition.
MFRS 3 Business Combinations requires that the consolidated financial statements of the combined entity are
issued under the name of the legal holding company, though they are a continuation of the financial statements
of the legal subsidiary. In order to comply with MFRS 3, the followings have been reflected in the consolidated
financial statements:
(a) the assets and liabilities of the Company and SSSB have been recognised at their book values immediately
prior to the reverse acquisition;
(b) the pre-acquisition retained earnings recognised in the consolidated financial statements are those of
SSSB;
(c) the amount recognised as issued equity instruments in the consolidated financial statements is the sum
of:
(i) the issued and paid-up share capital of SSSB immediately before the reverse acquisition; and
(ii) the cost of achieving the combination.
Notes to the Financial Statements

- 30 June 2023
ANNUAL REPORT 2023
2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS (CONT’D)
2.1 Reverse Acquisition (cont’d)

78
MFRS 3 Business Combinations requires that the consolidated financial statements of the combined entity are
issued under the name of the legal holding company, though they are a continuation of the financial statements
of the legal subsidiary. In order to comply with MFRS 3, the followings have been reflected in the consolidated
financial statements (cont’d):
(d) the equity structure appearing these consolidated financial statements (ie. the number and type of equity
instruments issued) reflects the equity structure of the Company; and
(e) the comparative information presented in these consolidated financial statements is that of:
(i) the statements of profit or loss and other comprehensive income, statements of changes in equity
and statements of cash flow relate to the period from 1 January 2022 to 31 December 2022 of SSSB
and accounting for the results of the Company from the completion date to 31 December 2022; and
(ii) the statements of financial position of the enlarged Group as at 31 December 2022.
2.2 Statement of Compliance
The financial statements of the Group and the Company have been prepared in accordance with Malaysian
Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards (“IFRSs”) and the
requirements of the Companies Act 2016 in Malaysia.
2.3 Basis of Measurement
The financial statements of the Group and the Company are prepared under the historical cost convention,
unless otherwise indicated in the summary of significant accounting policies.
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. The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset
or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The
principal or the most advantageous market must be accessible to by the Group and the Company.
The fair value of an asset or a liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial market takes into account a market participant’s ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that
would use the asset in its highest and best use.
The Group and the Company use valuation techniques that are appropriate in the circumstances and for
which sufficient data are available to measure fair value, recognised the use of relevant observable inputs and
recognised the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are recognised
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to their fair
value measurement as a whole:-
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 - Valuation techniques for which the lowest level input that is significant to their fair value measurement
is directly or indirectly observable.
Level 3 - Valuation techniques for which the lowest level input that is significant to their fair value measurement
is unobservable.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group and
the Company determine whether transfers have occurred between levels in the hierarchy by re-assessing
categorisation (based on the lowest level input that is significant to their fair value measurement as a whole) at
the end of each reporting period.
The Group and the Company have established control framework in respect of measurement of fair values of
financial instruments.

- 30 June 2023
ANNUAL REPORT 2023

2.4 Functional and Presentation Currency
79
These financial statements are presented in Ringgit Malaysia (“RM”), which is the Company’s functional currency
and all values are rounded to the nearest RM except otherwise stated.
2.5 MFRSs
2.5.1 Adoption of New Standards/Amendments/Improvements to MFRSs
The Group and the Company have consistently applied the accounting policies set out in Note 3 to all periods
presented in these financial statements.
At the beginning of the current financial period/year, the Group and the Company adopted new standards/
amendments/improvements to MFRSs which are mandatory for the financial periods beginning on or after 1
January 2023.
Initial application of the new standards/amendments/improvements to the standards did not have material
impact to the financial statements.
2.5.2 Standards Issued but Not yet Effective
The new and amended standards and interpretations that are issued, but not yet effective, up to the date
of issuance of the Group’s and the Company’s financial statements are disclosed below. The Group and the
Company intend to adopt these new and amended standards and interpretations, if applicable, when they
become effective in the respective financial period.
Amendments to MFRSs effective from annual periods beginning on or after 1 January 2024:-
Amendments to MFRS 16* Leases: Leases Liability in a Sales and Leaseback
Amendments to MFRS 101* Presentation of Financial Statements: Non-current Liabilities with
Covenants
Amendments to MFRS 101 Presentation of Financial Statements: Classification of Liabilities as
Current or Non-current
Amendments to MFRS 107* and MFRS 7* Statement of Cash Flows: Supplier Finance Arrangements
Amendments to MFRSs effective from annual periods beginning on or after 1 January 2025:-
Amendments to MFRS 121* The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability
Amendments to MFRSs effective for a date yet to be confirmed:-

Amendments to MFRS 10 and MFRS 128 Consolidated Financial Statements and Investments in Associate
and Joint Ventures: Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture
* Not applicable to the Group’s and Company’s operations.
The initial application of the above standards, amendments and interpretations are not expected to have any
financial impact to the financial statements of the Group and the Company upon its first adoption.

- 30 June 2023
ANNUAL REPORT 2023
2.6 Significant Accounting Estimates and Judgements

80
Estimates, assumptions concerning the future and judgements are made in the preparation of the financial
statements. They affect the application of the Group’s and the Company’s accounting policies and reported
amounts of assets, liabilities, income and expenses, and disclosures made. Estimates and underlying assumptions
are assessed on an on-going basis and are based on experience and relevant factors, including expectations of
future events that are believed to be reasonable under the circumstances. The actual results may differ from the
judgements, estimates and assumptions made by management, and will seldom equal the estimated results.
2.6.1 Key Sources of Estimation Uncertainty
Information about significant estimates and assumptions that have the most significant effect on recognition and
measurement of assets, liabilities, income and expenses are discussed below.
Useful Lives of Depreciable Assets
The management estimates the useful lives of the property, plant and equipment and to be within 4 to 10 years
and reviews the useful lives of depreciable assets at each reporting date. The management assesses that the
useful lives represent the expected utility of the assets to the Group and the Company. Actual results, however,
may vary due to change in the expected level of usage and technological developments, which may result in an
adjustment to the Group’s and the Company’s assets.
Construction Contracts
The Group recognises contract revenue based on stage of completion method. The stage of completion is
measured by reference to the contract costs incurred up to reporting date as a percentage of total estimated
cost for each contract. Significant judgement is required in determining the stage of completion, the extent
of the contract costs incurred, the estimated total contract costs, the profitability of the contracts, including
the foreseeable losses, potential claims (variation orders) to owners of the projects and counter claims from
subcontractor and liquidated ascertained damages (“LAD”) based on expected completion dates of the contracts.
In making this judgement, the Directors took into consideration the current circumstances and replied on input
from the Group’s project managers, external consultants, where appropriate and past experience. In addition, in
determining the provision for LAD to be recorded, the Directors also assessed the ability of the Group to recover
from the subcontractors, the potential LAD imposed on the Group by the project owners for delays in projects
caused directly by the subcontractor.
Provision for Expected Credit Losses (“ECLs”) of Trade Receivables and Contract Assets
The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision
rates are based on days past due for groupings of various customer segments that have similar loss patterns (i.e.,
by geography, product type, customer type and rating).
The provision matrix is initially based on the Group’s historical observed default rates. The Group will calibrate the
matrix to adjust the historical credit loss experience with forward-looking information. At every reporting date,
the historical observed default rates are updated and changes in the forward-looking estimates are analysed.
The assessment of the correlation between historical observed default rates, forecast economic conditions and
ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast
economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also
not be representative of customer’s actual default in the future.

- 30 June 2023
ANNUAL REPORT 2023

2.6 Significant Accounting Estimates and Judgements (cont’d)
81
2.6.1 Key Sources of Estimation Uncertainty (cont’d)
Impairment of Non-financial Assets
An impairment loss is recognised for the amount by which the asset’s or cash-generating unit’s (“CGU”) carrying
amount exceeds its recoverable amount. To determine the recoverable amount, management estimates
expected future cash flows from each CGU and determines a suitable interest rate in order to calculate the
present value of those cash flows. In the process of measuring expected future cash flows, management make
assumptions about future operating results. The actual results may vary, and may cause significant adjustments
to the Group’s and the Company’s assets within the next financial year.
In most cases, determining the applicable discount rate involves estimating the appropriate adjustment to
market risk and the appropriate adjustment to asset-specific risk factors.
Income Taxes/Deferred Tax Liabilities
Significant judgement is involved in determining the Group’s and the Company’s provision for income taxes.
There are certain transactions and computations for which the ultimate tax determination is uncertain during the
ordinary course of business.
The Group and the Company recognised tax liabilities based on estimates of whether additional taxes will be
due. Where the final tax outcome of these matters is different from the amounts that were initially recognised,
such difference will impact the income tax and deferred tax provisions in the period in which such determination
is made.
2.6.2 Significant Management Judgement
There are no significant areas of management judgement in applying the accounting policies that have any
significant effect on the amount recognised in the financial statements.
3. SIGNIFICANT ACCOUNTING POLICIES
The Group and the Company apply the significant accounting policies, as summarised below, consistently throughout
all periods presented in the financial statements, unless otherwise stated.
3.1 Consolidation
3.1.1 Subsidiary
Subsidiary is entity, including structured entity, controlled by the Group or the Company. Control exists when the
Group or the Company is exposed, 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. Potential voting rights are considered when
assessing control only when such rights are substantive. Besides, the Group or the Company considers it has de
facto power over an investee when, despite not having the majority of voting rights, it has the current ability to
direct the activities of the investee that significantly affect the investee’s return.
Investment in a subsidiary is stated at cost less any impairment losses in the Company’s statement of financial
position, unless the investment is held for sale or distribution. The cost of investments includes transaction costs.
Where an indication of impairment exists, the carrying amount of the subsidiary is assessed and written down
immediately to their recoverable amount.
Upon the disposal of investment in a subsidiary, the difference between the net disposal proceeds and its
carrying amount is recognised in profit or loss.

- 30 June 2023
ANNUAL REPORT 2023
3. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
3.1 Consolidation (cont’d)

82
3.1.2 Basis of Consolidation
The Group’s financial statements consolidate the audited financial statements of the Company and its subsidiary,
which have been prepared in accordance with the Group’s accounting policies. Amounts reported in the financial
statements of subsidiary have been adjusted where necessary to ensure consistency with the accounting
policies adopted by the Group. The financial statements of the Company and its subsidiary are all drawn up to
the same reporting date.
All intra-group balances, income and expenses resulting from intra-group transactions are eliminated in full.
Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longer
consolidated from the date that control ceases.
Changes in the Company’s ownership interest in a subsidiary that do not result in a loss of control are accounted
for as equity transactions. In such circumstances, the carrying amounts of the controlling and non-controlling
interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between
the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or
received is recognised directly in equity and attributed to the owners of the parent.
3.1.3 Reverse Acquisition upon Consolidation
Consolidated financial statements prepared following a reverse acquisition are issued under the name of the
legal parent (accounting acquiree) but described in the notes as a continuation of the financial statements of
the legal subsidiary (accounting acquirer), with one adjustment, which is to adjust retroactively the accounting
acquirer’s legal capital to reflect the legal capital of the accounting acquiree. That adjustment is required to
reflect the capital of the legal parent (the accounting acquiree). Comparative information presented in those
consolidated financial statements also is retroactively adjusted to reflect the legal capital of the legal parent
(accounting acquiree).
Because the consolidated financial statements represent the continuation of the financial statements of the legal
subsidiary except for its capital structure, the consolidated financial statements reflect:
(a) The assets and liabilities of the legal subsidiary (the accounting acquirer) recognised and measured at
their pre-combination carrying amounts.
(b) The assets and liabilities of the legal parent (the accounting acquiree) recognised and measured in
accordance with the applicable accounting standard.
(c) The retained earnings and other equity balances of the legal subsidiary (accounting acquirer) before the
business combination.
(d) The amount recognised as issued equity interests in the consolidated financial statements determined by
adding the issued equity interest of the legal subsidiary (the accounting acquirer) outstanding immediately
before the business combination to the fair value of the legal parent (accounting acquiree) determined
in accordance with the applicable accounting standard. However, the equity structure (i.e. the number
and type of equity interests issued) reflects the equity structure of the legal parent, including the equity
interests of the legal parent issued to effect the combination. Accordingly, the equity structure of the legal
subsidiary is restated using the exchange ratio established in the acquisition agreement to reflect the
number of shares of the legal parent issued in the reverse acquisition.

