Tak payah right issue untuk islamic factoring biz, just sell off:
Land dev rights RM11.2mil + Inv properties RM18.5mil + Other investments RM5.8mil = ~RM36mil dah....

*Non-current assets (RM'000)
Property, plant and equipment 11,742 13,837
Right-of-use assets 2,296 2,590
Land development rights 11,215 11,215
Investment properties 18,449 18,424
Intangible assets 3,167 4,536
Other investments 5,775 4,725
Finance lease receivables 821 1,387
Trade receivables 69 239

surprisingly, the price has risen to 19.5sen, at one time, reaching 20.5sen traded. greatly undervalued , net assets per share =RM1.66 post share consolidation now... zero debts, gearing level sifar. hahaha

right issue, Bursa could reject, telling the BODs to sell off its investment properties, other investments quoted shares dah cukup bagi factoring biz hehe

MLABS SYSTEMS BERHAD
Company No. 200401014724 (653227-V)
(Incorporated in Malaysia)
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE QUARTER ENDED 31 DECEMBER 2023
- 2 -
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As At As At
31.12.2023 30.06.2023
RM'000 RM'000
Note (unaudited) (audited)
ASSETS
Non-current assets
Property, plant and equipment 11,742 13,837
Right-of-use assets 2,296 2,590
Land development rights 11,215 11,215
Investment properties 18,449 18,424
Intangible assets 3,167 4,536
Other investments 5,775 4,725
Finance lease receivables 821 1,387
Trade receivables 69 239
Total non-current assets 53,534 56,953
Current assets
Inventories 1,676 1,501
Finance lease receivables 1,075 959
Trade receivables B15 20,134 11,541
Other receivables, deposits and prepayments 2,769 3,452
Tax recoverable 24 -
Other investments 7,586 -
Cash, bank balances and short-term fund 49,490 60,883
Total current assets 82,754 78,336
Total assets 136,288 135,289
EQUITY AND LIABILITIES
EQUITY
Share capital 110,049 110,049
Reserves 10,434 16,385
Equity attributable to Owners of the Company 120,483 126,434
Non-controlling interests 458 1,471
Total equity 120,941 127,905

Hit 20.5sen today. :)

i think, hidden hand gang should focus on 1 or 2 core biz that r profitable... abandon those unprofitable ventures to bullshit investors previously. For mlabs, fintech -islamic financing & tech related services should be enough to turnaround the company.. Sell off or stop other non-core biz. Kerajaan madani, do hanky-panky, send to jail... bertaubat ya! better late than never. my 2 cents nasihat hehe

ada debate, bolehkah hidden hand gang fokus pada real biz dan tak manipulasi syer untuk fast gain?
Kerajaan Madani bukan kerajaan2 dulu, agak strict, bahaya untuk manipulasi syer untuk quick gain...

wait n see .

:)

4, April 2024, Thursday

*US*
The S&P 500 and Nasdaq closed higher on Wednesday after data showing the U.S. services industry growth slowed further in March, but the advance was limited after Federal Reserve Chair Jerome Powell indicated a cut in interest was still not in sight.

*EUR*
European markets closed higher Wednesday, shaking off some of the negative sentiment seen at the start of the new quarter after euro zone inflation fell more than expected.

*ASIA*
Asia-Pacific markets rebounded following a sell-off in the previous session, as investors digest comments from U.S. Federal Reserve Chairman Jerome Powell. Hong Kong, China and Taiwan markets closed for Qingming festival.

*MALAYSIA*
Bursa Malaysia opened higher on Thursday, supported by bargain-hunting activities especially for telecommunications, consumer products and services as well as financial services shares, following a mixed performance on Wall Street overnight.

*GOLD*
Gold prices raced to a record high yet again on Wednesday, after Federal Reserve Chair Jerome Powell reiterated that recent readings on job gains and higher-than-expected inflation do not materially change the overall picture of economic policy this year.

*Oil*
Crude oil futures on Wednesday clung to recent gains as mounting geopolitical tensions and OPEC+ policy lift prices.

*KLCI*:
1,537.01 (-10.98) (-0.71%)

*DJIA*:
39,126.14 (-43.10) (-0.11%)

*S&P 500*:
5,211.49 (+5.68) (+0.11%)

*NASDAQ*:
16,277.46 (+37.01) (+0.23%)

*FTSE*:
7,937.44 (+2.35) (+0.03%)

*NIKKEI*:
39,451.85 (-387.06) (-0.97%)

*HSI*
16,725.10 (-206.42)(-1.22%)

*HSCEI*
5,774.99 (-85.73) (-1.44%)

*SHANGHAI*
3,069.30 (-5.66) (-0.18%)

*SHENZHEN*:
1,767.96 (-11.73) (-0.65%)

*GOLD*: 2,318.70

*CRUDE OIL*: 89.55

*USD/MYR*: 4.7413

_Source: The Edge, The Star, CNBC, Reuters, MarketWatch & Bloomberg_

*Disclaimer:*
_We have compiled this material with information obtained from sources we believe to be reliable, but we do not make any representation or warranty nor accept any responsibility or liability as to its accuracy, completeness or correctness. It ppl contains general information only on investment matters and the information is subject to change. The material above should not be considered as a comprehensive statement on any matter and should not be relied upon as such. The data presented is for information purposes only and is not a recommendation to buy or sell any securities or adopt any investment strategy. This material is not intended to be relied upon as a forecast, research, or investment advice regarding a particular investment or the markets in general, nor is it intended to predict or depict performance of any investment._

Earnings and EPS
The Proposed Diversification is not expected to have any immediate effect on the earnings of our
Group for the FYE 30 June 2023. However, barring any unforeseen circumstances, the Proposed
Diversification is expected to contribute positively to the future earnings and EPS of our Group in
view of the improved financial performance of Ikhlas for the unaudited 9M FPE 31 March 2023
which recorded a PAT of approximately RM1.09 million

