For the financial year ended 31 March 2025
ANNUAL REPORT FY2025
ASX code: 8IH
Company registration number 201414213R
ARBN 601 582 129
8I Holdings Limited
For personal use only
About 8I Holdings Limited
8I Holdings Limited (“8IH” or “the Group”) is an
Australia-listed investment holding company committed
to strategic holdings management. With a vision
centred on empowering growth and transforming lives,
8I dedicates its efforts to creating a positive impact and
fostering empowerment.
Our Vision
Empowering Growth and Transforming Lives
Our Mission
Empowering Everyone Towards Sustainable Wealth
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CONTENTS
Chairman’s Message
2
Operations and Financial Review
3
Board of Directors and Key
Management
6
Corporate Governance Statement
8
Remuneration Report
18
Directors’ Statement
21
Independent Auditors’ Report
23
Consolidated Statement of
Comprehensive Income
27
Consolidated Statement of
Financial Position
28
Statement of Financial Position
– Company
29
Consolidated Statement of
Changes in Equity
30
Consolidated Statement of
Cash Flows
34
Notes to the Financial Statements
35
Additional Information
63
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
For personal use only
OPERATING AND FINANCIAL REVIEW
For the financial year ended 31 March 2025
2
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Dear Valued Shareholders,
I am pleased to present the Annual Report of 8I Holdings Limited
for the financial year ended 31 March 2025. As we reflect on the
past year, we recognize that FY2025 was a period of both
promising growth and unexpected challenges, requiring us to
stay nimble and grounded in our long-term investment principles.
Our investment strategy began the year with strong momentum,
supported by the disciplined execution of our core approach—
value investing, diversification through ETFs, and conservative
risk management. However, in the final quarter, rising
geopolitical tensions once again took center stage. In particular,
the unexpected tariff threats by the United States in February
and March 2025 triggered heightened volatility across global
markets. These developments negatively impacted sentiment
and valuations, resulting in a net loss of S$1 million for the
financial year.
Despite this setback, we remain confident in the strength and
resilience of our strategy. We continue to believe that a careful,
fundamentals-driven
investment
approach—anchored
in
patience and prudence—is the best path to sustainable long-
term growth. The current environment has only reinforced our
conviction in maintaining a no-leverage policy and positioning
our portfolio for mid-to-long-term opportunities rather than
reacting to short-term noise.
Looking ahead, we will remain vigilant and closely monitor
evolving global developments, particularly the potential impact of
policy shifts and trade tensions. At the same time, we will
continue to seek out mispriced assets and sectors with solid
growth potential, guided by our investment philosophy and long-
term perspective.
The transformation we began last year—refocusing our Group
on proprietary fund management—has allowed us to operate
with greater clarity and alignment. With a leaner structure and
sharper focus, we are better equipped to navigate uncertainties
and seize new opportunities as they arise.
On behalf of the Board, I would like to express my sincere
appreciation to all our shareholders for your continued trust and
support. Your belief in our vision empowers us to persevere
through market cycles and remain focused on value creation.
Together, we are committed to building a more resilient and
purpose-driven investment company.
Warm regards,
Ken Chee
Executive Chairman
CHAIRMAN’S STATEMENT
Ken Chee
Executive Chairman
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OPERATING AND FINANCIAL REVIEW
For the financial year ended 31 March 2025
3
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Overview of the Global Investment
Climate
The global investment climate during the financial
year under review was marked by a delicate
balancing act between optimism and uncertainty.
While global markets showed signs of recovery and
bullish actions in early 2025, the latter months (Mid
February 2025 onwards) were characterised by
renewed geopolitical tensions and macroeconomic
headwinds that introduced fresh volatility across
practically all asset classes.
The U.S. economy maintained a steady growth
trajectory for most of the year, bolstered by strong
consumer spending, resilient labor markets, and
technological
innovation.
However,
investor
sentiment shifted in the final quarter as the U.S.
Trump administration raised the possibility of
imposing new tariffs on key trading partners. These
developments
heightened
market
uncertainty,
prompting risk-off behaviour and affecting global
trade expectations.
In Asia, China’s economic recovery remained
uneven. Although some sectors experienced
stabilisation, structural challenges—such as a
sluggish property sector and cautious consumer
sentiment—continued to weigh on overall growth.
Government stimulus measures provided pockets
of support, but broader recovery fell short of market
expectations,
leading
to
subdued
investor
confidence across regional markets.
Europe faced its own set of challenges, grappling
with persistent inflation, tighter monetary policies,
and energy security concerns stemming from the
ongoing conflict in Ukraine. The Russia-Ukraine war
entered its third year, maintaining pressure on
global commodity prices and supply chains,
especially in the energy and agricultural sectors.
Throughout the year, geopolitical tensions remained
a dominant theme. The evolving U.S.-China
dynamic,
coupled
with
trade
frictions
and
technological rivalry, impacted global supply chains
and cross-border investments. These frictions
prompted companies and investors to reassess risk
exposure and diversify their geographical footprints.
On the technological front, innovation continued to
be a key driver of investment flows. Artificial
intelligence, semiconductors, and clean energy
technologies attracted strong capital inflows,
although heightened regulatory scrutiny in major
jurisdictions introduced new compliance and
valuation risks. The healthcare and biotech sectors
remained resilient, supported by ongoing demand
for innovation in treatment and diagnostics.
The real estate sector reflected mixed trends.
Residential real estate in many developed markets
began to cool due to rising interest rates and
affordability concerns. Meanwhile, commercial real
estate, particularly in urban office markets in the
United
States,
continued
to
face
structural
headwinds as hybrid work models became further
entrenched, affecting demand and occupancy rates.
Overall, the investment environment during FY2025
required agility and prudence. With markets
responding swiftly to both economic data and
geopolitical signals, we will need to prioritise
diversified portfolios and defensive strategies to
navigate uncertainty.
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
For personal use only
OPERATING AND FINANCIAL REVIEW
For the financial year ended 31 March 2025
4
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Operations Review
During the financial year under review, 8IH
maintained its strategic focus on proprietary fund
investment,
following
the
comprehensive
restructuring completed in the prior year. With the
successful
divestment
of
our
operational
businesses—including
VI
College
and
GoodWhale—8IH
has
transitioned
into
a
streamlined investment company, concentrating
solely on generating sustainable returns through
disciplined capital deployment.
This year, our investment strategy remained
anchored in the core principles introduced in the
previous period: prudence, focus, and long-term
value creation. We continued to deploy our own
capital into a carefully constructed portfolio
combining
broad
market
exposure
through
diversified, low-cost ETFs and targeted stock
selections. Our stock-picking methodology is value-
driven, centred on identifying fundamentally sound,
undervalued companies with attractive mid- to long-
term growth prospects.
While the majority of the year was marked by steady
progress, our portfolio performance was impacted
by heightened market volatility in the final quarter.
The announcement of sweeping U.S. tariffs in early
2025 triggered sharp declines in global equities and
raised uncertainty across sectors. As a result, the
Group recorded a net loss of S$1 million for the
year. We are actively monitoring the evolving
macroeconomic landscape and remain committed
to
Investing
cautiously
amid
these
shifting
conditions.
Throughout the year, we upheld our conservative
risk management approach, including a strict no-
leverage policy. This disciplined stance helped
protect our capital during turbulent market periods
and continues to be a cornerstone of our strategy.
By avoiding leverage, we reinforce portfolio stability
and reduce exposure to systemic market shocks.
As we move forward, 8IH remains focused on its
investment mandate—delivering long-term value for
shareholders through thoughtful capital allocation,
disciplined risk management, and strategic portfolio
construction.
Financial Performance
The financial results for the fiscal year ended 31
March
2025
reflect
the
Group’s
continued
commitment to its revised investment-focused
strategy
amid
a
volatile
macroeconomic
environment.
From
continuing
operations,
8IH
recorded
investment gains of S$0.17 million, a decrease from
S$0.71 million in the prior year, due mainly to
market fluctuations and a more cautious investment
approach. Gross profit for the year was S$0.17
million, compared to S$0.60 million in FY2024, as
cost of sales remained minimal.
The Group reported other income of S$0.14 million,
a decline from the S$1.14 million (comprising other
income and gains) reported last year. Administrative
expenses were reduced to S$1.19 million, down
from S$1.60 million, as part of the Group’s
continued cost control efforts. Finance costs also
declined significantly, further improving operational
efficiency.
Despite these efforts, the Group recorded a loss
before income tax of S$0.95 million, compared to a
profit of S$0.09 million in FY2024. The net loss from
continuing operations was S$1.02 million, reflecting
the lower investment returns and reduced income
from non-core assets.
Notably, there were no losses from discontinued
operations in the current year, compared to a loss
of S$3.05 million in FY2024. As a result, the total
loss for the year stood at S$1.02 million, a marked
improvement from the S$2.96 million loss in the
previous financial year.
In addition to the net loss in the current year, the
Group recorded a fair value loss of S$0.31 million
under other comprehensive loss, attributable to the
revaluation of an unquoted investment in a robo-
advisory company classified as financial assets at
fair value through other comprehensive income
(FVOCI). This downward adjustment reflects
updated valuation inputs in a cautious market
environment. Despite this non-cash adjustment,
management remains prudently optimistic about the
long-term potential of this investment, underpinned
by the company’s continued growth in assets under
management (AUM) and its positioning within the
fast-evolving digital wealth management sector.
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OPERATING AND FINANCIAL REVIEW
For the financial year ended 31 March 2025
5
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
The
Group’s
financial
position
reflects
its
streamlined investment-focused model. As of 31
March 2025, total assets stood at S$11.9 million, a
decrease from S$13.5 million in the prior year. Net
assets declined to S$11.7 million, primarily due to
the loss incurred during the year and lower income
from investment and other sources. The Group
remains committed to prudent capital management
and maintaining a lean, disciplined financial
structure.
Looking Forward
As 8IH moves forward with its investment-centric
strategy, the Group remains focused on navigating
a complex and evolving global economic landscape.
With continued geopolitical uncertainties and
market volatility, disciplined capital allocation and
prudent risk management remain key pillars of the
Group’s approach.
The investment strategy—centred on a blend of
broadly diversified ETFs and carefully selected
individual equities—aims to deliver sustainable
long-term returns. The Group will continue to avoid
leverage and maintain a conservative risk profile,
ensuring the resilience of its portfolio.
In the coming year, 8IH will focus on identifying
opportunities across global markets, particularly in
sectors driven by long-term structural trends such
as technology, healthcare, and clean energy. While
short-term headwinds may persist, the Group
believes that its fundamentals-focused, value-
driven investment philosophy provides a solid
foundation for growth.
8IH remains committed to delivering shareholder
value through steady performance, transparency,
and a long-term outlook, positioning itself to benefit
from emerging investment opportunities while
safeguarding capital in uncertain times.
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BOARD OF DIRECTORS AND KEY MANAGEMENT
6
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Board of Directors
Ken Chee
Executive Chairman
Ken Chee is the co-founder and Executive Chairman of 8I Holdings Limited
and is based in Singapore. Appointed to the board in May 2014, Ken advises
on strategic planning and partnerships development of the Group.
Ken has more than 20 years of professional experience across business
development, operations, strategy and marketing from his past roles,
including Quicken (Singapore) and Telekurs Financial.
Ken was awarded the Spirt of Enterprise, Honoree Award in 2005 by the
President of Singapore for outstanding business results. He sits on the board
of 8VI Holdings Limited and is also a Young Presidents’ Organisation
member under the Singapore Chapter.
Ken graduated from the Singapore Polytechnic with a Diploma in Banking
and Financial Services, and the University of Queensland with a Bachelors’
Degree in Business Administration. He also attended Columbia Business
School in New York for its Executive Program in Value Investing.
Clive Tan
Executive Director
Clive Tan is the co-founder and Executive Director of 8I Holdings Limited and
is based in Singapore.
Within the Group, Clive is responsible for the strategic planning, investment
management, corporate policies and risk management of its businesses.
Clive is also on the board of Australian-listed 8VI Holdings Limited. He began
his professional career in the public education sector in Singapore.
Clive holds an Honours Degree in Mechanical and Production Engineering
from the Nanyang Technological University and a Post-Graduate Diploma in
Education from the National Institute of Education. He also attended the
University of Technology, Sydney on an academic exchange programme.
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BOARD OF DIRECTORS AND KEY MANAGEMENT
7
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Board of Directors (continue)
Charles Mac
Non-Executive Director
Charles was appointed Non-Executive Director in April 2016. Charles has
more than 18 years of IT corporate experience, of which 15 years in the SAP
Industry dealing with multinational companies across the Asia Pacific Region.
He has held various leadership roles for large, global multinational
companies with extensive experience across Asia Pacific in Team
Management, Quality Management, Audits, Business Development and
Contract Deliveries.
Charles previously served on the Board of ASX-listed companies, 8VI
Holdings Limited and Ennox Group Limited as Non-Executive Director.
Charles is an Australian citizen and holds a Bachelor of Computing
(Information System) from Monash University.
Key Management
Louis Chua (FCA, FCCA, FCPA)
Chief Financial Officer
Louis Chua joined 8I Holdings in April 2015 as the Company’s Chief Financial
Officer and is based in Singapore. Within the 8I Group, Louis is responsible
for risk management, corporate secretarial, controllership and treasury
duties, as well as economic strategy and financial forecasting for the
Company.
Louis is based in Singapore and has more than 20 years of assurance,
financial and commercial experience including infrastructure development,
treasury and controllership operations, group restructuring and consolidation,
tax planning and mergers and acquisitions. Before he joined 8I Holdings, he
had 9 years of experience within the offshore marine industry in Farstad
Shipping, with its holding company listed in the Oslo Stock Exchange. He
started his career in the Audit Division with Arthur Andersen (later Ernst &
Young).
Louis graduated from University of Queensland with a Bachelor of Commerce
(Finance). He is a Fellow Chartered Accountant (FCA Singapore) of the
Institute of Singapore Chartered Accountants (ISCA), a Fellow Certified
Chartered Accountant (FCCA) of The Association of Chartered Certified
Accountants (ACCA), and a Fellow Certified Practising Accountant (FCPA)
of Certified Practising Accountant Australia (CPA Australia).
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CORPORATE GOVERNANCE STATEMENT
31 March 2025
8
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Introduction
8I Holdings Limited (the “Company”) and its Board has adopted
comprehensive systems of control and accountability as the basis
for the administration of corporate governance, which are in
effect as of 30 June 2025. The Board is committed to
administering the Company’s policies and procedures with
openness and integrity, pursuing the true spirit of corporate
governance commensurate with the Company’s needs.
To the extent applicable, the Company has adopted the ASX
Corporate Governance Council’s Corporate Governance Principles
and Recommendations (Recommendations).
In light of the Company’s size and nature, the Board considers that
the current Board is a cost effective and practical method of
directing and managing the Company. As the Company’s
activities develop in size, nature and scope, the size of the Board
and the implementation of additional corporate governance
policies and structures will be reviewed.
The Company’s main corporate governance policies and practices
as at the date of this report are detailed below. The Company’s
full Corporate Governance Plan is available in a dedicated
corporate governance information section of the Company’s
website at www.8iholdings.com.
Principle 1: Lay solid foundations for
management and oversight
Recommendation 1.1
A listed entity should disclose:
(a) the respective roles and responsibilities of its board and
management; and
(b) those matters expressly reserved to the board and those
delegated to management.
The Company has adopted a Board Charter. The Board Charter
sets out the specific responsibilities of the Board, requirements as
to the Boards composition, the roles and responsibilities of the
Chairman and Company Secretary, the establishment, operation
and management of Board Committees, Directors access to
company records and information, details of the Board’s
relationship
with
management,
details
of
the
Board’s
performance review and details of the Board’s disclosure policy.
A copy of the Company’s Board Charter is available on the
Company’s website.
The Board is responsible for the corporate governance of the
Company. The Board develops strategies for the Company,
reviews strategic objectives and monitors performance against
those
objectives.
Clearly
articulating
the
division
of
responsibilities between the Board and management will help
manage expectations and avoid misunderstandings about their
respective roles and accountabilities.
In general, the Board assumes (amongst others) the following
responsibilities:
(i)
providing leadership and setting the strategic objectives of
the Company;
(ii) appointing and when necessary replacing the Executive
Directors;
(iii) approving
the
appointment
and
when
necessary
replacement, of other senior executives;
(iv) undertaking appropriate checks before appointing a person,
or putting forward to security holders a candidate for
election, as a director;
(v) overseeing
management’s
implementation
of
the
Company’s strategic objectives and its performance
generally;
(vi) approving operating budgets and major capital expenditure
and investment;
(vii) overseeing the integrity of the company’s accounting and
corporate reporting systems including the external audit;
(viii) overseeing the company’s process for making timely and
balanced disclosure of all material information concerning
the Company that a reasonable person would expect to have
a material effect on the price or value of the Company’s
securities;
(ix) ensuring that the Company has in place an appropriate risk
management framework and setting the risk appetite within
which the board expects management to operate; and
(x) monitoring the effectiveness of the Company’s governance
practices.
