本協議中的定義術語招股書

除非另有說明或上下文另有說明要求，本招股章程中所有提述：

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「阿格羅茲集團」指Agroz Group Sdn. Bhd.，一家馬來西亞私人有限公司，我們的運營子公司;

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「AgTech」指農業技術;●

「董事會董事」是指公司董事會;

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「ECA」指受控環境農業;

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「公司法案」是指經修訂、補充的開曼群島公司法（經修訂）或以其他方式不時修改;

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「公司，」「我們」和「Agroz」是指Agroz Inc.，獲豁免八月根據開曼群島法律註冊成立的有限責任公司 2023年8月8日，將發行正在發售的普通股;

●		100		「DGCL」指《特拉華州總公司法》;
● 「交換法案」是指經修訂的1934年美國證券交易法;		● 「國際財務報告準則」指國際財務報告準則;		● 「證券法案」是指經修訂的1933年美國證券法;

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「承銷商」指本次發行的承銷商;和

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“美國美元、「$」、「US$」、「USD」或「dollars」指美元，美國的合法貨幣。

我們對一些進行了四捨五入調整本招股說明書中包含的數字。因此，某些表格中以總數顯示的數字可能不是算術彙總他們之前的人物。
除非上下文另有說明，否則所有信息本招股說明書中假設承銷商不會行使其超額配股權。
Agroz是一家控股公司，開展業務通過其在馬來西亞的運營子公司Agroz Group在馬來西亞銷售。Agroz Group的報告貨幣爲馬幣。本招股章程包含馬幣兌美元的翻譯，僅爲方便讀者。除非另有說明，所有翻譯來自本招股說明書中截至2024年12月31日財年的馬幣兌美元和美元兌馬幣計算爲 1美元= 4.4695馬幣，代表紐約市經海關認證的馬幣電匯的中午購買價格由紐約聯邦儲備銀行於2024年12月31日最後一個交易日指定。沒有任何代表表明馬幣金額代表或可能已或可以按該匯率或任何其他匯率兌換、變現或結算爲美元。
招股書總結

以下摘要重點介紹了信息包含在本招股說明書其他地方，並且不包含您在投資股份前應考慮的所有信息。您應仔細閱讀整個招股說明書，包括「風險因素」、「管理層的討論與分析財務狀況和經營業績」以及我們的合併財務報表及其相關注釋，本招股說明書中包含的每個案例。除其他事項外，您應該仔細考慮本節討論的事項在做出投資決定之前，招股說明書標題爲「業務」。除非上下文另有要求，所有參考文獻「Agroz」、「我們的」、「公司」和類似名稱是指致Agroz Inc.，一家根據開曼群島法律註冊成立的豁免有限責任公司。

我們的使命

我們的使命是改善食品安全、食品保障，通過我們的農業技術（以下有時）創造可靠、可獲得的糧食供應，實現社會的可持續發展稱爲「AgTech」）和垂直農業（受控環境農業的同義詞，下文有時稱爲「ECA」）方法。

我公司

Agroz是一家完全垂直一體化的農業應用技術解決方案、創新商業模式、流程和系統來設計、構建、管理和運營的科技公司室內CAE垂直農場。我們還在當地社區運營CAE垂直農場，種植和提供清潔、無農藥、新鮮和直接向消費者和企業提供營養豐富的蔬菜，並教育公衆了解我們的蔬菜是如何種植的。

收入模式^{我們的收入主要來自：（1）設計
和/或建設室內CAE垂直農場;（2）運營和管理室內CAE垂直農場;（3）出售CAE垂直農場，
和（4）銷售新鮮農產品。}我們提供一套全面的農場解決方案致我們的客戶。我們與客戶合作，從設計階段開始，一直到施工階段，建立CAE垂直農場和實施短語。我們爲CEA垂直農場構建結構框架，安裝其內部組件，並整合 Agroz OS（定義如下）對於我們設計和/或建造的ECA垂直農場的運營至關重要。建成後在東航垂直農場，我們根據需要協助客戶進行運營和管理。

設計和/或建造室內垂直農場

(212) 930-9700

我們的目標是創造高效、可持續、和環境控制的垂直農場，最大限度地提高作物產量和作物質量，並允許精確的溫度管理，溼度、光照和養分。

“）（或按比例分攤的數額在贖回RCPS的一部分的情況下），在RCPS股份發行日期後的任何時間，通過書面通知或董事會不時另行指定，之後我們將向RCPS支付贖回所得款項自我們發出書面通知之日起14個營業日內，所有尚未償還的RCPS 在發行日期兩週年之際（“

到期日

”）並且尚未轉換爲普通我們將以RCPS認購價格全額贖回股份。我們用於贖回付款的資金將被轉移來自我們本可以用於其他企業目的的資金。因此，投資者的投資回報可能會減少通過其對普通股的所有權在公司中佔有一席之地。

RCPS持有人有權獲得股息從任何應付普通股股息前合法可用的任何資產中按可供出售可換股優先股的10%年利率持牌人認購的儲稅券金額。用於支付這些利息的資金也將從資金中轉移我們本可以用於其他公司目的並向普通股持有人支付股息。投資的人士應了解其投資回報率以及購買股份之前RCPS持有人的某些次級權利減少的風險。

(703) 749-1300

更完整地討論權利 RCPS持有人的情況，請參閱下文「股本描述-可贖回可轉換優先股」。請另請參閱「風險因素」，以更完整地描述已發行和未發行股票對股東造成的風險 RCPS。請仔細考慮信息集在做出投資決策之前，請在「風險因素」部分中進行說明。

公司結構

下圖說明了我們的公司結構截至本招股說明書之日且本次發行完成後：

企業信息

我們的主要行政辦公室位於號2，Lorong Teknologi 3/4A，Taman Sains Selangor，Kota Damansara，47810 Petaling Jaya，Selangor，馬來西亞。我們的企業網站地址是https://agrozgroup.com。

市場機會

我們相信，從馬來西亞開始，在全球和東南亞地區開展農用技術和CAE垂直農業市場，旨在與我們提供的頂級 * 產品在這些市場需求最高的地方。「一流的，」如本文所用，是我們在本文中用來描述我們認爲優質農業的術語在質量和安全方面符合行業領先標準的產品。馬來西亞政府通過農業和糧食安全部認可了我們的EduFarm 符合馬來西亞良好農業規範標準（「myGAP.PF」）不含農藥。我們還使用非轉基因種子種植農產品，我們相信這會除了可能依賴轉基因作物的競爭對手之外。我們相信我們的對於客戶優先考慮有機種子來說，使用非轉基因種子是一個越來越重要的因素和可持續的食物來源。

全球農業科技市場 ^†根據Spherical Insights，一個著名的市場研究公司，全球農業技術市場在2022年的價值爲221億美元，預計將增長到75.87美元以上到2032年，我們將達到10億美元，複合年增長率（CAGR）爲13.1%。另一家市場研究機構Future Market Insights報告稱，預計2033年全球室內農業市場價值將達到1，069億美元，從2023年起復合年增長率爲9.8%。據報道，這一市場增長是由因素推動的例如越來越多地採用CAE垂直農業、室內農業技術的擴展以及對更高農業的需求不斷增長農作物產量以滿足不斷增長的全球糧食需求。

†	作爲傳統農產品收集方法的替代方案，CAE垂直農業可以滿足全球不斷增長的需求。在線平台Statista報告稱，全球垂直市場規模 2022年農業價值爲56億美元

根據Jahani & Associates的J & A資本市場報告，預計該市場的複合年增長率（CAGR）將達到20.8%，到2029年將達到210億美元。

的 2023年亞太地區CAE垂直農業市場規模達到24.3億美元，預計將實現增長 2024年至2030年的複合年增長率爲29.2%。

馬來西亞農業科技市場333-284322●

我們可以受到食品行業消費者偏好、認知和消費習慣的變化以及發展失敗的不利影響擴大我們的產品範圍或獲得市場對我們產品的接受可能會對我們的業務產生負面影響。

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我們建造，管理和開發垂直農場，由於依賴第三方建設，這可能會產生意想不到的成本和延誤，材料交付、供應鏈和波動的材料價格。

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我們面臨農業技術和垂直農業行業競爭激烈，無法保證我們能夠保持競爭力對其他市場參與者的影響。

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我們可能遇到意外的網絡中斷、安全漏洞或惡意軟件攻擊，以及我們和我們子公司的信息技術系統，這可能會對我們的財務業績產生負面影響。

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我們可能無法成功開發我們的產品和服務或改進現有產品和服務。

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中斷我們用於分銷產品的運輸渠道可能會對我們的利潤率和盈利能力產生不利影響。

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	我們可能無法充分保護我們的知識產權和對我們的業務至關重要的其他專有權利。		●⁽²⁾
我們的失敗維持有效的內部控制可能會導致我們的投資者對我們失去信心並對市場價格產生不利影響我們的普通股。如果我們的內部控制不有效，我們可能無法準確報告我們的財務業績或防止欺詐。	$	4.00	$	5,000,000
●⁽¹⁾我們可能無法成功實施我們未來的業務計劃和目標。	$	0.28	$	350,000
●	$	3.72	$	4,650,000

(1)	的依靠如果我們無法留住或替換關鍵管理人員，我們的運營可能會受到影響。

(2)	約 15%用於營銷;以及

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我們的約25% 收購某些公司（即目前尚未確定具體的收購目標公司）。

公司並不目前預計將使用本次發行的任何收益來償還其負債和運營相關方的費用。公司計劃使用經營方式結算該等負債和經營費用而是收入。

有關收益使用的更多信息，請參閱第31頁的「收益使用」。

代表令

我們將在截止日期向代表或其指定人員發出授權令在行使時購買相當於本次發行中售出普通股總數5%的普通股數量每股價格等於每股首次公開發行價格的120%。代表的逮捕令將是可以行使的截止日期後三年。有關更多詳細信息，請參閱「承保」。

鎖定：

我們，任何繼任者實體，以及我們的所有董事，高級職員和主要股東（定義爲5%或以上股份的所有者）已同意除某些例外情況外，不得要約、發行、出售、轉讓、訂立出售合同、抵押、授予任何直接或間接出售或以其他方式處置可轉換爲或可行使的任何股份或證券的選擇權或在登記聲明生效日期後180天內兌換股份，登記聲明構成一部分本招股說明書。有關更多信息，請參閱「有資格未來出售的股份」和「承銷」。

		擬議納斯達克符號：
我們已經預訂了股票符號「AGZR」代表納斯達克股票。		1
轉讓代理人和登記員：		17
VStock Transfer，LLC.		30
風險因素：		31
投資股票具有高度投機性並涉及高度風險。作爲一個投資者，你應該能夠承擔你的投資完全損失。您應仔細考慮第17頁開始的「風險因素」一節中列出的信息。		31
除非另有說明，否則包含的所有信息在本招股說明書中假設：		32
●		33
到基於截至2024年12月31日已發行的20，423，485股普通股;		34
●		35
所有的轉變我們將未償還的899，920 RCPS轉換爲普通股，就像該轉換於2024年12月31日以一對一的方式發生一樣，參見「資本化」;		35
●		36
不行使承銷商的權利承銷商向我們額外購買最多187，500股普通股的超額配股權;和		49
●		64
不行使令狀將發行給本次發行的承銷商。		66
危險因素		75
對該股份的投資涉及高風險程度。您應仔細考慮以下有關這些風險的信息以及出現的其他信息在決定投資股份之前，請在本招股說明書的其他地方進行。以下任何風險的發生都可能具有重大影響對我們的業務、財務狀況、運營業績和未來增長前景產生不利影響。在這種情況下，股份的市場價格可能會下跌，您可能會失去全部或部分投資。		79
與我們的業務和行業相關的風險		80
我們的經營歷史有限		92
我們的運營歷史有限，評估我們的業務，並且仍然很難對我們的增長和未來前景做出準確的預測和預測。不能保證隨着我們業務的繼續，我們的產品或服務將繼續對潛在和現有客戶具有吸引力發展。		94
我們經營這個行業仍然相對較新，並且存在許多不確定性。		100
垂直農業行業仍然是一個非常新的行業，並且存在很大的不確定性。這個領域也可能出現新的市場參與者，這是我們無法預料的。無法保證該行業會增長，或者增長的水平有利於我們的業務，或者即使它增長，我們也無法保證儘管該行業的市場條件有利，但我們的業務仍將盈利。		106
我們可能會招致重大損失在不久的將來運營成本，並且無法確保我們能夠收回這些潛在成本以繼續盈利或作爲一個持續的企業。		106
高啓動成本這是ECA垂直農業行業市場進入者最關心的問題之一。CAE垂直農業需要大量初始資金投資，包括支付建築設施和氣候控制系統等基礎設施的費用。此外，在垂直農場內維護LED照明系統需要很高的電力成本以及勞動力成本。我們不能保證我們對迄今爲止開發或未來將建設和開發的垂直農場的投資的回報。如果我們未能做到這一點，我們的財務表現可能會受到不利影響，並且存在我們無法繼續作爲持續經營企業的風險。		106
我們無法保證我們可以維持穩定的勞動力供應，擁有運營ECA垂直農場所需的複雜知識。如果我們失敗爲此，我們的財務表現可能會受到負面影響		106
ECA垂直農場要求有效建立、監控和維持的高水平技術專業知識。我們的CAE技術最大限度地減少了手動需求農作物生產的勞動力，但需要複雜的知識才能成功配置、監督和維護它們。此外，經營一個有利可圖的垂直農業操作不僅需要先進的專業知識，園藝和工程，而且還具備領導能力、先前的管理經驗、財務知識、有效的溝通技巧和敏銳的觀察.我們無法保證能夠留住具有此類技術專業知識的人員。如果我們做不到，我們的財務表現可能會受到負面影響。		107
未能充分管理我們的計劃增長戰略可能會損害我們的業務或增加我們的失敗風險。		F-1