- 30 June 2023
ANNUAL REPORT 2023

3.1 Consolidation (cont’d)
83
3.1.4 Loss of Control
Upon the loss of control of a subsidiary, the Group derecognises the assets and liabilities of the subsidiary, any
non-controlling interests and the other components of the equity related to the subsidiary. Any surplus or deficit
arising on the loss of control is recognised in profit or loss.
If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date
that control is lost. Subsequently it is accounted for as an equity accounted investee or as an available-for-sale
financial asset depending on the level of influence retained.
3.1.5 Eliminations on Consolidation
All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group
transactions are eliminated on consolidation.
3.1.6 Investment in an Associate
Associate is entity in which the Group has significant influence, but no control, over its financial and operating
policies.
The Group’s investment in an associate is accounted for using the equity method. Under the equity method,
investment in an associate is carried in the statements of financial position at cost plus post-acquisition changes
in the Group’s share of net assets of the associate since the acquisition date. Goodwill relating to the associate is
included in the carrying amount of the investment and is neither amortised nor individually tested for impairment.
The share of the results of an associate is reflected in profit or loss. Any change in other comprehensive income
of those investees is presented as part of the Group’s other comprehensive income. In addition, where there
has been a change recognised directly in the equity of an associate, the Group recognises its share of any
changes and discloses this, when applicable, in the statements of changes in equity. Unrealised gains and losses
resulting from transactions between the Group and the associate is eliminated to the extent of the interest in the
associate.
When the Group’s share of losses exceeds its interest in an associate, the carrying amount of that interest
including any long-term investment is reduced to zero, and the recognition of further losses is discontinued
except to the extent that the Group has an obligation or has made payments on behalf of the associate.
The financial statements of the associate are prepared as of the same reporting period as the Group. Where
necessary, adjustments are made to bring the accounting policies of the associate in line with those of the Group.
After application of the equity method, the Group determines whether it is necessary to recognise an additional
impairment loss on the Group’s investment in its associate. The Group determines at each end of the reporting
period whether there is any objective evidence that the investment in the associate is impaired. If there is such
evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of
the associate and its carrying value, then recognises the amount in the “share of profit of investments accounted
for using the equity method” in profit or loss.
Upon loss of significant influence over the associate, the Group measures and recognises any retained investment
at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence
and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss.

- 30 June 2023
ANNUAL REPORT 2023
3.2 Property, Plant and Equipment

84
Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses.
Subsequent cost is included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future benefits associated with the item will flow to the Group and the Company and
the cost can be measured reliably. The carrying amount of the part of the asset being replaced is derecognised.
All other repair and maintenance costs are charged to profit or loss in the period in which they incurred.
Depreciation of property, plant and equipment is computed on the straight-line method based on the estimated
useful lives of the various assets. The annual rates of depreciation based on the estimated useful lives of the
various classes of depreciable assets are as follows:-
Plant and machinery 20% - 25%

Air conditioner 10%
Computer hardware and software 20%
Furniture and fittings 10%
Office equipment 10%
Renovation 10%
Motor vehicles 20%
Where major parts of an item of property, plant and equipment have different useful lives, the cost of the item is
allocated on a reasonable basis between the parts and each part is depreciated separately.
At each reporting date, the residual values and useful lives of the property, plant and equipment are reviewed,
and the effects of any changes are recognised prospectively as a change in accounting estimate.
Gain or loss arising from the disposal of an asset is determined as the difference between the net disposal
proceeds and the carrying amount of the asset, and is recognised in profit or loss in the financial period in which
the asset is derecognised.
Leased assets (including motor vehicles under lease arrangement) that fulfill the conditions to be recognised as
right-of-use assets are presented as right-of-use assets in property, plant and equipment. Refer to accounting
policy Note 3.3 to the financial statements on recognition and initial and subsequent measurements of leased
assets.
3.3 Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Group as a Lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term leases
and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use
assets representing the right to use the underlying assets.

- 30 June 2023
ANNUAL REPORT 2023

3.3 Leases (cont’d)
85
Group as a Lessee (cont’d)
Right-of-use Assets
The Group recognises right-of-use assets at the commencement date of the leases (i.e., the date the underlying
assets are available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and
impairment losses, and adjusted for any remeasurement of lease liabilities. The costs of right-of-use assets
include the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or
before the commencement date less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated
useful lives of the asset, as follows:-
Motor vehicles 20%
If the ownership of the leased assets transfer to the Group at the end of the leases term or the costs reflect the
exercise of a purchase option, depreciation is calculated using the estimated useful life of the assets.
Lease Liabilities
At the commencement date of the leases, the Group recognises lease liabilities measured at the present value
of lease payments to be made over the lease term. The lease payments include fixed payments (including in-
substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an
index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also
include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments
of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate.
Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are
incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the
lease commencement date because the interest rate implicit in the lease is not readily determinable. After
the commencement date, the amount of lease liabilities are increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying amount of lease liabilities are remeasured if
there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future
payments resulting from a change in an index or rate used to determine such lease payments) or a change in
the assessment of an option to purchase the underlying assets.
Short-term Leases and Leases of Low-value Assets
The Group and the Company apply the short-term lease recognition exemption to its short-term leases (i.e., those
leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase
option). It also applies the lease of low-value assets recognition exemption to leases that are considered to be
low-value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on
a straight-line basis over the lease term.

- 30 June 2023
ANNUAL REPORT 2023
3.4 Financial Instruments

86
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.
3.4.1 Financial Assets
Initial Recognition and Measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value
through other comprehensive income (“OCI”), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow
characteristics and the Group’s and the Company’s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group and the Company
have applied the practical expedient, the Group and the Company initially measure a financial asset at its fair value
plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables
that do not contain a significant financing component or for which the Group has applied the practical expedient
are measured at the transaction price.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs
to give rise to cash flows that are ‘solely payments of principal and interest (“SPPI”)’ on the principal amount
outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial
assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective
of the business model.
The Group’s and Company’s business model for managing financial assets refers to how it manages its financial
assets in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured
at amortised cost are held within a business model with the objective to hold financial assets in order to collect
contractual cash flows while financial assets classified and measured at fair value through OCI are held within a
business model with objective of both holding to collect contractual cash flows and selling.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation
or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the
Group and the Company commit to purchase or sell the asset.
Subsequent Measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
(a) Financial assets at amortised cost (debt instruments);

(b) Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments);
(c) Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses
upon derecognition (equity instruments); or
(d) Financial assets at fair value through profit or loss.
The Group and the Company only have financial assets measured at amortised cost and FVTPL on their
statements of financial position.

- 30 June 2023
ANNUAL REPORT 2023

3.4 Financial Instruments (cont’d)
87
3.4.1 Financial Assets (cont’d)
Subsequent Measurement (cont’d)
Financial Assets at Amortised Cost
Financial assets at amortised cost are subsequently measured using the effective interest (“EIR”) method and are
subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified
or impaired. The Group’s and Company’s financial assets at amortised cost includes trade and most of the other
receivables, amount due from a subsidiary and cash and bank balances.
Financial Assets at FVTPL
Financial assets that are held within a different business model other than ‘hold to collect’ or ‘hold to collect and
sell’ are categorised at FVTPL. Further, irrespective of business model financial assets whose contractual cash
flows are not solely payments of principal and interest are accounted for at FVTPL.
The category also contains an equity investment. The fair value was determined in line with the requirements of
MFRS 9, which does not allow for measurement at cost.
Asset in this category is measured at fair value with gains or losses recognised in profit or loss. The fair values of
financial assets in this category are determined by reference to active market transactions or using a valuation
technique where no active market exists. The Group’s and the Company’s financial assets at FVTPL include
short-term placements.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised when:
(a) The rights to receive cash flows from the asset have expired; or
(b) The Group and the Company have transferred its rights to receive cash flows from the asset or has
assumed an obligation to pay the received cash flows in full without material delay to a third party under
a ‘pass-through’ arrangement; and either (a) the Group and the Company have transferred substantially all
the risks and rewards of the asset, or (b) the Group and the Company have neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Group and the Company have transferred its rights to receive cash flows from an asset or has entered
into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of
ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset,
nor transferred control of the asset, the Group and the Company continue to recognise the transferred asset to
the extent of its continuing involvement. In that case, the Group and the Company also recognise an associated
liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and
obligations that the Group and the Company have retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower
of the original carrying amount of the asset and the maximum amount of consideration that the Group and the
Company could be required to repay.

- 30 June 2023
ANNUAL REPORT 2023

88
3.4.1 Financial Assets (cont’d)
Impairment
The Group and the Company recognise an allowance for ECLs for all debt instruments not held at fair value
through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance
with the contract and all the cash flows that the Group and the Company expect to receive, discounted at an
approximation of the original effective interest rate. The expected cash flows will include cash flows from the
sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in
credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are
possible within the next 12-months (a 12-month ECLs). For those credit exposures for which there has been a
significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected
over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECLs).
Impairment for Trade Receivables and Contract Assets
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore,
the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs
at each reporting date. The Group has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
To measure ECLs, trade receivables and contract assets are grouped into categories. The categories are
differentiated by the different business risks and are subject to different credit assessments. Contract assets
relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables
for the same types of contracts. The Group considers the expected credit loss rates for trade receivables as a
reasonable approximation of the loss rates for contract assets with similar risk characteristics.
Impairment for Financial Assets other than Trade Receivables and Contract Assets
The Group and the Company consider the probability of default upon initial recognition of the asset and whether
there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To
assess whether there is a significant increase in credit risk, the Group and the Company compare the risk of a
default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition.
The assessment considers available, reasonable and supportable forward-looking information.
Credit Impaired
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
The Group and the Company consider a receivable as credit impaired when one or more events that have a
detrimental impact on the estimated cash flows have occurred. These instances include adverse changes in
the financial capability of the debtor and default or significant delay in payments. However, in certain cases, the
Group and the Company may also consider a financial asset to be in default when internal or external information
indicates that the Group and the Company are unlikely to receive the outstanding contractual amounts in full
before taking into account any credit enhancements held by the Group and the Company.

- 30 June 2023
ANNUAL REPORT 2023

89
3.4.2 Financial Liabilities
Initial Recognition and Measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss,
loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as
appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables,
net of directly attributable transaction costs.
Subsequent Measurement
For purposes of subsequent measurement, financial liabilities are classified in two categories:
(a) Financial liabilities at fair value through profit or loss; or

(b) Financial liabilities at amortised cost.
The Group and the Company only have financial liabilities at amortised cost on their statements of financial
position.
Financial Liabilities at Amortised Cost
After initial recognition, interest-bearing borrowings are subsequently measured at amortised cost using the EIR
method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through
the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs
in the profit or loss.
The Group’s and Company’s financial liabilities include trade and other payables, amount due to a Director and
borrowing which are measured at amortised cost.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as
the derecognition of the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the profit or loss.
3.4.3 Offsetting of Financial Instruments
Financial assets and financial liabilities are offset and the net amount reported in the statements of financial
position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is
an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

- 30 June 2023
ANNUAL REPORT 2023

90
3.4.4 Financial Guarantee Contracts
A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the
holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the
original or modified terms of a debt instrument. Financial guarantee contracts are recognised in the statements
of financial position, initially as a liability at fair value, net of transaction costs.
Financial guarantee contracts are subsequently measured at the higher of:-
(a) The amount determined in accordance with the ECL model under MFRS 9 Financial Instruments; and
(b) The amount initially recognised, less, when appropriate, the cumulative amount of income recognised in
accordance with the principles of MFRS 15 Revenue from Contracts with Customers.
3.5 Impairment of Non-financial Assets
The Group and the Company assess at each reporting date whether there is an indication that an asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group and the
Company estimate the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or
CGU’s fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset
does not generate cash inflows that are largely independent of those from other assets or groups of assets.
Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired
and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments of the
time value of money and the risks specific to the asset.
In determining fair value less costs to sell, recent market transactions are taken into account, if available. If no
such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated
by valuation multiples, quoted share prices for publicly traded subsidiary or other available fair value indicators.
The Group and the Company base their impairment calculation on detailed budgets and forecast calculations
which are prepared separately for each of the Group’s and the Company’s CGUs to which the individual assets
are allocated. These budgets and forecast calculations are generally covering a period of five years. For longer
periods, a long-term growth rate is calculated and applied to project future cash flows after the third year.
Impairment losses are recognised in the profit or loss in those expense categories consistent with the function
of the impaired asset, except for a property previously revalued where the revaluation was taken to other
comprehensive income. In this case, the impairment is also recognised in other comprehensive income up to
the amount of any previous revaluation.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication
that previously recognised impairment losses may no longer exist or may have decreased. If such indication
exists, the Group and the Company estimate the asset’s or CGU’s recoverable amount. A previously recognised
impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s
recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying
amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have
been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such
reversal is recognised in the profit or loss unless the asset is carried at a revalued amount, in which case the
reversal is treated as a revaluation increase.