For personal use only
CORPORATE GOVERNANCE STATEMENT
31 March 2025
9
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Principle 1: Lay solid foundations for
management and oversight (continued)
The Company is committed to ensuring that appropriate checks
are undertaken before the appointment of a Director and has in
place written agreements with each Director which detail the
terms of their appointment.
Recommendation 1.2
A listed entity should:
(a) undertake appropriate checks before appointing a person, or
putting forward to security holders a candidate for election,
as a director; and
(b) provide security holders with all material information relevant
to a decision on whether or not to elect or re-elect a director.
Election of Board members is substantially the province of the
Shareholders in general meeting. The Board currently consists of
the two Executive Directors (each of whom is a significant
Shareholder) and two Non-Executive Directors (each of whom is
independent). As the Company’s activities develop in size, nature
and scope, the composition of the Board and the implementation
of additional corporate governance policies and structures will be
reviewed.
Nominations of new Directors are considered by the full Board. If
any vacancies arise on the Board, all directors are involved in the
search and recruitment of a replacement.
The Board has taken a view that the full Board will hold special
meetings or sessions as required. The Board is confident that this
process for selection, including undertaking appropriate checks
before appointing a person, or putting forward to security holders
a candidate for election, and review is stringent and full details of
all Directors will be provided to Shareholders in the annual report
and on the Company’s website.
All material information relevant to a decision on whether or not
to elect or re-elect a Director will be provided to security holders
in Section 3 of the Prospectus or a Notice of Meeting pursuant to
which the resolution to elect or re-elect a Director will be voted
on.
Recommendation 1.3
A listed entity should have a written agreement with each director
and senior executive setting out the terms of their appointment.
The Company has entered into Executive Service Agreements
with executive directors and Letters of Appointment with each
Non-Executive Director.
Recommendation 1.4
The company secretary of a listed entity should be accountable
directly to the board, through the chair, on all matters to do with
the proper functioning of the board.
The Board Charter outlines the roles, responsibility and
accountability of the Company Secretary. The Company Secretary
is accountable directly to the board, through the chair, on all
matters to do with the proper functioning of the Board.
Recommendation 1.5
A listed entity should:
(a) have and disclose a diversity policy;
(b) through its board or a committee of the board set measurable
objectives for achieving gender diversity in the composition of
its board, senior executives and workforce generally; and
(c) disclose in relation to each reporting period:
(1) the measurable objectives set for that period to achieve
gender diversity;
(2) the entity’s progress towards achieving those objectives;
and
(3) either:
(A) the respective proportions of men and women on the
board, in senior executive positions and across the
whole organisation (including how the entity has
defined “senior executive” for these purposes); or
(B) if the entity is a “relevant employer” under the
Workplace Gender Equality Act, the entity’s most
recent “Gender Equality Indicators”, as defined in and
published under that Act.
The Company has adopted a Diversity Policy. The Board values
diversity and recognises the benefits it can bring to the
organisation’s ability to achieve its goals. Accordingly, the
Company has set in place a diversity policy. This policy outlines
the Company’s diversity objectives in relation to gender, age,
cultural background and ethnicity. It includes requirements for
the Board to establish measurable objectives for achieving
diversity, and for the Board to assess annually both the objectives,
and the Company’s progress in achieving them.
The Diversity Policy provides a framework for the Company to
achieve a list of measurable objectives that encompass gender
equality. The Diversity Policy provides for the monitoring and
evaluation of the scope and currency of the Diversity Policy. The
company is responsible for implementing, monitoring and
reporting on the measurable objectives. The Diversity Policy is
available on the Corporate Governance Plan on the Company’s
website.
The Company does not discriminate on the basis of gender. The
Company is not of a relevant size to consider setting measurable
objectives for achieving gender diversity. As such the board has
not set any measurable objectives for achieving gender diversity.
Category
31 March 2025
Male
Female
Board of Directors
3
-
Senior Management
1
-
Company wide
-
1
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CORPORATE GOVERNANCE STATEMENT
31 March 2025
10
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Principle 1: Lay solid foundations for
management and oversight (continued)
The Senior Management refer to those persons having authority
and responsibility for planning, directing, controlling the activities
of the consolidated entity, directly or indirectly, of the
consolidated entity.
Recommendation 1.6
A listed entity should:
(a) have and disclose a process for periodically evaluating the
performance of the board, its committees and individual
directors; and
(b) disclose in relation to each reporting period, whether a
performance evaluation was undertaken in the reporting
period in accordance with that process.
The Company is not of a relevant size to consider formation of a
Nomination Committee. The responsibilities of the Nomination
Committee are currently carried out by the board and evaluating
the performance of the Board, any committees and individual
directors on an annual basis. The Board may do so with the aid of
an independent advisor. The process for this can be found in
Schedule 5 of the Company’s Corporate Governance Plan.
The Company has established the Nomination Committee
Charter, which requires disclosure as to whether or not
performance evaluations were conducted during the relevant
reporting period.
During the year a performance evaluation of the Executive
Chairman and Executive Director was undertake by the non-
executive directors. The performance of the board, its
committees and the individual directors is assessed on an on-
going basis by the Chairman of the Board.
Recommendation 1.7
A listed entity should:
(a) have and disclose a process for periodically evaluating the
performance of its senior executives at least once every
reporting period; and
(b) disclose for each reporting period whether a performance
evaluation has been undertaken in accordance with that
process during or in respect of that period.
The responsibilities of the Nomination Committee are currently
carried out by the board, which includes periodically evaluating
the performance of senior executives. The process is disclosed in
Schedule 6 of the Corporate Governance Plan.
During FY2025, over a series of informal discussions, the executive
directors reviewed each senior executive. All senior executives’
performances met performance criteria.
Principle 2: Structure the board to add value
Recommendation 2.1
The board of a listed entity should:
(a) have a nomination committee which:
(i) has at least three members, a majority of whom are
independent directors; and
(ii) is chaired by an independent director,
and disclose:
(iii) the charter of the committee;
(iv) the members of the committee; and
(v) as at the end of each reporting period, the number of
times the committee met throughout the period and
the individual attendances of the members at those
meetings; or
(b) if it does not have a nomination committee, disclose that fact
and the processes it employs to address board succession
issues and to ensure that the board has the appropriate
balance of skills, experience, independence and knowledge of
the entity to enable it to discharge its duties and
responsibilities effectively.
The Company does not comply with Principle 2.1. The Company is
not of a relevant size to consider formation of a nomination
committee to deal with the selection and appointment of new
Directors and as such a nomination committee has not been
formed.
Nominations of new Directors are considered by the full Board. If
any vacancies arise on the Board, all directors are involved in the
search and recruitment of a replacement. The Board has taken a
view that the full Board will hold special meetings or sessions as
required. The Board is confident that this process for selection,
including undertaking appropriate checks before appointing a
person, or putting forward to security holders a candidate for
election, and review is stringent and full details of all Directors will
be provided to Shareholders in the annual report and on the
Company’s website.
Recommendation 2.2
A listed entity should have and disclose a board skill matrix setting
out the mix of skills and diversity that the board currently has or
is looking to achieve in its membership.
The Company identifies the following as the main areas of skills
required by the board to successfully service the Company. The
directors have been measured to these areas in the skills matrix:
Number of
Directors that
meet the skill
Executive and Non-Executive experience
3
Industry experience and knowledge
3
Leadership
3
Corporate governance & Risk Management
3
Strategic thinking
3
Desired behavioural competencies
3
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CORPORATE GOVERNANCE STATEMENT
31 March 2025
11
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Principle 2: Structure the board to add value
(continued)
Number of
Directors that
meet the skill
Geographic experience
3
Capital Markets experience
2
Subject matter expertise
- accounting
2
- capital management
2
- corporate financing
2
- risk management
3
- legal
2
- IT expertise
1
The Board Charter requires the disclosure of each board
member’s qualifications and expertise as set out in the Company’s
Board skills matrix. Full details as to each director and senior
executive’s relevant skills and experience are available in the
Annual Report and the Company’s Website.
Recommendation 2.3
A listed entity should disclose:
(a) the names of the directors considered by the board to be
independent directors;
(b) if a director has an interest, position, association or
relationship of the type described in Box 2.3 of the ASX
Corporate Governance Principles and Recommendation (3rd
Edition), but the board is of the opinion that it does not
compromise the independence of the director, the nature of
the interest, position, association or relationship in question
and an explanation of why the board is of that opinion; and
(c) the length of service of each director.
The Board Charter provides for the disclosure of the names of
Directors considered by the board to be independent. Currently
one member of the Board are considered independent being Mr
Charles Mac;
The Board Charter requires Directors to disclose their interest,
positions, associations and relationships and requires that the
independence of Director is regularly assessed by the board in
light of the interests disclosed by Directors. Details of the
Directors interests, positions associations and relationships are
provided in the Annual Report; and
The Board Charter provides for the determination of the
Directors’ terms and requires the length of service of each
Director to be disclosed. The length of service of each Director is
as follows:
•
Mr Ken Chee appointed on 17 May 2014
•
Mr Clive Tan appointed on 17 May 2014
•
Mr Charles Mac appointed on 26 Apr 2016
Recommendation 2.4
A majority of the board of a listed entity should be independent
directors.
The Board considers that only one out of the three Directors is
independent director in accordance with the ASX Corporate
Governance Council’s definition of independence:
•
Mr. Charles Mac (Independent Non-Executive Director)
The Board considers that the Company is not currently of a size,
nor are its affairs of such complexity to justify the expense of the
appointment of additional independent non-executive Directors.
The Board believes that the individuals on the Board can make,
and do make, quality and independent judgements in the best
interests of the Company on all relevant issues. Directors having
a conflict of interest in relation to a particular item of business
must absent themselves from the Board meeting before
commencement of discussion on the topic.
Recommendation 2.5
The chair of the board of a listed entity should be an independent
director and, in particular, should not be the same person as the
CEO of the entity.
Mr. Chee currently holds the position of Executive Chairman
which does not comply with the ASX Corporate Governance
Council’s recommendations.
While the Board considers the importance of a division of
responsibility and independence at the head of the Company, the
existing structure is considered appropriate and provides a
unified leadership structure. Mr. Chee has been the major force
behind the establishment of the 8I Group and its current growth
and direction. The Board considers that, at this stage of the
Company’s development, he is able to bring quality and
independent judgement to all relevant issues, and the Company
benefits from his long standing experience of its operations and
business relationships.
Recommendation 2.6
A listed entity should have a program for inducting new directors
and
providing
appropriate
professional
development
opportunities for continuing directors to develop and maintain
the skills and knowledge needed to perform their role as a
director effectively.
The Board Charter states that a specific responsibility of the Board
is to procure appropriate professional development opportunities
for Directors. The Remuneration Committee is responsible for the
approval and review of induction and continuing professional
development programs and procedures for Directors to ensure
that they can effectively discharge their responsibilities.
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CORPORATE GOVERNANCE STATEMENT
31 March 2025
12
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Principle 3: Act ethically and responsibly
Recommendation 3.1
A listed entity should articulate and disclose its values.
The Company has statement of values which can be viewed on its
website.
Recommendation 3.2
A listed entity should:
(a) have and disclose a code of conduct for its directors, senior
executives and employees; and
(b) ensure that the board or a committee of the board is informed
of any material breaches of that code.
The Board is committed to the establishment and maintenance of
appropriate ethical standards.
The Corporate Code of Conduct applies to the Company’s
directors, senior executives and employees. The Company’s
Corporate Code of Conduct is available in the Corporate
Governance plan which is on the Company’s website.
Recommendation 3.3
A listed entity should:
(a) have and disclose a whistleblower policy; and
(b) ensure that the board or a committee of the board is informed
of any material incidents reported under that policy.
The Company has implemented a whistleblower policy which can
be viewed on its website and the Board is informed when any
material incidents are reported under the policy.
Recommendation 3.4
A listed entity should:
(a) have and disclose an anti-bribery and corruption policy; and
(b) ensure that the board or a committee of the board is informed
of any material breaches of that policy.
The Company has implemented an anti-bribery and corruption
policy which can be viewed on its website and the Board is
informed when any material incidents are reported under the
policy.
Principle 4: Safeguard integrity in financial
reporting
Recommendation 4.1
The board of a listed entity should:
(a) have an audit committee which:
(i) has at least three members, all of whom are non-
executive directors and a majority of whom are
independent directors; and
(ii) is chaired by an independent director, who is not the chair
of the board,
and disclose:
(iii) the charter of the committee;
(iv) the relevant qualifications and experience of the
members of the committee; and
(v) in relation to each reporting period, the number of times
the committee met throughout the period and the
individual attendances of the members at those meetings;
or
(b) if it does not have an audit committee, disclose that fact and
the processes it employs that independently verify and
safeguard the integrity of its financial reporting, including the
processes for the appointment and removal of the external
auditor and the rotation of the audit engagement partner.
The Company is not currently of a size, nor are its affairs of such
complexity to justify the formation of audit committee to satisfy
this recommendation. The Board believes that the individuals on
the Board can make, and do make, quality and informed
judgements in the best interests of the Company on all relevant
issues.
The Board will carry out the duties that would ordinarily be
assigned to that committee under the written terms of reference
for that committee, including but not limited to, monitoring and
reviewing any matters of significance affecting financial reporting
and compliance, the integrity of the financial reporting of the
Company, the Company's internal financial control system and
risk management systems and the external audit function. The
Board from time to time will review the scope, performance and
fees of the external auditors and the rotation of the audit
engagement partner.
For personal use only
CORPORATE GOVERNANCE STATEMENT
31 March 2025
13
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Principle 4: Safeguard integrity in financial
reporting (continued)
Recommendation 4.2
The board of a listed entity should, before it approves the entity’s
financial statements for a financial period, receive from its CEO
and CFO a declaration that the financial records of the entity have
been properly maintained and that the financial statements
comply with the appropriate accounting standards and give a true
and fair view of the financial position and performance of the
entity and that the opinion has been formed on the basis of a
sound system of risk management and internal control which is
operating effectively.
The Board ensure that before they approve the entity’s financial
statements for a financial period, the Executive Directors have
declared that in their opinion the financial records of the entity
have been properly maintained and that the financial statements
comply with the appropriate accounting standards and give a true
and fair view of the financial position and performance of the
entity and that the opinion has been formed on the basis of a
sound system of risk management and internal control which is
operating effectively.
Recommendation 4.3
A listed entity should disclose its process to verify the integrity of
any periodic corporate report it releases to the market that is not
audited or reviewed by an external auditor.
Any periodic corporate reports are prepared by the accountant,
reviewed by the CFO and presented to the Board for sign off prior
to release to the market.
Principle 5: Make timely and balanced disclosure
Recommendation 5.1
A listed entity should have and disclose a written policy for
complying with its continuous disclosure obligations under listing
rule 3.1.
The Board Charter provides details of the Company’s disclosure
policy. In addition, Schedule 7 of the Corporate Governance Plan
is entitled ‘Disclosure-Continuous Disclosure’ and details the
Company’s disclosure requirements as required by the ASX Listing
Rules and other relevant legislation.
The Board Charter and Schedule 7 of the Corporate Governance
Plan which is available at the Company’s website.
Recommendation 5.2
A listed entity should ensure that its board receives copies of all
material market announcements promptly after they have been
made.
All material market announcements are circulated to the board
via email.
Recommendation 5.3
A listed entity that gives a new and substantive investor or analyst
presentation should release a copy of the presentation materials
on the ASX Market Announcements Platform ahead of the
presentation.
Results, presentations and transcripts of the Chairman’s address
at annual general meetings are released on the ASX Market
Announcements Platform as soon as practically possible after the
conclusion of the general meeting. Other presentations to new or
substantive shareholders or investor analysts are released on the
ASX Market Announcements Platform prior to the presentation.
For personal use only
CORPORATE GOVERNANCE STATEMENT
31 March 2025
14
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Principle 6: Respect the rights of security holders
Recommendation 6.1
A listed entity should provide information about itself and its
governance to investors via its website.
The Company has a comprehensive website found at
www.8iholdings.com, where there are links to directors,
corporate governance, plans and policies. Also included are links
to all financial reports, announcements, notice of meetings and
presentations and any external media commentary made on the
Company.
Recommendation 6.2
A listed entity should design and implement an investor relations
program to facilitate effective two-way communication with
investors.
The Company has adopted a Shareholder Communications
Strategy which aims to promote and facilitate effective two-way
communication with investors. The Strategy outlines a range of
ways in which information is communicated to shareholders. The
Shareholder Communications Strategy can be found in the
Corporate Governance plan under schedule 11 which is available
at the Company’s website.