Prospects of our
Group
Our Group’s venture into the Factoring Business via the
Acquisition of Ikhlas is intended to provide a new recurring income
stream as it provides our Group immediate access into the
Factoring Business. Our Group has embarked on the task of
transforming Ikhlas’ conventional factoring business into a digital-
based factoring entity by leveraging its technology capabilities.
This can create an efficient and streamlined factoring process that
can help clients and businesses access funding quickly and easily.
The inclusion of Ikhlas as part of our Group has also enabled our
Group to potentially benefit from cross-selling opportunities. Our
Group may leverage on our existing client base and offer factoring
service as an additional service to its clients. This can help to
deepen our Group’s relationships with our clients and create
additional revenue streams for our Group.
In light of the favourable outlook of the factoring industry in
Malaysia as set out in Section 4.2 of this Circular and the
performance of the Factoring Business in the latest unaudited 9M
FPE 31 March 2023 as set out in Section 2.1 of this Circular, our
Board is of the view that the Factoring Business will contribute
positively to our Group’s revenue and profitability in the future.

Rationale for the
Proposed
Diversification
The Proposed Diversification is part of our Group’s plan to
diversify our business activities and to provide another stream of
revenue to reduce our Group's dependencies on our existing core
business in our Research and development, and assembling of
mobile application solutions. In an effort to further expand our
earning bases, Ikhlas serves as an entry point for our Group to
venture into the Factoring industry.
Our Group has identified the Factoring Business to diversify its
business activities mainly due to factors such as, growing demand
for the factoring services in Malaysia and relevant experiences of
our key management personnel, as detailed in Section 3 of this
Circular.

Board of Directors
General Tan Sri Dato’ Sri Hj. Suleiman Bin Mahmud RMAF (Rtd) (Non-Independent Non-Executive
Director/Chairman)
Tan Sik Eek (Executive Director)
Chuah Hoon Hong (Independent Non-Executive Director)
Professor Emeritus Dr. Sureswaran Radamass (Independent Non-Executive Director)
Karina Binti Idris Ahmad Shah (Independent Non-Executive Director)
Mejar Dato’ Ismail Bin Ahmad (R) (Non-Independent Non-Executive Director)
Ong Tee Kein (Non-Independent Non-Executive Director)

Hui Kiat Bin, a Malaysian aged 50, graduated with a Bachelor Degree in Law from
University of Wales College of Cardiff (UWCC) in 1995. He was appointed as the Chief
Executive Officer of Mlabs on 1 October 2021.
In January 1996, he started his career as a senior IT specialist in IBM Malaysia Sdn Bhd.
He was responsible in System Engineering in AS/400 and Netfinity x86 Intel Servers, and
repairment for Thinkpad Notebook. In January 2000, he was promoted as ASEAN techline
team lead and responsible for regional pre-sales support for AS/400, Netfinity x86 Intel
Servers, Websphere and Lotus Domino.
In July 2002, he left IBM Malaysia Sdn Bhd and joined Microsoft Malaysia Sdn Bhd in
August 2022 as a senior manager and had his career advancement throughout the years and
became the Head of client partner and employee satisfaction in January 2005, wherein he
was responsible in support and services of enterprise, commercial, government &
government-linked companies (GLC) clients.
In August 2007, he left Microsoft Malaysia Sdn Bhd and joined Dell Global Business
Center Sdn Bhd in September 2007 as General Manager of Sales for the Global Corporate
Program (GCO) and Large Corporate Account (LCA).
In April 2009, he left Microsoft Malaysia Sdn Bhd and took a break in his career prior to
joining Nippon TT Greater China Group (Dimension Data) in November 2009 as Solution
Sales Director in charge for Microsoft, data center, collaboration, networking and cyber
security. In July 2013, he left Nippon TT Greater China Group (Dimension Data) and joined Storm
Solutions Sdn Bhd as Executive Director, involved in manpower outsourcing and training.
Subsequently in October 2018, he joined Storm Front Pte Ltd as Executive Director,
involved in human resource and payroll outsourcing, and software development. He left the
company in 2021.
With over 25 years of experience in IT and 20 years in senior management roles with
multinational corporations and as an entrepreneur, he brings a wealth of relevant expertise
to our Group.
He is responsible for overseeing the operations of our Group. Mr. Hui is currently also
responsible for the strategic implementation of Ikhlas’ business plans and operations as well
as factoring loan credit review process.

Tan Sik Eek
Tan Sik Eek, a Malaysian aged 47, graduated with a Bachelor Degree in Economics and
Political Science from University of Sydney, Australia in 1997. He was appointed to our
Board on 6 April 2018 and is currently the Executive Director of our Company. 6
In January 2000, he started his career as an Executive in RHB Investment Bank Berhad
and was responsible for advising and execution of corporate finance proposals.
In February 2002, he left RHB Investment Bank Berhad as an Assistant Manager and
joined Devonshire Capital LLC, a regional boutique investment bank headquartered in
Hong Kong as a Manager. He was responsible for advising clients on structuring fund
raising proposals, sourcing potential fund-raising and joint venture opportunities for
clients.
In December 2003, he left Devonshire Capital LLC and joined Value Creation Strategies
Sdn Bhd, a corporate advisory firm based in Kuala Lumpur as a Partner in charge for
Southeast Asia business in January 2004. He was responsible for originating, sourcing and
coordinating potential funding opportunities and execution on the agreed funding terms
and conditions as well as monitoring the performance of the relevant companies post-
funding.
In September 2010, he left Value Creation Strategies Sdn Bhd and joined House of Qin
Ltd, a private equity firm based in Beijing, China as a Partner in October 2010. He was
responsible for originating, structuring and sourcing for potential investment opportunities,
negotiate terms and conditions of investments, post-investment management of investee
companies, as well as setup joint venture opportunities with co-funding and strategic
partners.
In February 2013, he left House of Qin Ltd. Since then, he has been appointed as a
Director of several public companies listed on Bursa Securities, namely Fintec Global
Berhad, NetX Holdings Berhad, Symphony Life Berhad and XOX Bhd as well as our
Company, to provide management strategy, day-to-day operational oversight, fund-raising
and business development planning for the various companies.
With his expertise and experience of more than two decades in the financial industry
ranging from corporate finance advisory to private equity investments, he contributes
strategic insights to Ikhlas’ management team to explore business opportunities. He is
currently serving as one of the Directors of Ikhlas, and is actively involved in factoring
loan credit review process.