- 30 June 2023
ANNUAL REPORT 2023

3.6 Cash and Cash Equivalents
91
Cash and cash equivalents comprise cash in hand, bank balances, deposits with licensed bank, short-term
placements and bank overdraft which are readily available to known amount of cash and which are subject to an
insignificant risk of changes in value.
Bank overdraft is shown in current liabilities in the statements of financial position.
For the purpose of the statements of cash flows, cash and cash equivalents are presented net of pledged
deposits and bank overdraft.
3.7 Contract Assets and Contract Liabilities
A contract asset is the right to consideration in exchange for goods or services transferred to the customer.
If the Group and the Company perform by transferring goods or services to a customer before the customer
pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is
conditional.
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received
consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before
the Group transfers goods or services to the customer, a contract liability is recognised when the payment is
made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group
performs under the contract.
Refer to accounting policy Note 3.4.1 to the financial statements on impairment on contract assets.
3.8 Revenue Recognition
Revenue arises mainly from the construction contracts. To determine whether to recognise revenue, the Group
and the Company follow a 5-step process:
1. Identifying the contract with a customer;

2. Identifying the performance obligations;
3. Determining the transaction price;
4. Allocating the transaction price to the performance obligations; and
5. Recognising revenue when/as performance obligation(s) are satisfied.
Transaction price for a contract is allocated amongst the various performance obligations based on their relative
stand-alone selling prices. The transaction price for a contract excludes any amounts collected on behalf of third
parties.
The control of the promised goods or services may be transferred over time or at a point in time. Revenue for
performance obligation that is not satisfied over time is recognised at the point in time at which the customer
obtains control of the promised goods or services. The control over the goods or services is transferred over time
and revenue is recognised over time if:
• The customer simultaneously receives and consumes the benefits provided by the Group’s and the
Company’s performance as the Group and the Company perform;
• The Group’s and the Company’s performance create or enhance an asset that the customer controls as the
asset is created or enhanced; or
• The Group’s and the Company’s performance do not create an asset with an alternative use and the Group
and the Company have an enforceable right to payment for performance completed to date.

- 30 June 2023
ANNUAL REPORT 2023
3.8 Revenue Recognition (cont’d)

92
3.8.1 Revenue from Construction Contracts
The revenue from construction contracts is measured at the fixed transaction price agreed under the respective
agreements with the project owners, net of expected LAD payment, based on the expected value method.
Revenue from construction contract is recognised as and when the control of the asset is transferred to the
customer and it is probable that the Group will collect the consideration to which it will be entitled in exchange
for the asset that will be transferred to the customer. Control of the asset is transferred over time if the Group’s
performance does not create an asset with an alternative use to the Group. The Group has an enforceable right
to payment for performance completed to-date. The Group recognises revenue over the period of the contract
by reference to the progress towards complete satisfaction of that performance obligation.
The Group recognises revenue over time using the input method, which is based on the contract costs incurred
up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred
in the financial period in connection with future activity on a contract are excluded from the contract costs in
determining the stage of completion. Such costs are presented as contract assets. Refer to accounting policy
Note 3.7 to the financial statements on contract assets and contract liabilities.
3.8.2 Dividend Income
Dividend is recognised when the Company’s right to receive payment is established, which is generally when
shareholders approve the dividend.
3.8.3 Interest Income
Interest income is recognised in the profit or loss on time proportion basis taking into account the principal
outstanding and the effective rate over the period to maturity, when it is determined that such income will accrue
to the Group and the Company.
3.9 Tax Expense
Tax expense comprises current tax and deferred tax. Current tax and deferred tax are recognised in profit or loss
except to the extent that it relates to items recognised directly in equity or other comprehensive income.
3.9.1 Current Tax
Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax
rates enacted or substantively enacted by the end of the reporting period, and any adjustment to tax payable in
respect of previous years.
Current tax is recognised in the statements of financial position as a liability (or an asset) to the extent that it is
unpaid (or refundable).
3.9.2 Deferred Tax
Deferred tax is recognised using the liability method, providing for temporary differences between the carrying
amounts of assets and liabilities in the statements of financial position and their tax bases. Deferred tax is not
recognised for the temporary differences arising from the initial recognition of goodwill, the initial recognition of
assets and liabilities in a transaction that is not a business combination and that affects neither accounting nor
taxable profit or loss. Deferred tax is measured at the tax rates that are expected to be applied to the temporary
differences when they reverse, based on the laws that have been enacted or substantively enacted by the end
of the reporting date.
The amount of deferred tax recognised is measured based on the expected manner of realisation or settlement
of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the
reporting date.

- 30 June 2023
ANNUAL REPORT 2023

3.9 Tax Expense (cont’d)
93
3.9.2 Deferred Tax (cont’d)
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities
and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on
different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets
and liabilities will be realised simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available
against which the temporary difference can be utilised. Deferred tax assets are reviewed at the end of each
reporting period and are reduced to the extent that it is no longer probable that the related tax benefit will be
realised.
3.10 Employee Benefits Expense
Short-term Employee Benefits
Wages, salaries, bonuses and social security contributions are recognised as expenses in the financial period in
which associated services are rendered by employees of the Group and the Company. Short-term accumulating
compensated absences such as paid annual leave are recognised when services are rendered by employees
which increase their entitlement to future compensated absences, and short term non-accumulating
compensated absences such as sick leave are recognised when the absences occurred.
Defined Contribution Plan
The Group and the Company are required by law to make monthly contributions to the Employees Provident
Fund, a statutory defined contribution plan for all their eligible employees, based on certain prescribed rates of
the employees’ salaries. Once the contributions have been paid, the Group and the Company have no further
payment obligations. The contributions are recognised as expenses as and when incurred.
3.11 Equity, Reserves and Distribution to Owners
An equity instrument is any contract that evidences a residual interest in the assets of the Company after
deducting all of its liabilities. Ordinary shares are equity instruments.
Retained earnings/(Accumulated losses) include all current and prior financial years’ retained profits/
(accumulated losses).
Interim dividends are simultaneously proposed and declared, because the articles of association of the Company
grant the Directors the authority to declare interim dividends.
Consequently, interim dividends are recognised directly as a liability when they are proposed and declared.
Final dividends proposed by the Directors are not accounted for in shareholders’ equity as an appropriation
of retained earnings, until they have been approved by the shareholders in a general meeting. When these
dividends have been approved by the shareholders and declared, they are recognised as a liability.
The distribution of non-cash assets to owners is recognised as a dividend payable when the dividend was
approved by shareholders. The dividend payable is measured at the fair value of the shares to be distributed.
At the end of the financial period, the Company reviews the carrying amount of the dividend payable, with
any changes in the fair value of the dividend payable are recognised in equity. When the Company settles the
dividend payable, the difference between the carrying amount of the dividend distributed and the carrying
amount of the dividend payable is recognised as a separate line item in profit or loss.
All transactions with owners of the Company are recorded separately within equity.

- 30 June 2023
ANNUAL REPORT 2023
3.12 Provisions
94
Provisions are recognised when the Group and the Company have a present obligation (legal or constructive) as
a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required
to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group
and the Company expect some or all of a provision to be reimbursed, for example, under an insurance contract,
the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The
expense relating to a provision is presented in the statements of profit or loss net of any reimbursement.
If the effect of the time of money is material, provisions are discounted using a current pre tax rate that reflects,
where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due
to the passage of time is recognised as a finance cost.
3.13 Borrowing Costs
Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying
asset are recognised in profit or loss using the effective interest method.
3.14 Contingencies
3.14.1 Contingent Liabilities
Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated
reliably, the obligation is not recognised in the statements of financial position and is disclosed as a contingent
liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence
will only be confirmed by the occurrence or non-occurrence of one or more future events, are also disclosed as
contingent liabilities unless the probability of outflow of economic benefits is remote.
3.14.2 Contingent Assets
When an inflow of economic benefit of an asset is probable where it arises from past events and where existence
will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly
within the control of the entity, the asset is not recognised in the statements of financial position but is being
disclosed as a contingent asset. When the inflow of economic benefit is virtually certain, then the related asset
is recognised.
3.15 Related Parties
A related party is a person or entity that is related to the Group. A related party transaction is a transfer of resources,
services or obligations between the Group and its related party, regardless of whether a price is charged.
(a) A person or a close member of that person’s family is related to the Group if that person:-
(i) Has control or joint control over the Group;

(ii) Has significant influence over the Group; or
(iii) Is a member of the key management personnel of the Group.
(b) An entity is related to the Group if any of the following conditions applies:-
(i) The entity and the Group are members of the same group.
(ii) The entity is an associate or joint venture of the Group.
(iii) Both the Group and the entity are joint ventures of the same third party.
(iv) The Group is a joint venture of a third entity and the other entity is an associate of the same third
entity.
(v) The entity is a post-employment benefit plan for the benefits of employees of either the Group or an
entity related to the Group.
(vi) The entity is controlled or jointly-controlled by a person identified in (a) above.
(vii) A person identified in (a)(i) above has significant influence over the entity or is a member of the key
management personnel of the Group.
(viii) The entity, or any member of a group of which it is a part, provides key management personnel
services to the Group.

- 30 June 2023
ANNUAL REPORT 2023

3.16 Earnings per Ordinary Share
95
The Group presents basic and diluted earnings per share (“EPS”) data for its ordinary shares.
Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company based
on the weighted average number of ordinary shares outstanding during the financial period.
Diluted EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company over
the weighted average number of shares outstanding, for the effects of all dilutive potential ordinary shares during
the financial period.
3.17 Operating Segments
An operating segment is a component of the Group that engages in business activities from which it may earn
revenues and incur expenses, including revenue and expenses that relate to transactions with any of the Group’s
other components. All operating segments’ operating results are reviewed regularly by the chief operating
decision maker to make decisions about resources to be allocated to the segment and to assess its performance,
and for which discrete financial information is available.
4. PROPERTY, PLANT AND EQUIPMENT
Owned assets Right-of-use

assets
Computer
Air hardware Furniture Office
Plant and condi- and and equip- Reno- Motor Motor
Group machinery tioner software fittings ment vation vehicles vehicles Total
RM RM RM RM RM RM RM RM RM
Cost
At 1 January 2022 - 62,574 159,602 137,962 79,013 271,051 188,000 200,064 1,098,266
Addition - 3,310 129,913 13,020 6,795 - - - 153,038
At 31 December
2022 - 65,884 289,515 150,982 85,808 271,051 188,000 200,064 1,251,304
Addition 834,400 - 19,954 868 - 10,000 - 395,000 1,260,222
At 30 June 2023 834,400 65,884 309,469 151,850 85,808 281,051 188,000 595,064 2,511,526
Accumulated
depreciation
At 1 January 2022 - 7,445 51,580 22,079 11,189 137,419 14,667 30,009 274,388
Charge for the
financial year - 6,561 43,742 14,523 8,378 16,905 37,600 40,013 167,722
At 31 December
2022 - 14,006 95,322 36,602 19,567 154,324 52,267 70,022 442,110
Charge for the
financial period 41,297 3,294 29,497 7,593 4,290 9,953 18,800 59,506 174,230
At 30 June 2023 41,297 17,300 124,819 44,195 23,857 164,277 71,067 129,528 616,340
Net carrying
amount
At 30 June 2023 793,103 48,584 184,650 107,655 61,951 116,774 116,933 465,536 1,895,186
At 31 December
2022 - 51,878 194,193 114,380 66,241 116,727 135,733 130,042 809,194
The above right-of-use assets are under finance lease arrangements and pledged as security for the related lease
liabilities.

- 30 June 2023
ANNUAL REPORT 2023
4. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Computer
96
hardware and
Company software
RM
At cost
At 1 July 2021/30 June 2022 -
Addition 5,300
At 30 June 2023 5,300
Accumulated depreciation
At 1 July 2021/30 June 2022 -
Charge for the financial year 618
At 30 June 2023 618
Net carrying amount

At 30 June 2023 4,682
At 30 June 2022 -
5. INVESTMENT IN A SUBSIDIARY
5.1 Investment in a Subsidiary
Company
30.6.2023 30.6.2022
RM RM
Unquoted shares, at cost 252,000,000 -
5.2 Details of a Subsidiary
Principal place
Name of Company of business Effective equity interest Principal activities
30.6.2023 30.6.2022
% %
Direct interest
Southern Score Sdn. Bhd. Malaysia 100 - #
# Engaged in the business of construction, contractors and subcontractors.


- 30 June 2023
ANNUAL REPORT 2023

5. INVESTMENT IN A SUBSIDIARY (CONT’D)
5.3 Reverse Acquisition Plan – Acquisition of a Subsidiary
97
As disclosed in Note 2.1 to the financial statements, the Company acquired 1,000,000 units of ordinary shares
representing the entire issued and paid-up capital of SSSB for a deemed purchase consideration of RM4,332,132
satisfied through the issuance of 1,680,000,000 units of new ordinary shares in the Company.
The fair value of the identifiable assets and liabilities of the Company as at the date of acquisition are as follows:-
RM
Other receivables 3,000
Cash and bank balances 6,530
Other payables (3,796,584)
Amount due to Directors (6,506,781)
Total identifiable net liabilities (10,293,835)
Deemed purchase consideration transferred 4,332,132
Cost of listing arising from reverse acquisition 14,625,967
Net cash inflow from acquisition:
RM
Cash and cash equivalent acquired 6,530
6. INVESTMENT IN AN ASSOCIATE
Group
30.6.2023 31.12.2022
RM RM
Unquoted shares in Malaysia, at cost 262,500 262,500
Share of post-acquisition losses (9,899) (8,059)
252,601 254,441
The details of the associate are as follows:
Principal place
Name of Company of business Effective equity interest Principal activities
30.6.2023 31.12.2022
% %
TCS SS Precast Construction Malaysia 35# 35 *
Sdn. Bhd.
* Provision of construction services for buildings, infrastructure and civil works. The Company has not commenced
its business operation and remained dormant as at 30 June 2023.
# The associate’s financial year end is 31 December. Since the associate is dormant with no significant transactions,
the Company has share of net loss based on management account for the financial period ended 30 June 2023.