Recommendation 6.3
A listed entity should disclose the policies and processes it has in
place to facilitate and encourage participation at meetings of
security holders.
The Shareholder Communication Strategy, which can be found in
schedule 11 of the Corporate Governance Plan which is available
on the Company’s website.
Recommendation 6.4
A listed entity should ensure that all substantive resolutions at a
meeting of security holders are decided by a poll rather than by a
show of hands.
The company decides all resolutions at a meeting of security
holders by a poll.
Recommendation 6.5
A listed entity should give security holders the option to receive
communications from, and send communications to, the entity
and its security registry electronically.
Security holders can register with the Company to receive email
notifications when an announcement is made by the Company to
the ASX. Shareholders queries should be referred to the Company
Secretary at first instance.
Principle 7: Recognise and manage risk
Recommendation 7.1
The board of a listed entity should:
(a) have a committee or committees to oversee risk, each of
which:
(i) has at least three members, a majority of whom are
independent directors; and
(ii) is chaired by an independent director,
and disclose:
(iii) the charter of the committee;
(iv) the members of the committee; and
(v) as at the end of each reporting period, the number of
times the committee met throughout the period and the
individual attendances of the members at those meetings;
or
(b) if it does not have a risk committee or committees that satisfy
(a) above, disclose that fact and the process it employs for
overseeing the entity’s risk management framework.
The Board has not established a separate Risk Management
Committee. However, the Board has assumed the role of a
separate Risk Management Committee and it is ultimately
responsible for risk oversight and risk management. Discussions
on the recognition and management of risks were also considered
by the Board.
The Board's collective experience will assist in the identification
of the principal risks that may affect the Company's business. Key
operational risks and their management will be recurring items
for deliberation at Board meetings.
Recommendation 7.2
The board or a committee of the board should:
(a) review the entity’s risk management framework with
management at least annually to satisfy itself that it continues
to be sound, to determine whether there have been any
changes in the material business risks the entity faces and to
ensure that they remain within the risk appetite set by the
board; and
(b) disclose in relation to each reporting period, whether such a
review has taken place.
The Company process for risk management and internal
compliance includes a requirement to identify and measure risk,
monitor the environment for emerging factors and trends that
affect these risks, formulate risk management strategies and
monitor the performance of risk management systems. Schedule
8 of the Corporate Governance Plan, which can be found on the
Company’s website, is entitled ‘Disclosure - Risk Management’
and details the Company’s disclosure requirements with respect
to the risk management review procedure and internal
compliance and controls.
For personal use only
CORPORATE GOVERNANCE STATEMENT
31 March 2025
15
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Principle 7: Recognise and manage risk
(continued)
The Board Charter requires in relation to the reporting period
relevant to that Committee, to disclose the number of times that
Committee met throughout the period, and the individual
attendances of the members at those Committee meetings. The
Board has not established a separate Risk Management
Committee and hence no meeting was being conducted in the
reporting period.
Recommendation 7.3
A listed entity should disclose:
(a) if it has an internal audit function, how the function is
structured and what role it performs; or
(b) if it does not have an internal audit function, that fact and the
processes it employs for evaluating and continually improving
the effectiveness of its risk management and internal control
processes.
The Company does not currently have an internal audit function.
Given the size of the Company, no internal audit function is
currently considered necessary. The Company’s Management
periodically undertakes an internal review of financial systems
and processes and where systems are considered to require
improvement these systems are developed. The Board also
considers external reviews of specific areas and monitors the
implementation of system improvements.
Recommendation 7.4
A listed entity should disclose whether, it has any material
exposure to economic, environmental and social sustainability
risks and, if it does, how it manages or intends to manage those
risks.
The Board details the Company’s risk management systems which
assist in identifying and managing potential or apparent business,
economic, environmental and social sustainability risks (if
appropriate). Review of the Company’s risk management
framework is conducted at least annually and reports are
continually created by management on the efficiency and
effectiveness of the Company’s risk management framework and
associated internal compliance and control procedures.
Principle 8: Remunerate fairly and responsibly
Recommendation 8.1
The board of a listed entity should:
(a) have a remuneration committee which:
(i) has at least three members, a majority of whom are
independent directors; and
(ii) is chaired by an independent director,
and disclose:
(iii) the charter of the committee;
(iv) the members of the committee; and
(v) as at the end of each reporting period, the number of
times the committee met throughout the period and the
individual attendances of the members at those meetings;
or
(b) if it does not have a remuneration committee, disclose that
fact and the processes it employs for setting the level and
composition of remuneration for directors and senior
executives and ensuring that such remuneration is
appropriate and not excessive.
The Board as a whole performs the function of the Remuneration
Committee which includes setting the Company's remuneration
structure, determining eligibilities to incentive schemes, assessing
performance and remuneration of senior management and
determining the remuneration and incentives of the Board.
The Board may obtain external advice from independent
consultants in determining the Company's remuneration
practices, including remuneration levels, where considered
appropriate.
The Board considers that the Company is not currently of a size,
nor are its affairs of such complexity to justify the expense of the
appointment of additional independent Non-Executive Directors
to satisfy this recommendation.
For personal use only
CORPORATE GOVERNANCE STATEMENT
31 March 2025
16
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Principle 8: Remunerate fairly and responsibly
(continued)
Recommendation 8.2
A listed entity should separately disclose its policies and practices
regarding the remuneration of non-executive directors and the
remuneration of executive directors and other senior executives.
The Board outlines the Company’s policies and practices
regarding the remuneration of non-executive, executive and
other senior directors.
The remuneration of any Executive Director will be decided by the
Board following the recommendation of the Remuneration
Committee, without the affected Executive Director participating
in that decision-making process.
The Constitutions provide that the Non-Executive Directors will be
paid by way of remuneration for their services as Directors a sum
not exceeding such fixed sum per annum pursuant to a resolution
passed at a general meeting of the Company. Until a different
amount is determined, the amount of the remuneration is
S$200,000 per annum.
In addition, subject to any necessary Shareholder approval, a
Director may be paid fees or other amounts as the Directors
determine where a Director performs special duties or otherwise
performs services outside the scope of the ordinary duties of a
Director (e.g. non-cash performance incentives such as options).
Directors are also entitled to be paid reasonable travel and other
expenses incurred by them in the course of the performance of
their duties as Directors.
The Board reviews and approves the Company’s remuneration
policy in order to ensure that the Company is able to attract and
retain executives and Directors who will create value for
Shareholders, having regard to the amount considered to be
commensurate for an entity of the Company’s size and level of
activity as well as the relevant Directors’ time, commitment and
responsibility.
Recommendation 8.3
A listed entity which has an equity-based remuneration scheme
should:
(a) have a policy on whether participants are permitted to enter
into transactions (whether through the use of derivatives or
otherwise) which limit the economic risk of participating in
the scheme; and
(b) disclose that policy or a summary of it.
The Company had obtained its shareholders’ approval on the
creation of an equity-based remuneration scheme. The
Company’s full Employee Share Plan is available in the Company’s
website at www.8iholdings.com.
The Board has adopted a policy that sets out the guidelines on the
sale and purchase of securities in the Company by its key
management personnel (i.e. Directors and, if applicable, any
employees reporting directly to the Executive Directors). The
policy generally provides that the written acknowledgement of
the Executive Chairman (or the Board in the case of the Executive
Chairman) must be obtained prior to trading.
For personal use only
CORPORATE GOVERNANCE STATEMENT
31 March 2025
17
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Principle 9: Additional Recommendations that
apply only in certain cases
Recommendation 9.1
A listed entity with a director who does not speak the language in
which board or security holder meetings are held or key corporate
documents are written should disclose the processes it has in
place to ensure the director understands and can contribute to
the discussions at those meetings and understands and can
discharge their obligations in relation to those documents.
Not Applicable
Recommendation 9.2
A listed entity established outside Australia should ensure that
meetings of security holders are held at a reasonable place and
time.
Meetings of security holders are held at the Company’s head
office in Singapore. In addition, where possible the Company
provide security holders with the option to attend the meeting via
electronic/online facilities.
Recommendation 9.3
A listed entity established outside Australia, and an externally
managed listed entity that has an AGM, should ensure that its
external auditor attends its AGM and is available to answer
questions from security holders relevant to the audit.
The Company ensures that its auditor attends each AGM and is
available to answer questions from security holders relevant to
the audit.
For personal use only
REMUNERATION REPORT
For the financial year ended 31 March 2025
18
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
This remuneration report set out information about the
remuneration of 8I Holdings Limited’s key management
personnel for the financial year ended 31 March 2025. The term
‘key management personnel’ refer to those persons having
authority and responsibility for planning, directing, controlling the
activities of the consolidated entity, directly or indirectly,
including any director (whether executive or otherwise) of the
consolidated entity.
Remuneration Policy
The remuneration policy of 8I Holdings Limited has been designed
to align director and executive objectives with shareholder and
business objectives. The board of the Company believes the
remuneration policy to be appropriate and effective in its ability
to attract and retain the best executives and directors to run and
manage the Company and Consolidated Group, as well as create
goal congruence between directors, executives and shareholders.
All remuneration paid to directors and executives is valued at the
cost to the Consolidated Group and expensed.
The names and positions of key management personnel of the
Company and of the Consolidated Entity who have held office
during the financial year are:
Chee Kuan Tat, Ken
Executive Chairman
Clive Tan Che Koon
Executive Director
Chay Yiowmin
Non-Executive Director
(resigned on 30 September 2024)
Charles Mac
Non-Executive Director
Louis Chua Chun Woei
Chief Financial Officer;
Chief Risk Officer;
and Company Secretary (Australia)
Non-Executive Directors’ remuneration
The Constitution and the ASX Listing Rules specify that the
aggregate remuneration of Non-Executive Directors shall be
determined from time to time by shareholders in general
meeting. Total remuneration for all Non-Executive Directors, last
voted upon by shareholders in 2024, is not to exceed $200,000
per annum. Directors’ fees cover all main board activities and
membership of committees if applicable.
Non-Executive Directors do not receive any retirement benefits.
Executive remuneration
Remuneration for executives is set out in employment
agreements. Details of the employment agreement with
Executive Directors are provided below.
Executive
Directors
may
receive
performance-related
compensation but do not receive any retirement benefits, other
than statutory Central Provident Fund (CPF) contribution.
Assessing performance
The Board is responsible for assessing performance against Key
Performance Indicators (KPIs) and determining the Short-term
Incentives (STI) and Long-term Incentive (LTI) to be paid. To assist
in this assessment, the Board may request detailed reports on
performance from management and market share.
The Group does not have any formal bonus scheme in place. The
Group does not have any ongoing commitment to pay bonuses.
Long-term incentive
Long-term Incentives (LTI) may be provided to key management
personnel in the form of Share Plans over ordinary shares of the
Company. LTI are considered to promote continuity of
employment and provide additional incentive to recipients to
increase shareholder wealth. Share Plans may only be issued to
Directors subject to approval by shareholders in general meeting.
Service Agreements
Remuneration and other terms of employment for the Executive
Directors and other Key Management Personnel are formalized in
a service agreement. For Non-Executive Directors, these terms
are set out in a Letter of Appointment. The major provisions of
the agreements relating to Directors’ remuneration as at date of
this report are set out below.
Name
Base Salary(1)
Fees
Chee Kuan Tat, Ken
S$264,000 p.a.
S$nil
Clive Tan Che Koon
S$252,000 p.a.
S$nil
Charles Mac
S$nil
S$48,000 p.a.
* There are no fixed term nor notice period in the Directors’ service
agreements
(1) Excluding employer’s Central Provident Fund (CPF) contribution
For personal use only
REMUNERATION REPORT
For the financial year ended 31 March 2025
19
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Details of Remuneration
A breakdown showing the level and mix of each Director’s and Key Management Personnel’s remuneration for the financial year ended 31
March 2025 is set out below:
_______Short-term_______
Post-employment
Name of Directors
Salary
S$’000
Bonus
S$’000
Directors’ Fee
S$’000
CPF Contribution
S$’000
Total
S$’000
Executive Directors
Chee Kuan Tat, Ken
155
14
-
17
186
Clive Tan Che Koon
233
21
-
18
272
Non-executive Directors
Chay Yiowmin (resigned on 30 September 2024)
-
-
20
-
20
Charles Mac
-
-
44
-
44
___Short-term___
Post-employment
Name of Key Management
Personnel
Designation
Salary
%
Bonus
%
CPF Contribution
%
Total
%
S$150,000 to below S$250,000
Louis Chua Chun Woei
Chief Financial Officer;
Chief Risk Officer; and
Company Secretary (Australia)
86
8
6
100
The total remuneration of each Key Management Personnel has not been disclosed in dollar terms given the sensitivity of remuneration
matters and to maintain the confidentiality of the remuneration packages of these Key Management Personnel.
There were no terminations, retirement or post-employment benefits granted to Directors and Key Management Personnel other than the
standard contractual notice period termination payment in lieu of service for the financial year ended 31 March 2025.
No employee whose remuneration exceeded S$50,000 during the financial year is an immediate family member of any of the members of
the Board. Apart from disclosed elsewhere in this report, the Company did not provide any equity compensation to Directors or executives
during the financial year ended 31 March 2025.
The Company also reimburses validly incurred business expenses of Directors and Key Management Personnel.
Share-based remuneration
No options over ordinary shares in the Company were granted as compensation to each key management person during the reporting
period.
For personal use only
REMUNERATION REPORT
For the financial year ended 31 March 2024
20
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Other Information
There were no loans made to any Key Management Personnel
during the financial year or outstanding at financial year ended.
Apart from disclosed elsewhere in this report, there were no
transactions with Key Management Personnel during the financial
year. During the financial year, the Remuneration Committee
reviewed and approved the Company’s remuneration policy.
Directors Meetings
Since the beginning of the financial year, five meetings of
directors were held. Attendances by each director during the
period were as follows:
DIRECTORS' MEETINGS
DIRECTORS
ELIGIBLE TO ATTEND
ATTENDED
Chee Kuan Tat, Ken
4
4
Clive Tan Che Koon
4
4
Chay Yiowmin
1
1
Charles Mac
4
4
Environmental Issues
The
Company’s
operations
comply
with
all
relevant
environmental laws and regulations, and have not been subject
to any actions by environmental regulators.
For personal use only
DIRECTORS’ STATEMENT
For the financial year ended 31 March 2025
21
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
The directors present their statement to the members together with the audited consolidated financial statements of 8I Holdings Limited
(the “Company”) and its subsidiaries (the “Group”) for the financial year ended 31 March 2025 and the statement of financial position of
the Company as at 31 March 2025 and statement of changes in equity of the Company for the financial year ended 31 March 2025.
In the opinion of the directors,
(a)
the consolidated financial statements of the Group and the statement of financial position and statement of changes in equity of the
Company are drawn up so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March
2025 and the financial performance, changes in equity and cash flows of the Group and changes in equity of the Company for the
year ended on that date, and
(b)
at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when
they fall due.
Directors
The directors of the Company in office at the date of this statement are as follows:
Mr Chee Kuan Tat, Ken
Mr Clive Tan Che Koon
Mr Charles Mac
Arrangements to enable directors to acquire shares and debentures
Neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose object was to enable
the 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.
Directors’ interests in shares or debentures
According to the register of directors’ shareholdings kept by the Company under section 164 of the Singapore Companies Act 1967 (the
“Act”), none of the directors holding office at the end of the financial year had any interest in the shares or debentures of the Company or
its related corporations, except as follows:
Holdings registered in name of
director or nominee
At 31.3.2025
At 1.4.2024
8I Holdings Limited
(No. of ordinary shares)
Mr Chee Kuan Tat, Ken
86,885,009
86,885,009
Mr Clive Tan Che Koon
65,140,000
65,140,000
There was no change in any of the above-mentioned interests in the Company between the end of the financial year and date of this
statement.
Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, shares options,
warrants or debentures of the Company, or of related corporations not yet disposed, either at the beginning of the financial year, or date
of appointment if later, or during the financial year.
For personal use only
DIRECTORS’ STATEMENT
For the financial year ended 31 March 2025
22
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Independent Auditor
The independent auditor, KLP LLP, has expressed its willingness to accept re-appointment.
On behalf of the directors
Chee Kuan Tat, Ken
Director
Clive Tan Che Koon
Director
27 June 2025
For personal use only
KLP LLP
13A Mackenzie Road
Singapore 228676
Tel: (65) 6227 4180
klp@klp.com.sg
www.klp.com.sg
23
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF 8I HOLDINGS LIMITED
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of 8I Holdings Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the
consolidated statement of financial position of the Group and the statement of financial position of the Company as at 31 March 2025, and
the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash
flows of the Group and the statement of changes in equity of the Company for the year then ended, and notes to the financial statements,
including material accounting policy information.