在可預見的未來，我們打算追求通過進一步開發和改進我們的產品和服務來擴大我們的業務的增長戰略。我們快速擴大我們的業務將取決於許多因素，包括我們在受監管的環境中工作、建立和維護的能力與供應商建立戰略關係，並以可接受的條款獲得充足且必要的資本資源。任何限制我們的擴張能力可能會對我們的業務、經營業績和財務狀況產生重大不利影響。因此，我們可能無法實現銷售增長目標，我們的運營可能無法成功或實現預期的經營結果。

我們可能會受到額外監管農產品。

我們的業務受到某些馬來西亞人的影響法律和法規，包括1983年《食品法》和1965年《聯邦農業營銷局法》（「FAMAA」），其中管理農產品的安全、衛生、分級、包裝和標籤。保存併除外這些法律及其相應的法律法規，特別是1985年食品法規和聯邦農業營銷局（分級、包裝和標籤農產品）法規2008年，我們認爲我們的產品不受馬來西亞或任何進一步法規的約束國家機構。然而，行業的變化，包括增長，使得可能會出台額外的法規此類法規可能會影響銷售或以其他方式對我們的收入和商業機會產生負面影響。

Agroz Group目前不合規符合馬來西亞的某些監管要求，雖然正在採取措施合規，但不合規將導致罰款，處罰或運營中斷。

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我們收入的變化，利潤和現金流;

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經濟變化其他垂直農場公司的業績或市場估值;

●

實際或預期波動我們的季度經營業績以及我們預期業績的變化或修訂;

●

財務估計變化由證券研究分析師提供;

●

有害的負面宣傳關於我們、我們的服務、我們的官員、董事、我們的業務合作伙伴或我們的行業;

●

我們的公告或我們的新服務產品、收購、戰略關係、合資企業、融資或資本承諾的競爭對手;

●

增加或偏離我們的高級管理人員;

●

訴訟或監管涉及我們、我們的高級職員或董事的訴訟;

●

封鎖解除或到期或對我們已發行普通股的其他轉讓限制;以及

●

銷售或感知潛力出售額外普通股。

過去，上市公司股東在其市場價格出現不穩定時期後，經常對這些公司提起證券集體訴訟證券如果我們捲入集體訴訟，可能會轉移我們管理層的大量注意力，來自我們業務和運營的其他資源，並要求我們承擔大量費用來辯護訴訟，這可能會損害我們的利益運營結果。任何此類集體訴訟，無論是否成功，都可能損害我們的聲譽並限制我們的籌款能力未來的資本。

我們依賴股息和其他分配我們的運營子公司支付的股權，以資助我們的現金和融資需求，以及任何限制的能力，或未來子公司向我們付款可能對我們開展業務的能力產生重大不利影響。

Agroz是一家控股公司，我們依靠股息以及我們的運營子公司爲我們的現金和融資需求（包括必要的資金）支付的其他股權分配向我們的股東支付股息和其他現金分配，並償還我們可能產生的任何債務。沒有資產轉移截至2023年12月31日的財年，Agroz Group與Agroz之間存在轉讓，截至2024年12月31日的財年內沒有轉讓，以及我們預計Agroz Group不會在可預見的未來向我們支付股息。我們預計在可預見的時間內不會支付現金股息未來我們預計我們將保留任何收益來支持運營併爲我們業務的增長和發展提供資金。如果我們的任何子公司在未來產生債務，管理債務的工具可能會限制其能力，向我們支付股息或進行其他分配。

根據2016年馬來西亞公司法，馬來西亞公司只能在公司有償付能力的情況下從公司利潤中分配股息。該公司被視爲如果公司能夠在分配後十二（12）個月內償還到期債務，則具有償付能力。根據馬來西亞稅務局的現行做法，馬來西亞無需就我們支付的股息繳稅。對我們馬來西亞子公司向我們支付股息或進行其他分配的能力的任何限制都可能會造成重大不利影響限制我們的增長、進行可能對我們的業務有利的投資或收購、支付股息或以其他方式籌集資金的能力並開展我們的業務。

對我們子公司能力的任何限制向我們支付股息或進行其他分配可能會對我們的增長、投資或收購能力產生重大不利影響這可能對我們的業務有利、支付股息或以其他方式資助和開展我們的業務。

如果我們未能滿足適用的上市要求，納斯達克可能會將股份從交易中除牌，在此情況下，股份的流動性和市場價格可能會下降。

假設股票在納斯達克上市，我們不能保證我們將來能夠達到納斯達克的持續上市標準。如果我們不遵守適用的上市標準以及納斯達克退市股份，我們和我們的股東可能面臨重大重大不利後果，包括：

●

有限可用性股份的市場報價;

●

流動性減少股份;

●

確定所述股票是「廉價股票」，這將要求交易股票的經紀商遵守更嚴格的規則，並可能遵守導致股份二級交易市場交易活動水平下降;

●

有限的新聞關於我們和分析師對我們的報道;以及

●

能力下降我們將來發行額外的股權證券或獲得額外的股權或債務融資。

美國國家證券市場改善 1996年法案阻止或先發制人各州監管某些證券的銷售，這些證券被稱爲“涵蓋證券"由於我們預計股份將在納斯達克上市，因此這些證券將爲擔保證券。雖然各州無權監管我們證券的銷售，該法規確實允許各州調查公司，如果有欺詐嫌疑，如果發現欺詐活動，那麼各州可以監管或禁止銷售承保的特定情況下的證券。此外，如果我們不再在納斯達克上市，我們的證券將不再是承保證券，我們將遵守我們提供證券的每個州的法規。

如果您在本次發行中購買股份，您將立即大幅稀釋您的普通股的賬面價值。

如果您在本次發行中購買股份，您支付的費用將遠高於我們每股有形淨賬面價值。因此，您將立即經歷大量稀釋每股3.66美元，相當於截至2011年，我們的預計每股調整有形淨現值0.34美元之間的差額 2024年12月31日，在將我們所有未發行的899，920 RCPS轉換爲普通股生效後，就像該轉換一樣已發生於2024年12月31日，以一對一的方式進行，假設數字沒有變化，本次發行的淨收益將歸我們所有本招股說明書封面頁所載我們發行的股份，假設公開發行價爲每股4.00美元。請參閱「稀釋」以更完整地描述您對我們股票的投資價值將如何被稀釋完成此提供。

受上述限制，在適當的情況下在這種情況下，開曼群島法院可以在開曼群島執行其他類型的外國最終判決，例如宣告性判決命令、履行合同的命令和禁令。

目前尚不確定法院是否馬來西亞將（i）承認或執行美國法院針對我們或我們的董事或高管做出的判決美國或美國任何州證券法的民事責任條款，或（ii）保留原件根據美國或任何州的證券法，在馬來西亞針對我們或我們的董事或高管提起的訴訟在美國美國法院根據美國聯邦或州證券法做出的判決可以執行在馬來西亞，根據普通法，通過向馬來西亞法院就該判決提出訴訟，然後尋求簡易程序基於外國判決的判斷，前提是外國判決（1）針對債務或確定的金額（不是向外國政府徵稅當局收取的稅款或類似費用或罰款或其他處罰），和（2）最終並且對主張的是非曲直具有決定性，但除此之外並非如此。在任何情況下，如果（a）它是通過欺詐獲得的，（b）獲得判決的程序與自然正義相對立，（c）其執行（d）美國法院沒有管轄權，或（e）該判決與馬來西亞先前的判決有衝突。馬來西亞沒有相互執行判決的安排與美國因此，在馬來西亞，無論是原始行動還是針對以下行爲的可執行性存在不確定性執行美國法院僅根據美國聯邦證券法做出的民事責任判決或美國境內任何州或地區的證券法。請參閱「民事責任的可執行性」。

您可能會遇到更多保護困難比您作爲美國公司股東的利益更重要。

我們是一家豁免有限責任公司根據開曼群島法律註冊成立。我們的企業事務受我們的備忘錄和章程的規定管轄協會以及公司法和開曼群島普通法的條款。股東的權利針對董事會的行動、少數股東的行動以及董事在開曼群島對我們的受託義務群島法律在很大程度上受開曼群島普通法管轄。開曼群島的普通法源於部分來自開曼群島相對有限的司法先例以及英格蘭的普通法，其法院對開曼群島法院具有說服力，但不具有約束力。

股東和受託人的權利開曼群島法律規定的董事和高級職員的職責並不像法規或司法規定的那樣明確美國一些司法管轄區和一些州（例如特拉華州）的先例已經更充分地發展和司法解釋比開曼群島更有公司法。此外，開曼群島公司可能沒有資格發起股東在美國聯邦法院的派生訴訟。

開曼群島豁免公司的股東根據開曼群島法律，像我們一樣沒有獲得股東名冊副本或檢查公司記錄（其他公司的組織章程大綱、章程細則及通過的任何特別決議，以及抵押登記冊，（二）公司的經營活動。我們的董事根據我們的組織章程大綱及細則可酌情決定我們的股東是否以及在什麼情況下可以檢查我們的公司記錄，但沒有義務檢查這些記錄可供我們的股東使用。這可能會使您更難獲得確定任何必要事實所需的信息股東動議或就代理權競爭向其他股東徵求代理權。

由於上述所有情況，我們的公衆股東面對管理層或董事會成員採取的行動，可能會更難保護自己的利益比他們作爲在美國註冊成立的公司的公衆股東所做的還要多。討論之間的重大差異公司法的條款以及適用於在美國註冊成立的公司及其股東的法律，請參閱 “

股份資本的描述-公司法的差異

開曼群島經濟實質要求可能會對我們的業務和運營產生影響。

iii

根據國際稅務合作開曼群島（經濟實質）法案（經修訂）（「ES法案」）於2019年1月1日生效，是一項「相關」「開展」相關活動”的實體必須滿足《經濟實質測試》中規定的適用經濟實質測試 ES法案。「有關實體」包括（其中包括）在開曼群島註冊成立的獲豁免公司，不是開曼群島以外的納稅居民。《ES法案》下有九項指定的「相關活動」，並且只要我們公司是從事「相關活動」的「相關實體」，就必須遵守 ES法案下的所有適用要求。如果公司進行的唯一業務活動是持股在其他實體中僅賺取股息和資本收益，那麼根據《ES法案》的當前解釋，公司一家「純股權控股公司」，因此將接受減少的經濟實質測試，目前要求我們（i）遵守公司法下的所有適用要求，以及（ii）擁有足夠的人力資源和足夠的位於開曼群島的場所用於持有和管理其他實體的股權參與者。然而，不能保證我們不會受到《ES法案》的更多要求的約束。對《ES法案》的解釋和實施感到困惑可能會對我們的業務和運營產生不利影響。

我們是一家外國私人發行人，《交易法》下規則的含義，因此，我們免受適用於美國國內公衆的某些條款的約束企業

因爲我們有資格成爲外國私人發行人根據《證券交易法》，我們不受美國適用的證券規則和法規的某些規定的約束美國國內發行人，包括：

●

交易所的規則要求向SEC提交10-Q表格的季度報告或8-K表格的當前報告的法案;

●

交易所的部分規範就根據《交易法》註冊的證券徵求代理、同意或授權的法律;

●

交易所的部分要求內部人士公開報告其股票所有權和交易活動以及獲利內部人士的責任的法案來自短時間內進行的交易;以及

●

選擇性地公開重要非公開信息發佈者根據FD法規制定的規則。

●

其他因素在「風險因素」下。

您應該參閱標題爲「風險」的部分因素”用於討論可能導致我們的實際結果與表達或暗示的結果存在重大差異的重要因素通過我們的前瞻性陳述。由於這些因素，我們無法向您保證本招股說明書中的前瞻性陳述將被證明是準確的。此外，如果我們的前瞻性陳述被證明不準確，則不準確可能是重大的。在鑑於這些前瞻性陳述中的重大不確定性，您不應將這些陳述視爲或我們或任何其他人保證我們將在任何指定的時間框架內實現我們的目標和計劃，或根本不實現。我們承諾沒有義務公開更新任何前瞻性陳述，無論是由於新信息、未來事件還是其他原因，除非法律要求。您應該閱讀本招股說明書和文件我們在本招股說明書中引用並已作爲註冊聲明的附件提交，本招股說明書是該聲明的一部分，完全理解我們的實際未來結果可能與我們的預期存在重大差異。我們所有人都有資格這些警示性陳述對我們的前瞻性陳述的影響。行業和市場數據