- 30 June 2023
ANNUAL REPORT 2023
6. INVESTMENT IN AN ASSOCIATE (CONT’D)
The summarised financial information of the associate is as follows:-

98
30.6.2023 31.12.2022
RM RM
Financial position
Current assets 743,247 733,851
Current liability (21,534) (6,879)
Net assets 721,713 726,972
1.1.2023 1.1.2022
to to
30.6.2023 31.12.2022
RM RM
Result
Revenue - -
Loss for the financial period/year (5,259) (10,121)
The associate has no contingent liability and capital commitment as at the reporting date.
7. CASH AND BANK BALANCES, DEPOSITS AND SHORT-TERM PLACEMENTS
Group Company
Note 30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Non-current
Deposits with licensed banks 7.1 7,718,132 - 7,718,132 -
Current
Short-term placements 7.2 71,121,317 80,340,769 71,121,317 -
Cash and bank balances 699,953 27,882,549 317,246 6,530
71,821,270 108,223,318 71,438,563 6,530
79,539,402 108,223,318 79,156,695 6,530
7.1 Deposits with Licensed Banks
The deposits with licensed banks of the Group and of the Company amounting to RM7,718,132 (31.12.2022 and
30.6.2022: Nil) are pledged as securities for banking facilities granted to third parties, and hence, are not available
for general use.
The effective interest rates on deposits with licensed banks of the Group and of the Company are ranging from
2.70% to 2.95% (31.12.2022 and 30.6.2022: Nil) per annum and have maturity period of 3 to 6 months (31.12.2022
and 30.6.2022: Nil).

- 30 June 2023
ANNUAL REPORT 2023

7. CASH AND BANK BALANCES, DEPOSITS AND SHORT-TERM PLACEMENTS (CONT’D)
7.2 Short-term Placements
99
Group Company
30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Financial Assets at Fair Value through
Profit or Loss:-
- Money market funds 71,121,317 80,340,769 71,121,317 -
Financial assets at fair value through profit or loss include investments in money market funds. Fair value of these
money market funds is determined by reference to published price quotations in an active market.
8. TRADE RECEIVABLES
Group
30.6.2023 31.12.2022
RM RM
Trade receivables 58,596,738 55,420,360
Retention sum 29,850,696 31,144,334
88,447,434 86,564,694
The normal credit terms granted to customers are 30 to 180 days (31.12.2022: 30 to 180 days). They are recognised at
their original invoice amounts which represent their fair values on initial recognition.
The retention sums are unsecured, interest-free and are expected to be collected as follows:-
Group
30.6.2023 31.12.2022
RM RM
Within 1 year 3,456,495 12,376,272
More than 1 year 26,394,201 18,768,062
29,850,696 31,144,334
Included in trade receivables is an amount of RM16,866,977 (31.12.2022: RM24,286,115) due from companies in which
certain Directors have interests. The said amount is unsecured, interest free and subject to normal trade terms.
Included in trade receivables is an amount of RM17,125,298 (31.12.2022: RM31,586,924) due from companies in which
persons connected to a Director have interests. The said amount is unsecured, interest free and subject to normal trade
terms.

- 30 June 2023
ANNUAL REPORT 2023
9. CONTRACT ASSETS
Group
100
30.6.2023 31.12.2022
RM RM
Contract Assets
- Construction contracts 25,571,872 23,506,959
The contract assets primarily relate to the Group’s rights to consideration for work completed on construction contracts
but not yet billed at the reporting date. Typically, the amount will be billed once the construction works have been
inspected by customers’ quantity surveyor and payment is expected within 30 days.
The significant increase in contract assets in the financial period 2023 is the result of the increase in on-going
construction progress at the end of the period.
As at the reporting date, revenue expected to be recognised in the future relating to performance obligations that are
unsatisfied (or partially unsatisfied) of the Group is RM602,668,543 (31.12.2022: RM567,848,036). The Group expects to
recognise this revenue over the next 24 months (31.12.2022: 30 months).
10. OTHER RECEIVABLES
Group Company
30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Non-trade receivables 189 16,253 - -
Deposits 1,305,770 114,367 - -
Prepayments 391,274 291,321 6,000 -
Accrued interest income 89,837 - 89,837 -
1,787,070 421,941 95,837 -
Group
Included in deposits of the Group are amount of RM1,000,000 (31.12.2022: Nil) pledged to a bank for bank guarantee
facilities granted to the Group.
11. AMOUNT DUE FROM A SUBSIDIARY
The amount due from a subsidiary is non-trade in nature, unsecured, repayable on demand and bears interest at the
rate of 3.10% (30.6.2022: Nil) per annum.

- 30 June 2023
ANNUAL REPORT 2023

12. SHARE CAPITAL
Number of Number of
101
ordinary ordinary
shares Amount shares Amount
Note 30.6.2023 30.6.2023 31.12.2022 31.12.2022
unit RM unit RM
Group
Issued and fully paid with no par value:-

At beginning of the period/year 2,272,589,567 117,041,712 288,750,000 1,000,000
Share consolidation 12.1 - - (259,875,000) -
Issuance of shares arising from:
- Acquisition of SSSB 12.2 - - 1,680,000,000 4,332,132
- Private placement 12.3 - - 543,047,900 108,609,580
- Debt settlement 12.4 - - 20,666,667 3,100,000
At the end of the period/year 2,272,589,567 117,041,712 2,272,589,567 117,041,712
Number of Number of
ordinary ordinary
shares Amount shares Amount
Note 30.6.2023 30.6.2023 30.6.2022 30.6.2022
unit RM unit RM
Company
Issued and fully paid with no par value:-

At beginning of the year 288,750,000 9,792,835 288,750,000 9,792,835
Share consolidation 12.1 (259,875,000) - - -
Issuance of shares arising from:
- Acquisition of SSSB 12.2 1,680,000,000 252,000,000 - -
- Private placement 12.3 543,047,900 108,609,580 - -
- Debt settlement 12.4 20,666,667 3,100,000 - -
At the end of the year 2,272,589,567 373,502,415 288,750,000 9,792,835
12.1 Share Consolidation
The Company completed the consolidation of every 10 existing ordinary shares in the Company into 1 ordinary
share resulting in the reduction in the number of shares from 288,750,000 ordinary shares to 28,875,000 ordinary
shares.
12.2 Acquisition of SSSB
The Company issued 1,680,000,000 units of new ordinary shares at an issue price of RM0.15 per ordinary share,
in total RM252,000,000 pursuant to acquisition of a subsidiary.
Under the reverse acquisition method of accounting, the deemed purchase consideration for the shares
transferred are amounted to RM4,332,132.
12.3 Private Placement
The Company issued 543,047,900 units of new ordinary shares at an issue price of RM0.20 per ordinary share, for
total cash consideration of RM108,609,580 via private placement exercise.

- 30 June 2023
ANNUAL REPORT 2023
12. SHARE CAPITAL (CONT’D)
12.4 Debt Settlement

102
The Company issued 20,666,667 units of new ordinary shares at an issue price of RM0.15 per ordinary share, in
total RM3,100,000 for debt settlement on amount due to a Director, Mr. Chai Tham Poh.
The new ordinary shares issued during the financial year rank pari passu in all respects with the existing ordinary shares
of the Company.
The holders of the ordinary shares are entitled to receive dividends as and when declared by the Company. An ordinary
share carries one vote per share without restrictions and ranks equally with regard to the Company’s residual assets.
13. CAPITAL RESERVE
The capital reserve is the remaining credit balance in relation to reduction of the issued and paid-up share capital of
the Company after off-setting the accumulated losses and share premium in the financial year 2013.
14. LEASE LIABILITIES
Group
30.6.2023 31.12.2022
RM RM
Current
- less than 1 year 151,218 35,183
Non-current
- between 1 to 5 years 266,230 91,164
417,448 126,347
The lease liabilities are secured by:-
(i) The related assets acquired under the lease arrangement; and
(ii) Personal guarantee by a Director of the Company.
The expenses relating to payments not included in the measurement of lease liabilities are as follows:-
Group Company
1.1.2023 1.1.2022 1.7.2022 1.7.2021
to to to to
30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Short-term leases 2,654,416 2,052,499 12,943 -
Low-value leases 40,458 24,506 - -
The total cash outflow for leases of the Group amounted to RM2,767,339 (31.12.2022: RM2,116,605).
The total cash outflow for leases of the Company amounted to RM12,943 (30.6.2022: Nil).
The lease liabilities of the Group bear interest at rate ranging from 4.04% to 4.33% (31.12.2022: 4.04%) per annum.

- 30 June 2023
ANNUAL REPORT 2023

15. DEFERRED TAX LIABILITIES
Group
103
30.6.2023 31.12.2022
RM RM
Brought forward 83,000 68,000
Recognised in profit or loss 76,000 15,000
Carried forward 159,000 83,000
The components of deferred tax liabilities are made up of temporary difference arising from property, plant and
equipment.
16. TRADE PAYABLES
Group
30.6.2023 31.12.2022
RM RM
Trade payables 14,142,367 33,810,506

Accrued construction costs 1,928,494 9,500,497
Retention sum 19,145,752 22,701,184
35,216,613 66,012,187
The normal credit terms granted by the suppliers are 30 to 60 days (31.12.2022: 30 to 60 days).
The retention sums are unsecured, interest-free and are expected to be paid as follows:-
Group
30.6.2023 31.12.2022
RM RM
Within 1 year 4,463,668 8,716,352
More than 1 year 14,682,084 13,984,832
19,145,752 22,701,184
17. OTHER PAYABLES
Group Company
30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Non-trade payables 264,097 566,701 27,016 526,558
Accrual of Directors’ fee - - - 360,850
Accruals 1,240,099 2,151,423 63,077 161,300
1,504,196 2,718,124 90,093 1,048,708
18. AMOUNT DUE TO A DIRECTOR
The amount due to a Director is non-trade in nature, unsecured, interest free and repayable on demand.

- 30 June 2023
ANNUAL REPORT 2023
19. BORROWING
Group
104
30.6.2023 31.12.2022
RM RM
Current
Bank overdraft 4,995,142 -
The bank overdraft is guaranteed by the Company.
Interest is charged at rates ranging from 7.45% to 7.70% (31.12.2022: Nil) per annum.
20. REVENUE
20.1 Disaggregated revenue information
Group Company
1.1.2023 1.1.2022 1.7.2022 1.7.2021
to to to to
30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Type of revenue
- Construction 97,933,052 234,859,360 - -
- Dividend income - - 24,500,000 -
97,933,052 234,859,360 24,500,000 -
Timing and recognition

- Over time 97,933,052 234,859,360
21. FINANCE INCOME
Group Company
1.1.2023 1.1.2022 1.7.2022 1.7.2021
to to to to
30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Interest income:-
Bank balances 190,577 223,818 247,650 -
Deposits 70,530 - 70,530 -
Short-term placements 137,652 20,033 162,178 -
Subsidiary - - 180,372 -
398,759 243,851 660,730 -

- 30 June 2023
ANNUAL REPORT 2023

22. FINANCE COSTS
Group
105
1.1.2023 1.1.2022
to to
30.6.2023 31.12.2022
RM RM
Bank overdraft interest 155,060 -
Lease liabilities interest 8,566 5,910
163,626 5,910
23. PROFIT/(LOSS) BEFORE TAX
Profit/(Loss) before tax has been determined after charging/(crediting), amongst others items, the following:-
Group Company
1.1.2023 1.1.2022 1.7.2022 1.7.2021
to to to to
30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Auditors’ remuneration:
Grant Thornton Malaysia PLT
- statutory audit 110,000 75,000 45,000 50,000
- others 20,300 4,800 13,800 185,000
Other external auditors
- statutory audit - - - 50,000
- others - - - 155,000
Directors’ fee 150,000 52,000 202,000 32,000
Loss on a subsidiary struck-off - - - 1
Fair value gain on short-term deposits (1,280,548) (336,276) (1,616,824) -
Write back of corporate guarantee expenses - - - (518,730)
Waiver of debts received (1,794,479) (360,850) (2,155,329) -
24. TAX EXPENSE
Group Company
1.1.2023 1.1.2022 1.7.2022 1.7.2021
to to to to
30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Tax expense
- Current financial period/year 7,198,558 10,320,851 120,731 -
- Over provision in prior financial year - (25,776) - -
7,198,558 10,295,075 120,731 -
Deferred tax
- Current financial period/year 91,000 16,000 - -
- Over recognised in prior financial year (15,000) (1,000) - -
76,000 15,000 - -
7,274,558 10,310,075 120,731 -

- 30 June 2023
ANNUAL REPORT 2023
24. TAX EXPENSE (CONT’D)
A reconciliation of income tax applicable to profit/(loss) before tax at the statutory income tax rate to income tax at the
106
effective income tax rate is as follows:-
Group Company
1.1.2023 1.1.2022 1.7.2022 1.7.2021
to to to to
30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Profit/(Loss) before tax 32,585,977 28,267,051 24,213,214 (691,966)
Tax at statutory tax rate of 24% 7,820,634 6,784,092 5,811,171 (166,072)

Tax effects in respects of:-
Non-deductible expenses for tax purposes 239,967 3,723,799 1,132,721 290,567
Income not subject to tax (771,043) (171,040) (6,823,161) (124,495)
Over provision of tax expense in
prior financial year - (25,776) - -
Over recognised of deferred tax liabilities
in prior financial year (15,000) (1,000) - -
7,274,558 10,310,075 120,731 -
25. EARNINGS PER SHARE
Basic Earnings per Ordinary Share
The calculation of basic earnings per share was based on the profit attributable to ordinary equity holders of the
Company and weighted average number of ordinary shares issued calculated as follows:-
Group
1.1.2023 1.1.2022
to to
30.6.2023 31.12.2022
Profit for the financial period/year attributable to
ordinary equity holders of the Company (RM) 25,311,419 17,956,976
Weighted average number of ordinary shares (units) 2,272,589,567 1,764,423,719
Basic earnings per ordinary share (sen) 1.11 1.02
Diluted Earnings per Ordinary Share
Diluted earnings per share equals basic earnings per share as there were no dilutive potential equity instruments in
issue that gave diluted effect to the earnings per share.