In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position and statement of
changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and
Financial Reporting Standards in Singapore (“FRSs”) so as to give a true and fair view of the consolidated financial position of the Group and
the financial position of the Company as at 31 March 2025 and of the consolidated financial performance, consolidated changes in equity
and consolidated cash flows of the Group and the changes in equity of the Company for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of
the Group in accordance with the Accounting and Corporate Regulatory Authority (ACRA) Code of Professional Conduct and Ethics for Public
Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial
statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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
for the financial year ended 31 March 2025. These matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
For personal use only
KLP LLP
13A Mackenzie Road
Singapore 228676
Tel: (65) 6227 4180
klp@klp.com.sg
www.klp.com.sg
24
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF 8I HOLDINGS LIMITED (continued)
Key Audit Matters (continued)
Key Audit Matter
How our audit addressed the Key Audit Matter
Valuation of financial instruments held at fair value
(Refer to Note 3.1(b), 11, 15 and 20(e) to the financial statements)
Financial instruments held by the Group at fair value include equity
securities designated at fair value.
The Group’s financial instruments are predominantly valued using
quoted market prices (‘Level 1’). The valuations of ‘Level 3’ financial
instruments (unquoted financial assets measured at fair value through
other comprehensive income) rely on significant unobservable inputs.
Accordingly, we have involved our valuation specialists in assessing the
reasonableness of the significant unobservable inputs used by the Group.
We considered the overall valuation of financial instruments (Level 1 and
3) to be a key audit matter given the financial significance to the Group,
the nature of the underlying financial instruments and the high degree of
judgement involved in the estimation of fair value.
In the current financial year 2025, the Group recognised fair value gain
on financial assets at FVPL amounting to S$43,183 and fair value loss on
financial assets at FVOCI amounting to S$310,499.
Our procedures included:
•
obtain quoted market prices of listed equity securities
from independent sources to compare the fair values
of Level 1 financial instruments determined by
management;
•
working with our valuation specialists, we assessed the
reasonableness of the methodologies used and the
assumptions made by management for financial
instruments valuations with significant unobservable
valuation inputs (Level 3 financial instruments); and
•
performed tests of source data and inputs, in light of
available market data and industry trends.
Based on procedures performed above, we have assessed
that the fair value measurements of Level 1 and Level 3
financial instruments held at fair value were reasonable.
The fair value disclosures in the financial statements are
adequate.
For personal use only
KLP LLP
13A Mackenzie Road
Singapore 228676
Tel: (65) 6227 4180
klp@klp.com.sg
www.klp.com.sg
25
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF 8I HOLDINGS LIMITED (continued)
Other Information
Management is responsible for the other information contained in the annual report. The other information comprises the Chairman’s
message, operations and financial review, Corporate Governance statement, remuneration report and additional information included in
the annual report but does not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements 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, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated. If, based on the work we have performed, 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 Management and Directors for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of
the Act and FRSs, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance
that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are
recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets.
In preparing the financial statements, management is responsible for assessing the Group’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 management either intends to
liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The directors’ responsibilities include overseeing the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s 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 SSAs 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 financial statements.
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit.
We also:
•
Identify and assess the risks of material misstatement of the financial statements, 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 internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by management.
For personal use only
KLP LLP
13A Mackenzie Road
Singapore 228676
Tel: (65) 6227 4180
klp@klp.com.sg
www.klp.com.sg
26
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF 8I HOLDINGS LIMITED (continued)
Auditor’s Responsibilities for the Audit of the Financial Statements (continued)
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit.
We also: (continued)
•
Conclude on the appropriateness of management’s 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 ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial statements 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 auditor’s report. However, future events or conditions
may cause the Group to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
•
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the
direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our
audit opinion.
We communicate 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 identify during our audit.
We also provide 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, related safeguards.
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 current period and are therefore the key audit matters. We describe these matters in our auditor’s 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.
Report on Other Legal and Regulatory Requirements
In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiary corporations
incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.
The engagement partner on the audit resulting in this independent auditor’s report is See Zhen Ni Jenny.
KLP LLP
Public Accountants and
Chartered Accountants
Singapore, 27 June 2025
For personal use only
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
As at 31 March 2025
27
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Note
2025
2024
S$
S$
Continuing operations
Investment gains
4
172,912
707,399
Cost of sales
7
(479)
(106,554)
Gross profit
172,433
600,845
Other gains
5
-
151,474
Other income
5
142,286
985,215
Expenses
- Administrative expenses
7
(1,265,460)
(1,599,611)
- Other operating expenses
7
(63,879)
(23,113)
- Finance costs
(4,893)
(22,407)
(Loss)/profit before income tax
(1,019,513)
92,403
Income tax
8
(71,272)
-
(Loss)/profit from continuing operations
(1,090,785)
92,403
Discontinued operations
Loss from discontinued operations (net of tax)
23
-
(3,049,327)
Loss for the year
(1,090,785)
(2,956,924)
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
- Currency translation differences arising from consolidation
-
161,138
Items that will not be reclassified subsequently to profit or loss:
- Fair value losses - financial assets, at FVOCI
15
(310,499)
(5,121)
Other comprehensive (loss)/income, net of tax
(310,499)
156,017
Total comprehensive loss for the year
(1,401,284)
(2,800,907)
Loss attributable to:
- Owners of the Company
- from continuing operations
(1,090,785)
92,403
- from discontinued operations
-
(2,293,334)
- Non-controlling interests
-
(755,993)
(1,090,785)
(2,956,924)
Total comprehensive loss attributable to:
- Owners of the Company
- from continuing operations
(1,401,284)
92,403
- from discontinued operations
-
(2,161,365)
- Non-controlling interests
-
(731,945)
(1,401,284)
(2,800,907)
Earnings/(loss) per share for profit/(loss) from continuing and discontinued operations attributable to
owners of the Company ($ per share)
Basic earnings/(loss)
- From continuing operations
9
(0.0031)
0.0003
- From discontinued operations
9
-
(0.0065)
Diluted earnings/(loss)
- From continuing operations
9
(0.0031)
0.0003
- From discontinued operations
9
-
(0.0065)
The accompanying notes form an integral part of these financial statements.
For personal use only
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the financial year ended 31 March 2025
28
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Note
2025
2024
S$
S$
ASSETS
Current assets
Cash and cash equivalents
10
1,729,426
4,218,208
Financial assets, at FVPL
11
9,598,695
6,996,966
Trade and other receivables
12
50,127
1,291,458
11,378,248
12,506,632
Non-current assets
Property, plant and equipment
13
75,370
347,135
Financial assets, at FVOCI
15
451,855
628,728
527,225
975,863
Total assets
11,905,473
13,482,495
LIABILITIES
Current liabilities
Trade and other payables
16
148,480
197,111
Lease liabilities
17
97,828
127,133
246,308
324,244
Non-current liabilities
Lease liabilities
17
-
97,802
-
97,802
Total liabilities
246,308
422,046
NET ASSETS
11,659,165
13,060,449
EQUITY
Capital and reserves attributable to owners of the Company
Share capital
18
30,822,105
30,822,105
Treasury shares
18
(715,615)
(715,615)
Other reserves
19
(748,791)
(991,408)
Accumulated losses
(17,698,534)
(16,054,633)
Total equity
11,659,165
13,060,449
The accompanying notes form an integral part of these financial statements.
For personal use only
STATEMENT OF FINANCIAL POSITION - COMPANY
As at 31 March 2025
29
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Note
2025
2024
S$
S$
ASSETS
Current assets
Cash and cash equivalents
10
1,647,563
4,125,428
Financial assets, at FVPL
11
9,598,695
6,996,966
Trade and other receivables
12
17,387
582,006
11,263,645
11,704,400
Non-current assets
Investments in subsidiaries
14
-
730,769
Financial assets, at FVOCI
15
451,855
628,728
451,855
1,359,497
Total assets
11,715,500
13,063,897
LIABILITIES
Current liabilities
Trade and other payables
16
568,476
1,396,190
Total liabilities
568,476
1,396,190
NET ASSETS
11,147,024
11,667,707
EQUITY
Capital and reserves attributable to owners of the Company
Share capital
18
30,822,105
30,822,105
Treasury shares
18
(715,615)
(715,615)
Other reserves
18
(734,912)
(424,413)
Accumulated losses
(18,224,554)
(18,014,370)
Total equity
11,147,024
11,667,707
The accompanying notes form an integral part of these financial statements.
For personal use only
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the financial year ended 31 March 2025
30
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Attributable to owners of the Company
Group
Share
capital
Treasury
shares
Fair value
reserve
Currency
translation
reserve
Capital
reserve
Employee
share plan
reserve
Accumulated
losses
Total
Non-
controlling
interests
Total
equity
S$
S$
S$
S$
S$
S$
S$
S$
S$
S$
2025
At 1 April 2024
30,822,105
(715,615)
(443,413)
(547,995)
-
-
(16,054,633)
13,060,449
-
13,060,449
Loss for the year
-
-
-
-
-
-
(1,090,785)
(1,090,785)
-
(1,090,785)
Other comprehensive loss for the year
-
-
(310,499)
-
-
-
-
(310,499)
-
(310,499)
Total comprehensive loss for the year
-
-
(310,499)
-
-
-
(1,090,785)
(1,401,284)
-
(1,401,284)
Struck off of a subsidiary
-
-
5,121
547,995
-
-
(553,116)
-
-
-
Total transactions with owners of the Company,
recognised directly in equity
-
-
5,121
547,995
-
-
(553,116)
-
-
-
End of financial year
30,822,105
(715,615)
(748,791)
-
-
-
(17,698,534)
11,659,165
-
11,659,165
The accompanying notes form an integral part of these financial statements.
r personal use only
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
For the financial year ended 31 March 2025
31
Attributable to owners of the Company
Group
Share
capital
Treasury
shares
Fair value
reserve
Currency
translation
reserve
Capital
reserve
Employee
share plan
reserve
Accumulated
losses
Total
Non-
controlling
interests
Total
equity
S$
S$
S$
S$
S$
S$
S$
S$
S$
S$
2024
At 1 April 2023
33,731,412
(209,883)
(12,260,086)
(637,899)
(2,619,240)
563,320
(2,127,434)
16,440,190
1,020,851
17,461,041
Loss for the year
-
-
-
-
-
-
(2,200,931)
(2,200,931)
(755,993)
(2,956,924)
Other comprehensive loss for the year
-
-
(5,121)
137,090
-
-
-
131,969
24,048
156,017
Total comprehensive loss for the year
-
-
(5,121)
137,090
-
-
(2,200,931)
(2,068,962)
(731,945)
(2,800,907)
Capital reduction and disposal of subsidiaries (Note 10) (2,909,307)
-
11,821,794
(47,186)
2,619,240
(563,320) (11,726,268)
(805,047)
(288,906)
(1,093,953)
Share buyback
-
(505,732)
-
-
-
-
-
(505,732)
-
(505,732)
Total transactions with owners of the Company,
recognised directly in equity
(2,909,307)
(505,732)
11,821,794
(47,186)
2,619,240
(563,320)
(11,726,268)
(1,310,779)
(288,906)
(1,599,685)
End of financial year
30,822,105
(715,615)
(443,413)
(547,995)
-
-
(16,054,633)
13,060,449
-
13,060,449
The accompanying notes form an integral part of these financial statements.
r personal use only
STATEMENT OF CHANGES IN EQUITY – COMPANY
For the financial year ended 31 March 2025
32
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Attributable to owners of the Company
Company
Share
capital
Treasury
shares
Fair value
reserve
Capital
reserve
Accumulated
losses
Total
S$
S$
S$
S$
S$
S$
2025
Beginning of financial year
30,822,105
(715,615)
(424,413)
-
(18,014,370)
11,667,707
Loss for the year
-
-
-
-
(210,184)
(210,184)
Other comprehensive loss for the year
-
-
(310,499)
-
-
(310,499)
Total comprehensive loss for the year
-
-
(310,499)
-
(210,184)
(520,683)
End of financial year
30,822,105
(715,615)
(734,912)
-
(18,224,554)
11,147,024
The accompanying notes form an integral part of these financial statements.
r personal use only
STATEMENT OF CHANGES IN EQUITY – COMPANY (continued)
For the financial year ended 31 March 2025
33
Attributable to owners of the Company
Company
Share
capital
Treasury
shares
Fair value
reserve
Capital
reserve
Accumulated
losses
Total
S$
S$
S$
S$
S$
S$
2024
Beginning of financial year
33,731,412
(209,883)
(872,822)
(1,638,846)
(9,666,271)
21,343,590
Loss for the year
-
-
-
-
(6,260,844)
(6,260,844)
Total comprehensive loss for the year
-
-
-
-
(6,260,844)
(6,260,844)
Capital reduction and disposal of subsidiaries
(2,909,307)
-
448,409
1,638,846
(2,087,255)
(2,909,307)
Share buyback
-
(505,732)
-
-
-
(505,732)
Total transactions with owners of the Company, recognised directly in equity
(2,909,307)
(505,732)
448,409
1,638,846
(2,087,255)
(3,415,039)
End of financial year
30,822,105
(715,615)
(424,413)
-
(18,014,370)
11,667,707
The accompanying notes form an integral part of these financial statements.
r personal use only
CONSOLIDATED STATEMENT OF CASH FLOWS
For the financial year ended 31 March 2025
34
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Note
2025
2024
S$
S$
Cash flows from operating activities
(Loss)/profit before income tax from continuing operations
(1,019,513)
92,403
Loss before income tax from discontinued operations
-
(3,162,044)
Loss before income tax
(1,019,513)
(3,069,641)
Adjustments for:
- Net fair value gain of investment securities held at fair value through profit or loss
4
(43,183)
(628,045)
- Dividend income
4
(129,729)
(79,354)
- Interest income
- continuing operations
5
(137,032)
(226,104)
- discontinued operations
-
(7,828)
- Depreciation of property, plant and equipment
- continuing operations
7
198,369
214,174
- discontinued operations
7
-
666,039
- Impairment of property, plant and equipment
7
73,396
-
- Property, plant and equipment written off
7
-
34,874
- Finance costs
4,893
78,833
- Share of loss of associate
-
235,500
- Loss on disposal of associate
-
5,276
- Exchange differences
22,446
339,297
(1,030,353)
(2,436,979)
Change in working capital, net of effects from disposal of subsidiaries:
- Trade and other receivables
1,241,331
(401,091)
- Financial assets, at FVPL
(2,558,546)
(3,589,861)
- Trade and other payables
(48,631)
611,489
- Contract liabilities
-
(4,336,769)
Cash used in from operations
(2,396,199)
(10,153,211)
Interest received
137,032
233,932
Dividend received
129,729
79,354
Income tax paid
8(b)
(71,272)
(138,357)
Net cash used in operating activities
(2,200,710)
(9,978,282)
Cash flows from investing activities
Acquisition of non-controlling interest without a change in control
-
(70,000)
Net proceeds from disposal of subsidiaries
-
(4,914,213)
Additions of financial assets through other comprehensive income
15
(133,626)
-
Net cash used in investing activities
(133,626)
(4,984,213)
Cash flows from financing activities
Shares buy-back
18
-
(505,732)
Payment of principal portion of lease liabilities
17
(127,107)
(517,629)
Interest paid
(4,893)
(78,833)
Repayment of bank borrowing
-
(198,038)
Net cash used in financing activities
(132,000)
(1,300,232)
Net decrease in cash and cash equivalents
(2,466,336)
(16,262,727)
Cash and cash equivalents
Beginning of financial year
4,218,208
20,406,258
Effects of currency translation on cash and cash equivalents
(22,446)
74,677
End of financial year
1,729,426
4,218,208
The accompanying notes form an integral part of these financial statements.
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
35
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
These notes form an integral part of and should be read in
conjunction with the accompanying financial statements.
1. Corporate information
8I HOLDINGS LIMITED (the “Company”) is listed on the Australian
Securities Exchange and incorporated and domiciled in Singapore.
The address of its registered office and principal place of business
is 1557 Keppel Road #01-01 Singapore 089066.
The principal activities of the Company is investment trading. The
principal activities of its subsidiaries are disclosed in Note 14 to
the financial statements.
2. Material accounting policies
2.1 Basis of preparation
These financial statements have been prepared in accordance
with Financial Reporting Standards in Singapore (“FRSs”) under
the historical cost basis, except as disclosed in the accounting
policies below.
The preparation of Group consolidation financial statements in
conformity with FRSs requires management to exercise its
judgement in the process of applying the Group’s accounting
policies. It also requires the use of certain critical accounting
estimates and assumptions. The areas involving a higher degree
of judgement or complexity, or areas where assumptions and
estimates are significant to the financial statements are disclosed
in Note 3.
The financial statements of the Company have been prepared on
the basis that it will continue to operate as a going concern.