本招股說明書包括統計和其他我們從行業出版物和第三方進行的研究、調查和研究中獲得的行業和市場數據，作爲以及我們管理層基於此類數據的估計。這些第三方均不隸屬於我們，並且所包含的信息本招股說明書中的內容尚未得到他們中任何一人的審查或認可。本招股說明書中使用的市場數據和估計涉及許多假設和限制，請您不要過度重視此類數據和估計。行業出版物、研究、調查、研究和預測通常表明，其中包含的信息是從據信的來源獲得的可靠，但不保證此類信息的準確性和完整性。我們沒有委託任何行業及本招股章程所載的市場數據。從這些來源獲得的預測和其他前瞻性信息受與本招股章程中其他前瞻性陳述相同的限制條件和不確定性。雖然我們相信這些信息行業出版物、調查和研究是可靠的，我們運營的行業存在高度的不確定性以及多種重要因素造成的風險，包括標題爲「風險因素」的部分中描述的因素。這些和其他因素可能導致結果與獨立各方和我們所做的估計中所表達的結果存在重大差異。

所得款項用途根據首次公開募股價格每股普通股4.00美元，我們估計我們將從本次發行中獲得淨收益，扣除估計承銷折扣、非實報實銷開支津貼及我們應付的估計發售開支約3，374，312元，不行使其超額配售選擇權，以及4，064，312美元（如果承銷商全額行使其超額配售選擇權），扣除承銷折扣及佣金、非實報實銷費用備抵及本公司預計應付之發行費用。假設的費用每增加（減少）1美元每股普通股4.00美元的首次公開發行價格將使我們從本次發行中獲得的淨收益增加（減少）1，150，000美元，假設本招股章程封面所載本公司發售的股份數目維持不變，並經扣除我們應付的承保折扣和佣金、非實報費用津貼和估計發行費用。增加我們發行的股份數量（減少）100萬股將使我們本次發行的淨收益增加（減少） 3，680，000美元，假設假設IPO價格保持不變，扣除承銷折扣和佣金後，不負責費用津貼以及我們應付的估計銷售費用。

2.	本產品的主要目的是創建爲所有股東的利益而建立股票公開市場。我們計劃將本次發行的淨收益使用如下：

●

約資本支出15%;

●

約 25%用於運營費用;

●

約 20%用於研發;

●

約 15%用於營銷;以及

●

您應該與以下內容一起閱讀此信息本招股說明書其他地方出現的我們的經審計綜合財務報表以及以下各部分所載的信息題爲「匯率」、「收益的使用」和「管理層對財務的討論和分析」運營條件和結果。”作爲 2024年12月31日實際

Pro Forma

Pro

形式A

調整

（超額分配

選擇不

練習）

Pro

Forma As

調整

（過-

配發

選項

行使

（全文）

美元



美元應占每股普通股有形淨價值增加上述形式調整	截至2024年12月31日的預計有形淨現值使我們所有未發行的899，920 RCPS轉換爲普通股生效，就好像該轉換髮生在 2024年12月31日，一對一應占每股預計有形淨淨現值增加致在本次發行中購買普通股股份的新投資者

預計爲每股普通股調整後有形淨賬面價值在將我們所有未發行的899，920 RCPS轉換爲普通股生效後，就好像該轉換已經發生一樣 2024年12月31日，以一對一的方式，以及本次發行之後

按調整後的有形淨現值計算的形式稀釋本次發行中新投資者的普通股

假設發行1，250，000普通股的總收益股份，並假設超額配股選擇權尚未行使。

假設發行1，437，500股普通股的總收益，並假設超額配股選擇權已全部行使。

假設每增加（減少）1.00美元每股普通股4.00美元的IPO價格將增加（減少）截至12月調整後的有形淨資產 31，2024，在本次發行後每股普通股約0.05美元，並將增加（減少）新投資者的稀釋每股普通股0.95美元，假設本招股章程封面所載本公司發售的普通股數目，在扣除承銷折扣和佣金、非實報實銷費用津貼和預計發售額後，我們應付的費用，假設承銷商不行使超額配售選擇權

如果承銷商行使其超額配售權，選擇權全額，備考調整後每股普通股有形賬面淨值本次發行後將爲0.36美元，增加在備考中，現有股東每股普通股的有形賬面淨值將爲0.18美元，本次發行中新投資者每股普通股的有形賬面價值將爲3.64美元，在每種情況下，考慮到初始公開發行價爲每股4.00美元。

如果我們發行額外的普通股，在未來的股份，將有進一步稀釋，以新的投資者參與本次發行.

(i)	下表總結了截至12月的情況 2024年31日，在將我們所有未發行的899，920 RCPS轉換爲普通股生效後，就好像該轉換已發生於2024年12月31日，現有股東與新投資者之間的尊重分歧本次發行中從我們購買的普通股數量、支付的總對價以及每股普通股的平均價格按每股普通股4.00美元的假設IPO價格支付的股份，扣除估計的承銷折扣和估計的提供費用。普通股總數不包括超額配股權。

普通股份

購買

總

審議

平均

價格每

普通

Number

百分

量

百分

分享現有股東

新投資者總匯率信息

Agroz是一家控股公司該公司通過其運營子公司Agroz Group在馬來西亞開展業務。Agroz Group的貨幣爲馬吉。翻譯截至2024年12月31日財年，馬幣兌換美元的金額按1美元= 4.4695馬幣的匯率計算，即紐約市電匯馬幣的中午購買率，經聯邦儲備銀行海關認證於2024年12月31日最後一個交易日紐約。沒有任何陳述表明馬幣金額代表或可能是，或可以按該匯率或任何其他匯率兌換、變現或結算爲美元。

企業歷史和結構

Agroz是一家豁免有限責任公司於2023年8月8日根據開曼群島法律註冊成立。Agroz的運營子公司是馬來西亞私營企業Agroz Group 有限公司於2020年11月20日註冊成立。Agroz集團是知識產權的所有者，該公司是Agroz技術的支持者和Agroz室內CEA垂直農場的運營商。Agroz集團還分銷出售阿格羅茲的農產品下圖說明了我們的公司結構並確定截至本招股說明書日期和本次發行完成時我們的子公司（假設承銷商不行使超額分配選擇權）：

我們正在發行1，250，000股普通股我們的開曼群島控股公司Agroz的發行完成後，佔普通股的5.54% Agroz，假設承銷商不行使超額配股權。

在每次股東大會上，每位股東親自或由代理人出席（或者，如果股東是公司，則由其正式授權的代表出席）將擁有該股東持有的每股普通股有一票。開曼群島法律不禁止累積投票島嶼，但我們的組織備忘錄和章程沒有規定累積投票。

(ii)

管理層討論和分析財務

狀況及經營業績

以下是我們的討論和分析財務狀況和經營業績應與我們的合併財務報表和相關附註一起閱讀已包含在本招股說明書的其他地方。本討論和分析以及本招股說明書的其他部分包含前瞻性陳述基於涉及風險、不確定性和假設的當前信念、計劃和預期。我們的實際結果和時機由於幾個因素，選定事件可能與這些前瞻性陳述中預期的事件存在重大差異，包括「風險因素」和本招股說明書其他地方所述的因素。您應該仔細閱讀「風險本招股說明書的因素」部分，以了解可能導致實際結果不同的重要因素實質上來自我們的前瞻性陳述。

正如本《管理層對財務狀況的討論與分析》中所用和經營結果”部分，術語「集團」、「我們」、「我們的」和「我們」指Agroz Inc.和Agroz Group。「Agroz Group」僅指Agroz Group Sdn。Bhd.，馬來西亞列兵有限公司，我們的運營子公司。

概述

我們是垂直整合的農業技術應用技術解決方案、創新商業模式、流程和系統來設計、構建、管理和室內運營的公司 ECA垂直農場。我們還運營着CAE垂直農場，直接生產清潔、無農藥、新鮮且營養豐富的蔬菜對消費者和企業來說。AEON Alpha Angle的EduFarm也旨在教育公衆了解我們的蔬菜種植方式。我們 CAE實踐是各種數字技術的結合，包括物聯網、數據分析、人工學習、機器學習，自動化、雲和邊緣計算以及5G通信。我們使用5G通信主要是爲了增強內部的互聯網連接我們的ECA實踐，這對於實時監控和控制我們的農業運營至關重要。我們的使命是改善食品安全、食品保障，通過我們的AgTech產品和服務創造可靠、易於獲取的食品供應，從而實現社會的可持續發展。我們相信我們正在通過我們的CAE技術和方法徹底改變農業生產。我們相信我們的技術能夠我們將在更小的空間內安全種植更多的糧食，而不使用殺蟲劑、除草劑和其他危險化學品，同時減少需要儲存和冷藏。我們的目標是通過在當地種植糧食，提高糧食安全並提供新鮮度被消耗，這減少了交通，從而減少了產生的食物里程和我們的碳排放影響，從而導致更多對糧食生產產生環境友好的結果。

我們相信， AgTech和CEA垂直農業市場在全球和東南亞地區。從馬來西亞開始，我們的目標是與頂級我們爲需求最高的市場提供的產品。

主要業務我們的收入主要來自：

設計和/或構建室內ECA垂直農場;

經營和管理室內ECA垂直農場;銷售CEA垂直農場; 和

銷售新鮮農產品。

設計和/或建造室內垂直農場我們的目標是創造高效、可持續、和環境控制的垂直農場，最大限度地提高作物產量和作物質量，並允許精確的溫度管理，溼度、光照和養分。

我們設計和/或建造室內CEA垂直根據客戶的具體需求爲他們提供農場。這涉及規劃每個ECA垂直農場的佈局，設計其基礎設施、構建農場的結構框架、設置設備並在農場內實施Agroz操作系統。 Agroz OS在其當前的開發階段集成了下文詳細介紹的某些硬件和軟件解決方案。通過Agroz 此外，我們的目標是提高生產力、提高產量並提高CAE垂直農場內生產的農產品的質量。

阿格羅茲操作系統目前由數字自動化硬件系統組成，能夠：（i）管理內部的各種環境條件 ECA垂直農場以及水質和水量，（ii）提供灌溉和養分灌溉施肥;（iii）爲農作物提供光照; (iv)管理能源使用;以及（v）收集數據，以便能夠管理農場內的溫度和照明，以及養分供應、灌溉和灌溉施肥。作爲於本招股章程日期，我們僅於Agroz OS實施（i）上述Agroz OS的數碼自動化硬件系統和（ii）爲農場組織提供電子郵件和通信系統的軟件解決方案。

中提到的軟件解決方案前一句話得到Microsoft Azure和Microsoft AI的支持，這些解決方案是可能的，根據Microsoft ISC和 Microsoft出版商協議和Microsoft AI Cloud合作伙伴計劃協議下的Microsoft AI Cloud合作伙伴作爲附件在此提交 10.7分別爲10.8。

我們目前正在將人工智能代理系統集成到Agroz OS中

，支持哪個系統由微軟人工智能，能夠向農場經理和農場主提出複雜的農業決策，並自主執行這樣的決定後，人類的批准是收到。當完全部署時，我們設想人工智能系統的代理可以承擔垂直農場內複雜的多步自主行動，並導致垂直農場可以獨立和自動操作。我們預計將於2025年第二季度全面部署該人工智能代理系統。投資者應該知道這樣的人工智能代理系統是不同於

Agroz Copilot;相比之下，Agroz Copilot是獨立於Agroz OS的GenAI應用程序，它使人類能夠農民將查詢和指令輸入到應用程序中，以接收日常任務的幫助建議，而不是系統用於垂直農場的自主運作。儘管我們已經啓動了Agroz Copilot的試點部署，但該應用程序仍然正在開發中，目前我們還沒有向公衆正式推出Agroz Copilot的確定日期。

我們設想在更高級的開發階段，Agroz OS將包括以下軟件解決方案：（i）上述人工智能代理系統，和軟件解決方案，能夠：（ii）通過我們的專有技術跟蹤垂直農場業務活動的各個方面 Agroz企業資源規劃和（iii）財務會計和簿記，由Intuit Quickbooks軟件解決方案支持。我們預計這些軟件解決方案將於2025年全面集成到Agroz OS中。

爲有關Agroz OS組件的更多詳細信息，請參閱「我們的產品和服務」。操作和管理室內ECA垂直農場收入成本毛利銷售和促銷費用

一般及行政開支

其他收入

貿易應收賬款信用損失

營業利潤

可贖回可轉換優先股贖回損失

融資成本

稅前溢利

所得稅開支

年內溢利

收入

截至12月31日的一年中，

MYR

MYR¹USD²提供農場解決方案³- 設計服務⁴

- 建築服務

USD⁵收益成本

- 建設成本⁶- 折舊及攤銷

- 諮詢費

- 蔬菜成本

- 種植相關成本

- 工資和福利

⁴

我們收入成本包括東航垂直農場建設直接產生的成本、員工工資和福利、折舊和攤銷軟件、農場和機械、諮詢費和蔬菜成本，以及與ECA垂直農場運營相關的成本，例如種子和肥料費用、水電費和包裝費。從2023財年的10，207，774馬幣增加到26，045，710馬幣 2024財年（5，827，433美元）。2024財年，諮詢總收入成本爲6，667，000馬幣（1，491，666美元）費用和蔬菜成本16，838，559馬幣（3，767，437美元）。2024財年完成設計服務的諮詢費增加針對客戶的項目，這需要外部專家的參與。儘管諮詢費上漲，但毛利潤農業解決方案的利潤率從2023財年的48.9%提高到2024財年的57.6%。蔬菜成本大幅上漲，從 2023財年爲934，681馬幣，2024財年爲16，838，559馬幣（3，767，437美元）。增加的原因是由於額外的 2024年期間爲履行新客戶和現有客戶的新鮮農產品銷售訂單而發生的新鮮農產品採購財年儘管蔬菜成本上漲，但新鮮農產品銷售的毛利率較2023年的10.8%有所提高 2024財年全年增長至14.1%。但總毛利率從2023財年的44.7%下降至2024財年的36.3% 這主要是由於新鮮農產品銷售增加，對整體毛利率產生了稀釋作用。與農場解決方案相比，新鮮農產品的利潤率較低，其收入比例從2023年的11.2%增加 2024財年全年增長至49.0%。