- 30 June 2023
ANNUAL REPORT 2023

26. DIVIDENDS
Group
107
1.1.2023 1.1.2022
to to
30.6.2023 31.12.2022
RM RM
In respect of the financial year ended 31 December 2021
Second interim dividend of RM10 per share declared on
15 February 2022 and paid on 18 February 2022 - 10,000,000
In respect of the financial period ended 30 June 2023

First interim dividend of RM0.01 per share declared on
20 February 2023 and paid on 18 April 2023 22,725,896 -
22,725,896 10,000,000
Company
1.7.2022 1.7.2021
to to
30.6.2023 30.6.2022
RM RM
In respect of the financial year ended 30 June 2023
First interim dividend of RM0.01 per share declared on
20 February 2023 and paid on 18 April 2023 22,725,896 -
The Directors do not propose any final dividend for both financial period/year.
27. EMPLOYEE BENEFITS EXPENSE
Group Company
1.1.2023 1.1.2022 1.7.2022 1.7.2021
to to to to
30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Staffs’ remuneration
Salaries, wages and other emoluments 3,415,780 4,804,504 9,804 -
Defined contribution plan 289,057 630,472 - -
Social security contribution 23,752 33,037 - -
3,728,589 5,468,013 9,804 -
Directors’ remuneration
Salaries, wages and other emoluments 503,200 1,005,000 - -
Defined contribution plan 69,384 111,600 - -
Social security contribution 1,738 3,005 - -
574,322 1,119,605 - -
4,302,911 6,587,618 9,804 -
Group
The estimated monetary value of Director’s benefit-in-kind is RM11,975 (31.12.2022: Nil).


- 30 June 2023
ANNUAL REPORT 2023
28. RELATED PARTY DISCLOSURES
(a) In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are other
108
related party transactions:-
Group Company
1.1.2023 1.1.2022 1.7.2022 1.7.2021
to to to to
30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Progress billing and retention sum issued
to companies in which certain
Directors have interests 45,837,852 78,182,890 - -
Progress billing and retention sum issued

to companies in which persons
connected to a Director have interests 17,657,808 117,767,841 - -
Dividend paid to ultimate holding company - 10,000,000 - -
Dividend income received from a subsidiary - - 24,500,000 -
Event space renting and refreshment

expense paid to a company in which
certain Directors have interests 4,250 - 11,350 -
Event space renting expense paid to a

company in which persons connected
to a Director have interests - 200 200 -
Interest income received from a subsidiary - - 180,372 -
(b) The outstanding balances arising from the related party transactions as at the reporting date are disclosed in
Notes 8, 11 and 18 to the financial statements.
(c) Key management personnel are defined as those persons having authority and responsibility for planning,
directing and controlling the activities of the Group and of the Company either directly or indirectly and entity
that provides key management personnel services to the Group and to the Company.
Key management includes all the Directors and certain members of senior management of the Group and of
the Company. The remuneration paid to the Directors during the financial period/year are disclosed in Note 27
to the financial statements and the remuneration paid to certain members of key management personnel are
as follow:-
Group
1.1.2023 1.1.2022
to to
30.6.2023 31.12.2022
Salaries, wages and other emoluments 464,181 1,531,908
Defined contribution plan 76,992 259,114
Social security contribution 2,317 4,007
543,490 1,795,029
The estimated monetary value of key management personnel’s benefit-in-kind is RM5,500 (31.12.2022: RM11,100).

- 30 June 2023
ANNUAL REPORT 2023

29. FINANCIAL INSTRUMENTS
Categories of Financial Instruments
109
The table below provides an analysis of financial instruments categorised as follows:
(a) Financial assets and financial liabilities measured at amortised cost (“AC”); and
(b) Financial assets designated as fair value through profit or loss (“FVTPL”).
Carrying
amount AC FVTPL
RM RM RM
Group
30.6.2023
Financial assets
Trade receivables 88,447,434 88,447,434 -
Other receivables 1,395,796 1,395,796 -
short-term placements 79,539,402 8,418,085 71,121,317
169,382,632 98,261,315 71,121,317
Financial liabilities
Trade payables 35,216,613 35,216,613 -
Other payables 1,504,196 1,504,196 -
Borrowing 4,995,142 4,995,142 -
41,715,951 41,715,951 -
Company
30.6.2023
Financial assets
Other receivables 89,837 89,837 -
Amount due from a subsidiary 27,537,962 27,537,962 -
106,784,494 35,663,177 71,121,317
Financial liability
Other payables 90,093 90,093 -
Group
31.12.2022
Financial assets
Trade receivables 86,564,694 86,564,694 -
Other receivables 130,620 130,620 -
194,918,632 114,577,863 80,340,769
Trade payables 66,012,187 66,012,187 -
Other payables 2,718,124 2,718,124 -
Amount due to a Director 1,543,428 1,543,428 -
70,273,739 70,273,739 -

- 30 June 2023
ANNUAL REPORT 2023
29. FINANCIAL INSTRUMENTS (CONT’D)
Categories of Financial Instruments (cont’d)

110
The table below provides an analysis of financial instruments categorised as follows (cont’d):
(a) Financial assets and financial liabilities measured at amortised cost (“AC”); and
(b) Financial assets designated as fair value through profit or loss (“FVTPL”).
Carrying
amount AC FVTPL
RM RM RM
Company
30.6.2022
Financial asset
Cash and bank balances 6,530 6,530 -
Other payables 1,048,708 1,048,708 -
Amount due to a Director 5,393,387 5,393,387 -
6,442,095 6,442,095 -
Financial Risk Management
The Group and the Company are exposed to financial risks arising from their operations and the use of financial
instruments. Financial risk management policies are established to ensure that adequate resources are available for
the development of the Group’s and of the Company’s business whilst managing its credit risk, liquidity risk and interest
rate risk. The Group and the Company operate within clearly defined policies and procedures that are approved by the
Board of Directors to ensure the effectiveness of the risk management process.
The main areas of financial risks faced by the Group and the Company and the policies of the Group and of the Company
in respect of the major areas of treasury activities are set out as follows:-
(a) Credit Risk
Credit risk is the risk of a financial loss to the Group and to the Company if a customer or counterparty to a
financial instrument fails to meet its contractual obligations. It is the Group’s and the Company’s policy to enter
into financial instrument with a diversity of creditworthy counterparties. The Group and the Company do not
expect to incur material credit losses of its financial assets or other financial instruments.
Concentration of credit risk exists when changes in economic, industry and geographical factors similarly affect
the group of counterparties whose aggregate credit exposure is significant in relation to the Group’s and to the
Company’s total credit exposure. The Group’s and the Company’s transactions are entered into with diverse
creditworthy counterparties, thereby mitigate any significant concentration of credit risk.
It is the Group’s and the Company’s policy that all customers who wish to trade on credit terms are subject to
credit verification procedures. The Group and the Company do not offer credit terms without the approval of the
management.

- 30 June 2023
ANNUAL REPORT 2023

Financial Risk Management (cont’d)
111
in respect of the major areas of treasury activities are set out as follows (cont’d):-
(a) Credit Risk (cont’d)
The areas where the Group and the Company are exposed to credit risk are as follows:-
Receivables and Contract Assets
The net carrying amount of receivables is considered a reasonable approximate of fair value.
With a credit policy in place to ensure the credit risk is monitored on an on-going basis, the management has
taken reasonable steps to ensure that receivables that are neither past due nor impaired are stated at their
realisable values. A significant portion of the receivables are regular customers that have been transacting with
the Group. The Group uses ageing analysis to monitor the credit quality of the receivables. Any receivables
having significant balances past due more than credit terms granted are deemed to have higher credit risk, and
are monitored individually.
Trade receivables that are neither past due nor impaired are creditworthy debtors with good payment records
with the Group. None of the Group’s trade receivables that are neither past due nor impaired have been
renegotiated during the financial period.
Trade receivables of RM9,899,699 (31.12.2022: RM18,557,000) was past due but not impaired. The Directors are
of the opinion that the receivables are collectible in view of long-term business relationship with the customers
and no recent history of default.
An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit
losses. The provision rates are based on overall past trend payments of the customers, financial performance
of each individual customer and base lending rate and gross domestic product rate. All of these customers
have low risk of default. The calculation reflects the probability-weighted outcome, the time value of money
and reasonable and supportable information that is available at the reporting date about past events, current
conditions and forecasts of future economic conditions.
None of the Group’s financial assets are secured by collateral or other credit enhancement.
Set out below is the information about the credit risk exposure and ECLs on the Group’s trade receivables and
contract assets which are grouped together as they are expected to have similar risk nature:-
Days past due

1 to 31 to 61 to More than
Current 30 days 60 days 90 days 90 days Total
RM RM RM RM RM RM
Group
30.6.2023
Trade receivables 78,547,735 281,911 828,182 7,647,106 1,142,500 88,447,434
Contract assets 25,571,872 - - - - 25,571,872
31.12.2022
Trade receivables 68,007,694 10,793,821 7,584,359 178,820 - 86,564,694
Contract assets 23,506,959 - - - - 23,506,959

- 30 June 2023
ANNUAL REPORT 2023

112
(a) Credit Risk (cont’d)
The areas where the Group and the Company are exposed to credit risk are as follows (cont’d):-
Receivables and Contract Assets (cont’d)
In respect of trade receivables and contract assets, the Group is subject to significant credit risk exposure to a
single counterparty or a group of counterparties having similar characteristics, as disclosed below:-
30.6.2023 31.12.2022
RM % RM %
Trade receivables
Top 2 customers
(31.12.2022: Top 3 customers) 48,172,797 54 55,873,038 65
Contract assets
Top 2 customers
(31.12.2022: Top 3 customers) 20,306,839 79 17,827,733 76
Other Receivables
The maximum exposure to credit risk is represented by their carrying amounts in the statements of financial
position.
Corporate Guarantees
The maximum exposure to credit risk of the Group and the Company amounting to RM7,692,256 (31.12.2022: Nil)
and RM12,806,291 (30.6.2022: Nil) respectively represented the outstanding banking facilities of third parties and
its subsidiary as at the end of the reporting period.
The Group and the Company provide unsecured financial guarantee to bank in respect of banking facilities
granted to third parties and its subsidiary. The Group and the Company monitor on an ongoing basis the results
of the third parties and the subsidiary and repayments made by the third parties and the subsidiary. As at the end
of reporting period, there was no indication that the third parties and the subsidiary would default on repayment.
The corporate guarantees do not have a determinable effect on the term of the credit facilities due to the bank
requiring the Group and the Company’s guarantees as a pre-condition for approving the banking facilities granted
to the third parties and subsidiary. The actual terms of the credit facilities are likely to be the best indicator of “at
market” term and hence the fair value of the credit facilities are equal to the credit facilities amount received by
the third party and subsidiary. As such, there is no value on the corporate guarantees to be recognised in the
Intercompany Balances
The Company provides unsecured advances to its subsidiary and monitors the results of the subsidiary regularly.
As at the end of the reporting date, there was no indication that the carrying amount of amount due from the
subsidiary are not recoverable.
Cash and Cash Equivalents
The credit risk for cash and cash equivalents is considered negligible, since the counterparties are reputable
banks with high quality external credit ratings and have no history of default. Consequently, the Company is of
the view that the allowance is not material and hence, it is not provided for.