MWDG harus fokus pd mlabs untuk melindungi minoriti shareholders... a lot of money is at stake... zero gearing... cash equivalents ~RM50mil.... net aset per syer RM1.66+++ post syer consol now

kalau mlabs tutup semua biz yg rugi, fokus pada islamic factoring, boleh jadi macam papajack or rce nanti hahaha

islamic factoring dah untung bagi tahun 2023... pandainya mau fokus pd islamic ahlong biz hehe

CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE QUARTER ENDED 31 DECEMBER 2023
- 9 -
A8. Segmental Information (Cont’d)
Business segments (Cont’d)
Period Ended
31.12.2023
ICT and
fintech Trading Factoring Others Elimination Consolidated
RM'000 RM'000 RM'000 RM’000 RM'000 RM'000
Revenue 8,154 1,624 4,140 740 (876) 13,782
Results:
Segment results (2,763) (972) 885 (4,365) 31 (7,184)
Other income 866 109 3 176 (167) 1,379
(Loss)/profit
before tax (1,897) (863) 888 (3,797) (136) (5,805)
Segment assets 43,557 51,708 35,388 175,008 (169,373) 136,288
Segment
liabilities 17,217 52,846 29,547 41,553 (125,816) 15,347

Zero gearing/tiada long term debts .. Net assets per share RM1.66++selepas share consol

MLABS SYSTEMS BERHAD
Company No. 200401014724 (653227-V)
(Incorporated in Malaysia)
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE QUARTER ENDED 31 DECEMBER 2023
- 2 -
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As At As At
31.12.2023 30.06.2023
RM'000 RM'000
Note (unaudited) (audited)
ASSETS
Non-current assets
Property, plant and equipment 11,742 13,837
Right-of-use assets 2,296 2,590
Land development rights 11,215 11,215
Investment properties 18,449 18,424
Intangible assets 3,167 4,536
Other investments 5,775 4,725
Finance lease receivables 821 1,387
Trade receivables 69 239
Total non-current assets 53,534 56,953
Current assets
Inventories 1,676 1,501
Finance lease receivables 1,075 959
Trade receivables B15 20,134 11,541
Other receivables, deposits and prepayments 2,769 3,452
Tax recoverable 24 -
Other investments 7,586 -
Cash, bank balances and short-term fund 49,490 60,883
Total current assets 82,754 78,336
Total assets 136,288 135,289
EQUITY AND LIABILITIES
EQUITY
Share capital 110,049 110,049
Reserves 10,434 16,385
Equity attributable to Owners of the Company 120,483 126,434
Non-controlling interests 458 1,471
Total equity 120,941 127,905

kalau ada white knight macam KNM, cantiklah ... mlabs dah mau jadi islamic ahlong via diversification strategy ... mau jadi the next papajack or RCE haha

semua dah dapat balik share consol ~72mil ... hehe.. boleh implement gameplay dah hahaha

We refer to the announcements made on 25 October 2023, 26 October 2023, 5 February 2024, 23 February 2024, 18 March 2024 and 19 March 2024 in relation to the Proposals (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein. On behalf of the Board, TA Securities wishes to announce that the existing number of 1,449,409,440 Shares as at the entitlement date for the Share Consolidation as at 5.00 p.m. on 3 April 2024 (“Entitlement Date”) will be consolidated into 72,470,289 Consolidated Shares pursuant to the Share Consolidation. The 72,470,289 Consolidated Shares will be listed and quoted on the ACE Market of Bursa Securities with effect from 9.00 a.m. on Thursday, 4 April 2024, being the next market day following the Entitlement Date. This announcement is dated 3 April 2024.




Announcement Info
Company Name MLABS SYSTEMS BERHAD
Stock Name MLAB
Date Announced 03 Apr 2024
Category General Announcement for PLC
Reference Number GA1-03042024-00059

kawan UP 1.84 now

prices via direct biz transactions b4 share consolidation :)