⁵

銷售及推廣開支

⁶	的下表載列本集團於所示財政年度的銷售及推廣開支明細：截至12月31日的一年中，

MYR

MYR

USD

銷售和促銷費用

- 招待費

- 營銷費

的本集團的銷售及推廣開支來自市場推廣費及招待費。我們進行了營銷和廣告在流行媒體平台上的支出，旨在提高我們的媒體影響力和品牌知名度並吸引更多訪客 (and潛在客戶）到我們的網站。

營銷 2024財年的費用186，043馬幣（41，625美元）遠低於2023財年的營銷費用381，224馬幣，由於集團一次性聘請一家機構在2023財年開發集團的營銷解決方案，建立品牌知名度，但不會在2024財年重演。

一般及行政開支

的下表列出了所示財年的行政費用細目：

截至12月31日的一年中，

MYR

USD
一般及行政開支

- 董事袍金
- 專業費用

- 工資和福利

- 折舊及攤銷

- 支付的佣金
- 辦公經費

- 別人

主任費

期間在2024年和2023年財政年度，Agroz董事Gerard Kim Meng Lim（也是其股東之一）有權獲得年度爲Agroz提供的服務，袍金用分別爲1，000，000馬幣（223，739美元）和120，000馬幣。2023財年，先生Lim放棄支付該袍金用，因此被視爲股東的貢獻。

44^**

專業費

我們 2023財年的法律和專業費用總計503，556馬幣，2024財年增至2，955，710馬幣（661，307美元）年這一增長主要歸因於爲我們的預期IPO做準備而發生的審計費和其他專業費用 2024財年。

工資和福利

工資福利主要包括員工工資、員工養老金、社會保障組織、就業保險制度和津貼。增加了812，797馬幣，從2023財年的315，762馬幣增加到2024財年的1，128，559馬幣（252，502美元）由於我們招聘的新員工從9名增加到2024財年的14名。

31^*

折舊及攤銷

折舊 2024財年的一般費用和行政費用攤銷費用爲583，049馬幣（130，450美元）。這些指控主要包括Agroz集團固定資產的折舊費用，例如傢俱及配件、消防系統、計算機和設備、機動車輛、計算機軟件、網站和翻新。對於2024財年，我們的折舊和攤銷費用爲583，049馬幣（130，450美元），比2023財年增加了308，504馬幣。這一顯着增長是由於集團新租賃的辦公場所用於運營。其他收入”): ***

截至12月31日的一年中，

MYR

MYR
USD

利息收入
匯兌虧損
其他收入

其他收入總額

預計貿易應收賬款信用損失

的下表列出了所示年度我們貿易應收賬款的預期信用損失（「ESL」）的細目：
截至12月31日的一年中，

MYR

USD

退還第三方零售店客戶的ESL津貼

31^*

第三產業的ESL損失備抵企業客戶
相關資產預期信貸虧損的虧損撥備派對客戶⁽¹⁾

貿易應收賬款信用損失總額

損失貿易應收賬款撥備始終以等於全期預期信貸損失的金額計量。估計這些金融資產的預期信貸損失使用基於集團歷史信用損失經驗的撥備矩陣，並根據特定因素進行調整債務人以及對報告日期當前和預測總體經濟狀況的評估。對於2023財年，貿易應收賬款的預期信用損失爲66，915馬幣。2024財年貿易應收賬款的預期信用損失增加至661，263馬幣（147，950美元）由於貿易應收賬款信用風險增加。

金融成本

的下表列出了我們所示年度的財務費用細目：

44^**

截至12月31日的一年中，
MYR⁽²⁾

(1)

MYRUSD

(2)	融資成本- 銀行收費

- 租賃負債利息

^**

- 可贖回可轉換優先股（「RCPS」）的利息

^***

- 關聯方貸款利息

- 銀行借款利息融資成本總額

我們融資成本包括銀行手續費和利息費用。於2023財政年度，我們的財務成本爲505，826令吉，主要爲應占利息支付給RCPS持有人馬幣360，407.財務成本從2023財年的505，826馬幣增加到 2024財年爲1，673，335馬幣（374，390美元）。這一顯着增長是由於股東認購的增加 RCPS。

損失關於可贖回可轉換優先股贖回

截至12月31日的一年中，

ii)

MYR

iii)

MYR

iv)

USD

RCPS贖回產生的損失

*	爲 2023財年，Agroz Group RCPS（「AG RCPS」）的3，000，000股股份已全部贖回，以及相關未付股份通過發行Agroz Inc. 336，366股股份獲得權益RCPS（「AI RCPS」）的公允價值爲3，882，500馬幣。2023年12月1日，在AG RCPS的贖回日期，AG RCPS的淨資產以及相關未付股息爲3，177，600馬幣。損失因贖回RCPS而產生的贖回金額爲704，900馬幣，來自RCPS的公允價值之間的差異 AI RCPS和AG RCPS在2023財年的淨資產。

收入稅務費用-馬來西亞利得稅

爲在2024財政年度和2023財政年度，在馬來西亞註冊成立的實繳資本爲馬來西亞令吉的公司的稅率爲24% 250萬或更多。公司根據在以下司法管轄區產生或產生的利潤對實體繳納所得稅公司及其子公司所在地或運營的地區。

爲 2024財年，Agroz Group產生的本期所得稅費用爲2，637，694馬幣（590，154美元），並在稅款準備金下往年爲225，946（50，553美元）。2024財年確認的遞延所得稅資產金額爲30，023馬幣（6，717美元）。 2023財年，Agroz Group的所得稅費用爲1，355，882馬幣。

流動性和資本資源

的下表列出了截至年的流動資產、非流動資產、流動負債、非流動負債和權益註明日期：

截至12月31日，

MYR

USD

資產

房及設備

無形資產

遞延稅項資產

預付款-對關聯方的預付款

預付款和按金-第三方

預付款和按金共計

使用權資產

延期發行成本

非流動資產

貿易應收賬款-來自第三方

貿易應收賬款-來自關聯方

應收貿易賬款總額

預付款項及其他應收款項

應收關聯方款項

現金

流動資產

總資產

股權

股本

借記資本公積

其他儲備

留存收益

權益總額

負債

租賃負債，非流動

銀行借款，非流動

其他應付款項，非流動

應付關聯方款項，非流動

可贖回可轉換優先股，非流動

非流動負債

貿易應付款項

其他應付款，流動

應付稅項

銀行借款，流動

租賃負債，流動

應付關聯方金額，當前

當前可贖回可轉換優先股

流動負債

總負債

權益和負債共計

貿易應收款項

截至12月31日，

MYR

USD

免於提供農場解決方案

- 從第三方

- 向關聯方

銷售新鮮蔬菜的發票

- 從第三方

- 向關聯方

貿易應收賬款總額，毛額

減：可疑債務備抵

貿易應收賬款總額，淨額

老化截至2023年和2024年12月31日，基於稅務發票日期的貿易應收賬款總額分析如下：

截至12月31日，

MYR

USD

3個月內

3個月以上但6個月以內

	超過6個月但1年內	1年以上

	貿易應收賬款總額，毛額	我們的貿易應收賬款包括所欠金額感謝我們提供CAE垂直農場解決方案並銷售新鮮農產品。我們所有的貿易應收賬款預計將於年內收回一年我們在服務協議後或交易完成後向客戶開具里程碑發票。我們的應收賬款餘額從2023財年的15，159，115馬幣增加到2024財年的36，316，854馬幣（8，125，486美元）。這一增長主要是由於提供農場解決方案和銷售新鮮蔬菜的第三方未償金額增加，達10，822，000馬幣和15，905，582馬幣。截至2024年12月31日，截至2023財年的未償貿易應收賬款已收回超過88%。截至2025年5月15日，截至2024財年未償還貿易應收賬款的62%已收回。

	在在確定貿易應收賬款的可收回性時，我們會考慮貿易應收賬款信用質量的任何變化截至報告日期，最初授予信貸的日期。我們的貿易應收賬款的信用質量沒有重大變化已逾期且部分減損的餘額。因此，管理層認爲無需進一步提供信貸撥備。	管理密切審查集團的貿易應收賬款餘額，以主動檢測任何已知的趨勢或不確定性，並且沒有趨勢或已發現可能影響我們客戶應收賬款餘額的可收回性的不確定性。ESL金額爲82，597馬幣於2023財年提供，並於2024財年增加至743，860馬幣（166，430美元）。這是因爲管理層認爲無法收回該等貿易應收賬款的風險增加，因此在 2024財年。

	預付款，按金及其他應收款項	截至12月31日，

截至12月31日，

MYR

	MYR	USD

	非當前：	無形資產預付款

	- 予關連方	- 給第三方

存款

小計

當前：

預付款項^{其他應收款項}小計

預付款、按金和其他應收賬款總額

其他預付款、按金和其他應收賬款主要包括無形資產預付款、租賃按金、我們的預付款辦公場所和公用事業按金。預付款、按金和其他應收賬款從2023財年的4，219，508馬幣增加 2024財年爲7，232，572馬幣（1，618，207美元），主要是由於2024財年無形資產預付款。		貿易及其他應付款項

截至12月31日，		截至12月31日，

MYR		MYR

USD		非當前：

收到的可贖回可轉換優先股預付款		當前：

應付貿易賬款（附註（a））		其他應付款和應計費用

		應付工資

RCPS應付利息

小計

貿易和其他應付賬款總額

注：

之賬齡分析截至2023年和2024年12月31日的應付賬款如下：

截至12月31日，

		截至12月31日，	MYR

		MYR	USD

		3個月內

		3個月以上但6個月以內

超過6個月但1年內

1年以上

貿易應付賬款總額		所有分類爲流動的貿易應付賬款和其他應付賬款預計將在一年內結算或按要求償還。2023財年今年，我們的貿易應付賬款爲2，403，407馬幣，2024財年增加至14，089，238馬幣（3，152，307美元），相當於增加了11，685，831馬幣。這一增長主要是由於設計服務承包商的費用，金額爲6，284，580馬來西亞林吉特及蔬菜成本爲7，107，249令吉，截至2024年12月31日尚未到期。設計服務承包商的費用和 2024財年，蔬菜成本分別佔貿易應付賬款總額的45%和50%。

其他應付款項		其他應付款項和應計費用包括應計營業費用和應收賬款。其他應付款和應計費用從159，961馬幣增加從2023財年的1，832，975馬幣（410，107美元）降至2024財年的1，832，975馬幣（410，107美元）。這一增長主要是由於專業人員的增加。於2024財政年度應付的服務費於2024財政年度末仍未償還。應付工資增加， 2023財年的34，644馬幣至2024財年的200，235馬幣（44，800美元），主要是由於每月應付工資增加應付稅務局的稅款扣除和法定繳款。RCPS的應付利息從年的100，648馬幣增加由於2024財年額外發行了RCPS，2023財年2024財年將增至1，072，266馬幣（239，908美元）。

去關切		我們流動性的主要來源是運營現金來源、來自第三方投資者的融資、關聯方和銀行貸款。截至2024年12月31日，我們的現金餘額爲390，500馬幣（87，370美元）。截至2024年12月31日，本集團確認負債可贖回可轉換優先股9，590，370馬幣（2，145，737美元），股東有權要求公司在到期日贖回所有可贖回可轉換優先股。所有人的總贖回金額截至2024年12月31日，可贖回優先股爲10，055，481馬幣（2，249，800美元）。

在鑑於上述情況，我們得出的結論是，我們繼續持續經營的能力存在重大疑問自2024財年合併財務報表發佈之日起爲期一年。爲了滿足現金要求自審計報告發佈之日起未來12個月內，我們計劃進行以下綜合補救計劃：		我們一直在從公共和私人市場尋求額外的融資。

我們專注於提高運營效率，實施嚴格的成本控制和預算以及加強內部控制，以協同集團的資源。

那裏無法保證我們將成功實現我們的戰略計劃，我們未來的融資將足以支持我們的持續運營，或者任何額外融資將及時或以可接受的條款提供（如果在所有.如果我們無法籌集足夠的資金或發生事件或情況導致我們無法實現我們的戰略計劃，則將對我們的財務狀況、運營結果、現金流和實現預期業務的能力產生重大不利影響目標.

現金流量聲明

的下表列出了我們所示年度的現金流量摘要。

截至12月31日的一年中，

經營和管理室內ECA垂直農場;

銷售CEA垂直農場; 和

銷售新鮮農產品。

我們提供一套全面的農場解決方案致我們的客戶。我們與客戶合作，從設計階段開始，一直到施工階段，建立CAE垂直農場和實施短語。我們爲垂直農場構建結構框架，安裝內部組件並進行集成 Agroz OS對於我們設計和/或建造的垂直農場的運營至關重要。在構建了ECA垂直之後農場，我們根據需要協助客戶進行運營和管理。

設計和/或建造室內CAE垂直農場

我們設計和/或建造室內垂直農場根據客戶的具體需求爲他們提供服務。這涉及垂直農場佈局規劃、基礎設施設計、框架搭建、 Agroz OS在我們設計的整體受控環境系統中的結構構建、設備設置和實施，這對於我們建立的垂直農場的運營至關重要。Agroz OS集成了硬件和軟件解決方案，旨在提高生產力、提高產量和提高產品質量。Agroz OS由以下部分組成：

●

數字自動化硬件系統能夠：（i）管理內部的各種環境條件垂直農場以及水質和水量，（ii）提供灌溉和養分灌溉施肥; (iii)爲農作物提供光線;（iv）管理能源使用;以及（v）收集數據以實現農場內的溫度和照明管理，以及養分供應、灌溉和灌溉施肥;和.