Interpretations and amendments to published standards
effective in 2025
On 1 April 2024, the Group has adopted the new or amended FRSs
and Interpretations of FRSs (“INT FRSs”) that are mandatory for
application for the financial year. Changes to the Group’s
accounting policies have been made as required, in accordance
with the transitional provisions in the respective FRSs and INT
FRSs.
The adoption of these new or amended FRSs and INT FRSs did not
result in substantial changes to the Group’s accounting policies
and had no material effect on the amounts reported for the
current or prior financial years.
2.2 Gains and income recognition
Investment gains and losses are recognized in the income
statement when the investments are derecognized or impaired,
and through the periodic revaluation of financial assets held at
fair value. The company classifies its investments in accordance
with FRS 109 Financial Instruments.
(a)
Interest income
Interest income is recognised using the effective interest
method.
(b)
Dividend income
Dividend income is recognised when the right to receive
payment is established. It is probable that the economic
benefits associated with the dividend will flow to the Group,
and the amount of the dividend can be reliably measured.
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
36
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
2. Material accounting policies (continued)
2.3 Group accounting
(a)
Subsidiaries
(i) Consolidation
Subsidiaries are all entities (including structured
entities) over which the Group has control. The Group
controls an entity when the Group is exposed to, or has
rights to, variable returns from its involvement with the
entity and has the ability to affect those returns through
its power over the entity. Subsidiaries are fully
consolidated from the date on which control is
transferred to the Group. They are deconsolidated from
the date on that control ceases.
In preparing the consolidated financial statements,
transactions, balances and unrealised gains on
transactions between group entities are eliminated.
Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment
indicator of the transferred asset. Accounting policies of
subsidiaries have been changed where necessary to
ensure consistency with the policies adopted by the
Group.
Non-controlling interests comprise the portion of a
subsidiary’s net results of operations and its net assets,
which is attributable to the interests that are not owned
directly or indirectly by the equity holders of the
Company. They are shown separately in the
consolidated statement of comprehensive income,
statement of changes in equity, and consolidated
statement of financial position. Total comprehensive
income is attributed to the non-controlling interests
based on their respective interests in a subsidiary, even
if this results in the non-controlling interests having a
deficit balance.
(ii) Acquisitions
The acquisition method of accounting is used to account
for business combinations entered into by the Group.
The consideration transferred for the acquisition of a
subsidiary or business comprises the fair value of the
assets transferred, the liabilities incurred and the equity
interests issued by the Group. The consideration
transferred also includes any contingent consideration
arrangement and any pre-existing equity interest in the
subsidiary measured at their fair values at the
acquisition date.
Acquisition-related costs are expensed as incurred.
Identifiable
assets
acquired
and
liabilities
and
contingent liabilities assumed in a business combination
are, with limited exceptions, measured initially at their
fair values at the acquisition date.
On an acquisition-by-acquisition basis, the Group
recognises any non-controlling interest in the acquiree
at the date of acquisition either at fair value or at the
non-controlling interest’s proportionate share of the
acquiree’s identifiable net assets.
The excess of (a) the consideration transferred, the
amount of any non-controlling interest in the acquiree
and the acquisition-date fair value of any previous
equity interest in the acquiree over the (b) fair value of
the identifiable net assets acquired is recorded as
goodwill.
(iii) Disposals
When a change in the Group’s ownership interest in a
subsidiary results in a loss of control over the subsidiary,
the assets and liabilities of the subsidiary including any
goodwill
are
derecognised.
Amounts
previously
recognised in other comprehensive income in respect
of that entity are also reclassified to profit or loss or
transferred directly to retained earnings if required by a
specific Standard.
Any retained equity interest in the entity is remeasured
at fair value. The difference between the carrying
amount of the retained interest at the date when
control is lost and its fair value is recognised in profit or
loss.
Please refer to the paragraph “Investments in
subsidiaries and associated companies” for the
accounting policy on investments in subsidiaries in the
separate financial statements of the Company.
(b)
Transactions with non-controlling interests
Changes in the Group’s ownership interest in a subsidiary
that do not result in a loss of control over the subsidiary are
accounted for as transactions with equity owners of the
Company. Any difference between the change in the
carrying amounts of the non-controlling interest and the fair
value of the consideration paid or received is recognised
within equity attributable to the equity holders of the
Company.
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
37
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
2. Material accounting policies (continued)
2.4 Property, plant and equipment
(a)
Measurement
(i) Property, plant and equipment
Property, plant and equipment are initially recognised
at cost and subsequently carried at cost less
accumulated
depreciation
and
accumulated
impairment losses.
(ii) Components of costs
The cost of an item of property, plant and equipment
initially recognised includes its purchase price and any
cost that is directly attributable to bringing the asset to
the location and condition necessary for it to be capable
of operating in the manner intended by management.
(b)
Depreciation
Depreciation of property, plant and equipment is calculated
using the straight-line method to allocate their depreciable
amounts over their estimated useful lives as follows:
Useful lives
Office premises
1 to 7 years
Office equipment
1 to 3 years
Furniture and fittings
3 to 7 years
Motor vehicles
5 years
The residual values, estimated useful lives and depreciation
method of property, plant and equipment are reviewed,
and adjusted as appropriate, at each reporting date. The
effects of any revision are recognised in profit or loss when
the changes arise.
(c)
Subsequent expenditure
Subsequent expenditure relating to property, plant and
equipment that has already been recognised is added to the
carrying amount of the asset only when it is probable that
future economic benefits associated with the item will flow
to the entity and the cost of the item can be measured
reliably. All other repair and maintenance expenses are
recognised in profit or loss when incurred.
(d)
Disposal
On disposal of an item of property, plant and equipment,
the difference between the disposal proceeds and its
carrying amount is recognised in profit or loss within “other
gains”.
2.5 Investments in subsidiaries
Investments in subsidiaries are carried at cost less accumulated
impairment losses in the Company’s statement of financial
position. On disposal of such investments, the difference between
disposal proceeds and the carrying amounts of the investments
are recognised in profit or loss.
2.6 Impairment of non-financial assets
Property, plant and equipment
Right-of-use assets
Investments in subsidiaries
Property, plant and equipment, right-of-use assets and
investments in subsidiaries are tested for impairment whenever
there is any objective evidence or indication that these assets may
be impaired.
For the purpose of impairment testing, the recoverable amount
(i.e. the higher of the fair value less cost to sell and the value-in-
use) is determined on an individual asset basis unless the asset
does not generate cash inflows that are largely independent of
those from other assets. If this is the case, the recoverable
amount is determined for the CGU to which the asset belongs.
If the recoverable amount of the asset (or CGU) is estimated to be
less than its carrying amount, the carrying amount of the asset (or
CGU) is reduced to its recoverable amount.
The difference between the carrying amount and recoverable
amount is recognised as an impairment loss in profit or loss.
For an asset other than goodwill, management assesses at the
end of the reporting period whether there is any indication that
an impairment recognised in prior periods may no longer exist or
may have decreased. If any such indication exists, the recoverable
amount of that asset is estimated and may result in a reversal of
impairment loss. The carrying amount of this asset is increased to
its revised recoverable amount, provided that this amount does
not exceed the carrying amount that would have been
determined
(net
of
any
accumulated
amortisation
or
depreciation) had no impairment loss been recognised for the
asset in prior years.
A reversal of impairment loss for an asset other than goodwill is
recognised in profit or loss, unless the asset is carried at revalued
amount, in which case, such reversal is treated as a revaluation
increase. However, to the extent that an impairment loss on the
same revalued asset was previously recognised as an expense, a
reversal of that impairment is also recognised in profit or loss.
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
38
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
2. Material accounting policies (continued)
2.7 Financial assets
(a) Classification and measurement
The Group classifies its financial assets in the following
measurement categories:
•
Amortised cost;
•
Fair value through other comprehensive income (FVOCI);
and
•
Fair value through profit or loss (FVPL).
The classification depends on the Group’s business model for
managing the financial assets as well as the contractual terms of
the cash flows of the financial asset.
The Group reclassifies debt investments when and only when its
business model for managing those assets changes.
At initial recognition
At initial recognition, the Group measures 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 that are directly
attributable to the acquisition of the financial asset. Transaction
costs of financial assets carried at fair value through profit or loss
are expensed in profit or loss.
At subsequent measurement
(i)
Debt instruments
Debt instruments mainly comprise of cash and cash
equivalents and trade and other receivables.
There are three subsequent measurement categories,
depending on the Group’s business model for managing the
asset and the contractual cash flow characteristics of the
asset:
•
Amortised cost: Debt instruments that are held for
collection of contractual cash flows where those cash flows
represent solely payments of principal and interest are
measured at amortised cost. A gain or loss on a debt
investment that is subsequently measured at amortised
cost and is not part of a hedging relationship is recognised
in profit or loss when the asset is derecognised or impaired.
Interest income from these financial assets is included in
other income and presented as interest income, using the
effective interest rate method.
•
FVOCI: Debt instruments that are held for collection of
contractual cash flows and for sale, and where the assets’
cash flows represent solely payments of principal and
interest, are classified as FVOCI. Movements in fair values
are recognised in Other Comprehensive Income (OCI) and
accumulated in fair value reserve, except for the recognition
of impairment gains or losses, interest income and foreign
exchange gains and losses, which are recognised in profit
and loss. When the financial asset is derecognised, the
cumulative gain or loss previously recognised in OCI is
reclassified from equity to profit or loss and presented in
“other gains and(losses)”. Interest income from these
financial assets is recognised using the effective interest
rate method and presented in “interest income”.
•
FVPL: Debt instruments that are held for trading as well
as those that do not meet the criteria for classification as
amortised cost or FVOCI are classified as FVPL. Movement
in fair values and interest income that is not part of a
hedging relationship is recognised in profit or loss in the
period in which it arises and presented in “other gains
and(losses)”.
(ii)
Equity instruments
The Group subsequently measures all its equity investments
at their fair values. Equity investments are classified as FVPL
with movements in their fair values recognised in profit or
loss in the period in which the changes arise and presented
in “other gains and losses”, except for those equity
securities which are not held for trading. The Group has
elected to recognise changes in fair value of equity
securities not held for trading in other comprehensive
income as these are strategic investments and the Group
considers this to be more relevant.
Movements in fair values of investments classified as FVOCI
are presented as “fair value gains and losses” in Other
Comprehensive Income. Dividends from equity investments
are recognised in profit or loss as “dividend income”.
(b) Impairment
The Group assesses on a forward looking basis the expected credit
losses associated with its debt financial assets carried at
amortised cost and FVOCI. The impairment methodology applied
depends on whether there has been a significant increase in credit
risk.
For trade receivables, the Group applies the simplified approach
permitted by the FRS 109, which requires expected lifetime losses
to be recognised from initial recognition of the receivables.
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
39
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
2. Material accounting policies (continued)
2.7 Financial assets (continued)
(c)
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised
on trade date – the date on which the Group commits to purchase
or sell the asset.
Financial assets are derecognised when the rights to receive cash
flows from the financial assets have expired or have been
transferred and the Group has transferred substantially all risks
and rewards of ownership.
On disposal of a debt instrument, the difference between the
carrying amount and the sale proceeds is recognised in profit or
loss. Any amount previously recognised in other comprehensive
income relating to that asset is reclassified to profit or loss.
On disposal of an equity investment, the difference between the
carrying amount and sales proceed is recognised in profit or loss
if there was no election made to recognise fair value changes in
other comprehensive income. If there was an election made, any
difference between the carrying amount and sales proceed
amount would be recognised in other comprehensive income and
transferred to retained profits along with the amount previously
recognised in other comprehensive income relating to that asset.
2.8 Offsetting of financial instruments
Financial assets and liabilities are offset and the net amount
reported in the consolidated statement of financial position when
there is a legally enforceable right to offset and there is an
intention to settle on a net basis or realise the asset and settle the
liability simultaneously.
2.9 Trade and other payables
Trade and other payables represent liabilities for goods and
services provided to the Group prior to the end of financial year
which are unpaid. They are classified as current liabilities if
payment is due within one year or less (or in the normal operating
cycle of the business if longer). Otherwise, they are presented as
non-current liabilities.
Trade and other payables are initially recognised at fair value, and
subsequently carried at amortised cost using the effective interest
method.
2.10 Cash and cash equivalents
For the purpose of presentation in the consolidated statement of
cash flows, cash and cash equivalents include cash at bank, cash
on hand and deposits with financial institutions which are subject
to an insignificant risk of change in value.
2.11 Fair value estimation of financial assets and
liabilities
The fair values of financial instruments traded in active markets
(such as exchange-traded and over-the-counter securities and
derivatives) are based on quoted market prices at the reporting
date. The quoted market prices used for financial assets are the
current bid prices; the appropriate quoted market prices used for
financial liabilities are the current asking prices.
The fair values of financial instruments that are not traded in an
active market are determined by using valuation techniques. The
Group uses a variety of methods and makes assumptions based
on market conditions that are existing at each reporting date.
Where appropriate, quoted market prices or dealer quotes for
similar instruments are used. Valuation techniques, such as
discounted cash flow analysis, are also used to determine the fair
values of the financial instruments.
2.12 Leases
When the Group is the lessee:
At the inception of the contract, the Group assesses if the contract
contains a lease. A contract contains a lease if the contract convey
the right to control the use of an identified asset for a period of
time in exchange for consideration. Reassessment is only required
when the terms and conditions of the contract are changed.
•
Right-of-use assets
The Group recognised a right-of-use asset and lease liability
at the date which the underlying asset is available for use.
Right-of-use assets are measured at cost which comprises
the initial measurement of lease liabilities adjusted for any
lease payments made at or before the commencement date
and lease incentive received. Any initial direct costs that
would not have been incurred if the lease had not been
obtained are added to the carrying amount of the right-of-
use assets.
These right-of-use asset is subsequently depreciated using
the straight-line method from the commencement date to
the earlier of the end of the useful life of the right-of-use
asset or the end of the lease term.
Right-of-use assets (except for those which meets the
definition of an investment property) are presented within
“Property, plant and equipment”.
•
Lease liabilities
The initial measurement of lease liability is measured at the
present value of the lease payments discounted using the
implicit rate in the lease, if the rate can be readily
determined. If that rate cannot be readily determined, the
Group shall use its incremental borrowing rate.
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
40
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
2. Material accounting policies (continued)
2.12 Leases (continued)
•
Lease liabilities (continued)
Lease payments include the following:
- Fixed payment (including in-substance fixed payments),
less any lease incentives receivables;
-
Variable lease payment that are based on an index or
rate, initially measured using the index or rate as at the
commencement date;
-
Amount expected to be payable under residual value
guarantees;
-
The exercise price of a purchase option if is reasonably
certain to exercise the option; and
-
Payment of penalties for terminating the lease, if the
lease term reflects the Group exercising that option.
For contract that contain both lease and non-lease
components, the Group allocates the consideration to each
lease component on the basis of the relative stand-alone
price of the lease and non-lease component. The Group has
elected to not separate lease and non lease component for
property leases and account these as one single lease
component.
Lease liability is measured at amortised cost using the
effective interest method. Lease liability shall be
remeasured when:
-
There is a change in future lease payments arising from
changes in an index or rate;
-
There is a changes in the Group’s assessment of
whether it will exercise an extension option; or
-
There are modification in the scope or the consideration
of the lease that was not part of the original term.
Lease liability is remeasured with a corresponding
adjustment to the right-of-use asset, or is recorded in profit
or loss if the carrying amount of the right-of-use asset has
been reduced to zero.
•
Short term and low value leases
The Group has elected to not recognised right-of-use assets
and lease liabilities for short-term leases that have lease
terms of 12 months or less and leases of low value leases,
except for sublease arrangements. Lease payments relating
to these leases are expensed to profit or loss on a straight-
line basis over the lease term.
2.13 Income taxes
Current income tax for current and prior periods is recognised at
the amount expected to be paid to or recovered from the tax
authorities, using the tax rates and tax laws that have been
enacted or substantively enacted at the end of reporting period.
Management periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax regulation is
subject to interpretation. It establishes provisions, where
appropriate, on the basis of amounts expected to be paid to the
tax authorities.
Deferred income tax is recognised for all temporary differences
arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements except when the
deferred income tax arises from the initial recognition of goodwill
or an asset or liability in a transaction that is not a business
combination and affects neither accounting nor taxable profit or
loss at the time of the transaction.
A deferred income tax liability is recognised on temporary
differences arising on investments in subsidiaries and associated
companies, except where the Group is able to control the timing
of the reversal of the temporary difference and it is probable that
the temporary difference will not reverse in the foreseeable
future.
A deferred income tax asset is recognised to the extent that it is
probable that future taxable profit will be available against which
the deductible temporary differences and tax losses can be
utilised.