History
Date Price Change Dir-Volume Day Volume Dir-Value Day Value Avg Price % of Total Share Remarks
27/12/2023 00:00:00 0.0700 0.0600 600,000 600,000 42,000 42,000 0.0700 0.0414 -
01/11/2023 00:00:00 0.0550 0.0450 100,000 100,000 5,500 5,500 0.0550 0.0069 -
05/12/2022 00:00:00 0.0600 0.0400 200,000 200,000 12,000 12,000 0.0600 0.0138 -
18/08/2021 00:00:00 0.1350 0.0950 3.500m 3.500m 472,500 472,500 0.1350 0.2898 -
28/08/2020 00:00:00 0.0650 0.0050 1.000m 1.000m 65,000 65,000 0.0650 0.0795 -
26/08/2020 00:00:00 0.0600 0.0050 3.000m 3.000m 180,000 180,000 0.0600 0.2384 -
12/08/2020 00:00:00 0.0800 0.0050 5.000m 5.000m 400,000 400,000 0.0800 0.3973 -
24/07/2020 00:00:00 0.0650 0.0100 3.400m 3.400m 221,007 221,007 0.0650 0.2849 -
05/03/2020 00:00:00 0.0300 0.0050 32.000m 32.000m 960,000 960,000 0.0300 4.1527 -
02/01/2020 00:00:00 0.0450 0.0050 2.300m 2.300m 103,500 103,500 0.0450 0.3430 -
08/05/2019 00:00:00 0.0200 -0.0300 3.109m 3.109m 62,180 62,180 0.0200 0.4637 -
17/10/2018 00:00:00 0.0600 0.0150 2.800m 2.800m 168,000 168,000 0.0600 0.4176 -
05/09/2018 00:00:00 0.0200 -0.0300 1.300m 1.300m 26,000 26,000 0.0200 0.1939 -
22/05/2018 00:00:00 0.0300 -0.0300 1.500m 1.500m 45,000 45,000 0.0300 0.2237 -
09/01/2018 00:00:00 0.0950 0.0100 1.250m 1.250m 118,750 118,750 0.0950 0.2191 -
13/09/2017 00:00:00 0.1250 0.0100 650,000 650,000 81,250 81,250 0.1250 0.1112 -
11/01/2017 00:00:00 0.0600 -0.0250 850,000 2.051m 51,000 123,060 0.0600 0.4549 -
11/01/2017 00:00:00 0.0600 -0.0250 1.201m 2.051m 72,060 123,060 0.0600 0.6427 -
16/12/2014 00:00:00 0.1000 0.0100 4.400m 8.800m 440,000 880,000 0.1000 2.3546 -
16/12/2014 00:00:00 0.1000 0.0100 4.400m 8.800m 440,000 880,000 0.1000 2.3546 -
22/01/2014 00:00:00 0.1000 - 8.366m 8.366m 836,590 836,590 0.1000 4.9246 -
11/12/2012 00:00:00 0.1050 - 70,000 70,000 7,350 7,350 0.1050 0.0412 Cross Trade
16/10/2012 00:00:00 0.1150 - 4.500m 4.500m 517,500 517,500 0.1150 2.6489 -
15/10/2012 00:00:00 0.1250 0.0050 2.548m 2.548m 318,500 318,500 0.1250 1.4999 -
10/09/2012 00:00:00 0.1000 -0.0450 205,000 205,000 20,500 20,500 0.1000 0.1207 -
28/08/2012 00:00:00 0.1300 -0.0050 7.722m 15.444m 1.004m 2.008m 0.1300 4.5454 -
28/08/2012 00:00:00 0.1300 -0.0050 2.278m 15.444m 296,179 2.008m 0.1300 1.3411 -
28/08/2012 00:00:00 0.1300 -0.0050 3.444m 15.444m 447,655 2.008m 0.1300 2.0270 -
28/08/2012 00:00:00 0.1300 -0.0050 2.000m 15.444m 260,000 2.008m 0.1300 1.1773 -
07/06/2012 00:00:00 0.1600 - 1.000m 1.000m 160,000 160,000 0.1600 0.5887 Cross Trade
17/02/2012 00:00:00 0.2650 0.0850 300,000 300,000 79,500 79,500 0.2650 0.1943 Cross Trade
10/02/2012 00:00:00 0.1800 - 1.030m 1.030m 185,400 185,400 0.1800 0.6669 -
17/03/2011 14:36:48 0.0850 0.0050 1.461m 1.461m 124,160 124,160 0.0850 0.9458 -
15/06/2010 16:04:52 0.0850 - 400,000 400,000 34,000 34,000 0.0850 0.2590 Cross Trade
03/12/2009 17:05:07 0.1250 0.0200 200,000 200,000 25,000 25,000 0.1250 0.1940 Cross Trade
02/10/2009 17:05:07 0.1700 0.0200 1.200m 2.500m 204,000 425,000 0.1700 1.1660 Cross Trade
02/10/2009 17:05:07 0.1700 0.0200 1.300m 2.500m 221,000 425,000 0.1700 1.2630 Cross Trade
14/09/2009 15:36:53 0.1600 -0.0150 217,247 705,655 34,760 112,905 0.1600 0.2110 -
14/09/2009 15:01:20 0.1600 -0.0150 488,408 705,655 78,145 112,905 0.1600 0.4744 Cross Trade
02/09/2009 16:51:17 0.1500 -0.0100 21.000m 21.000m 3.150m 3.150m 0.1500 20.3969 Cross Trade
Summary from 02/09/2009 to 27/12/2023
Highest Price 0.2650 First Occurred on 17/02/2012
Lowest Price 0.0200 First Occurred on 05/09/2018
Highest Volume 32.000m First Occurred on 05/03/2020

esok tengok ada spekulator tak :)

RSI(14) Neutral 46.4
Stochastic(14) Oversold 4.2
Average Volume (3M) 4,938,400
Relative Volume 0.1

tak tahu jika ada takeover offer yg sama dari group yg membeli oldtown, munchy, dll, kawan boleh terus naik ke RM3- Rm4 pun tak mustahil... buy n keep some, usah miss the boat nanti hehe

net aset per syer dah RM1.6++ selepas syer consol. kalau mlabs bukan hidden hand gang, pasti harga syer mlabs at least P/B value =0.5, 80sen ++ sayang hehe

mau jadi islamic ahlong digital kini, cool, hehe

mau balik RM2-Rm3 kot? wait n see ya

:p

PROPOSED DIVERSIFICATION OF THE PRINCIPAL ACTIVITIES OF MLABS AND ITS
SUBSIDIARIES TO INCLUDE FACTORING, DEVELOPMENT FINANCING, LEASING AND
BUILDING CREDIT BUSINESS (“PROPOSED DIVERSIFICATION”)
“THAT approval be and is hereby granted to the Board of Directors of the Company (“Board”) to diversify the
existing businesses of the Company and its subsidiaries to include factoring, development financing, leasing and
building credit business.
AND THAT the Board be and is hereby authorised and empowered to do or procure to be done all acts, deeds
and things and to execute, sign and deliver, for and on behalf of the Company, all such documents as are
necessary to give full effect to and implement the Proposed Diversification with full powers to assent to any
conditions, modifications, variations and/or amendments in any manner as may be required or imposed by the
relevant authorities and/or parties, together with full powers to take all steps and actions as the Board may deem
fit, necessary and/or expedient to give full effect to and implement the Proposed Diversification.”
By Order of the Board
Chong Voon Wah (SSM PC No. 202008001343) (MAICSA 7055003)
Thai Kian Yau (SSM PC No. 202008001515) (MIA 36921)
Company Secretaries

ya ya diversify , lepas tu jualkan semua kpd papajack ataupun RCE, padan muka korang hehe