●

軟件爲農場組織提供電子郵件和通信系統的解決方案，受Microsoft Azure Cloud和Microsoft Azure AI支持。我們設想在更先進的情況下在開發階段，Agroz OS還將包括以下軟件解決方案：（i）人工智能代理系統，全面部署後

可承接垂直農場內複雜的多步驟自主行動並導致垂直農場可獨立自動操作;

和軟件解決方案，實現：（ii）通過以下方式跟蹤垂直農場業務活動的各個方面我們專有的Agroz RP和（iii）財務會計和簿記，由Intuit支持 Quickbooks軟件解決方案。我們預計這些軟件解決方案將完全集成將於2025年引入Agroz OS。

截至本招股說明書日期，我們已僅在Agroz OS中實施（i）Agroz OS的上述數字自動化硬件系統和（ii）支持電子郵件的軟件解決方案和農場組織的通信系統。

前一句提到的軟件解決方案由微軟支持 Azure和Microsoft Azure AI，哪些解決方案是可能的，根據微軟旗下的Microsoft ISC和Microsoft AI雲合作伙伴出版商協議和Microsoft AI雲合作伙伴計劃協議分別作爲附件10.7和10.8提交。.

爲對Agroz OS中硬件和軟件解決方案類型的更完整描述，見“

產品和服務

”下面。

操作和管理室內ECA垂直農場

成功設計和/或建造後在CAE垂直農場中，我們還爲客戶提供運營和管理服務，監督農場的日常運營，使用我們開發的所有知識產權，包括Agroz OS和支持ECA垂直農場的標準操作程序操作，並對所有集成系統進行定期維護。

目前，我們運營的垂直農場和管理包括：（i）在哥打白沙羅的10，021平方英尺的室內垂直農場和（ii）5，239平方英尺的教育垂直農場（「EduFarm」）位於馬來西亞吉隆坡旺沙瑪朱的永旺購物中心Alpha Angle（「永旺Alpha Angle」），該農場被馬來西亞紀錄大全（一份記錄創紀錄成就的出版物）評爲最大的室內垂直農場位於該國的一家購物中心內。此外，2024年6月，馬來西亞政府通過農業部和食品安全，表彰EduFarm符合馬來西亞良好農業規範（「myGAP. PF」）要求不含農藥。MyGAP. PF是一項認證計劃，認可採用環保農業實踐的認可農場友好理念，保障工人福利和安全，不使用合成農藥生產優質、安全、可食用產品.該認證涵蓋20種蔬菜，包括綠毛茛、紅毛茛、綠珊瑚、紅珊瑚、野生火箭、羽衣甘藍和芝麻菜等。

通過EduFarm，我們還提供新鮮農產品在AEON Alpha Angle和AEON Co.（M）Berhad（「AEON」）經營的某些超市銷售。

銷售 ECA垂直農場

我們向潛在買家出售CAE垂直農場一旦它們完全運行和優化。每個ECA垂直農場都包含Agroz操作系統。我們的目標是實現高產農作物生產以及通過ECA垂直農場進行資源管理。

銷售新鮮農產品我們還從新鮮食品的銷售中產生收入我們運營和管理的ECA垂直農場產生的農產品。迄今爲止，我們已經成功種植了50種不同的作物，目前市場上銷售21個品種。我們的主要分銷渠道是將新鮮農產品直接分銷給批發分銷商和零售商，包括馬來西亞幾家大型超市品牌零售商，例如永旺，最近我們擴大了分銷範圍到鄉村雜貨店。

我們的業務策略以下是我們當前的增長策略以及作爲一家公司的發展。

●最大化生產效率和可持續性

.我們專注於增加新鮮農產品的產量，同時保持較低的成本，持續發展爲了實現這一目標，我們利用了CAE方法，這使我們能夠實現更高的每平方米生產率傳統的農業技術。我們還致力於最大限度地減少食品里程、降低溫室氣體排放並減少通過將ECA垂直農場定位在最接近新鮮農產品消費地的地方來碳足跡。

●

支持安全和通過可持續農業實現健康

.我們致力於爲客戶提供安全健康的農產品。我們的農作物種植不使用農藥、殺真菌劑、殺蟲劑或除草劑。相反，我們精確且受控地使用有機營養素滋養我們的農產品，在不損害健康的情況下促進它們的最佳生長，同時實現顯着更新鮮、更優質適合味覺的優質產品。我們在產品的增長中實施嚴格的質量控制措施，最大限度地減少和消除腐敗並降低細菌污染的風險。

●

利用先進農業轉型技術

.我們部署尖端技術，例如CAE、物聯網、大數據科學、機器學習，人工智能通過採用這些技術，我們努力走在可持續食品生產驅動的最前沿通過創新並以持續改進爲基礎。

●

戰略伙伴關係在農業科技行業

.我們與農業技術領域的主要行業參與者合作，農業技術領域使我們能夠獲得寶貴的資源、專業知識和市場機會。通過利用我們合作伙伴的現有網絡和客戶基礎，我們可以擴大影響力，進入新市場並獲得補充技術和創新。這也使我們能夠增強我們的產品和服務能力。此外，這些夥伴關係也是一個知識平台，交流，促進我們組織內的持續學習和發展。我們的戰略合作伙伴關係在以下方面發揮着關鍵作用推動可持續增長並將我們的公司定位爲農業科技行業的領跑者。

●

沙拉菜苗

子蔬菜

● 嬰兒菠菜

●

巴特黑德或波士頓 Letterfly（綠色）

●

Butterhead（紅色）

● .

珊瑚綠（Lollo Bionda）

●

珊瑚紅（Lollo Rossa）

●

脆皮生菜

●

埃茲弗萊爾·萊茨

●

寶石生菜

●

捲心萵苣

●製冰廠

●菜心（芥菜）

●凱蘭（中國西蘭花）

●

生菜活葉

●

牛奶白菜 Pak）

●

橡木色（綠色）

●

橡木色（紅色）

●紅菠菜

●羅馬或Cos生菜

●

蕭樸財（中國人白卷心菜）

●

芝麻菜

●

Basil（意大利文）

	● Chervil	●韭菜

	●香菜	●香菜

	●蒔蘿	●

	羽衣甘藍（卷綠色羽衣甘藍）	●

	羽衣甘藍（紅羽衣甘藍）	●

	羽衣甘藍（托斯卡納/迪諾羽衣甘藍）	●

	薄荷（檸檬香膏）	●

	歐芹	●迷迭香

	●聖人	●百里香

	●紫羅蘭（食用花）	●

	狂野火箭	● 芝麻菜微綠

●甜菜微綠

●西蘭花微綠

●羽衣甘藍Microgreens

●芥菜微綠

●豌豆微綠

●蘿蔔微綠

●菠菜微綠

	●向日葵微綠	● 甜椒（辣椒：紅色、黃色、橙色、綠色、紫色）

	●櫻桃番茄	●辣椒（大紅色）

	●草莓（紅色）	●草莓（白色）

	2024年，我們更加關注超級食品類別，包括小菠菜和微蔬菜。	我們預計加大對現有產品的推廣力度羽衣甘藍、芝麻菜和野生火箭等超級食品。超級食品不僅營養豐富，而且售價和價格也更高利潤率作爲我們持續產品戰略的一部分，我們預計在2025年繼續關注該類別。

	平均價格我們的超級食品售價爲9.50馬幣，超級食品的毛利率爲9%。我們銷售非超級食品的平均價格爲3.37馬幣，我們非超級食品的平均毛利率爲5%。	我們相信我們對超級食品產品的推廣將使我們能夠與主要提供綠葉綠色農產品的生產商區分開來。

(iii)服務

擁有我們關於以下方面的知識和專業知識垂直農場管理，我們提供不同的服務來幫助客戶的垂直農場計劃。這些服務包括： (i)協助客戶根據其特定需求設計和/或建造室內垂直農場;以及（ii）我們的客戶的選舉、管理和運營他們的垂直農場。垂直農場的設計和/或建造涉及我們的選擇和/或推薦垂直農場的位置，並監督和執行垂直農場建設的各個方面農場來自原材料。

我們提供的運營和管理服務包括使用我們開發的所有知識產權（包括Agroz）監督日常的ECA垂直農場運營支持農場運營的操作系統和標準操作程序。我們還定期維護客戶的ECA垂直農場系統。

市場與增長

全球農業市場

我們相信，全球農業技術和垂直農業市場，並預計在各種來源和市場的基礎上，因素根據著名市場研究公司Phoenix Research的數據，全球農業技術市場的價值爲18.24美元， 2024年將增長至433.7億美元，預計到2029年將增長至4337億美元，複合年增長率爲16.63%。

海峽研究，另一位市場研究人員估計，2024年全球室內農業市場規模爲459.7億美元，預計將達到4597億美元到2033年達到1，3809億美元，預測期內複合年增長率爲13%。

https://www.pheonixresearch.com/market-report/global-agriculture-technology-market/

https://straitsresearch.com/report/indoor-farming-market

據報道，這一市場增長是由因素推動的例如垂直農業的日益採用、室內農業技術的推廣以及對高產量作物的需求不斷增長產量以滿足不斷增長的全球糧食需求。

作爲傳統農產品採集方法的替代方案，垂直農業可以滿足全球不斷增長的需求。Statista報告稱，垂直農業的全球市場規模估值爲 2022年56億美元

根據Jahani & Associates的強生資本市場報告，市場預計複合年增長率（CAGR）爲20.8%，到2029年達到210億美元。

的市場規模 2023年亞太地區垂直農業達到24.3億美元，預計複合年增長率爲29.2% 從2024年到2030年。

馬來西亞農業市場

馬來西亞國內預計農業產量根據ReportLinker的數據，2021年至2026年複合年增長率爲0.6%，到2026年將達到249億美元，而2021年爲239億美元。

同一來源引用了馬來西亞農業部門2027年的預測收入爲1610億令吉。

2022年，農業是馬來西亞經濟的第三大GDP貢獻者，約佔其GDP的8.93%，

根據致Ethis，這是一個投資平台，在馬來西亞、印度尼西亞以及阿曼蘇丹國設有分支機構和代表處。

我們相信，我們可以通過高質量的產品滿足不斷增長的需求。

馬來西亞政府也一直支持農業部門的技術改進和創新，我們相信這將進一步促進馬來西亞的增長垂直農業市場。

我們相信這一增長將使我們在市場上建立有利地位，特別是鑑於我們相對於競爭對手的優勢除其他外，政府還制定了優先考慮加速的行動計劃受控環境農業，特別是通過植物工廠生產蔬菜。

這種方法支持城市農業和高價值農作物產品的種植。此外，政府還將支持範圍擴大到旨在增強社區農業能力的計劃和舉措。

這些努力提供援助和資源以加強當地農業社區，培養他們生產蔬菜的能力併爲整體可持續發展和發展做出貢獻蔬菜行業的。

垂直農業的收入潛力是預計也將在未來幾年推動該行業的增長。根據食品與肥料技術中心的報告，一個國際農業組織，三個場所（商業規模倉庫工廠、中型工廠）的損益表或車間植物工廠和小型容器植物工廠）表明通過植物工廠生產商業蔬菜可以在財務上可行併產生利潤。這得到了所有人引用的正淨現值和內部回報率的支持報告中的三個前提。

https://jahaniandassociates.com/wp-content/uploads/2022/07/20220719_Report_Global-Vertical-Farming-Market_JA.pdf

https：//www. statista. com/statistics/487666/projection-vertical-farming-market-worldwide/#：~：text = The%20global%20vertical%20farming%20market億%20U.S. % 20美元%20by%202032.

https://jahaniandassociates.com/wp-content/uploads/2022/07/20220719_Report_Global-Vertical-Farming-Market_JA.pdf

https://www.stellarmr.com/report/Asia-Pacific-Vertical-Farming-Market/193

https：//www. reportlinker. com/clp/country/2/726406#：~：text = Malaysian%20projected%20production%20is%20projected，of%201.2%25%20year%20on%20year

https://www.reportlinker.com/dataset/d2913de0d8abf9297fb2f5786bbd8a7a86858153https：//www. statista. com/statistics/318732/share-of-economic-sectors-in-the-gdp-in-malaysia/#：~：text = In%202022%2C%20the%20share%20of，sector%20contribution%20about%2050.82%20%。.”

https://ethis.co/blog/future-agritech-in-malaysia-booming-market/

http://www.ijlgc.com/PDF/IJLGC-2023-32-06-04.pdf

https://www.kpk.gov.my/kpk/images/mpi_biomass/national_biomas_ap_2030.pdf

https://www.kpk.gov.my/kpk/images/mpi_biomass/national_biomas_ap_2030.pdf

	https://ap.fftc.org.tw/article/3130.	我們並未委託提供本招股說明書中包含的任何行業和市場數據。

	競爭	我們相信，一個核心特徵，使我們與衆不同我們的競爭對手是我們的地位，作爲一個完全垂直整合的農業技術提供商（i）服務的設計和/或垂直農場建設;（ii）CEA垂直農場運營和管理服務;及（iii）新鮮農產品。