- 30 June 2023
ANNUAL REPORT 2023

113
(b) Liquidity Risk
Liquidity risk is the risk that the Group and the Company will not be able to meet their financial obligations as and
when they fall due as a result of shortage of funds.
In managing its exposures to liquidity risk arises principally from its various payables, lease liabilities and
borrowing, the Group and the Company maintain a level of cash and cash equivalents deemed adequate by the
management to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities as and when
they fall due.
The Group and the Company aim at maintaining a balance of sufficient cash and deposits and flexibility in funding
by keeping diverse sources of committed and uncommitted credit facilities from various banks.
The summary of the maturity profile based on contractual undiscounted repayment obligations of non-derivative
financial liabilities are as follows:-
Current Non-current
Total
Carrying contractual Less than 1 to 5
amount cash flows 1 year years
RM RM RM RM
Group
30.6.2023
Trade payables 35,216,613 35,216,613 35,216,613 -
Other payables 1,504,196 1,504,196 1,504,196 -
Borrowing 4,995,142 4,995,142 4,995,142 -
Lease liabilities 417,448 441,985 165,996 275,989
42,133,399 42,157,936 41,881,947 275,989
Financial guarantee* - 7,692,256 7,692,256 -
Company
30.6.2023
Other payables 90,093 90,093 90,093 -
Financial guarantee* - 12,806,291 12,806,291 -
Group
31.12.2022
Trade payables 66,012,187 66,012,187 66,012,187 -
Other payables 2,718,124 2,718,124 2,718,124 -
Amount due to a Director 1,543,428 1,543,428 1,543,428 -
Lease liability 126,347 135,274 39,600 95,674
70,400,086 70,409,013 70,313,339 95,674
Company
30.6.2022
Other payables 1,048,708 1,048,708 1,048,708 -
Amount due to a Director 5,393,387 5,393,387 5,393,387 -
6,442,095 6,442,095 6,442,095 -
* This exposure to liquidity risk is included for illustration purpose only as the related financial guarantees have
not crystallised.
The above amounts reflect the contractual undiscounted cash flows, which may differ from the carrying values
of financial liabilities at the reporting date.

- 30 June 2023
ANNUAL REPORT 2023

114
(c) Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of the Group’s and of the Company’s financial
instruments will fluctuate because of changes in market interest rates.
The Group’s and the Company’s variable rate borrowing are exposed to a risk of change in cash flows due to
changes in interest rates. Short term receivables and payables are not significantly exposed to interest rate risk.
The Group’s and the Company’s interest rate management objective is to manage the interest expenses
consistent with maintaining an acceptable level of exposure to interest rate fluctuation. In order to achieve this
objective, the Group and the Company target a mix of fixed and floating debt based on assessment of its existing
exposure and desired interest rate profile.
The interest rate profile of the Group’s and the Company’s significant interest-bearing financial instruments,
based on carrying amounts as at the end of the reporting period are as below:-
Group Company
30.6.2023 31.12.2022 30.6.2023 30.6.2022
RM RM RM RM
Fixed rate instruments
Financial asset
Deposits with licensed banks 7,718,132 - 7,718,132 -
Financial liability
Lease liabilities (417,448) (126,347) - -
Net financial asset/(liability) 7,300,684 (126,347) 7,718,132 -
Floating rate instruments

Financial asset
Amount due from a subsidiary - - 27,537,962 -
Financial liability
Borrowing (4,995,142) - - -
Net financial (liability)/asset (4,995,142) - 27,537,962 -
Fair Value Sensitivity Analysis for Fixed Rate Instruments
The Group and the Company do not account for any fixed rate financial assets and liabilities at fair value through
profit or loss, and the Group and the Company do not designate derivatives as hedging instruments under a fair
value hedge accounting model. Therefore, a change in interest rates at the reporting date would not affect profit
or loss.

- 30 June 2023
ANNUAL REPORT 2023

115
(c) Interest Rate Risk (cont’d)
Cash Flow Sensitivity Analysis for Floating Rate Instrument
The following table illustrates the sensitivity of profit to a reasonably possible change in interest rate of +/-25
(31.12.2022: Nil) basis points (“bp”). These changes are considered to be reasonably possible based on observation
of current market conditions. The calculations are based on a change in the average market interest rate for each
reporting date, and the financial instruments held at each reporting date that are sensitive to change in interest
rates. All other variables are held constant.
Effect on profit for

the financial period/year
RM RM
Group
30.6.2023 (+/- 25bp) (12,488) 12,488
Company
30.6.2023 (+/- 25bp) 68,845 (68,845)
Fair Value of Financial Instruments
The Group and the Company have established policies and procedures in respect of the fair value measurement.
Financial Assets that are Measured at Fair Value on a Recurring Basis
Certain financial assets of the Group and the Company are measured at fair value at the end of the reporting period/
year. Details of fair value measurement of those financial assets are as follows:-
Fair value Valuation method

Fair value hierarchy and key inputs
30.6.2023 31.12.2022
RM RM
Group
Financial asset
Net asset value provided
by fund manager -
Short-term placements 71,121,317 80,340,769 Level 1 Quoted prices in active market.
Company
Financial asset
Net asset value provided
by fund manager -
Short-term placements 71,121,317 - Level 1 Quoted prices in active market.
There is no transfer between the fair value hierarchy during the financial period/year.
The carrying amount of financial asset of the Group and of the Company at the reporting date approximate its fair value
due to its short-term in nature or immaterial discounting impact.

- 30 June 2023
ANNUAL REPORT 2023
Reconciliation of Liabilities arising from Financing Activities

116
Waiver
of debts
1.1.2023 Cash flows received Addition 30.6.2023
RM RM RM RM RM
Group
Amount due to a Director 1,543,428 251,051 (1,794,479) - -
Lease liabilities 126,347 (63,899) - 355,000 417,448
1,669,775 187,152 (1,794,479) 355,000 417,448
Waiver Issuance of
of debts settlement
1.7.2022 Cash flows received shares 30.6.2023
RM RM RM RM RM
Company
Amount due to a Director 5,393,387 (498,908) (1,794,479) (3,100,000) -
Addition
through Issuance of
acquisition of settlement
1.1.2022 Cash flows a subsidiary shares 31.12.2022
RM RM RM RM RM
Group
Amount due to a Director - (1,863,353) 6,506,781 (3,100,000) 1,543,428
Lease liability 160,037 (33,690) - - 126,347
160,037 (1,897,043) 6,506,781 (3,100,000) 1,669,775
1.7.2021 Cash flows 30.6.2022

RM RM RM
Company
Amount due to a Director 2,769,888 2,623,499 5,393,387
30. SEGMENTAL INFORMATION
Information about operating segments has not been reported separately as the Group’s revenue, profit or loss, assets
and liabilities are mainly confined to a single reporting segment, namely building construction works.
Geographical Information
The Group’s operation is predominantly carried out in Malaysia.
Information about Major Customers
The following are major customers with revenue equal or more than 10 percent of the Group’s revenue:-
1.1.2023 to 30.6.2023 1.1.2022 to 31.12.2022

RM % RM %
Customer A 50,677,711 51.7 - -
Customer B 20,558,935 21.0 - -
Customer C 13,564,033 13.9 70,107,110 29.9
Customer D 12,472,903 12.7 - -
Customer E - - 71,705,585 30.5
Customer F - - 48,169,093 20.5
97,273,582 99.3 189,981,788 80.9

- 30 June 2023
ANNUAL REPORT 2023

31. CAPITAL MANAGEMENT
The primary objective of the Group’s and the Company’s capital management are to ensure that they maintain strong
117
credit rating and healthy capital ratio in order to support their business and maximise shareholders’ value.
The Group and the Company manage their capital structure and make adjustments to it in light of changes in economic
conditions. To maintain or adjust the capital structure, the Group and the Company may adjust the dividend payment
to shareholders, return capital to shareholders or issue new share capital. No changes were made in the objective,
policies or processes during the financial period/year.
32. COMPARATIVE INFORMATION
The accounting acquirer, SSSB has changed its financial year end from 31 December to 30 June to be coterminous with
its accounting acquiree, the Company. Consequently, the comparative figures for the statements of profit or loss and
other comprehensive income, statements of changes in equity and statements of cash flows and its related notes are
not comparable.
Under the reserve acquisition method of accounting as disclosed in Note 2.1, the comparative figures in the Group’s
financial statements are presented to reflect those of SSSB.
33. SIGNIFICANT EVENT DURING THE FINANCIAL YEAR
Regularisation Plan
On 9 November 2022, the Company completed a regularisation plan which comprises of the following:
(i) consolidation of every 10 existing ordinary shares of the Company into 1 ordinary share;
(ii) acquisition of 100% equity interest in Southern Score Sdn. Bhd. from Super Advantage Property Sdn. Bhd. for a
purchase consideration of RM252,000,000 to be satisfied via the issuance of 1,680,000,000 new ordinary shares;
(iii) issuance of 20,666,667 new ordinary shares to a Director of the Company, Mr. Chai Tham Poh for settlement of
debts owing to him;
(iv) private placement of 543,047,900 new ordinary shares to eligible investors at an issue price of RM0.20 per
ordinary share; and
(v) exemption under Paragraph 4.08(1)(a) of the Rules on Take-overs, Mergers and Compulsory Acquisitions issued
by the Securities Commission Malaysia from the obligation to undertake a mandatory take-over offer for the
remaining ordinary shares of the Company not already owned by Super Advantage Property Sdn. Bhd. and the
persons acting in concert with it pursuant to the Acquisition.
ANALYSIS
OF SHAREHOLDINGS
ANNUAL REPORT 2023
AS AT 06 OCTOBER 2023
Number of Shares Issued : 2,272,589,562 ordinary shares

Issued Share Capital : RM 454,517,912
Class of Shares : Ordinary shares
118
Voting Rights : One vote per share
DISTRIBUTION OF SHAREHOLDINGS
Category No. of Shareholders No. of Shares Held %

Less than 100 shares 113 3,365 0.0001
100 to 1,000 shares 479 245,360 0.0108
1,001 to 10,000 shares 686 3,604,790 0.1586
10,001 to 100,000 shares 434 17,770,510 0.7820
100,001 to less than 5% of issued shares 190 736,349,137 32.4013
5% and above of issued shares 5 1,514,616,400 66.6472
TOTAL 1,907 2,272,589,562 100.0000
SUBSTANTIAL SHAREHOLDERS’ SHAREHOLDINGS

(According to the Register of Substantial Shareholders as at 06 October 2023)
Direct Interest Indirect Interest

Name No. of Shares % No. of Shares %
1. Gan Yee Hin 305,643,400 13.449 *1,212,273,000 53.343
2. Tan Sri Datuk Seri Gan Yu Chai 4,000,000 0.176 *1,212,273,000 53.343
3. Super Advantage Property Sdn Bhd 1,212,273,000 53.343 - -
* Deemed interested by virtue of his direct interests of more than 20% in Super Advantage Property Sdn Bhd pursuant to Section
8 of the Companies Act 2016.
DIRECTORS’ SHAREHOLDINGS
(According to the Register of Directors’ Shareholdings as at 06 October 2023)
Direct Interest Indirect Interest

Name No. of Shares % No. of Shares %
1. Dato’ Haji Mohd Amran Bin Wahid 740,000 0.0326 - -
2. Tan Sri Datuk Seri Gan Yu Chai 4,000,000 0.176 *1,212,273,000 53.343
3. Gan Yee Hin 305,643,400 13.449 *1,212,273,000 53.343
4. Datuk Sydney Lim Tau Chin - - - -
5. Chai Tham Poh 6,241,667 0.275 #630,000 0.028
6. Phe Kheng Peng - - - -
7. Too Siew Mooi - - - -
* Deemed interested by virtue of his direct interests of more than 20% in Super Advantage Property Sdn Bhd pursuant to Section
8 of the Companies Act 2016.
# Indirect interest by virtue of shares held by Leong Sau Ching, the wife and Chai Yi Jian, the son of Chai Tam Poh.
Analysis of Shareholdings
As at 06 October 2023
ANNUAL REPORT 2023

THIRTY LARGEST SHAREHOLDERS
Name of Shareholder No. of Shares %
119
1. Maybank Nominees (Tempatan) Sdn Bhd 533,333,333 23.4681
Mtrustee Bhd For Super Advantage Property Sdn Bhd (444745)
2. Al Rajhi Banking & Investment Corporation (Malaysia) Bhd’ 404,620,000 17.8044
Pledged Securities Account For Super Advantage Property Sdn.Bhd.
3. Super Advantage Property Sdn Bhd 274,319,667 12.0708
4. Affin Hwang Nominees (Tempatan) Sdn. Bhd. 160,616,400 7.0675
Pledged Securities Account For Gan Yee Hin
5. Malacca Equity Nominees (Tempatan) Sdn Bhd 141,727,000 6.2364
Pledged Securities Account For Gan Yee Hin
6. RHB Nominees (Tempatan) Sdn Bhd 80,000,000 3.5202
Pledged Securities Account For Monisprings Development Sdn Bhd
7. Amsec Nominees (Tempatan) Sdn Bhd 74,948,700 3.2979
Ambank (M) Berhad
8. Cheng, Aijin 64,890,300 2.8553
9. Amsec Nominees (Tempatan) Sdn Bhd 54,200,000 2.3849
Pledged Securities Account For Lee Cheh Hian
10. DB (Malaysia) Nominee (Tempatan) Sendirian Berhad 43,000,000 1.8921
Exempt An For Aham Asset Management Berhad (Tstac/Clntt)
11. RHB Capital Nominees (Tempatan) Sdn Bhd 34,231,300 1.5063
Teoh Ewe Jin
12. Leow Tuck Chui & Sons Realty Sdn. Bhd. 30,000,000 1.3201
13. Abd.Shukor Bin Ahmad 27,500,000 1.2101
14. HSBC Nominees (Tempatan) Sdn Bhd 26,500,000 1.1661
HSBC (M) Trustee Bhd For Principal Islamic Small Cap Opportunities Fund
15. HSBC Nominees (Tempatan) Sdn Bhd 24,500,000 1.0781
HSBC (M) Trustee Bhd For Affin Hwang Select Balanced Fund (4405)
16. CIMB Group Nominees (Tempatan) Sdn Bhd 22,500,000 0.9901
CIMB Islamic Trustee Berhad For Affin Hwang Select Dividend Fund
17. Lai Lee Lee 15,000,000 0.6600
18. Ng Lai Keng 11,436,900 0.5033
19. Amanahraya Trustees Berhad 11,000,000 0.4840
AC Principal Islamic Enhanced Opportunities Fund
20. Ng Hook 10,000,000 0.4400
21. RHB Nominees (Tempatan) Sdn Bhd 10,000,000 0.4400
Pledged Securities Account For Landasan Potensi Sdn. Bhd.
22. Alliancegroup Nominees (Tempatan) Sdn Bhd 10,000,000 0.4400
Pledged Securities Account For Tan Kak Seng (7003247)
23. Amanahraya Trustees Berhad 9,000,000 0.3960
AC Principal Islamic Malaysia Opportunities Fund
24. Maybank Nominees (Tempatan) Sdn Bhd 8,064,400 0.3549
Maybank Trustees Berhad For Principal Small Cap Opportunities Fund (240218)
25. Lee Suat Yean 7,820,000 0.3441
26. UOBM Nominees (Tempatan) Sdn Bhd
UOB Asset Management (Malaysia) Berhad For Fwd Aggressive Fund
27. Tokio Marine Life Insurance Malaysia Bhd 6,000,000 0.2640
As Beneficial Owner (Pf)
28. Phillip Nominees (Tempatan) Sdn Bhd 5,714,600 0.2515
Pledged Securities Account For Ng Lai Keng
29. Lim Siew Fah 5,636,700 0.2480
30. Chai Tham Poh 5,575,000 0.2453
TOTAL 2,118,186,500 93.2059
NOTICE OF THE TWENTIETH (20TH)