Prospects of our Group
Our Group is currently operating in four segments, namely Research and development, and
assembling, Factoring Business, Trading and Others business segments. Our Group is committed
to enhance long-term shareholder profit and has been actively identifying other business
opportunities to expand our revenue stream.
Our Group’s venture into the Factoring Business via the Acquisition of Ikhlas is intended to provide
a new recurring income stream as it provides our Group immediate access into the Factoring
Business. Our Group has embarked on the task of transforming Ikhlas’ conventional factoring
business into a digital-based factoring entity by leveraging its technology capabilities. This can
create an efficient and streamlined factoring process that can help clients and businesses access
funding quickly and easily.
The inclusion of Ikhlas as part of our Group has also enabled our Group to potentially benefit from
cross-selling opportunities. Our Group may leverage on our existing client base and offer factoring
service as an additional service to its clients. This can help to deepen our Group’s relationships with
our clients and create additional revenue streams for our Group.

In addition, our Group has been investing in digitalisation and automation, which has enabled us to
offer more efficient and effective factoring services to our clients. This has allowed our Group to
differentiate itself in a competitive market and to attract more customers. Having investing in
digitalisation, Ikhlas created a seamless customer experience, enabling clients to submit invoices,
track payments, and manage accounts online, significantly reduces the turnaround time for
processing, which is a key differentiator in the industry. Besides, with its digital platform and
automation capabilities, Ikhlas can handle a higher volume of transactions, making it highly scalable.
Ikhlas can easily adapt to changing market conditions and customer needs, which is essential in the
fast-paced finance industry. Our Group’s technological capabilities give an advantage in the highly
competitive factoring market by leveraging our expertise in the fintech sector to offer innovative
and customised factoring solutions to our clients.
Additionally, with Ikhlas being a Shariah-Compliant factoring house approved by the MOF, Ikhlas’
target customers are contractors and suppliers, generally the MSMEs appointed by government,
namely through the e-Perolehan platform, a government one-stop service and supply procurement
platform. These MSMEs customers are perceived to be more credible and financially stable since
they have been vetted by the government to provide goods and services. These government
contracts also have predefined payment schedules, which make it easier for Ikhlas to evaluate and
monitor loan repayment, supported by direct payments from the government through the ePerolehan platform, thus minimising collection risk.
Due to the nature of the Factoring Business, the expansion of our Group’s Factoring Business
requires cash funding in order for our Group to increase its capacity to provide financing to its
prospective factoring clients, subject to our Group’s credit risk assessment or review of each
application for our factoring services. As such, the quantum and timing of financial resources
required to be committed are not determinable at this juncture but are dependent on the availability
of funds for our Group’s Factoring Business. In addition, our Group will also continuously identify
new target customers or market segments which fits within Ikhlas’ risk appetite or profile with good
credit and/or financial records. Our Group may fund such funding requirements via, among others,
its internally-generated funds, bank borrowings, fund-raising exercises to be undertaken in the
future (if required) and proceeds from the exercise of our Group’s outstanding warrants (if any).
In light of the favourable outlook of the factoring industry in Malaysia as set out in Section 4.2
above and the performance of the Factoring Business in the latest unaudited 9M FPE 31 March
2023 as set out in Section 2.1 of this Circular, our Board is of the view that the Factoring Business
will contribute positively to our Group’s revenue and profitability in the future

Overview and outlook of the factoring industry in Malaysia
The factoring industry in Malaysia, based on the revenues of industry players offering factoring
services, grew from RM98.4 million in 2017 to an estimated RM149.1 million in 2021 at a
compound annual growth rate (CAGR) of 10.9%. Based on Providence’s estimates, the factoring
industry achieved a growth rate of 8.0% in 2022. Providence forecasts the factoring industry in
Malaysia to register a similar growth rate of 8.0% in 2023.
Factoring industry in Malaysia
(Source: Malaysian Factors Association, Companies Commission of Malaysia, and analysis from
Providence)
Moving forward, the prospects and outlook for the factoring industry in Malaysia is positive with
demand for factoring services supported by the following factors:
(a) Malaysia has seen a steady growth of newly registered companies at an average increase of
3.7% annually between 2016 and 2022. According to latest available data from the
Companies Commission of Malaysia, new companies in Malaysia grew from 1.2 million in
2016 to 1.5 million in 2022. This steady growth trend is expected to continue in light of the
nation’s developing economy over the long-term. The growing number of registered
companies provides opportunities for growth of the factoring industry in Malaysia.
(b) Malaysia recorded a total of RM264.6 billion worth of approved investments in the
manufacturing, services and primary sectors in 2022 across 4,454 projects. Of the total
investments approved, foreign investments accounted for RM163.3 billion or 61.7%, with
domestic investments accounting for RM101.3 billion or 38.3%. The services sector
attracted RM154.0 billion of the total approved investments, followed by the manufacturing
sector at RM84.3 billion, while the primary sector received RM26.3 billion. Malaysia’s
performance is a testament to investors’ confidence in Malaysia as a preferred investment
hub, particularly the conducive business ecosystem in providing high-skilled talents and
having strong readiness in advanced technology. This, in turn, further bolsters Malaysia’s
role as a prominent site in global companies’ manufacturing networks, enhancing the
nation’s position as an investment destination in the region. Malaysia is expected to continue
attracting investments, especially foreign investments, as the economy recovers. This will
bode well and create demand for factoring services as companies need to ensure they have
the cash flow necessary to meet their current and immediate obligations such as for the
purchase of raw materials.