Deferred income tax is measured:
(i)
at the tax rates that are expected to apply when the related
deferred income tax asset is realised or the deferred income
tax liability is settled, based on tax rates and tax laws that
have been enacted or substantively enacted by the end of
the reporting period; and
(ii)
based on the tax consequence that will follow from the
manner in which the Group expects, at the end of the
reporting period, to recover or settle the carrying amounts
of its assets and liabilities.
Current and deferred income taxes are recognised as income or
expense in profit or loss, except to the extent that the tax arises
from a business combination or a transaction which is recognised
directly in equity. Deferred tax arising from a business
combination is adjusted against goodwill on acquisition.
The Group accounts for investment tax credits (for example,
productivity and innovative credit) similar to accounting for other
tax credits where deferred tax asset is recognised for unused tax
credits to the extent that it is probable that future taxable profit
will be available against which the unused tax credit can be
utilised.
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
41
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
2. Material accounting policies (continued)
2.14 Employee compensation
Employee benefits are recognised as an expense, unless the cost
qualifies to be capitalised as an asset.
Defined contribution plans
Defined contribution plans are post-employment benefit plans
under which the Group pays fixed contributions into separate
entities such as the Central Provident Fund on a mandatory,
contractual or voluntary basis. The Group has no further payment
obligations once the contributions have been paid.
2.15 Currency translation
(a)
Functional and presentation currency
Items included in the financial statements of each entity in
the Group are measured using the currency of the primary
economic environment in which the entity operates
(“functional currency”). The financial statements are
presented in Singapore Dollars, which is the functional
currency of the Company.
(b)
Transactions and balances
Transactions in a currency other than the functional
currency (“foreign currency”) are translated into the
functional currency using the exchange rates at the dates of
the transactions. Currency exchange differences resulting
from the settlement of such transactions and from the
translation of monetary assets and liabilities denominated
in foreign currencies at the closing rates at the balance
sheet date are recognised in profit or loss. Monetary items
include primarily financial assets (other than equity
investments), contract assets and financial liabilities.
However, in the consolidated financial statements, currency
translation differences arising from borrowings in foreign
currencies and other currency instruments designated and
qualifying as net investment hedges and net investment in
foreign operations, are recognised in other comprehensive
income and accumulated in the currency translation
reserve.
(c)
Translation of Group entities’ financial statements
The results and financial position of all the Group entities
(none of which has the currency of a hyperinflationary
economy) that have a functional currency different from the
presentation currency are translated into the presentation
currency as follows:
(i)
assets and liabilities are translated at the closing
exchange rates at the reporting date;
(ii)
income and expenses are translated at average
exchange rates (unless the average is not a reasonable
approximation of the cumulative effect of the rates
prevailing on the transaction dates, in which case
income and expenses are translated using the
exchange rates at the dates of the transactions); and
(iii)
all resulting currency translation differences are
recognised in other comprehensive income and
accumulated in the currency translation reserve.
These currency translation differences are reclassified
to profit or loss on disposal or partial disposal with
loss of control of the foreign operation.
Goodwill and fair value adjustments arising on the
acquisition of foreign operations are treated as assets and
liabilities of the foreign operations and translated at the
closing rates at the reporting date.
2.16 Share capital and treasury shares
Ordinary shares are classified as equity. Incremental costs directly
attributable to the issuance of new ordinary shares are deducted
against the share capital account.
When any entity within the Group purchases the Company’s
ordinary shares (“treasury shares”), the carrying amount which
includes the consideration paid and any directly attributable
transaction cost is presented as a component within equity
attributable to the Company’s equity holders, until they are
cancelled, sold or reissued.
When treasury shares are subsequently cancelled, the cost of
treasury shares are deducted against the share capital account if
the shares are purchased out of capital of the Company, or against
the retained profits of the Company if the shares are purchased
out of earnings of the Company.
When treasury shares are subsequently sold or reissued pursuant
to an employee share option scheme, the cost of treasury shares
is reversed from the treasury share account and the realised gain
or loss on sale or reissue, net of any directly attributable
incremental transaction costs and related income tax, is
recognised in the capital reserve.
2.17 Discontinued operations
A discontinued operation is a component of an entity that either
has been disposed of, or that is classified as held-for-sale and:
(a)
represents a separate major line of business or geographical
area of operations; or
(b)
is part of a single co-ordinated plan to dispose of a separate
major line of business or geographical area of operations; or
(c)
is a subsidiary acquired exclusively with a view to resale.
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
42
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
3. Critical accounting estimates,
assumptions and judgements
Estimates, assumptions and judgements are continually
evaluated and are based on historical experience and other
factors, including expectations of future events that are believed
to be reasonable under the circumstances.
3.1 Critical judgements in applying the entity’s
accounting policies
a.
Leases – estimating the incremental borrowing rate
The Group cannot readily determine the interest rate
implicit in the lease, therefore, it uses its incremental
borrowing rate to measure lease liabilities. The incremental
borrowing rate is the rate of interest that the Group would
have to pay to borrow over a similar term, and with a similar
security, the funds necessary to obtain an asset of a similar
value to the right-of-use asset in a similar economic
environment. The incremental borrowing rate therefore
reflects what the Group ‘would have to pay’, which requires
estimation when no observable rates are available or when
they need to be adjusted to reflect the terms and conditions
of the lease. The Group estimates the incremental
borrowing rate using observable inputs (such as market
interest rates) when available and is required to make
certain entity-specific estimates.
b. Fair value of financial instruments
The majority of the Group’s financial instruments reported
at fair value are based on quoted and observable market
prices or valuation techniques that are based on
independently sourced or verified market parameters.
The fair value of financial instruments without an
observable market price in an active market may be
determined using valuation techniques. The choice of
valuation techniques and assumptions that are based on
market conditions requires significant judgement for
investment in unquoted equities.
Please refer to Note 20(e) for further details on fair
valuation and fair value hierarchy of the Group’s financial
instruments measured at fair value.
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
43
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
4. Investment gains
Group
2025
2024
S$
S$
Fair value gain on investment
securities
43,183
628,045
Dividend income
129,729
79,354
172,912
707,399
5. Other gains and other income
Group
2025
2024
S$
S$
Other gains
Gain on foreign exchange – net
-
151,474
Gain on disposal of subsidiaries
-
-
-
151,474
Other income
Interest income
137,032
226,104
Government grants
2,500
13,388
Management and service fee
-
744,980
Others
2,754
743
142,286
985,215
6. Employee compensation
Group
2025
2024
S$
S$
Wages and salaries
743,676
3,863,900
Employer’s contribution to defined
contribution plans
52,109
328,831
Other short-term benefits
3,882
30,551
799,667
4,223,282
Less: Amounts attributable to
discontinued operations
-
(3,259,515)
Amounts attributable to continuing
operations
799,667
963,767
7. Expenses by nature
Group
2025
2024
S$
S$
Audit fees paid to:
- Auditors of the Company
42,891
137,585
- Other auditors
-
10,287
Non-audit fees paid to auditors of the
Company
6,540
12,960
Depreciation of property, plant and
equipment (Note 13)
- continuing operations
198,369
214,174
- discontinued operations
-
666,039
Employee compensation (Note 6)
799,667
4,223,282
Rental expense on operating
leases (Note 17(d))
-
69,451
Travelling expense
1,210
571,229
Professional fees
57,292
421,070
Commission
-
69,834
Loss on foreign exchange – net
38,078
-
Marketing expenses
-
1,114,707
Credit card charges
-
70,481
Trainer fees
-
228,181
Food catering expense
-
36,627
Book and printing expenses
-
231,335
Other program costs
-
21,406
Investment related expense
479
106,554
Training costs
-
41,375
AGM and listing expenses
43,903
80,951
Office expenses
-
120,814
Information technology cost
3,578
457,970
Impairment of property, plant and
equipment
73,396
-
Property, plant and equipment
written off
-
34,874
Donation
-
1,388
Withholding tax expense
26,280
76,681
Admin expenses
27,343
175,621
Other expenses
10,792
216,622
1,329,818
9,411,498
Less: Amounts attributable to
discontinued operations
-
(7,682,220)
Total cost of sales and services,
administrative expenses,
marketing and other operating
expenses attributable to continuing
operations
1,239,818
1,729,278
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
44
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
8. Income taxes
(a)
Income tax expense/(credit)
Group
2025
2024
S$
S$
Tax expense/(credit) attributable to
loss is made up of:
- Under/(over) provision in prior
financial years:
Current income tax
71,272
(112,717)
71,272
(112,717)
Tax expense/(credit) attributable to:
- continuing operations
71,272
-
- discontinued operations
-
(112,717)
71,272
(112,717)
The tax on the Group’s loss before income tax differs from the
theoretical amount that would arise using the Singapore standard
rate of income tax as follows:
Group
2025
2024
S$
S$
(Loss)/profit before income tax
- continuing operations
(1,019,513)
92,403
- discontinued operations
-
(3,162,044)
(1,019,513) (3,069,641)
Tax calculated at tax rate of 17%
(2024: 17%)
(173,317)
(521,839)
Effects of:
- expenses not deductible for tax
purposes
-
709,483
- deferred tax assets not recognised
173,317
-
- utilisation of previously
unrecognised tax losses
-
(187,644)
- under/(over) provision of tax in
prior financial years
71,272
(112,717)
Tax charge/(credit)
71,272
(112,717)
(b)
Movement in income tax recoverable/(tax liabilities):
Group
2025
2024
S$
S$
Beginning of financial year
-
351,768
Income tax paid
71,272
138,357
(Under)/over provision in prior
financial years
(71,272)
112,717
Disposal of subsidiaries
-
(602,842)
End of financial year
-
-
9. Earnings/(loss) per share
The basic and diluted earnings/(loss) per share are calculated by dividing the net profit/(loss) attributable to equity holders of the Company
by the weighted average number of ordinary shares outstanding during the financial year.
Continuing operations
Discontinued operations
Total
2025
2024
2025
2024
2025
2024
Net profit/(loss) attributable to equity holders of the
Company (S$)
(1,090,785)
92,403
-
(2,293,334)
(1,017,389)
(2,200,931)
Weighted average number of ordinary shares
outstanding for basic earnings/(loss) per share
348,160,865 352,733,306
-
352,733,306 348,160,865 352,733,306
Basic earnings/(loss) per share (S$ per share)
(0.0031)
0.0003
-
(0.0065)
(0.0029)
(0.0062)
The diluted earnings/(loss) per share is the same as the basic earnings per share as the Company has no potential dilutive ordinary shares
during the respective financial years.
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
45
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
10. Cash and cash equivalents
Group
2025
2024
S$
S$
Cash with financial institution
1,129,344
3,473,618
Cash at bank and on hand
600,082
744,590
1,729,426
4,218,208
Company
2025
2024
S$
S$
Cash with financial institution
1,129,344
3,473,618
Cash at bank and on hand
518,219
651,810
1,647,563
4,125,428
Acquisition and disposal of subsidiaries
In the previous financial year, on 8 November 2023, the Group
disposed all its stake in 8VI Holdings Limited and its subsidiaries
(“8VI Group”) through capital reduction by in-specie distribution
of its entire interest in 8VI Group to the Company’s shareholders.
The effects of the disposal on the cash flows of the Group were:
Group
At date of
disposal
S$
Carrying amounts of assets and liabilities as at the
date of disposal:
Cash and cash equivalents
4,914,213
Financial assets, at FVPL
991,125
Trade and other receivables
2,479,977
Tax recoverable
602,842
Property, plant and equipment
3,901,308
Financial assets, at FVOCI
58,669
12,948,134
Less:
Trade and other payables
(2,298,612)
Lease liabilities
(2,769,770)
Bank borrowing
(201,561)
Contract liabilities
(5,691,016)
Net assets derecognised
1,987,175
Less: Investment in associate
(705,000)
Less: Non-controlling interests
(288,906)
Net assets disposed of
993,269
Cash inflows arising from disposal:
Net assets disposed of (as above)
993,269
Capital reduction
(2,909,307)
Reserve
1,916,038
-
Less: Cash and bank balances in subsidiaries
disposed of
(4,914,213)
Net cash outflow on disposal
(4,914,213)
11. Financial assets, at FVPL
Group
2025
2024
S$
S$
Fair value through profit or loss:
Listed securities
- Equity securities - Hong Kong
135,405
-
- Equity securities - America
9,369,893
6,869,848
- Equity securities - Malaysia
93,397
127,118
9,598,695
6,996,966
Company
2025
2024
S$
S$
Fair value through profit or loss:
Listed securities
- Equity securities - Hong Kong
135,405
-
- Equity securities - America
9,369,893
6,869,848
- Equity securities - Malaysia
93,397
127,118
9,598,695
6,996,966
The instruments are all mandatorily measured at fair value
through profit or loss.
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
46
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
12. Trade and other receivables
Group
2025
2024
S$
S$
Current
Trade receivables (a)
- Affiliated companies
32,400
1,268,655
32,400
1,268,655
Other receivables (b)
- Non-related parties
237,526
238,032
Less: Credit loss allowance
(225,562)
(225,562)
11,964
12,470
Prepayments
5,763
10,333
50,127
1,291,458
Company
2025
2024
S$
S$
Current
Trade receivables (a)
- Subsidiaries
442,478
1,146,598
- Affiliated companies
-
464,223
Less: Credit loss allowance
(Note 20(b))
(442,478) (1,051,618)
-
559,203
Other receivables (b)
- Non-related parties
237,186
238,032
Less: Credit loss allowance
(225,562)
(225,562)
11,624
12,470
Prepayments
5,763
10,333
17,387
582,006
(a)
Trade receivables are non-interest bearing and are
generally on 30 to 60 days’ (2024: 30 to 60 days’) terms.
There is no other class of financial assets that is past due
and/or impaired except for trade receivables.
Receivables that were past due but not impaired
The Group has no trade receivables from non-related
parties as at 31 March 2025 and has as at 1 April 2024 that
are past due but not impaired.
Receivables that were past due and impaired
There were no receivables that were past due and impaired.
Expected credit losses
The movement in allowance for expected credit losses of
trade receivables computed based on lifetime ECL are as
follows:
Group
2025
2024
S$
S$
Movement in allowance
accounts:
At 1 April
-
67,002
Disposal of subsidiaries
-
(67,002)
At 31 March
-
-
Company
2025
2024
S$
S$
Movement in allowance
accounts:
At 1 April
1,051,618
-
(Write back)/addition
(609,140)
1,051,618
At 31 March
442,478
1,051,618
(b)
Included in the other receivables are unsecured loans to
third parties of S$237,526 (2024: S$238,032). The loans
amounting to S$225,562 (2024: S$225,562) were past due
and full allowance for credit losses were made.
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
47
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
13. Property, plant and equipment
Office
premises
S$
Office
equipment
S$
Furniture and
fittings
S$
Motor
vehicles
S$
Total
S$
Group
2025
Cost
Beginning and end of financial year
548,794
63,440
278,658
-
890,892
Accumulated depreciation
Beginning of financial year
372,917
63,440
107,400
-
543,757
Depreciation charge (Note 6)
- continuing operations
100,507
-
97,862
-
198,369
Impairment charge
-
-
73,396
-
73,396
End of financial year
473,424
63,440
278,658
-
815,522
Net book value
End of financial year
75,370
-
-
-
75,370
2024
Cost
Beginning of financial year
5,177,034
1,784,726
2,036,457
94,317
9,092,534
Currency translation differences
-
23,914
16,310
(3,725)
36,499
Disposal
-
(105,883)
(232,772)
(90,592)
(429,247)
Disposal of subsidiaries
(3,555,556)
(1,639,317)
(1,541,337)
-
(6,736,210)
Written off
(1,072,684)
-
-
-
(1,072,684)
End of financial year
548,794
63,440
278,658
-
890,892
Accumulated depreciation
Beginning of financial year
1,121,661
1,288,812
685,258
94,317
3,190,048
Currency translation differences
(1)
(31,182)
(33,577)
(3,725)
(68,485)
Depreciation charge (Note 6)
- continuing operations
159,852
-
54,322
-
214,174
- discontinued operations
349,759
288,061
28,219
-
666,039
Disposal
-
(105,883)
(232,772)
(90,592)
(429,247)
Disposal of subsidiaries
(1,064,483)
(1,376,368)
(394,050)
-
(2,834,901)
Written off
(193,871)
-
-
-
(193,871)
End of financial year
372,917
63,440
107,400
-
543,757
Net book value
End of financial year
175,877
-
171,258
-
347,135
Right-of-use of assets acquired under leasing arrangements are presented together with the owned assets of the same class. Details of such
leased assets are disclosed in Note 17(a).