ANNUAL GENERAL MEETING
ANNUAL REPORT 2023
NOTICE IS HEREBY GIVEN THAT the 20th Annual General Meeting of Southern Score Builders Berhad (“the Company”)
will be held at Platinum Hall @ Platinum Suites, D-50A-01, Level 50A, 1020, Jalan Sultan Ismail, Kampung Baru, 50250
120
Kuala Lumpur, Wilayah Persekutuan on Friday, 08 December 2023 at 10.30 a.m. to transact the following businesses:-
ORDINARY BUSINESS
1. To receive the Audited Financial Statements together with the reports of the Directors and (Please refer to
Auditors for the financial year ended 30 June 2023. Explanatory Note)
2. To re-elect the following Directors who are retiring by rotation pursuant to Clause 118 of the
Company’s Constitution: -
(i) Tan Sri Datuk Seri Gan Yu Chai (Resolution 1)

(ii) Chai Tham Poh (Resolution 2)
3. To approve Directors’ fees of RM6,000 per month per Director to the Independent Directors and (Resolution 3)
Non-Independent Non-Executive Directors from 09 December 2023 until the conclusion of the
next Annual General Meeting.
4. To re-appoint Grant Thornton Malaysia PLT as Auditors of the Company and to authorise the (Resolution 4)
Directors to fix their remuneration.
SPECIAL BUSINESS
To consider and if thought fit, to pass the following Ordinary Resolutions:-
5. ORDINARY RESOLUTION I (Resolution 5)
To authorise the allotment and issuance of shares pursuant to Sections 75 and 76 of the
Companies Act 2016
“THAT pursuant to Sections 75 and 76 of the Companies Act 2016 (“the Act”) and subject always
to the approval of the relevant authorities, the Directors be and are hereby empowered to issue
shares in the Company at any time and upon such terms and conditions and for such purpose
as the Directors may, in their absolute discretion deem fit and in the interest of the Company,
provided that the aggregate number of the shares issued pursuant to this resolution does not
exceed 10% of the total number of issued shares of the Company for the time being and that the
Directors be and are also empowered to obtain the approval for the listing of and quotation for
the additional shares so issued on Bursa Malaysia Securities Berhad and that such authority shall
continue to be in force until the conclusion of the next Annual General Meeting of the Company.
AND THAT in connection with the above, pursuant to Section 85(1) of the Act read together with
Clause 58 of the Constitution of the Company, approval be and is hereby given to the Company
to waive the statutory pre-emptive rights conferred upon the shareholders of the Company and
that the Board is exempted from the obligation to offer such New Shares first to the existing
shareholders of the Company arising from any issuance of the New Shares pursuant to the
Mandate.”
Notice of the Twentieth (20th) Annual General Meeting
ANNUAL REPORT 2023

6. ORDINARY RESOLUTION II (Resolution 6)
Proposed Renewal of Existing Shareholders’ Mandate for Recurrent Related Party Transactions
121
of a Revenue or Trading Nature (“Proposed Renewal of Existing Shareholders’ Mandate”)
“THAT subject to the provisions of the ACE Market Listing Requirements of Bursa Malaysia
Securities Berhad, approval be and is hereby given for the Company and/or its subsidiary to
enter into Recurrent Related Party Transactions of a revenue or trading in nature with Related
Party(ies) as specified in Section 2.4 of the circular to Shareholders dated 31 October 2023
(“Circular”) which are necessary for the day-to-day operations in the ordinary course of business,
based on normal commercial terms which are not more favourable to the Related Party(ies) than
those generally available to the public and are not detrimental to minority shareholders of the
Company (“Proposed Shareholders’ Mandate”) and such approval shall continue to be in force
until:
(i) the conclusion of the next Annual General Meeting (“AGM”) of the Company following the
general meeting at which the Proposed Renewal of Existing Shareholders’ Mandate was
passed, at which time it will lapse, unless by resolution passed at the general meeting, the
authority is renewed; or
(ii) the expiration of the period, within which the next AGM of the Company is required to be
held pursuant to Section 340(2) of the Companies Act 2016 (“Act”) (but must not extend to
such extension as may be allowed pursuant to Section 340(4) of the Act); or
(iii) revoked or varied by resolution passed by the shareholders at a general meeting,
whichever is the earlier;
AND THAT the Directors of the Company be authorised to complete and do all such acts and
things (including executing all such documents as may be required), as they may consider
expedient or necessary to give effect to the Mandate.”
7. To transact any other business for which due notice shall have been given in accordance with the
Company’s Constitution and the Companies Act 2016.
BY ORDER OF THE BOARD
CYNTHIA GLORIA LOUIS

(MAICSA 7008306)
(SSM PC No. 201908003061)
CHEW MEI LING

(MAICSA 7019175)
(SSM PC No. 201908003178)
Secretaries
Selangor Darul Ehsan

31 October 2023

ANNUAL REPORT 2023
NOTES:
(1) In respect of deposited securities, only Members whose names appear in the Record of Depositors on 01 December
122
2023 (General Meeting Record of Depositors) shall be entitled to attend, speak and vote at the meeting.
(2) A member entitled to attend and to vote at a meeting of the Company is entitled to appoint not more than two (2)
proxies to attend and vote in his/her stead. A proxy may but need not be a member of the Company.
(3) Where a member appoints two (2) proxies to attend and vote at the meeting, such appointment shall be invalid unless
he/she specifies the proportions of his/her shareholding to be represented by each proxy.
(4) There shall be no restriction as to the qualification of the proxy and a proxy appointed to attend and vote at a meeting
of the Company shall have the same rights as the Member to speak at the meeting.
(5) A member who is an authorised nominee as defined under the Securities Industry (Central Depositories) Act 1991,
may appoint not more than two (2) proxies in respect of each securities account it holds with ordinary shares of the
Company standing to the credit of the said securities account.
(6) Where a member of the Company is an Exempt Authorised Nominee which holds ordinary shares in the Company
for multiple beneficial owners in one (1) securities account known as an omnibus account, there is no limit to the
number of proxies which the Exempt Authorised Nominee may appoint in respect of each omnibus account it holds.
The appointment of two (2) or more proxies in respect of any particular omnibus account shall be invalid unless the
Exempt Authorised Nominee specifies the proportion of its shareholding to be represented by each proxy.
(7) The Form of Proxy, in the case of an individual, shall be signed by the appointor or his attorney duly authorised in writing
or, in case of corporation, shall be given either under its common seal or under the hand of an officer or attorney duly
authorised.
(8) The instrument appointing a proxy or proxies must be deposited at the office of the Company’s Share Registrar, Mega
Corporate Services Sdn. Bhd, Level 15-2, Bangunan Faber Imperial Court, Jalan Sultan Ismail, 50250 Kuala Lumpur,
Malaysia, not less than 48 hours before the time for holding the meeting or any adjournment thereof.
(9) The proxy appointment may also be submitted electronically via the link at mega-sharereg@megacorp.com.my, not
less than 48 hours before the time for holding the meeting or any adjournment thereof.
Explanatory Notes:-
1. Directors’ Report, Audited Financial Statement and the Auditors’ Report for the financial year ended 30 June 2023
Agenda No. 1 is meant for discussion only as Section 340(1)(a) of the Companies Act 2016 provides that the audited
financial statements are to be laid in the general meeting and does not require a formal approval of the shareholders.
Hence, item 1 of the Agenda is not put forward for voting.
2. Resolution 1 & 2 - Re-election of Directors pursuant to Clause 118 of the Company’s Constitution
In determining the eligibility of the Directors standing for re-election at the forthcoming 20th AGM, the Nomination and
Remuneration (“NRC”) had reviewed the following assessments of each of the retiring Directors:
i) Assessment on the performance of directors and effectiveness of the Board as a whole;

ii) Assessment on the performance of the members of the Board Committees;
iii) Assessment on the independence of the Independent Directors;
iv) Assessment on the fit and proper of the directors in line with the Directors’ Fit and Proper Policy of the Company;
and
v) Assessment on the tenure of service of the Independent Directors and composition of the Board.
The NRC was satisfied with the performance of the retiring Directors in discharging their duties and responsibilities
professionally and objectively in the best interest of the Company and shareholders. The retiring Directors have met the
criteria of character, integrity, experience, competence and time commitment in discharging their roles in line with the
Directors’ Fit and Proper Policy of the Company. All the Independent Directors have complied with the independence
criteria as set by the Bursa Malaysia and confirmed that they are able to exercise independent judgement under all
circumstance.
Based on the above, the Board endorsed the NRC’s recommendation on re-election of the retiring directors.
The details and profile of the Directors who is standing for re-election at the 20th AGM is provided in the Board of
Directors section on page 8, 9 and 12 of the Company’s Annual Report 2023.
ANNUAL REPORT 2023

Explanatory Notes (Cont’d):-
3. Resolution 3 – Proposed Payment of Directors’ Fees
123
Pursuant to Section 230(1) of the Companies Act 2016, fees and benefits payable to the Directors of the Company will
have to be approved by the shareholders at a general meeting.
Resolution 3 is to seek shareholders’ approval for the payment of Directors’ fees of RM6,000 per month per director
to the Independent Directors and Non-Independent Non-Executive Directors for the period commencing from 09
December 2023 up until the conclusion of the next Annual General Meeting of the Company to be held in 2024. The
Directors’ fees will be pro-rated to their term of office as Director and may include fees payable to such additional
Director(s) appointed before the next Annual General Meeting of the Company.
As an illustration, the fee payable to the Directors pursuant to this resolution is as follows:-
Name of Director Amount per month (RM) Amount per annum (RM)
Dato’ Haji Mohd Amran Bin Wahid 6,000 72,000
Chai Tham Poh 6,000 72,000
Phe Kheng Peng 6,000 72,000
Too Siew Mooi 6,000 72,000
Additional Director that may be appointed 6,000 Pro-rated to their term of office
4. Resolution 4 – Re-appointment of Grant Thornton Malaysia PLT
The Board, through the Audit and Risk Management Committee had an conducted assessment on the external auditors’
performance and competency taking into consideration of the audit quality, resource capacity, and independence
of the external auditors. Having satisfied with the assessment of competency in its work and independence when
carrying out its duties and responsibilities, the Board recommends the re-appointment of Grant Thornton Malaysia PLT
as Auditors of the Company and seek members’ approval at the 20th AGM of the Company.
5. Resolution 5 – Mandate to issue shares pursuant to Sections 75 and 76 of the Companies Act 2016
The Directors did not issue any new shares pursuant to the existing Mandate which will lapse at the conclusion of
the 20th AGM. The proposed adoption of Resolution 5 is for the purpose of waiving the statutory pre-emptive rights
of shareholders of the Company (“Waiver of Pre-Emptive Rights”) and granting a renewed general mandate (“General
Mandate”) and empowering the Directors of the Company, pursuant to the Act, to issue and allot new shares in the
Company from time to time provided that the aggregate number of shares issued pursuant to the General Mandate
does not exceed 10% of the total number of issued shares of the Company for the time being. The General Mandate,
unless revoked or varied by the Company in general meeting, will expire at the conclusion of the next AGM of the
Company.
The Waiver of Pre-emptive Rights will allow the Directors of the Company to issue new shares of the Company which
rank equally to existing issued shares of the Company, to any person without having to offer the new shares to all
existing shareholders of the Company prior to issuance of new shares in the Company under the General Mandate. The
General Mandate will provide flexibility to the Company for allotment of shares for any possible fundraising activities,
including but not limited to placement of shares for the purpose of funding future investment project(s), working
capital and/or acquisition(s).
6. Resolution 6 – Proposed Renewal of Existing Shareholders’ Mandate for Recurrent Related Party Transactions of a
Revenue or Trading Nature
The proposed resolution, if passed, will allow the Group to renew its mandate to enter into Recurrent Related Party
Transactions of a revenue or trading nature pursuant to the provisions of ACE Market Listing Requirements of Bursa
Malaysia Securities Berhad.
STATEMENT ACCOMPANYING
NOTICE OF ANNUAL GENERAL MEETING
ANNUAL REPORT 2023
The following is the statement made pursuant to Rule 8.29(2) of the ACE Market Listing Requirements of Bursa Malaysia
Securities Berhad:-
124
1. The Directors who are retiring by rotation pursuant to Clause 118 of the Company’s Constitution, are as follows: -
i) Tan Sri Datuk Seri Gan Yu Chai

ii) Chai Tham Poh
The details of the two (2) Directors seeking for re-election are set out in the Directors’ profiles appearing on pages 8, 9
and 12 of the Annual Report
2. Details of attendance of Directors at Board Meetings held during the financial year ended 30 June 2023 are set out on
page 41 of the Annual Report.
3. Place, Date and Time of the 20th Annual General Meeting are as follows: -
Place : Platinum Hall @ Platinum Suites, D-50A-01, Level 50A, 1020, Jalan Sultan Ismail,
Kampung Baru, 50250 Kuala Lumpur, Wilayah Persekutuan
Date : Friday, 08 December 2023
Time : 10:30 a.m.
COMMUNICATION GUIDANCE
Shareholders are reminded to monitor the Company’s website and announcements for any changes to the 20th AGM
arrangements.
ADMINISTRATIVE
NOTES
ANNUAL REPORT 2023