The Proposed Diversification is part of our Group’s plan to diversify our business activities and to provide
another stream of revenue to reduce our Group’s dependencies on our existing core business in Research
and development and assembling of mobile application solutions. In an effort to further expand our earning
bases, Ikhlas serves as an entry point for our Group to venture into the Factoring Business.
Our Group has identified the Factoring Business to diversify its business activities mainly due to the
following:
(i) the growing demand for the factoring services in Malaysia which grew at a compound annual
growth rate of 10.9% from 2017 to 2021 based on the overview and outlook of the factoring
industry in Malaysia of the IMR Report as set out in Section 4.2 of this Circular; and
(ii) the relevant experiences of our key management personnel, namely Tan Sik Eek (the Executive
Director of our Company), Hui Kiat Bin (the Chief Executive Officer of our Company) and Razif
Mohar (the Chief Executive Officer of Ikhlas) in the financial and IT industries as detailed in
Section 2.3 of this Circular, vis-à-vis the Factoring Business and market strategy adopted by
Ikhlas.
Further, our Board is of the view that the Proposed Diversification is expected to improve our Group’s
financial performance and allow our Group to be in a better financial footing in the long run in view of the
recent financial performance of Ikhlas which recorded a PAT of approximately RM1.09 million for the
latest unaudited 9M FPE 31 March 2023.
Our management remains cautiously optimistic of our Group’s long-term prospects associated with the
expansion of our Group to include Factoring Business as part of our business activities and maintain our
existing business after the Proposed Diversification.
Premised on the above and barring any unforeseen circumstances, our Board anticipates that the Proposed
Diversification will enhance our Group’s financial performance and business portfolio moving forward.

Razif Mohar
Razif Mohar, a Malaysian aged 59, was appointed as the Head of Factoring of Ikhlas on 15
December 2021 and was subsequently promoted as Chief Executive Officer of Ikhlas in
January 2023, a position in which he currently holds. He is responsible for leading and
overseeing all aspects of Ikhlas’ operating and strategic directions.
He graduated with a Diploma in Business Studies in 1987 and Bachelor Degree in Business
Administration with First Class Honours in 1998 from Institut Teknologi MARA (ITM). In
2002, he obtained Master in Business Administration (MBA) from Universiti Teknologi
MARA (UiTM).
In April 1988, he started his career as a Correspondence Clerk in Great Eastern Life
Assurance (Malaysia) Berhad, reported to the policy serving department for administrative
task. In July 1990, he left Great Eastern Life Assurance (Malaysia) Berhad, and joined
Survey Research (M) Sdn Bhd as a Retail Auditor in December 1990 for a period of 6 months.
In June 1991, he joined Malayan Banking Berhad as a Credit Officer and had his career
advancement throughout the 17 years and became the Head of Dealer & Receivables
Financing (Automobile) department. He was responsible for product innovation and
development, new business acquisition, credit evaluation and approval.
In December 2008, he left Malayan Banking Berhad and joined Asian Institute of Chartered
Bankers (“AICB”) in January 2009 as a Research and Development Manager. He was
mainly responsible for technical and non-technical research, learning need analysis and
industry competency management during his 1 year tenure in AICB.
In May 2010, he joined Automotive Aftersales Industry (M) Sdn Bhd as a Research and
Development Manager. He was responsible for strategic, market and product research.
In May 2011, he left Automotive Aftersales Industry (M) Sdn Bhd to join Ikhlas as Head of
Factoring in June 2011 as one of the pioneers in setting up Ikhlas. In February 2020, he left
to Ikhlas and joined El Nuwr Capital Sdn. Bhd. (“El Nuwr”) as Head of Factoring and was
responsible for setting up the factoring business in Malaysia for El Nuwr in March 2020. In
September 2021, he left El Nuwr and took a career break and subsequently return to Ikhlas
as Head of Factoring in December 2021. He has been an integral member of Ikhlas as one
of the pioneers, bringing him a wealth of knowledge and experience in the field of Islamic
finance.
Based on the expertise and vast experience of the key management personnel as detailed above, our Board
is of the view that our Group has the necessary expertise and experience to manage the Factoring Business

The selected financial information of Ikhlas based on its audited financial statements for the
FYEs 31 December 2020 and 31 December 2021 and 6M FPE 30 June 2022 as well as
unaudited financial statements for the 9M FPE 31 March 2023 are as follows:
Audited Unaudited
FYE 31
December 2020
FYE 31
December 2021
6M FPE 30
June 2022(1)
9M FPE 31
March 2023
(RM’000) (RM’000) (RM’000) (RM’000)
Revenue 2 Nil 1,145 4,249
PAT/(LAT) (1,045) (295) (721) 1,088
NA (7) 4,698 3,978 5,066
Note:
(1) Ikhlas changed its financial year end from 31 December to 30 June to coincide with the
financial year end of our Company.
For the 6M FPE 30 June 2022, Ikhlas recorded a revenue of approximately RM1.15 million
mainly due to administrative / processing and factoring fees charged on the factoring clients
for its factoring services.
In 6M FPE 30 June 2022, Ikhlas recorded a LAT of approximately RM0.72 million mainly
due to professional fees of RM1.06 million, comprising legal fees and feasibility study
expenses, incurred in relation to the joint venture agreement entered into between Ikhlas and
Seacera Builders Sdn Bhd, a wholly-owned subsidiary of Seacera Group Berhad, on 25
March 2022 to jointly development of the Malay reserved lands located in Mukim Sungai
Karang, Daerah Kuantan, Negeri Pahang into 137 holiday home villas with all necessary
infrastructure, facilities and development components, as announced by our Company on 25
March 2022.
2.2.2 Share capital
As at the LPD, Ikhlas is a wholly-owned subsidiary of Mlabs Capital Sdn Bhd, which in turn
is a wholly-owned subsidiary of our Company. The issued and paid-up share capital of Ikhlas
is RM2,500,000, comprising 2,500,000 ordinary shares