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
48
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
14. Investments in subsidiaries
Company
2025
2024
S$
S$
Equity investments
Cost
Beginning of financial year
18,222,766
38,061,614
Increase in investment
-
70,000
Struck off of a subsidiary
(9,689,823)
-
Disposal of subsidiaries
- (19,908,848)
End of financial year
8,532,943
18,222,766
Provision for impairment
Beginning of financial year
17,491,997
19,117,169
Charge for the year
-
6,873,693
Reversal during the year
-
(394,224)
Struck off of a subsidiary
(8,959,056)
-
Disposal of subsidiaries
-
(8,104,641)
End of financial year
8,532,943
17,491,997
Net carrying value
End of financial year
-
730,769
During the financial year, the Company struck off its wholly owned
subsidiary, 8IH Global Limited and its subsidiary Hidden
Champions Fund.
In the previous financial year, on 8 November 2023, the Group
disposed all its stake in 8VI Holdings Limited and its subsidiaries
(“8VI Group”) through capital reduction by in-specie distribution
of its entire interest in 8VI Group to the Company’s shareholders.
In the previous financial year, the Company provided an
impairment loss of S$6,873,693 representing the write-down of
the carrying value of the subsidiaries to the recoverable amount.
In the previous financial year, the Company reversed past
provided impairment loss of S$394,224 representing the write-
back of the carrying value of the subsidiaries to the recoverable
amount.
The Group has the following subsidiaries as at 31 March 2025 and 2024:
Name
Principal activities
Country of
business/
incorporation
Proportion
of ordinary
shares
directly held
by parent
Proportion
of ordinary
shares held
by the Group
Proportion
of ordinary
shares held
by non-
controlling
interests
2025
2024
2025
2024
2025
2024
%
%
%
%
%
%
Held by the Company:
8 Investment Pte. Ltd.
Business management consultancy
Singapore
100
100
100
100
-
-
VI Fund Management Pte. Ltd.
Dormant
Singapore
100
100
100
100
-
-
8IH VCC
Dormant
Singapore
100
100
100
100
-
-
8IH Global Limited
Struck off
Mauritius
-
100
-
100
-
-
Held through 8IH Global Limited:
Hidden Champions Fund
Struck off
Mauritius
-
-
-
100
-
-
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
49
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
15. Financial assets, at FVOCI
Financial assets, at FVOCI comprise of equity securities which are
not held for trading, and for which the Group has made an
irrevocable election at initial recognition to recognise changes in
fair value through OCI rather than profit or loss as these are
strategic investments and the Group considered this to be more
relevant.
Group
2025
2024
S$
S$
Beginning of financial year
628,728
687,690
Addition/(disposal)
133,626
(53,841)
Fair value losses recognised in other
comprehensive income
(310,499)
(5,121)
End of financial year
451,855
628,728
Company
2025
2024
S$
S$
Beginning of financial year
628,728
628,728
Addition
133,626
-
Fair value losses recognised in other
comprehensive income
(310,499)
-
End of financial year
451,855
628,728
Financial assets at FVOCI are analysed as follows:
Group
2025
2024
S$
S$
Unlisted securities
451,855
628,728
Company
2025
2024
S$
S$
Unlisted securities
451,855
628,728
The Group has elected to measure these equity securities at
FVOCI due to the Group’s intention to hold these equity
instruments for long term appreciation.
16. Trade and other payables
Group
2025
2024
S$
S$
Current
Trade payables – non-related parties
7,700
45,319
Accruals for operating expenses
104,067
107,868
Sale and service tax
-
-
Other payables
36,713
43,924
Total
148,480
197,111
Company
2025
2024
S$
S$
Current
Trade payables – non-related parties
7,138
44,748
Accruals for operating expenses
98,567
96,923
Amounts due to a subsidiary
426,058
1,217,806
Other payables
36,713
36,713
Total
568,476
1,396,190
Trade payables are non-interest bearing and are normally settled
on 30-day (2024: 30 day) terms.
17. Leases liabilities
The Group as a lessee
Group
2025
2024
S$
S$
Current
97,828
127,133
Non-current
-
97,802
Total
97,828
224,935
Nature of the Group’s leasing activities
The Group leases office premises for the purpose of running
investment trading activities.
(a)
Carrying amounts
ROU assets classified within property, plant and equipment
Group
2025
2024
S$
S$
Office premises
75,370
175,877
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
50
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
17. Leases liabilities (continued)
(b)
Depreciation charged during the year
Group
2025
2024
S$
S$
Office premises
100,507
509,611
(c)
Interest expense
Group
2025
2024
S$
S$
Interest expense on lease
liabilities
4,893
71,179
(d)
Lease expense not capitalised in lease liabilities
Group
2025
2024
S$
S$
Lease expense – low-value
leases
-
69,451
(e)
Total cash outflow for all the leases in the financial year 2025
was S$132,000 (2024: S$658,259).
(f)
Reconciliation of lease liabilities arising from financing
activities:
Group
2025
2024
S$
S$
Beginning of financial year
224,935
4,253,731
Principal and interest payments
(132,000)
(588,808)
Non-cash changes
- Lease modification
-
(644,137)
- Interest expense
4,893
71,179
- Disposal
-
(2,867,030)
End of financial year
97,828
224,935
18. Share capital and treasury shares
Share capital
Number of
shares
Amount
S$
Group and Company
2025
Beginning and end of financial year
358,138,783 30,822,105
2024
Beginning of year
358,138,783 33,731,412
Capital reduction
-
(2,909,307)
End of financial year
358,138,783 30,822,105
All issued ordinary shares are fully paid. There is no par value for
these ordinary shares. Fully paid ordinary shares carry one vote
per share and carry a right to dividends as and when declared by
the Company.
In the previous financial year, on 8 November 2024, the Company
disposed all its stake in 8VI Holdings Limited and its subsidiaries
(“8VI Group”) through capital reduction by in-specie distribution
of its entire interest in 8VI Group to the Company’s shareholders.
The issued and paid-up share capital of the Company was reduced
by an amount of S$2,909,307.
In the previous financial year, pursuant to the selective share buy-
back resolution approved by shareholders in the annual general
meeting, the Company bought back 9,195,129 treasure shares, by
way of a selective off-market acquisition, for cash considerations
of S$505,732.
Treasury share
Number of
shares
Amount
S$
Group and Company
2025
Beginning and end of financial year
(9,977,918)
(715,615)
2024
Beginning of year
(782,789)
(209,883)
Share buyback
(9,195,129)
(505,732)
End of financial year
(9,977,918)
(715,615)
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
51
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
19. Other reserves
Group
Company
2025
2024
2025
2024
S$
S$
S$
S$
Composition:
Fair value reserve
(748,791)
(443,413)
(734,912)
(424,413)
Currency translation reserve
-
(547,995)
-
-
Capital reserve
-
-
-
-
Employee share plan reserve
-
-
-
-
(748,791)
(991,408)
(734,912)
(424,413)
Movements:
(i) Fair value reserve
Beginning of financial year
(443,413) (12,260,086)
(424,413)
(872,822)
Financial assets through other comprehensive income
- Fair value losses from financial assets at FVOCI
(310,499)
(5,121)
(310,499)
-
Struck off of a subsidiary
5,121
-
-
-
Disposal of subsidiaries
-
11,821,794
-
448,409
End of financial year
(748,791)
(443,413)
(734,912)
(424,413)
(ii) Currency translation reserve
Beginning of financial year
(547,995)
(637,899)
-
-
Net currency translation differences of financial statements of foreign
subsidiaries and associated companies
-
137,090
-
-
Struck off of a subsidiary
547,995
-
-
-
Disposal of subsidiaries
-
(47,186)
-
-
End of financial year
-
(547,995)
-
-
(iii) Capital reserve
Beginning of financial year
-
(2,619,240)
-
(1,638,846)
Disposal of subsidiaries
-
2,619,240
-
1,638,846
End of financial year
-
-
-
-
(iv) Employee share plan reserve
Beginning of financial year
-
563,320
-
-
Disposal of subsidiaries
-
(563,320)
-
-
End of financial year
-
-
-
-
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
52
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
20. Financial risk management
Financial risk factors
The Group’s activities expose it to market risk (including currency risk and price risk), credit risk and liquidity risk. The Group’s overall risk
management strategy seeks to minimise any adverse effects from the unpredictability of financial markets on the group’s financial
performance.
The Board of Directors reviews and agrees policies and procedures for the management of these risks, which are executed by the Chief
Financial Officer.
(a)
Market risk
(i) Currency risk
The Group operates in Singapore and regularly transact in currencies other than its functional currencies (“foreign currencies”).
Currency risk arises within entities in the Group when transactions are denominated in foreign currencies primarily Hong Kong
Dollar (“HKD”), Malaysian Ringgit (“MYR”), Australian Dollar (“AUD”) and United States Dollar (“USD”).
In addition, the Group is exposed to currency translation risk on the net assets held in foreign currencies.
The Group’s currency exposure based on the information provided to key management is as follows:
HKD
MYR
AUD
USD
S$
S$
S$
S$
Group
At 31 March 2025
Financial assets
Cash and cash equivalents, financial assets, at FVPL and financial assets,
at FVOCI
135,405
93,397
8,586
10,636,608
Financial liabilities
Trade and other payables
-
-
(5,830)
-
Net financial assets
135,405
93,397
2,756
10,636,608
Currency exposure of financial assets net of those denominated in the
respective entities’ functional currencies
135,405
93,397
2,756
10,636,608
At 31 March 2024
Financial assets
Cash and cash equivalents, financial assets, at FVPL and financial assets,
at FVOCI
-
127,118
9,327
10,622,498
Financial liabilities
Trade and other payables
-
-
(5,025)
-
Net financial assets
-
127,118
4,302
10,622,498
Currency exposure of financial assets net of those denominated in the
respective entities’ functional currencies
-
127,118
4,302
10,622,498
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
53
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
20. Financial risk management (continued)
(a)
Market risk (continued)
(i) Currency risk (continued)
The Company’s currency exposure based on the information provided to key management is as follows:
HKD
MYR
AUD
USD
S$
S$
S$
S$
Company
At 31 March 2025
Financial Assets
Cash and cash equivalents, financial assets, at FVPL and financial assets,
at FVOCI
135,405
93,397
7,334
10,636,608
Financial Liabilities
Trade and other payables
-
-
(5,830)
-
Net financial assets
135,405
93,397
1,504
10,636,608
Currency exposure of financial assets net of those denominated in the
respective entities’ functional currencies
135,405
93,397
1,504
10,636,608
At 31 March 2024
Financial Assets
Cash and cash equivalents, financial assets, at FVPL and financial assets,
at FVOCI
-
127,118
8,019
10,622,498
Financial Liabilities
Trade and other payables
-
-
(5,025)
-
Net financial assets
-
127,118
2,994
10,622,498
Currency exposure of financial assets net of those denominated in the
respective entities’ functional currencies
-
127,118
2,994
10,622,498
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
54
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
20. Financial risk management (continued)
(a)
Market risk (continued)
(i)
Currency risk (continued)
If the HKD, MYR, AUD and USD change against the SGD by 1% (2024: 2%), 6% (2024: 5%), 4% (2024: 1%) and 1% (2024: 2%)
respectively with all other variables including tax rate being held constant, the effects arising from the net financial
asset/(liabilities) that are exposed to currency risk will be as follows:
Increase/(Decrease)
2025
2024
Profit
after tax
Other
comprehensive
income
Loss
after tax
Other
comprehensive
loss
S$
S$
S$
S$
Group
HKD against SGD
- Strengthened
1,354
-
-
-
- Weakened
(1,354)
-
-
-
MYR against SGD
- Strengthened
5,604
-
6,356
-
- Weakened
(5,604)
-
(6,356)
-
AUD against SGD
- Strengthened
110
-
43
-
- Weakened
(110)
-
(43)
-
USD against SGD
- Strengthened
106,366
-
212,450
-
- Weakened
(106,366)
-
(212,450)
-
Increase/(Decrease)
2025
2024
Profit
after tax
Other
comprehensive
income
Loss
after tax
Other
comprehensive
loss
S$
S$
S$
S$
Company
HKD against SGD
- Strengthened
1,354
-
-
-
- Weakened
(1,354)
-
-
-
MYR against SGD
- Strengthened
5,604
-
6,356
-
- Weakened
(5,604)
-
(6,356)
-
AUD against SGD
- Strengthened
60
-
30
-
- Weakened
(60)
-
(30)
-
USD against SGD
- Strengthened
106,366
-
212,450
-
- Weakened
(106,366)
-
(212,450)
-
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
55
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
20. Financial risk management (continued)
(a)
Market risk (continued)
(ii) Price risk
The Group is exposed to equity securities price risk arising from the investments held by the Group which are classified on the
consolidated statement of financial position at fair value through profit or loss. These securities are listed in Hong Kong, America,
Malaysia and Singapore. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio.
Diversification of the portfolio is done in accordance with the limits set by the Group.
If prices for equity securities listed in Hong Kong, America, Malaysia and Singapore had changed by 13% (2024: 17%), 19% (2024:
38%), 2% (2024: 9%) and 2% (2024: 9%) respectively with all other variables including tax rate being held constant, the effects on
profit after tax and other comprehensive income/(loss) would have been:
Increase/(Decrease)
2025
2024
Profit
after tax
Other
comprehensive
income
Loss
after tax
Other
comprehensive
loss
S$
S$
S$
S$
Group
Listed in Hong Kong
- increased by
17,603
-
-
-
- decreased by
(17,603)
-
-
-
Listed in America
- increased by
1,780,280
-
2,610,542
-
- decreased by
(1,780,280)
-
(2,610,542)
-
Listed in the Malaysia
- increased by
1,868
-
11,441
-
- decreased by
(1,868)
-
(11,441)
-
Listed in the Singapore
- increased by
-
-
-
56,586
- decreased by
-
-
-
(56,586)
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
56
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
20. Financial risk management (continued)
(a)
Market risk (continued)
(ii) Price risk (continued)
Increase/(Decrease)
2025
2024
Profit
after tax
Other
comprehensive
income
Loss
after tax
Other
comprehensive
loss
S$
S$
S$
S$
Company
Listed in Hong Kong
- increased by
17,603
-
-
-
- decreased by
(17,603)
-
-
-
Listed in America
- increased by
1,780,280
-
2,610,542
-
- decreased by
(1,780,280)
-
(2,610,542)
-
Listed in Malaysia
- increased by
1,868
-
11,441
-
- decreased by
(1,868)
-
(11,441)
-
Listed in Singapore
- increased by
-
-
-
56,586
- decreased by
-
-
-
(56,586)
(b)
Credit risk
Credit exposure to an individual counterparty is restricted by credit limits that are approved by the Board of Directors based on
ongoing credit evaluations. The counterparty’s payment pattern and credit exposure are continuously monitored at the entity level
by the respective management and at the Group level by the Executive Management.
Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment
plan with the Group. The Group categorises a loan or receivable for write off when a debtor fails to make contractual payments
greater than a year past due based on historical collection trend. Where loans or receivables have been written off, the Company
continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are
recognised in profit or loss.
The Group applies the simplified approach to providing for expected credit losses prescribed by FRS 109, which permits the use of
the lifetime credit loss provision for all trade receivables.
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and days past
due. In calculating the expected credit loss rates, the Group considers historical loss rates for each category of customers, and adjusts
for forward-looking macroeconomic data.
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
57
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
20. Financial risk management (continued)
(b)
Credit risk (continued)
The Group and the Company uses four categories of internal credit risk rating for its financial assets at amortised costs. These four
categories reflect the respective credit risk and how the loan loss provision is determined for each of those categories.
A summary of assumptions underpinning the Group’s expected credit loss model is as follow:
Group and Company’s
category of internal
credit rating
Group and Company’s definition
of category
Basis for recognition of
expected credit loss provision
Performing
Customers have a low risk of default and a strong capacity to meet
contractual cash flows.
12-month expected credit
losses
Underperforming
Loans for which there is a significant increase in credit risk. As
significant increase in credit risk is presumed if interest and/or
principal repayments are 30 days past due.
Lifetime expected credit
losses
Non-performing
Interest and/or principal repayments are 60-365 days past due.
Lifetime expected credit
losses
Write-off
Interest and/or principal repayments are 365 days past due and
there is no reasonable expectation of recovery.
Asset is written off
Movements in credit loss allowance for financial assets are set out as follows:
Group
Trade
receivables
Other financial
assets at
amortised costs
Stage 1
Total
S$
S$
S$
2025
Balance at 1 April 2024 and 31 March 2025
-
225,562
225,562
2024
Balance at 1 April 2023
67,002
225,562
292,564
Changes in credit loss:
- Disposal of subsidiaries
(67,002)
-
(67,002)
Balance at 31 March 2024
-
225,562
225,562
Company
Trade
receivables
Other financial
assets at
amortised costs
Stage 1
Total
S$
S$
S$
2025
Balance at 1 April 2024
1,051,618
225,562
1,277,180
Changes in credit loss recognised in profit or loss:
- decrease due to credit risk
(609,140)
-
(609,140)
Balance at 31 March 2025
442,478
225,562
668,040
2024
Balance at 1 April 2023
-
1,277,180
1,277,180
Changes in credit loss recognised in profit or loss:
- Increase/(decrease) due to credit risk
1,051,618
(1,051,618)
-
Balance at 31 March 2024
1,051,618
225,562
1,277,180
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
58
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
20. Financial risk management (continued)
(b)
Credit risk (continued)
The Group does not have any trade receivables from non-related parties as at 31 March 2025. The amount outstanding from its
affiliated company of S$32,400 had been repaid subsequent to financial year end.