	我們相信下面列出的競爭對手僅在我們商業模式的各個部分與我們競爭，而不是所有這三個部分。至於我們涉及設計的業務部門和/或建設室內CAE垂直農場，我們相信Excel Group和CityFarm技術Sdn Bhd等競爭對手將與之競爭我們在該部門提供服務，但不包括垂直農場的運營和管理或銷售新鮮農產品領域的服務。Excel 集團專業從事溫室建設和諮詢服務，包括垂直室內溫室。CityFarm提供垂直農業服務、水培解決方案以及城市農場設計和農場設計服務諮詢。	至於我們涉及的業務部門爲東航垂直農場的運營和管理提供服務，我們認爲我們目前沒有直接競爭對手。

	至於我們涉及的業務部門該公司在銷售新鮮農產品時相信其競爭對手是Boom Grow、Culteat、Agroto和Monoluxury。我們不相信這些在設計和/或建造室內CAE垂直農場或運營和管理CAE垂直農場方面，公司是競爭對手本地活雞	馬來西亞的農業技術產業隨着時間的推移，競爭力變得越來越強。首先，我們面臨來自垂直農業初創公司、成熟農業的競爭公司、採用傳統農產品採集技術的公司和技術公司。

創業公司

.初創公司與更多公司競爭農業科技行業的知名參與者因其適應能力和引入和實施新想法和創新方法的能力而成爲到垂直農業。他們經常利用技術進步來開發新的種植方法、自動化系統，或數據分析工具，並快速調整市場需求。我們認爲競爭對手的初創公司包括Boom Grow、Farmy和Cultieat。

成立的農業公司

.建立農業公司具有品牌知名度的優勢，這使他們在進入垂直農業方面具有競爭優勢部門或擴大現有業務。較大的農業公司也可能因其規模而受益於規模經濟和資源他們可以投資於大規模的垂直農業運營，從而降低生產成本，優化資源配置，利用，並在購買投入方面實現規模經濟。這種成本優勢可以使他們的產品更有競爭力，定價。此外，成熟的農業公司擁有多年的農業行業經驗，了解市場動態，並與關鍵利益相關者建立網絡。這種知識和網絡可以促進市場進入、合作，以及獲得分銷渠道的機會，爲仍在建立行業聯繫的初創公司提供競爭優勢。我們認爲這一類競爭對手的公司包括Agroto和Monoluxury。

公司歷史和結構

Agroz是一家豁免有限責任公司於2023年8月8日根據開曼群島法律註冊成立。Agroz的運營子公司是Agroz Group，一家馬來西亞私營企業有限公司於2020年11月20日註冊成立。Agroz集團是支持Agroz技術的知識產權所有者也是阿格羅茲室內垂直農場的經營者Agroz集團還分銷和銷售Agroz的農產品。

知識產權

截至本招股說明書日期，我們的運營子公司擁有以下知識產權：

知識產權

商標

截至本招股章程日期，本公司擁有以下注冊商標：

號

	商標	國家的

	登記	商標

	number	所有者

	類	應用

	地位	馬來西亞

	TM 2023037737	Agroz集團

	註冊	馬來西亞

	TM 2023037736	Agroz集團

	註冊	截至本招股說明書日期，我們擁有馬來西亞知識產權公司正在審理商標申請（“

	MyIPO	號

	商標	國家的

	登記	商標

	應用	Number

	所有者	類

	馬來西亞相關法律法規摘要 Agroz Group的業務和運營管理如下：	食品安全相關法規

1983年食品法

《1983年食品法》（「FA 1983」）與其附屬法規（特別是1985年食品法規）一起實施，以保護公衆免受健康危害以及食品製備、銷售和使用過程中的欺詐活動。FA 1983適用於馬來西亞銷售的所有供人類消費的食品，無論是當地生產的還是進口的，包括食品添加劑和營養補充劑，並管理與食品污染物相關的活動，食品包裝和容器、食品標籤、食品抽樣程序和食品照射。

根據1983年英足總，這是一種違法行爲製備或銷售含有有害健康物質的食品，可處以不超過的罰款 100，000馬幣和/或不超過10年的監禁或兩者兼而有之。此外，根據1983年英足總規定，準備或銷售不適合人類消費的食品，應處以不超過30，000馬幣的罰款和/或監禁期限不超過5年或兩者兼而有之。馬來西亞衛生部（「MOH」）是負責監督監管機構確保在馬來西亞製備、銷售和進口的食品可安全供人類食用。除其他外，它還被授權獲取、檢查和分析食品成分的詳細信息，並有權強制執行食品成分的衛生和衛生條件食品場所和電器，以及食品的準確標籤和包裝。

農產品相關法規

聯邦農業 1965年營銷授權法案

聯邦農業營銷《1965年權威法案》（「FAMAA 1965」）及其附屬法規，特別是聯邦農業營銷局 2008年（農產品分級、包裝和標籤）法規及其修正案旨在規範農產品的營銷馬來西亞生產。FAMAA 1965及其附屬立法也規定了農產品的最低標準在馬來西亞銷售、分銷或零售的產品，以及農產品的標籤和包裝要求。

參與的個人和公司在農產品的購買、銷售、零售、分銷或批發中，必須確保符合規定 FAMAA 1965，其中要求遵守有關蔬菜產品分級、包裝和標籤的法規。任何違反FAMAA 1965及其附屬法規的公司都可能被處以不超過25，000馬幣的罰款如果該法人團體被判犯有所指控的罪行，則每名該董事或高級人員均應被視爲犯有上述罪行犯罪，一經定罪，可處以不超過15，000馬幣的罰款或不超過兩（2）年的監禁，或兩者兼而有之，這可能會根據犯罪的嚴重程度和次數而有所不同。

除了不遵守某些如上文「風險因素」部分所披露的FAMAA要求，Agroz Group已遵守相關標籤包裝要求，馬來西亞聯邦農業營銷局尚未根據 FAMAA 1965及其附屬法規。

與健康和安全相關的法規

職業安全及健康 1994年法案

職業安全健康 1994年法案（「OSHA 1994」）除其他外，規範工作人員的安全、健康和福利，保護他人免受與農業工作人員的活動有關的安全或健康風險。OSHA 1994規定僱主有義務確保工作人員的健康、安全和福利。

OSHA 1994規定，每名僱主均有責任在切實可行範圍內確保其所有僱員在工作時的安全、健康及福利，尤其是：

提供和維護安全且不危害健康的工廠和工作系統;

做出安排以確保與使用或操作、處理、植物和物質的儲存和交通;

提供此類信息，指導、培訓和監督，以確保工作安全和健康其僱員;

就根據《僱傭條例》僱主的控制，維護它在一個安全的條件下，沒有對健康的風險以及進出設施的提供和維護它是安全的，沒有這樣的風險;

提供和維護爲僱員提供安全、不危害健康和適當的工作環境關於他們在工作中的福利設施。

因違反OSHA而被定罪 1994年，任何人可能被處以不超過500，000馬幣的罰款和/或不超過兩（2）年的監禁，或兩者並罰。

如果活動或缺陷可能對任何人的健康造成嚴重危險，或可能對生命或財產造成即時危險，工作場所，馬來西亞職業安全與健康部的官員可以發出改善通知或禁令向僱主發出關於不遵守OSHA 1994的通知。該通知禁止使用該工作場所，直至活動造成的危險已被消除和/或缺陷已得到糾正，令官員滿意。的僱主不遵守該通知即構成犯罪，一經定罪，可處以不超過500，000馬幣的罰款，或可判處不超過兩（2）年監禁，或兩項監禁，並對犯罪每天另處以2，000馬幣的罰款繼續。

法人團體違反《OSHA 1994》或其任何法規的任何條款，每個在犯罪時擔任董事的人，法人團體的經理、秘書或其他類似官員應被視爲違反了該條款並可能受到指控與該法人團體共同或各別在同一法律程序中提出，以及每名該等董事、經理、秘書或其他相類高級人員該人即被當作犯該罪行。

除所披露的不合規情況外在上述風險因素部分，Agroz集團尚未受到職業安全與健康部的任何處罰馬來西亞根據OSHA 1994。

知識產權相關法規

我們的知識產權很重要對我們的業務和運營。我們主要依賴知識產權法、合同條款、版權和商標，以保護我們的知識產權。

1987年版權法

馬來西亞的版權事務由以下機構管轄 1987年版權法（「版權法」）爲受版權保護的作品（包括計算機軟件，例如源代碼）。《版權法》概述了有資格獲得版權的作品的性質、保護範圍，以及給予保護的方式。

與商標、工業品外觀設計和專利不同（其他知識產權），在創作原創作品時，版權保護自動授予創作者，須符合1987年版權法下的相關標準。儘管如此，創作者也可以自願註冊通過版權自願通知與馬來西亞知識產權公司（「MyIPO」）合作的原創作品系統原始作品在MyIPO的註冊將作爲所有權和創作日期的初步證據發生任何版權糾紛。

根據《版權法》，我們的源代碼在創作時自動獲得版權保護，無需註冊。此外，我們還可以通過其版權自願通知系統自願向MyIPO註冊我們的源代碼，以進一步確保以下權利我們的源代碼。

根據《版權法》，來源的版權法人實體擁有的代碼（歸類爲文學作品）自下一個日歷年開始起有效五十年文學作品的首次出版或首次向公衆提供（以最新者爲準）。

2019年商標法

馬來西亞的商標事務由以下機構管轄《2019年商標法》（「GMA 2019」）、《2019年商標法規》以及《2019年商標法》下的其他附屬立法。

商標的註冊是指商標的註冊。商標專用權是指商標所有人對其註冊商標享有的專用權和保護權。一旦商標在MyIPO成功註冊，TMA 2019授予註冊所有者商標專用權並授權其他人在註冊該商標的商品或服務上使用該商標。與商標註冊後，註冊所有人有權因其商標侵權而獲得救濟。

註冊商標的有效期爲一段時間自申請之日起爲期10年，到期後可每10年更新一次。註冊商標的續展可在註冊有效期屆滿當日或之前（或在註冊日期結束後6個月內）作出，但不得（一）在註冊有效期屆滿之日起六個月內提出註冊申請的;

	我們已提交商標註冊申請我們集團的商標已通過MyIPO註冊，四個中有兩（2）個已成功註冊，而兩（2）個目前已成功註冊暫時拒絕。請參閱「知識產權」以了解有關我們商標註冊申請的更多詳細信息。	管理

	董事和執行幹事	年齡

位置

傑拉德·金孟林

董事兼首席執行官

	林春昊
	主任		阿德里安·李		首席技術官 May Jin Sim 財務長 ⁽¹⁾寶琳·科克獨立董事陳華生		獨立董事 Muhammad Arshad Chaudhry 獨立董事 ⁽¹⁾董事會傑拉德·金孟林 Gerard Kim Meng Lim先生曾擔任該公司的自2023年8月成立以來一直擔任董事。他是一位成熟的技術企業家，擁有豐富的領導歷史。林先生的專業歷史包括領導、管理和建立各種企業，他在該技術方面擁有超過28年的經驗，媒體和電信部門。 Lim先生的經驗包括實施成功的數字化轉型計劃併爲不同政府、政府相關公司、私營企業提供電子解決方案世界各地的公司、電信運營商、企業集團和跨國公司。他有送貨經驗交互式數字媒體領域的專業解決方案、電子商務解決方案、融合式互聯網協議語音（IP）通信，數字營銷、電子商務和移動商務、移動應用程序、社交媒體、雲和邊緣計算、物聯網、大數據分析、區塊鏈技術等等。 Lim先生創立了Agroz Group，Agroz的直接運營子公司將於2020年底提供可持續農業解決方案並改善食品安全和食品保障。 2019年1月至2020年8月，Lim先生擔任馬來西亞通信和多媒體委員會首席數字官，馬來西亞政府的監管機構，負責監管通信和多媒體行業。在那裏，林先生監督從模擬電視到數字電視的成功轉型，並展示了5G在行業垂直領域的應用。 2021年1月至今，林先生擔任領先保險公司安聯馬來西亞有限公司的獨立非執行董事在馬來西亞
	林春昊		Lim Chun Hoo先生曾擔任該公司的自2023年8月成立以來一直擔任董事。		Lim先生是一位經驗豐富的企業顧問委員會多傢俬募和上市公司的成員和高級管理人員。他在整個公司積累了15年的經驗和金融業。林先生創立了FintechCassium Asia P.L.C.，一家由納uan Financial Services授權的數字支付解決方案公司馬來西亞當局。他負責監督公司的業務發展和企業戰略。在林先生的領導下， Fintech收銀員亞洲有限責任公司已擴張併成爲場外市場上市公司Fintech Scion Limited的一部分。他還發揮了至關重要的作用在確保Ho Wah Genting Investment Bank（Labuan）P.L.C.方面所扮演的角色和金融科技銀行有限公司'的銀行牌照並幫助開發公司從最初的商業階段開始。，林先生此前自2016年7月起擔任Ho Wah Genting Group Sdn Bhd的董事至2024年3月。目前，Lim先生擔任公司全資子公司Agroz Group和HWG Cash Berhad的董事。企業戰略諮詢公司。		林先生畢業，獲得文學學士學位（榮譽） 2010年，英國泰恩河畔紐卡斯爾諾森比亞大學金融和投資管理專業。
寶琳·科克		1,911		2,001		2,126		2,145
Pauline Kok女士曾擔任該公司的自2025年3月起擔任董事。		1,544,606		3,797,285		7,171,472		7,861,453
女士 Kok是一名資深專業註冊會計師（FCCA），也是馬來西亞會計師協會會員。她有19個在公共部門廣泛行業擁有多年的外部審計經驗，包括		141,633		34,601		34,601		34,601
IT服務和電子商務，房地產開發、建築、基礎設施和投資房地產，僅舉一些例子。		1,384,887		1,384,887		1,384,887		1,384,887
她客戶包括上市公司和政府相關公司。2016年，她創立了		3,073,037		5,218,774		8,593,086		9,283,086
KP先生（「KP先生」）一
提供保證服務的持牌審計公司。此後，她一直擔任KP先生的合夥人它的開始。		2,145,737		-		-		-
2017年11月，郭女士被任命爲Reneuco Berhad（原名Kpower）獨立非執行董事兼審計委員會主席 Berhad），在馬來西亞證券交易所（Bursa Malaysia）上市。她還是提名、薪酬和風險管理的成員雷尼科·伯哈德委員會。2022年12月，她辭去Reneuco Berhad非執行董事兼審計委員會成員職務。此前，女士Kok曾擔任Folks DFK & Co.審計總監約一年半，並擔任安永會計師事務所高級經理大約十年了。		11,865		11,865		11,865		11,865
Kok女士擁有學士學位牛津布魯克斯大學應用會計理學學位。		2,157,602		11,865		11,865		11,865
陳華生		5,230,639		5,230,639		8,604,951		9,294,951