Details of Ikhlas
2.2.1 History and principal activities
Ikhlas was incorporated in Malaysia on 24 May 2010 under the laws of Malaysia as a
private limited company. Ikhlas is principally engaged in factoring, development finance,
leasing and building credit business. As at the LPD, Ikhlas is operating from its principal
office located in Petaling Jaya, Selangor and does not have any branch or outlet for its
Factoring Business. At this juncture, the principal market for the Factoring Business is
Malaysia as Ikhlas’ target customers are contractors and suppliers appointed by
government through the e-Perolehan platform.
Its operations have been approved by the MOF since 2011 (which is not subject to renewal
and/or any further conditions to be complied with), allowing it to engage in activities such
as development financing, leasing, building credit and factoring. Pursuant thereto, Ikhlas
has commenced its operations on 1 June 2011. Being a MOF-approved factoring company
enables Ikhlas to receive payment directly from the MOF for invoices factored from
government contractors and service providers, who are its primary customers.

hehe

On 14 December 2021, our Company had completed the acquisition of 100% equity interest in
Ikhlas via our wholly-owned subsidiary, Mlabs Capital Sdn Bhd. The Acquisition of Ikhlas is a
strategic move by our Group to venture into the Factoring Business, diversifying our Group’s
earning bases and reduce business concentration risk. For information purpose, the Acquisition of
Ikhlas was not subject to the approval of the shareholders of our Company or other relevant
authorities.
After the Acquisition of Ikhlas, our Group’s principal activities are segmented into the following
segments:
(i) Research and development, and assembling;
(ii) Factoring Business;
(iii) Trading; and
(iv) Others.
Our Group has a diverse portfolio of products and services that cater to our clients’ needs, including
mobile messaging, digital advertising, and e-commerce.
Based on the latest audited financial results for the FYE 30 June 2022 and the unaudited 9M FPE
31 March 2023, the key financial performance of our Group are as follows:
For the unaudited 9M FPE 31 March 2023, the Factoring Business has generated higher revenue of
approximately RM4.25 million as compared to RM1.15 million generated for the FYE 30 June 2022
which was mainly due to the following:
(i) increase in demand from government contractors who required funding to bridge their
working capital pending collection for goods sold under the government’s centralised
procurement platform, namely, ePerolehan; and
(ii) increase in funding available for the Factoring Business. In this regard, on 5 April 2023, our
Company had announced to vary up to RM8.54 million of the un-utilised proceeds raised
from the Private Placement to fund the working capital of the Factoring Business
(“Variation”), which mainly comprises the funds or capital required to be disbursed to its
customers for the Factoring Business.
Audited Unaudited
FYE 30 June 2022 9M FPE 31 March 2023
Operating
segments
Revenue
Contribution
to our
Group’s total
revenue
PAT/
(LAT) Revenue
Contribution
to our
Group’s total
revenue
PAT/
(LAT)
(RM’000) (%) (RM’000) (RM’000) (%) (RM’000)
Research and
development,
and assembling
16,996 80.85 (17,683) 9,715 61.14 (3,804)
Factoring
Business 1,145 5.45 (1,015) 4,249 26.74 1,088
Trading 1,056 5.02 (647) 1,041 6.55 (730)
Others 1,825 8.68 (1,628) 884 5.57 (2,206)
Subtotal 21,022 100.00 (20,973) 15,889 100.00 (5,652)
Eliminations (153) 6,629 (168) 2,749
Total 20,869 (14,344) 15,721 (2,903)
2
3
The Variation was not subject to the approval of the shareholders of our Company or any
regulatory authorities as the Private Placement was undertaken pursuant to the general mandate
obtained from the shareholders of Mlabs during the annual general meeting convened on 26
November 2020.
Premised on the above, our Board anticipates that the Factoring Business will potentially
contribute 25% or more of our Group’s net profit and/or result in a diversion of 25% or more of
the NA of our Group. As such, in accordance with Rule 10.13(1) of the ACE LR, our Board
proposes to seek approval from our shareholders in the forthcoming EGM for the Proposed
Diversification.
Notwithstanding the Proposed Diversification, our Group remains committed to our other existing
businesses

uptrend ka? UP 2sen/// makan roti canai, capati, dhal , dll kat rumah lagi jimat.. usah makan kat kedai hehe

mau bertaubat ka? jadi islamic ahlong kini haha nampak papajack or RCE buat duit, ikut kini pulak




www.ikhlasaldain.com/ mlabs' focus now :)


Ikhlas Al Dain
• Invoice Factoring
• Leasing
• Development Finance

• Building Credit

MLABS SYSTEMS BERHAD
Registration No. 200401014724 (653227-V)
(Incorporated in Malaysia)
CIRCULAR TO SHAREHOLDERS IN RELATION TO
PROPOSED DIVERSIFICATION OF THE PRINCIPAL ACTIVITIES OF MLABS SYSTEMS
BERHAD AND ITS SUBSIDIARIES TO INCLUDE FACTORING, DEVELOPMENT
FINANCING, LEASING AND BUILDING CREDIT BUSINESS (“PROPOSED
DIVERSIFICATION”)
AND
NOTICE OF EXTRAORDINARY GENERAL MEETING
Adviser
The Notice of Extraordinary General Meeting (“EGM”) of our Company together with the Proxy Form are
enclosed in this Circular.