FOR THE TWENTIETH (20TH) ANNUAL GENERAL MEETING
Date : Friday, 08 December 2023

Time : 10.30 a.m.
125
Venue : Platinum Hall @ Platinum Suites, D-50A-01, Level 50A,
1020, Jalan Sultan Ismail, Kampung Baru, 50250 Kuala Lumpur, Wilayah Persekutuan
1. GENERAL MEETING ARRANGEMENTS The appointment of a proxy may be made in a hard

copy form or by electronic means in the following
The 20th AGM will be held at Platinum Hall @ Platinum manner and must be received by the Company
Suites, D-50A-01, Level 50A, 1020, Jalan Sultan Ismail, not less than forty-eight (48) hours before the
Kampung Baru, 50250 Kuala Lumpur. With that, you time appointed for holding the General Meeting or
may exercise your right as a Share Owner of the adjourned General Meeting at which the person
Company to participate (including to pose questions named in the appointment proposes to vote:
to the Board of Directors of the Company) and vote at
the 20th AGM. Alternatively, you may also appoint the (i) In hard copy form
Chairman of the Meeting as your proxy to attend and
vote on your behalf at the 20th AGM. In the case of an appointment made in hard
copy form, this proxy form must be deposited
2. REGISTRATION at the office of the Company’s Share Registrar
at Mega Corporate Services Sdn. Bhd., Level
The registration counter will be open at 9.30 a.m. 15-2, Bangunan Faber Imperial Court, Jalan
on Friday, 08 December 2023 at Platinum Hall @ Sultan Ismail, 50250 Kuala Lumpur, Wilayah
Platinum Suites, D-50A-01, Level 50A, 1020, Jalan Persekutuan Kuala Lumpur.
Sultan Ismail, Kampung Baru, 50250 Kuala Lumpur,
Wilayah Persekutuan. (ii) By electronic means via email
Attendees are requested to produce/show their In the case of an appointment made via email,
original MyKAD or Passport (for non-Malaysians) to the proxy form must be emailed to mega-
the registration staff for verification purposes. Kindly sharereg@megacorp.com.my.
ensure the original MyKAD or Passport is returned to
you thereafter. Please take note that no person will be For option (ii), the Company may request any
allowed to register on behalf of another person, even member to deposit original executed proxy
with the original MyKAD or Passport of that person. form to its Share Registrar before or on the day
of meeting for verification purpose.
Upon verification, attendees are required to write
their names and sign on the Attendance List placed The last date and time for lodging the proxy
on the registration table. form is on Wednesday, 06 December 2023 at
10.30 a.m.
Attendees will also be given an identification
wristband with personalised QR code for voting 4. VOTING PROCEDURE
purposes. No person will be allowed to enter the
meeting hall without the identification wristband. The voting will be conducted by poll in accordance
There will be no replacement for the identification with Rule 8.31A of ACE Market Listing Requirements
wristband in the event that it is lost or misplaced. of Bursa Malaysia Securities Berhad. All resolutions
set out in the Notice of AGM will be put to vote by
3. APPOINTMENT OF PROXY(IES) way of poll. Mega Corporate Services Sdn. Bhd. has
been appointed as the Poll Administrator to conduct
Only a member whose name appears on the Record the polling process.
of Depositors as at 01 December 2023 shall be
entitled to attend this 20th AGM or appoint a proxy to 5. ENQUIRY
attend, speak and vote on his/her/its behalf.
If you have any enquiry prior to the 20th AGM, you
If a shareholder is not able to attend the 20 AGM on
th
may contact the Company’s Share Registrar, Mega
08 December 2023, he/she is strongly encouraged Corporate Services Sdn. Bhd. at 03-26924271 / 03-
to appoint the Chairman of the 20th AGM to act as 26948984 or email at mega-sharereg@megacorp.
proxy to attend and vote at the 20th AGM on your com.my during office hours from 9.00 a.m. to 5.00
behalf by submitting the proxy form with pre-casted p.m. (Monday to Friday).
voting instructions.
This page is intentionally left blank.
CDS ACCOUNT
NO. OF SHARES
Builder of Nations FORM OF PROXY

I/We,
NRIC No. (New) (Old) Registration/Company No.
of
Email address: Contact number:
being a member/members of Southern Score Builders Berhad [Registration No. 200301019817 (622237-D)] hereby appoint
the following person(s):-
Proportion of
Name Address NRIC/Passport No. Shareholdings (%)
*And/or failing him/her (delete as appropriate)
or failing him/her/them, THE CHAIRMAN OF THE MEETING, as my/our proxy/proxies, to vote for me/us on my/our behalf
at the 20th Annual General Meeting of the Company to be held at Platinum Hall @ Platinum Suites, D-50A-01, Level 50A, 1020,
Jalan Sultan Ismail, Kampung Baru, 50250 Kuala Lumpur, Wilayah Persekutuan on Friday, 08 December 2023 at 10.30 a.m.
and at any adjournment thereof in the manner as indicated below in respect of the following Resolutions:-
RESOLUTIONS FOR AGAINST

Resolution 1 Re-election of Tan Sri Datuk Seri Gan Yu Chai as a Director
Resolution 2 Re-election of Chai Tham Poh as a Director
Resolution 3 Approval of Directors’ Fees
Resolution 4 Re-appointment of Auditors
Resolution 5 Authority to allot and issue shares pursuant to Sections 75 and 76 of the
Companies Act 2016 and Waiver of Pre-Emptive Rights pursuant to Section 85(1)
of the Companies Act 2016.
Resolution 6 Proposed Renewal of Existing Shareholders’ Mandate
Please indicate with an “X” in the appropriate space how you wish your votes to be cast. If you do not indicate how you wish your
proxy to vote on any Resolution, the proxy will vote or abstain from voting at his/her/their discretion.
Date:
Signature of Shareholder(s)/Common Seal
Notes:
(1) In respect of deposited securities, only Members whose names (6) Where a member of the Company is an Exempt Authorised
appear in the Record of Depositors on 01 December 2023 (General Nominee which holds ordinary shares in the Company for
Meeting Record of Depositors) shall be entitled to attend, speak multiple beneficial owners in one (1) securities account known as
and vote at the meeting. an omnibus account, there is no limit to the number of proxies
(2) A member entitled to attend and to vote at a meeting of the which the Exempt Authorised Nominee may appoint in respect
Company is entitled to appoint not more than two (2) proxies to of each omnibus account it holds. The appointment of two (2) or
attend and vote in his/her stead. A proxy may but need not be a more proxies in respect of any particular omnibus account shall
member of the Company. be invalid unless the Exempt Authorised Nominee specifies the
(3) Where a member appoints two (2) proxies to attend and vote proportion of its shareholding to be represented by each proxy.
at the meeting, such appointment shall be invalid unless he/ (7) The Form of Proxy, in the case of an individual, shall be signed
she specifies the proportions of his/her shareholding to be by the appointor or his attorney duly authorised in writing or, in
represented by each proxy. case of corporation, shall be given either under its common seal
(4) There shall be no restriction as to the qualification of the proxy or under the hand of an officer or attorney duly authorised.
and a proxy appointed to attend and vote at a meeting of the (8) The instrument appointing a proxy or proxies must be deposited
Company shall have the same rights as the Member to speak at at the office of the Company’s Share Registrar, Mega Corporate
the meeting. Services Sdn. Bhd, Level 15-2, Bangunan Faber Imperial Court,
(5) A member who is an authorised nominee as defined under the Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia, not less
Securities Industry (Central Depositories) Act 1991, may appoint than 48 hours before the time for holding the meeting or any
not more than two (2) proxies in respect of each securities account adjournment thereof.
it holds with ordinary shares of the Company standing to the credit (9) The proxy appointment may also be submitted electronically via
of the said securities account. the link at mega-sharereg@megacorp.com.my not less than 48
hours before the time for holding the meeting or any adjournment
thereof.
PERSONAL DATA NOTICE
By submitting the Form of Proxy, the shareholder or proxy accepts and agrees to the collection, use and disclosure of their personal data by the Company (or its agents
or service providers) for the purpose of preparation and compilation of documents relating to the AGM (including any adjournment thereof).
Please fold here to seal
Affix
Stamp

Registration No. 200301019817 (622237-D)
The Share Registrar

Mega Corporate Services Sdn. Bhd,
Level 15-2, Bangunan Faber Imperial Court,
Jalan Sultan Ismail, 50250 Kuala Lumpur,
Malaysia
Please fold here to seal

Southern Score Builders Berhad
Registration No. 200301019817 (622237-D)
Unit 21-3, 3rd Floor, Platinum Hill PV7,

Taman Melati Utama, Setapak 53100 Kuala Lumpur
T (03) 4162 8289 | F (03) 4162 2338 | W southernscore.com.my
Southern Score Builders Berhad Annual Report 2023

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2 02 3

Our annual report for this year reflects

ANNUAL REPORT 2023

60 118 120 124 125

OUR CORE PRINCIPLES

PHILOSOPHY MISSION VISION

company which had ceased all of its business operations.

2010 2011 2015 2016

Incorporation of Southern Score adopted Southern Score Southern Score was

2018 2019 2020

2021 2022 2023

AWARDS AND RECOGNITIONS

ANNUAL REPORT 2023

Tan Sri Datuk Seri Gan Yu Chai Chai Tham Poh

Gan Yee Hin Phe Kheng Peng

Datuk Sydney Lim Tau Chin Too Siew Mooi

AUDIT AND RISK MANAGEMENT REGISTERED OFFICE PRINCIPAL BANKERS

SOUTHERN SCORE BUILDERS BHD (Registration No.: 200301019817 (622237-D))

Investment Holding, Research and Development in Information Technology

Dato’ Haji Mohd Amran Bin Wahid

Tan Sri Datuk Seri Gan Yu Chai

ANNUAL REPORT 2023

Dato’ Amran has more than 20 years of experience

Tan Sri Datuk Seri Gan Yu Chai

ANNUAL REPORT 2023

Gan Yee Hin

ANNUAL REPORT 2023

Chai Tham Poh

ANNUAL REPORT 2023

Too Siew Mooi

Notes to Directors’ Profile:

ANNUAL REPORT 2023

Pang Cheng Wei

Senior Management Profile

Puan Sri Elaine Lee Kuan Kiow

Director of Human Resource & Administrative

Ir. Ong Beng Hoe

ANNUAL REPORT 2023

Earning Per Share (“EPS”) (sen)

GP Margin 18.4% 19.5% 18.1% 20.8% 34.5%

Revenue Gross Profit

Profit After Tax Attributable to

Dear Esteemed Shareholders,

On behalf of the Board of Directors of

TAN SRI DATUK SERI

In the past year, the experienced

Our regularisation plan was completed on

The outcome of the restructuring efforts

ANNUAL REPORT 2023

REVIEW OF FINANCIAL PERFORMANCE MOVING FORWARD

ANNUAL REPORT 2023

In closing, I would like to extend my gratitude to

Following our successful restructuring, Southern

Listed on the ACE Market of Bursa Malaysia, Southern Score

services, especially for high-rise residential buildings, as

The reverse takeover exercise was the final part of an

Southern Score Builders is well-positioned to chart

As a technology forward construction services company, Southern Score Builders adopts

Management Discussion & Analysis