(1)	華森本傑明·譚先生曾擔任公司自2025年3月起擔任董事。

譚先生有作爲企業家、商業策略師和投資者的成熟背景。他創立了他的第一家公司信息實驗室，一家 1995年，在新加坡國立大學讀大二時加入網絡代理。

譚先生共同創立天使投資公司Ascend Angels於2023年4月成立。作爲聯合創始人，譚先生負責Ascend Angels在監督方面的成長通過指導合作伙伴關係和營銷策略進行擴張。在加入Ascend Angels之前，譚先生於2016年創立了Mayhem Group，這是一項投資總部位於新加坡的公司專注於數字初創公司，投資組合包括Overdrive Iot Pte等公司 Ltd、Braiven Pte Ltd和Rebel Pte Ltd。在Mayhem Group，Tan先生擔任董事總經理，積極協助早期創始人具有產品和業務概念細化、商業模式牽引、早期投資和財務跟蹤。

2018年，譚先生共同創立了Tin Men Capital Pte Ltd（「Tin Men Capital」）是一家總部位於新加坡的風險投資基金管理公司，管理Tin Men Fund I。鐵皮人 Fund I是一家風險投資基金，專注於發展東南亞的企業技術生態系統，並以B2B爲目標。 A輪融資前和A輪融資階段的公司。他曾擔任Tin Men Capital的運營主管和普通合夥人，成立至2022年，負責運營盡職調查、創始人評估以及投資後運營支持和報告。

	在加入Tin Men Capital之前，譚先生的經歷包括：在全球廣告和營銷機構Grey Group（「Grey Group」）擔任高管職務;共同創始人並擔任屢獲殊榮的數字機構Yolk Pte Ltd（2010年被WPP Singapore Pte Ltd收購）的執行合夥人;並共同創始人 Redpill Solutions（後來出售給IBM），一家客戶管理服務公司。譚先生也是多家公司的積極投資者和顧問企業⁽¹⁾		譚先生於1996年畢業，獲得學士學位新加坡國立大學信息系統和計算機科學理學學位。⁽²⁾
Muhammad Arshad Chaudhry	$	4.00	$	4.00
穆罕默德·阿爾沙德·喬杜裏先生曾擔任自2025年3月起擔任公司董事。	$	0.08	$	0.08
喬杜裏先生是一位才華橫溢的高管在亞洲、非洲、大洋洲和歐洲。自2023年9月以來，他一直擔任總部位於瑞士的營養保健品公司CEEM AG的顧問委員會成員，它提供維生素、食物補充劑和礦物質。最近，喬杜裏先生加入了亞洲食品工業諮詢委員會，巴基斯坦在從雀巢退休之前（「雀巢」）2022年底，喬杜裏先生舉行了各種在1989年至2022年期間，他在巴基斯坦、中國、印度尼西亞、瑞士和新加坡擔任越來越多的領導職務。 2015年至2022年，他擔任雀巢高級副總裁，管理着價值90億美元的雀巢嬰兒營養品業務。在全球範圍內，全面負責利潤和虧損，並通過十個區域管理單位領導一個擁有7，000多名員工的團隊。從2009年到2014年，Chaudhry先生擔任雀巢印度尼西亞分部的首席執行官。在雀巢的職業生涯中，先生喬杜裏曾在該公司及其合資公司的多個內部董事會任職。	$	0.10	$	0.10
喬杜裏先生擁有理學學士學位旁遮普大學化學工程專業和瑞典農業大學乳製品科學碩士學位和科學。	$	0.18	$	0.18
執行官	$	0.16	$	0.18
傑拉德·金孟林	$	0.34	$	0.36
Gerard Kim Meng Lim先生擔任我們的首席執行官自2024年1月起擔任執行官。請參閱林先生的傳記上面的“	$	3.66	$	3.64

(1)	董事會

(2)	阿德里安·李

Adrian Lee先生自2011年1月起擔任我們的首席技術官 2024.

李先生曾在科技行業工作已經有20多年了。他在微軟開始了該領域的職業生涯，最初擔任搜索編輯，後來擔任信息服務 2000年至2006年經理。在此職位上，李先生負責管理微軟對微軟網絡門戶MSN的營銷策略，面向東南亞市場，包括馬來西亞、新加坡、泰國、菲律賓和印度尼西亞。他還策劃並執行了微軟在此期間的產品營銷策略，MSN Search在新加坡同比增長110%，同比增長80% 在馬來西亞繼微軟之後，李先生與人共同創立了Grey Group，這是一家領先的廣告和營銷機構。在這裏，阿德里安擔任酋長印度尼西亞分部執行官兼東南亞分部首席技術官。李先生曾擔任這些職務從2006年到2016年，爲期十年。他幫助公司實現的里程碑之一包括贏得韋伯獎、戛納網絡獅子獎和AOY獎，爲Telekom的移動運營商子公司Webe推出全渠道銷售和客戶獲取平台馬來西亞，爲印度尼西亞安聯打造整個數字業務，在印度尼西亞從頭開始打造公司並處於領先地位該公司榮獲印度尼西亞年度最佳代理銀獎，榮獲Bank Mandiri（印度尼西亞第二大銀行）他人

李先生在格雷集團取得成功後，創立了Braiven，並於2016年擔任首席技術官。這是他目前擔任的角色。Braiven是一個管絃樂隊該平台旨在彌合不同行業計算機視覺人工智能和物聯網之間的差距。該平台供客戶使用在各個行業實施更有效的業務解決方案。

May Jin Sim

	May Jin Sim女士擔任我們的財務長自2024年1月起擔任公職。她是一名註冊會計師，曾是英國特許公認會計師協會會員自2009年起成爲馬來西亞會計師協會認證的特許會計師。 Sim女士曾擔任財務長我們的運營子公司Agroz Group於2023年9月至2024年12月期間任職。2022年3月至2023年8月，西姆女士擔任副總統 RHB Insurance Berhad（「RHB Insurance」）是一家馬來西亞保險公司，爲個人和企業提供保單。在此職位上，Sim女士主要負責財務運營和合規要求的報告流程實施相關監管機構、會計準則和相關法律。沈女士在RHB保險公司的最後一個項目是規劃，設計和實施IFRS 17的財務運營和報告系統及流程。在晉升爲副總裁Sim女士於2014年8月至2022年2月期間在同一公司擔任助理副總裁。作爲助理副總裁，她的職責包括監控和跟蹤每日付款、管理現金流、開發現金管理等報告和更新公司的運營手冊、管理銀行對賬、準備預算報告。					Sim女士獲得了商業研究文憑 2003年獲得東庫·阿卜杜勒·拉赫曼學院（會計），東庫·阿卜杜勒·拉赫曼（Tunku Abdul Rahman）商業高級文憑（財務會計） 2005年畢業，2010年獲得Wawasan開放大學工商管理碩士學位。家庭關係					我們的董事或執行官都沒有 S-K法規第401條定義的家庭關係。就業協議我們打算簽訂就業協議與我們的每位執行官簽訂的協議將在本次發行完成後生效。根據這些協議，我們的高管將在指定的時間內受聘。我們可以隨時無故終止僱傭關係，無需提前因執行官員的某些行爲而發出通知或報酬，例如對重罪或涉及的任何犯罪定罪或認罪道德敗壞、對我們不利的疏忽或不誠實行爲、不當行爲或未能履行約定的職責。我們也可能終止提前30天書面通知無故僱用行政官員。在我們終止合同的情況下，我們將按照行政人員所在司法管轄區適用法律的明確要求向行政人員提供遣散費官員是基礎。執行官可隨時提前30天書面通知辭職。
	每位執行官均同意在在其僱傭協議終止或到期期間和之後，始終嚴格保密，不得使用，除非根據履行與就業相關的職責或根據適用法律的要求，我們的任何機密信息執行官向執行官披露或獲得的信息或機密或專有信息如果明確表明保密或合理預期，則直接或間接以書面、口頭或其他方式來自我們要保密。		我們與所有董事達成了協議其服務於2025年3月於本招股說明書（其組成部分）生效後開始。根據根據協議，每位董事均同意出席並參加董事會和董事會會議的次數他或她可以定期或特別召集的委員會成員並同意擔任董事一年，每年在我們的年度股東大會上競選連任。董事的服務將根據協議金額由董事會確定。			我們打算達成賠償協議與我們的每一位執行董事和執行官。根據這些協議，我們同意賠償他們的某些責任以及他們因擔任本公司董事或高級職員而提出的索賠而產生的費用。只要可能允許我們的董事、高級職員或控制人員就證券法產生的責任進行賠償根據上述條款，我們獲悉，SEC認爲此類賠償違反公共政策正如《證券法》中所述，因此不可執行。		參與某些法律訴訟			據我們所知，我們的董事都沒有或高管在過去十（10）年內參與了第項下要求披露的任何法律訴訟法規S-K第401（f）條。
董事會		21,323,405		94.46	%	$	2,254,680		31.08	%	$	0.11
董事會由（5）名董事、包括一名執行董事和三名獨立董事。董事無須持有任何股份有資格擔任董事。董事會應當對所議事項的決定作成會議記錄。我們的組織大綱和章程規定，董事可以就任何合同、擬議合同或安排進行投票，其中他或她感興趣;在就任何此類事項進行投票時，該董事應考慮其董事的職責在本公司組織章程大綱及細則允許的範圍內，董事可行使本公司的所有權力借錢;抵押其業務、財產和未繳資本;並在借入資金時發行債券或其他證券或作爲公司或任何第三方任何義務的擔保。		1,250,000		5.54	%	$	5,000,000		68.92	%	$	4.00
董事會成員多元化		22,573,405		100.00	%	$	7,254,680		100.00	%	$	0.32

我們尋求通過在選擇董事會候選人時考慮多種因素，包括但不限於性別，技能、年齡、專業經驗、知識、文化、教育背景、種族和服務期限。最終決定任命將基於所選候選人的優點以及爲董事會帶來的貢獻。

我們的董事擁有均衡的知識組合和技能。我們有三（3）名具有不同行業背景的獨立董事，代表了我們的大多數成員董事會的我們的董事會平衡且多元化，符合我們的業務發展和戰略。

董事會委員會

納斯達克要求我們必須建立一個審計委員會和一個薪酬委員會，如果我們選擇通過委員會提名董事，則需要提名和公司董事會下屬的治理委員會。納斯達克還要求我們爲每個委員會制定章程。每個委員會的成員和職能如下所述。

審核委員會

我們的審計委員會由Pauline Kok組成， Hua Seng Benjamin Tan和Muhammad Arshad Chaudhry，主席由Pauline Kok。我們已確定這三（3）名董事中的每一位被提名人滿足納斯達克上市規則的「獨立性」要求，並符合《交易法》第10A-3條。我們已確定Pauline Kok有資格成爲「審計委員會財務專家」。審計委員會監督我們的會計和財務報告流程以及對財務報表的審計。審核委員會除其他事項外，負責：

●

選擇獨立者註冊會計師事務所並預先批准允許獨立人士提供的所有審計和非審計服務註冊會計師事務所;

●
與獨立人士一起審查註冊會計師事務所存在的審計問題或困難以及管理層的回應;

●審查和批准根據《證券法》S-K法規第404條的定義，所有擬議的關聯方交易;

●

討論年度審計管理層和獨立註冊會計師事務所的財務報表;

●

審查充分性以及我們的會計和內部控制政策和程序以及爲監測和控制而採取的任何特殊步驟的有效性重大財務風險暴露;

●

每年審查和重新評估我們的審計委員會章程的充分性;

(i)

●

(ii)

單獨開會，定期與管理層和獨立註冊會計師事務所合作;

(iii)

●

(iv)