total share issued was ~72mil after consol, yesterday ~7% of total shares traded/// with current low total shares, the price is very volatile.. wait n see.. macam belum ada gameplay by hidden hand geng lagi hehe

for example, pasukhas, also up like crazy b4 the right issue... to attract investors to subscribe the RI, see whether the same tactic is recycled for Mlabs if the right issue is approved

i think, bursa would reject any right issue request. just use the existing funds in the company ... divest in those related co punya shares

usah banyak cerita, jualkan semua kpd papajack, habis cerita haha

MLABS SYSTEMS BERHAD
Registration No. 200401014724 (653227-V)
(Incorporated in Malaysia)
CIRCULAR TO SHAREHOLDERS IN RELATION TO
PROPOSED DIVERSIFICATION OF THE PRINCIPAL ACTIVITIES OF MLABS SYSTEMS
BERHAD AND ITS SUBSIDIARIES TO INCLUDE FACTORING, DEVELOPMENT
FINANCING, LEASING AND BUILDING CREDIT BUSINESS (“PROPOSED
DIVERSIFICATION”)
AND
NOTICE OF EXTRAORDINARY GENERAL MEETING
Adviser
The Notice of Extraordinary General Meeting (“EGM”) of our Company together with the Proxy Form are
enclosed in this Circular.

Can sell their stake to papajack... Hahaha

PPJACK (0242) Overview - PAPPAJACK BERHAD - I3investor
Stock name: PPJACK, Stock Code: 0242, Company: PAPPAJACK BERHAD, Sector: FINANCIAL SERVICES. ... Stock on Radar - Pappajack ... share price at above Rm1. 2023-12-27

Cash rich with zero gearing, high cash per share... Any white knight like in KNM to fight with the hidden hand gang? Famous yah hehe

Greatly undervalued... Market cap only rm10mil+ few million RMs could wrest of control over mlabs n kick the hidden hand gang out kidding

Cronyism abolished hehe

Starting September, DRB-Hicom unit, PUSPAKOM, will operate alongside other licensed vehicle inspection service providers, ending its three decade monopoly. This is part of the Transport Ministry's efforts to reduce monopolies and introduce healthy competition. Daniel Fernandez, Managing Editor of dsf.my explains the impact of these developments.

www.ikhlasaldain.com/ mlabs' focus now :)

Ikhlas Al Dain
• Invoice Factoring
• Leasing
• Development Finance

• Building Credit

https://www.ikhlasaldain.com/ mlabs' focus now :)

It would be easily changed hand. On paper, hidden hand gang does not have a convincing controlling stake :)

Analysis of Shareholdings
As at 29 September 2023
LIST OF TOP 30 HOLDERS
(Without Aggregating Securities from Different Securities Accounts Belonging to the same Registered Holder)
NO. NAME HOLDINGS %
1. M&A NOMINEE (ASING) SDN BHD
EXEMPT AN FOR SANSTON FINANCIAL GROUP LIMITED (A/C CLIENTS)
324,704,900 22.40
2. TAN YOUNG TAT 21,789,900 1.50
3. SU HOW GIONG 20,000,000 1.38
4 LIAN FONG CHEE 14,000,000 0.97
5. CHAN TIN WAI 11,700,000 0.81
6. AU SHIUN CHOUR 11,540,000 0.80
7. WONG AH YONG 11,456,800 0.79
8. SOO OON LAM 11,000,000 0.76
9. UOB KAY HIAN NOMINEES (ASING) SDN BHD
EXEMPT AN FOR UOB KAY HIAN PTE LTD (A/C CLIENTS)
10,000,000 0.69
10. HSBC NOMINEES (ASING) SDN BHD
EXEMPT AN FOR THE HONGKONG AND SHANGHAI BANKING CORPORATION
LIMITED (GCHK-LAZARUS)
9,000,000 0.62
11. CHUNG KIN CHUAN 7,500,000 0.52
12. NG KIM HUAT 6,961,300 0.48
13. BAN BOON SENG 6,900,000 0.48
14. CHIN CHEE KEONG 6,389,900 0.44
15. TA SECURITIES HOLDINGS BERHAD IVT (P06) 6,199,000 0.43
16. LIEW SWEE MIN 6,000,000 0.41
17. OOI KOON CHUAN 6,000,000 0.41
18. KENANGA NOMINEES (TEMPATAN) SDN BHD
PLEDGED SECURITIES ACCOUNT FOR GAN POH MUN
5,850,000 0.40
19. PUBLIC NOMINEES (TEMPATAN) SDN BHD
PLEDGED SECURITIES ACCOUNT FOR LIM KHEK KENG (E-TAI)
5,750,000 0.39
20. TEOH HIN HENG 5,750,000 0.39
21. KENANGA NOMINEES (TEMPATAN) SDN BHD
PLEDGED SECURITIES ACCOUNT FOR CHIN LEONG CHOY
5,700,000 0.39
22. EE KIM CHENG 5,500,000 0.38
23. CITIGROUP NOMINEES (ASING) SDN BHD
EXEMPT AN FOR OCBC SECURITIES PRIVATE LIMITED (CLIENT A/C-NR)
5,000,000 0.35
24. ROBERT TANG ENG HUI 5,000,000 0.35
25. TING KWONG KEONG 5,000,000 0.35
26. SEE CHII WEI 4,999,700 0.35
27. CHIA GIN FOOK 4,500,000 0.31
28. MAYBANK NOMINEES (TEMPATAN) SDN BHD
FOR TAN SUN PING
4,500,000 0.31
29. SOO KEE HIN 4,400,000 0.30
30. KENANGA NOMINEES (TEMPATAN) SDN BHD
CHIN KIAM HSUNG
4,200,000 0.29
TOTAL 556,068,200 38.45

A Price/Book ratio of 0.1+ could imply that the stock is unreasonably valued in relation to the company's net assets.

Would hidden hand gang cash out by selling to others or privatising it b4 selling to others?

Any gameplay? :)