The Company has assessed that its subsidiaries has high credit risk in repaying its trade receivables from subsidiaries of S$442,478
(FY2024: S$1,146,598) and has made a credit loss allowance of S$442,478 (FY2024: S$1,051,618).
Trade receivables
The impairment of financial assets was assessed based on the incurred loss impairment model. Individual receivables which were
known to be uncollectible were written off by reducing the carrying amount directly. The other receivables were assessed collectively,
to determine whether there was objective evidence that an impairment had been incurred but not yet identified.
The Group considered whether there was evidence if any of the following indicators were present:
• Significant financial difficulties of the debtor;
• Probability that the debtor will enter bankruptcy or financial reorganisation; and
• Default or delinquency in payments (more than 90 days overdue).
Financial assets that are neither past due nor impaired
Financial assets that are neither past due nor impaired are mainly deposits with banks with high credit-ratings assigned by
international credit-rating agencies. Receivables that are neither past due nor impaired are substantially companies with a good
collection track record with the Group and the Company.
(c)
Liquidity risk
Prudent liquidity risk management includes maintaining sufficient cash and cash equivalents and the ability to close out market
positions at a short notice. At the reporting date, assets held by the Group and the Company for managing liquidity risk included cash
as disclosed in Note 10.
The table below analyses non-derivative financial liabilities of the Group and the Company into relevant maturity groupings based on
the remaining period from the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual
undiscounted cash flows. Balances due within 12 months equal their carrying amounts as the impact of discounting is not significant.
Less than
1 year
Between
1 and
5 years
More than
5 years
S$
S$
S$
Group
At 31 March 2025
Trade and other payables
148,480
-
-
Lease liabilities
99,000
-
-
At 31 March 2024
Trade and other payables, excluding sales and service tax
197,111
-
-
Lease liabilities
132,000
99,000
-
Less than
1 year
Between
1 and
5 years
More than
5 years
S$
S$
S$
Company
At 31 March 2025
Trade and other payables
568,476
-
-
At 31 March 2024
Trade and other payables
1,396,190
-
-
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
59
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
20. Financial risk management (continued)
(d)
Capital risk
Management controls the capital of the Group in order to maintain a good debt to equity ratio, provide the shareholders with
adequate returns and to ensure that the Group can fund its operations and continue as a going concern.
The Group’s debt and capital includes ordinary share capital and financial liabilities, supported by financial assets.
There are no externally imposed capital requirements on the Group.
Management effectively manages the Group’s capital by assessing the Group’s financial risks and adjusting its capital structure in
response to changes in these risks and in the market. These responses include the management of debt levels, distributions to
shareholders and share issues.
(e)
Fair value measurements
The table below presents assets and liabilities measured and carried at fair value and classified by level of the following fair value
measurement hierarchy:
(i)
quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
(ii)
inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices) (Level 2); and
(iii) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).
Level 1
Level 2
Level 3
Total
S$
S$
S$
S$
Group
2025
Assets
Financial assets, at FVPL
9,598,695
-
-
9,598,695
Financial assets, at FVOCI
-
-
451,855
451,855
Total assets
9,598,695
-
451,855
10,050,550
2024
Assets
Financial assets, at FVPL
6,996,966
-
-
6,996,966
Financial assets, at FVOCI
-
-
628,728
628,728
Total assets
6,996,966
-
628,728
7,625,694
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
60
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
20. Financial risk management (continued)
(e)
Fair value measurements (continued)
Level 1
Level 2
Level 3
Total
S$
S$
S$
S$
Company
2025
Assets
Financial assets, at FVPL (Note 11)
9,598,695
-
-
9,598,695
Financial assets, at FVOCI (Note 15)
-
-
451,855
451,855
Total assets
9,598,695
-
451,855
10,050,550
2024
Assets
Financial assets, at FVPL (Note 11)
6,996,966
-
-
6,996,966
Financial assets, at FVOCI (Note 15)
-
-
628,728
628,728
Total assets
6,996,966
-
628,728
7,625,694
There were no transfers between levels 1 and 2 during the year. For details on the movement in Level 3 instruments, refer to Note
15.
The fair value of financial instruments traded in active markets (such as fair value through profit and loss and financial assets through
other comprehensive income) is based on quoted market prices at the reporting date. The quoted market price used for financial
assets held by the Group is the current bid price. These instruments are included in Level 1.
The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group
uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Where a
valuation technique for these instruments is based on significant unobservable inputs, such instruments are classified as Level 3. Level
3 instruments include unquoted equity securities which fair values are measured based on Guideline Public Company Method, a
market approach which values the underlying investee based on trading multiples derived from publicly traded companies that are
similar to the investee. The steps taken in applying the Guideline Public Company Method include identifying comparable public
companies, adjusting the guideline public company multiples for differences in the size and risk of these companies compared to the
investee, and then applying the adjusted pricing multiples from the representative companies.
The sensitivity analysis of the factors considered in determining the fair value of Level 3 instruments is not material to the Group's
financial position or performance.
The carrying amount less impairment provision of trade receivables and payables are assumed to approximate their fair values.
(f)
Financial instruments by category
Group
Company
2025
2024
2025
2024
S$
S$
S$
S$
Financial assets, at FVPL
9,598,695
6,996,966
9,598,695
6,996,966
Financial assets, at FVOCI
451,855
628,728
451,855
628,728
Financial assets at amortised cost
1,773,790
5,499,333
1,659,187
4,697,101
Financial liabilities at amortised cost
148,480
197,111
568,476
1,396,190
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
61
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
21. Related party transactions
In addition to the information disclosed elsewhere in the financial
statements, the following transactions took place between the
Group and related parties at terms agreed between the parties.
(a)
Transactions with related parties
Group
2025
2024
S$
S$
Sales of services to affiliated
companies
-
135,700
Purchases of goods and
services from other
related party
-
203,000
Other related party comprise of a company which a Group
key management’s close family member has significant
influence.
(b)
Directors and key management personnel compensation
Directors and key management personnel compensation is
as follows:
Group
2025
2024
S$
S$
Wages, salaries and fees
718,200
694,709
Employer’s contribution to
defined contribution
plans, including Central
Provident Fund
50,320
52,938
768,520
747,647
22. Segment information
The continuing operations of the Group operates in a single
business segment and operates primarily as a unified entity.
Management has assessed the business activities and
organizational structure and determined that the Group's
continuing operations are not comprised of distinct business
segments as defined by the relevant accounting standards.
As a result, the Group is not required to disclose segment
information in accordance with FRS 8, Operating Segments. The
operating decisions are made and performance is evaluated on a
consolidated basis. Therefore, no separate segment reporting is
presented in these financial statements.
The financial information presented in the consolidated financial
statements represents the entire activities of the Group, and the
management believes that such presentation provides a
comprehensive view of the Group's financial position, results of
operations, and cash flows.
23. Discontinued operations
In the previous financial year, on 31 October 2023, the Group
completed a significant corporate action involving a capital
reduction and the distribution of CHESS Depository Interests
(CDIs) in 8VI Holdings Limited (8VI) to its shareholders. As a result
of this action, the Group ceased to have control over 8VI and its
subsidiaries (collectively, the 8VI Group).
The results for the entire 8VI Group business have been presented
separately in the condensed consolidated statement of
comprehensive income as “Discontinued operations” for the
financial year ended 31 March 2024.
The results of the discontinued operations are as follows:
Group
2025
2024
S$
S$
Revenue
-
5,088,749
Other losses
-
(293,329)
Expenses
-
(7,682,220)
Finance cost
-
(56,426)
Share of loss of investment in
associated companies
-
(218,818)
Loss before tax from discontinued
operations
-
(3,162,044)
Income tax credit
-
112,717
Loss after tax from discontinued
operations
-
(3,049,327)
The net cash flows incurred by the discontinued operations are,
as follows:
Group
2025
2024
S$
S$
From operating activities
-
(1,871,485)
From investing activities
-
(4,914,213)
From financing activities
-
(622,900)
Net cash outflow
-
(7,408,598)
For personal use only
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 March 2025
62
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
24. New or revised accounting standards and
interpretations
Below are the mandatory standards, amendments and
interpretations to existing standards that have been published,
and are relevant for the Group’s accounting periods beginning on
or after 1 April 2025 and which the Group has not early adopted.
Issuance of FRS 118: Presentation and Disclosure in Financial
Statements (effective for annual periods beginning on or after 1
January 2027)
FRS 118 replaces FRS 1 Presentation of Financial Statements,
introducing new requirements that will help to achieve
comparability of the financial performance of similar entities and
provide more relevant information and transparency to users.
Even though FRS 118 will not impact the recognition or
measurement of items in the financial statements, its impacts on
presentation and disclosure are expected to be pervasive, in
particular those related to the statement of financial performance
(comprising of the statement of profit or loss and other
comprehensive income) and providing management-defined
performance measures within the financial statements.
Management is currently assessing the detailed implications of
applying the new standard on the Group’s consolidated financial
statements. From the high level preliminary assessment
performed, the following potential impacts have been identified:
•
Although the adoption of FRS 118 will have no impact on the
Group’s net profit, the Group expects that grouping items of
income and expenses in the statement of profit or loss into
the new categories will impact how operating profit is
calculated and reported. From the high-level impact
assessment that the Group has performed, the following
items might potentially impact operating profit:
o
Foreign exchange differences currently aggregated in
the line item ‘other gains/(losses) – net’ in operating
profit might need to be disaggregated, with some
foreign exchange gains or losses presented below
operating profit.
o
FRS 118 has specific requirements on the category in
which derivative gains or losses are recognised – which
is the same category as the income and expenses
affected by the risk that the derivative is used to
manage. Although the Group currently recognises some
gains or losses in operating profit and others
gains/(losses) – net, there might be a change to where
these gains or losses are recognised, and the Group is
currently evaluating the need for change.
•
The line items presented on the primary financial statements
might change as a result of the application of the concept of
‘useful structured summary’ and the enhanced principles on
aggregation and disaggregation.
•
The Group does not expect there to be a significant change
in the information that is currently disclosed in the notes
because the requirement to disclose material information
remains unchanged; however, the way in which the
information is grouped might change as a result of the
aggregation/disaggregation principles. In addition, there will
be significant new disclosures required for:
o
management-defined performance measures;
o
a break-down of the nature of expenses for line items
presented by function in the operating category of the
statement of profit or loss – this break-down is only
required for certain nature expenses; and
o
for the first annual period of application of FRS 118, a
reconciliation for each line item in the statement of
profit or loss between the restated amounts presented
by applying FRS 118 and the amounts previously
presented applying FRS 1.
•
From a cash flow statement perspective, there will be
changes to how interest received and interest paid are
presented. Interest paid will be presented as financing cash
flows and interest received as investing cash flows, which is
a change from current presentation as part of operating cash
flows.
The Group will apply the new standard from its mandatory
effective date of 1 April 2027. Retrospective application is
required, and so the comparative information for the financial
year ending 31 March 2026 will be restated in accordance with
FRS 118.
25. Authorisation of financial statements
These financial statements were authorised for issue in
accordance with a resolution of the Board of Directors of 8I
Holdings Limited on 27 June 2025.
For personal use only
ADDITION INFORMATION
63
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Shareholders Information as at 25 June 2025
8I Holdings Limited – Ordinary Shares
The Company has ordinary shares on issue. These are listed on the Australian Securities Exchange under ASX code: 8IH. Details of trading
activity are published daily by electronic information vendors. All ordinary shares carry one vote per share without restriction.
Analysis of Shareholders and CDI Holders*
Category (size of holding)
Number
of holders
Number of shares
% of issued capital
1 – 1,000
26
8,605
0.00%
1,001 – 5,000
80
302,605
0.09%
5,001 – 10,000
60
544,183
0.16%
10,001 – 100,000
413
18,739,150
5.38%
100,001 – and over
222
328,566,322
94.37%
801
348,160,865
100.00%
The number of investors holding less than a marketable parcel of 55,556 8IH shares (based on a share price of A$0.009) was 486. They hold
11,509,219 8IH shares in total.
Twenty Largest Shareholders and CDI Holders*
Registered Holder
Number of Shares
% of issued capital
1.
Chee Kuan Tat, Ken
86,885,009
24.96%
2.
Clive Tan Che Koon
65,140,000
18.71%
3.
BNP Paribas Noms Pty Ltd
49,555,548
14.23%
4.
Citicorp Nominees Pty Limited
43,190,728
12.41%
5.
Philip John Raff
8,006,840
2.30%
6.
HSBC Custody Nominees (Australia) Limited
2,592,217
0.74%
7.
Clarence Wee Kim Leng
2,063,400
0.59%
8.
Lim Wei Lin
2,000,000
0.57%
9.
Alex Chia Che Keng
1,398,140
0.40%
10. Hor Chook Lam
1,348,737
0.39%
11. GS & AM Leaver Investments Pty Ltd
1,261,570
0.36%
12. Merrill Lynch (Australia) Nominees Pty Limited
1,127,543
0.32%
13. Fance Chua Meon Keng
1,118,000
0.32%
14. Loo Tian Guan
1,107,203
0.32%
15. Kang Tien Hock Edwin
1,105,664
0.32%
16. Roger Ho Tian Teck
1,024,099
0.29%
17. Yap Pei Koon
1,020,872
0.29%
18. Willyama Asset Management Pty Ltd
923,556
0.27%
19. Tan Chong Yan
870,020
0.25%
20. Lau Eng Seng
776,243
0.22%
ALL OTHER SHAREHOLDERS
75,645,476
21.73%
Total
348,160,865
100.00%
Notes
* CDI Holders are holder of CHESS Depository Interests issued by CHESS Depository Nominees Pty Limited, where each CDI represents a
beneficial interest in one ordinary share.
For personal use only
ADDITION INFORMATION
64
8I Holdings Limited and its Subsidiaries | Annual Report FY2025
Shareholders Information as at 25 June 2025 (continued)
Substantial Shareholders and CDI Holders**
Name
Direct Interest
Shares
% of voting
power
Deemed
Interest Shares
% of voting
power
Chee Kuan Tat, Ken
86,885,009
24.96%
-
-
Clive Tan Che Koon
65,140,000
18.71%
-
-
Notes
** This table is compiled on the basis that each holding of CDIs is a separate holding and accordingly, the holding of shares by CHESS
Depository Nominees Pty Limited is ignored.
ASX Listing Rule 4.10.18
Current On-Market Buy-Back
There is no current on-market buy-back arrangement for the
Company.
ASX Listing Rule 4.10.20
Investment
The Group had a total of 65 transactions in securities during the
financial year ended 31 March 2025 and has paid or accrued
brokerage and management fees totalling S$479 and S$Nil
respectively. As at 31 March 2025, the Group held investment in
Autowealth Private Limited, BYD Co Ltd, ABOBE Inc,
Amazon.com.Inc, Walt Disney Co, Alphabet Inc, Ishares Gold
Trust, Microsoft Corp, Nike Inc, Nvidia Corp, Amplify ETF, Genting
BHD, Vanguard Total Bond Market, Vanguard Total Intl Stock and
Vanguard Total Stock Mkt ETF.
Corporate Information
Company registration
number
201414213R
ARBN
601 582 129
Registered office
(Singapore)
1557 Keppel Road #01-01
Singapore 089066
Registered office
(Australia)
C/- SmallCap Corporate Pty Ltd, Suite 6,
295 Rokeby Road, Subiaco WA, Australia,
6008
Tel:
+61 (8) 6555 2950
Fax:
+61 (8) 6166 0261
Share registrar
Boardroom Pty Limited
Level 7, 207 Kent Street, Sydney, NSW,
Australia 2000
Tel:
+61 (2) 9290 9600
Fax:
+61 (2) 9279 0664
Stock exchange
listing
8I Holdings Limited shares are listed on
the Australian Securities Exchange (ASX
code: 8IH)
For personal use only
For personal use only
8I Holdings Limited
(Incorporated in the Republic of Singapore)
Company Registration Number: 201414213R
ARBN 601 582 129
www.8iholdings.com
Offices
Singapore
1557 Keppel Road #01-01 Singapore 089066
Australia
C/- SmallCap Corporate Pty Ltd, Suite 6, 295 Rokeby Road, Subiaco WA, Australia, 6008
T: +61 (8) 6555 2950
F: +61 (8) 6166 0261
For personal use only