監測是否符合我們的商業行爲和道德準則，包括審查我們程序的充分性和有效性，以確保適當合規; 和

●

定期向董事會。

薪酬委員會

我們的薪酬委員會將由寶琳組成 Kok、Hua Seng Benjamin Tan和Muhammad Arshad Chaudhry，主席由Hua Seng Benjamin Tan。我們已經確定，其中每一個董事符合納斯達克上市規則的「獨立性」要求。薪酬委員會協助董事會董事審查和批准與董事有關的薪酬結構，包括所有形式的薪酬執行官員。我們的首席執行官可能不會出席任何審議薪酬的委員會會議在。薪酬委員會負責（其中包括）：

●審查和批准，或建議董事會批准，我們的首席執行官和其他行政人員的薪酬官員;

●審查和推薦向董事會提交有關非僱員董事薪酬的決定;●

定期審查並批准任何激勵薪酬或股權計劃、計劃或其他類似安排;以及

●

選擇補償顧問、法律顧問或其他顧問，但必須考慮到與該人的獨立性有關的所有因素來自管理層。

此外，納斯達克規則5615（a）（3）規定，外國私人發行人，如我們，可以依賴我們本國的公司治理實踐，而不是某些規則，在納斯達克規則5600系列和規則5250（d）中，前提是我們仍遵守納斯達克的不合規通知要求（規則5625），投票權要求（規則5640），我們有一個審計委員會，滿足規則5605（c）（3），由符合第5605（c）（2）（A）（ii）條獨立性要求的委員會成員組成。如果我們依靠本國公司公司治理實踐代替納斯達克的某些規則，我們的股東可能無法獲得與股東相同的保護這些公司必須遵守納斯達克的所有公司治理要求。如果我們選擇這樣做，我們可以利用這些只要我們繼續有資格成爲外國私人發行人，就可以獲得豁免。

董事職責

根據開曼群島法律，我們的董事負有受託責任對我們公司的義務，包括忠誠的義務、誠實行事的義務以及在他們認爲的事情上真誠行事的義務符合我們的最大利益。我們的董事還必須僅爲正當目的行使權力。我們的董事也有責任鍛鍊他們實際擁有的技能以及一個合理謹慎的人在類似情況下會鍛鍊的謹慎和勤奮。

在履行對我們的注意義務時，我們的董事必須確保遵守我們可能不時修訂的備忘錄和章程。本公司有權向任何違反對我們的責任的董事尋求損害賠償。

董事會的職能和權力包括：

●

召開股東年度股東大會並在此類會議上向股東報告其工作;●宣佈股息並分佈;

●

任命官員和決定官員的任期;以及

●

	行使借款本公司的權力並抵押本公司的財產。
	2023			2024			2024
	董事和高級職員的任期			我們的官員由董事會的自由裁量權。我們的董事不受任期限制，任期直至辭職、去世或無行爲能力，或直至其各自的繼任者已當選並符合資格，或直至其職位因其他原因空出根據我們的組織章程大綱和章程。			董事也將自動被免職除其他外，如果董事（i）破產或與債權人做出任何安排或和解，（ii）去世或被發現或變得精神不健全，（iii）以書面通知辭職，（iv）未經特別許可缺席我們的董事會、連續六個月缺席我們的董事會會議，或 (v)根據我們的組織章程大綱和章程的任何其他條款被免職。
感興趣的交易
感興趣的董事交易受到監管根據我們的章程大綱和章程。		12,998,053			39,427,866			8,821,538
董事可以在符合任何單獨要求的情況下根據適用法律、公司章程大綱和章程或納斯達克股票市場上市規則，獲得審計委員會批准，或被相關董事會會議主席取消資格，就他或她感興趣，前提是任何董事在此類合同或交易中的利益性質已由他或她披露在審議該事項並對該事項進行任何投票時或之前。		5,473,219			1,433,016			320,621
責任限制和其他賠償事宜		18,471,272			40,860,882			9,142,159
開曼群島法律允許我們賠償我們的就我們的任何事務採取行動、費用、收費、損失、損害賠償和費用的董事、高級管理人員和核數師由於在履行我們的董事、高級管理人員和核數師職責時所做或不作爲而發生的任何行爲。		(10,207,774	)		(26,045,710	)		(5,827,433	)
根據我們的章程大綱和章程在本次發行結束時採用，我們可以賠償我們的董事和高級職員免受所有訴訟、費用、費用，他們或他們中的任何人可能因在或關於他們在各自的職位或信託中履行職責或假定職責的情況，除非他們承擔或通過實際欺詐或故意違約來維持。		8,263,498			14,815,172			3,314,726
高管薪酬		(434,345	)		(208,618	)		(46,676	)
的下表列出了補償金額，包括股票補償，截至2024年12月31日的財年內已支付、賺取和/或應計的款項，以及 2023年12月31日，致我們的每位高級官員和董事。		(1,475,338	)		(6,099,464	)		(1,364,685	)
名稱		34,093			173,293			38,772
2023年薪酬（美元）		(66,915	)		(661,263	)		(147,950	)
2024年薪酬（美元）		6,320,993			8,019,120			1,794,187
董事及高級職員		(704,900	)		-			-
傑拉德·金孟林		(505,826	)		(1,673,335	)		(374,390	)
林春昊		5,110,267			6,345,785			1,419,797
阿德里安·李		(1,355,882	)		(2,833,617	)		(633,990	)
May Jin Sim		3,754,385			3,512,168			785,807

總

	收到了這樣的賠償以林先生業績的年費（即擔任董事會成員的報酬）的形式他以Agroz Group董事的身份在所示財年提供了服務。
	2023		2024		2024
	收到了這樣的賠償以工資（在馬來西亞稱爲短期員工福利）的形式支付Sim女士在她擔任本財年公司財務長的身份表明。		收到了這樣的賠償以李先生作爲公司首席技術官提供服務的每月費用的形式所示財年。		股權補償計劃信息
我們沒有采取任何股權補償計劃。		16,412,500		20,834,674		4,661,522
財政年度末的傑出股權獎勵		8,412,500		17,434,500		3,900,772
截至2024年12月31日和2023年12月31日，我們沒有傑出的股權獎勵。		100,000		3,400,000		760,711
關聯交易		7,900,000		-		-
關聯方彙總公司的情況如下：		3,900,000		-		-
正如本文「相關」中所用在「當事人交易」部分中，「集團」一詞是指Agroz Inc.和Agroz Group。，集體地。「阿格羅茲集團」僅指Agroz Group Sdn. Bhd.，一家馬來西亞私人有限公司，是我們的運營子公司。		4,000,000		-		-
下面列出的是相關的本集團截至2024年、2023年和2022年12月31日止財年的方交易，其識別依據表格20-F規定的規則。		-		174		39
公司關聯方及其與公司的關係規定如下：		2,058,772		20,026,208		4,480,637
		18,471,272		40,860,882		9,142,159

	名稱實體或個人
	2023		2024		2024
	關係		Gerard Kim Meng先生 Lim		首席執行官
邱桂芬女士（「女士 Khoo」）		16,412,500		20,834,674		4,661,522
配偶 Gerard Kim Meng Lim先生並於2024年1月成爲公司股東		12,412,500		19,434,500		4,348,249
先生歐賽琪		4,000,000		1,400,174		313,273
密切 Gerard Kim Meng Lim先生的家族成員，並於2024年2月成爲公司股東		2,058,772		20,026,208		4,480,637
Isa健康營銷		585,553		19,993,366		4,473,289
控制之一間實體 Gerard Kim Meng Lim先生的近親		1,473,219		32,842		7,348
		18,471,272		40,860,882		9,142,159

埃佩塔尼有限公司Bhd.

顯著受林金明先生影響 * 及於2024年1月不再爲關連人士 **

	Isa Farm Sdn. Bhd.
	2023		2024		2024
	下 Gerard Kim Meng Lim先生的共同控制人		Braiven Co.，有限公司（「Braiven」）		顯著受集團主要管理層的影響 *
HWG Cash Berhad（「HWG 現金」）
下 Chun Hoo Lim先生的共同控制權; HWG Cash於2024年1月不再是公司股東		6,041,901		2,170,000		485,513
Agroz Ventures Sdn. Bhd. （「Agroz Ventures」）		24,888		229,365		51,318
顯著影響作者：Agroz Group*		2,330,000		6,667,000		1,491,666
阿格羅茲垂直農場有限公司Bhd.（「Agroz垂直農場」）		934,681		16,838,559		3,767,437
顯著受Agroz Group影響 *		499,744		59,280		13,263
Agroz Asia Sdn. Bhd.（「Agroz 亞洲」）		376,560		81,506		18,236
		10,207,774		26,045,710		5,827,433

下 Gerard Kim Meng Lim先生的共同控制

Ahoku Ventures Sdn. Bhd.

下 Gerard Kim Meng Lim先生的共同控制

	正如本文「相關」中所用當事人交易”部分，「重大影響力」具有表格20-F第70億項中規定的含義：具有參與適用企業財務和運營政策決策的權力，但低於控制權。股東根據該定義，實際擁有10%投票權權益被推定對適用的實體
	2023		2024		2024
	2024年1月，傑拉德先生 Kim Meng Lim出售了其在EPetani Sdn.的股份。Bhd.，和Epetani Sdn. Bhd.不再是本集團的關聯方。		Agroz Group的持股情況 Agroz Ventures和Agroz垂直農場各有19%是代理持股，這些股份以信託形式持有。而股東持有實體10%或以上投票權被推定對第70億項下的實體產生重大影響表格20-F，根據國際會計準則（「IAS」）28和國際財務報告準則（「IFRS」） 9、重大影響力需要持有20%或以上的投票權。Agroz Group沒有任何董事提名對Agroz Ventures或Agroz垂直農場董事會的權利、投票權或決策影響力。雖然 Agroz集團符合表20-F第70億項下的重大影響推定，但不符合IAS 28的標準， IFRS 9重大影響力準則因此，Agroz集團不認爲這些代理持股應計入權益法。此外，這些代理持股不符合IASB框架下的資產標準。本公司透過其全資子公司Agroz Group Sdn Bhd根據與這些實體的協議，同意運營垂直農場由Agroz Ventures和Agroz垂直農場擁有，以換取此類垂直農場的收入份額。這種收入是從 Agroz集團提供的服務及其授予使用其技術的許可。雖然IFRS 15來自客戶合約的收入將用於本公司於該等協議項下的履約責任（即：運營Agroz Ventures和Agroz Verditive Farms的垂直農場），Agroz Group業績的交易價格義務是向除Agroz以外的其他方銷售內部生產的蔬菜收入分成的收入作爲管理費。那裏截至2023年12月31日和2022年12月31日的財年未賺取管理費。2024財年期間，管理費蔬菜銷售收入微不足道。		目前和正在進行的關聯交易
(a)中國經濟與社會保障局垂直向Agroz Ventures銷售農場解決方案
2023財年， Agroz Group向Agroz Ventures出售了ECA垂直農場解決方案，總金額爲4，000，000馬幣。		53,121		22,575		5,051
(b)中國經濟與社會保障局垂直爲Agroz垂直農場提供農場設計和建築服務		381,224		186,043		41,625
		434,345		208,618		46,676

在2024財年， Agroz Group向Agroz垂直農場出售了ECA垂直農場解決方案，總金額爲1，400，174馬幣。

(c)購買新鮮的 Agroz垂直農場的農產品

在2024財年， Agroz Group從Agroz垂直農場購買了新鮮農產品，總金額爲4，115，842馬幣。

2023財年， Agroz Group從Agroz垂直農場購買了總計886，100馬幣的新鮮農產品。

	(d)購買新鮮的 Agroz Ventures的產品
	2023		2024		2024
	在2024財年， Agroz Group從Agroz Ventures購買了總計274，733馬幣的新鮮農產品。		(e)購買新鮮的生產自Epetani Sdn. Bhd.		2023財年， Agroz Group從Epetani Sdn購買新鮮農產品。Bhd.總額爲48，581馬幣。
2022財年， Agroz Group從Epetani Sdn購買新鮮農產品。Bhd.總額爲21，721馬幣。
(f)費用支付該集團代表Agroz垂直農場		120,000		1,000,000		223,739
2024財年期間年度和2023財年，Agroz Group代表公司支付運營費用分別爲818，196馬幣和1，571，296馬幣 Agroz垂直農場。這些運營費用包括工資、租金和其他雜項費用。這些費用被視爲是代表集團支付的費用，因爲這些費用實質上是由Agroz垂直農場發生的，因爲它與根據許可、運營和管理協議進行農場運營。Agroz Group不會因此獲得任何福利代表付款。		503,556		2,955,710		661,307
由於Agroz集團也從Agroz垂直農場購買新鮮農產品，雙方達成共同協議，餘額將以淨額結算除非另有說明，否則基礎。		315,762		1,128,559		252,502
(g)費用支付集團代表Agroz Ventures		274,545		583,049		130,450
在2024財年， Agroz Group代表Agroz Ventures支付了751，695馬來西亞林吉特的費用。Agroz Ventures在2015年向Agroz Group償還了3，021，580馬幣。 2024財年。Agroz Group不代表這些付款獲得任何好處。		161,129		145,674		32,592
作爲Agroz集團，從Agroz Ventures購買新鮮農產品，雙方同意以淨額結算餘額除非另有說明。		98,567		274,610		61,441
2023財年， Agroz Group代表Agroz Ventures支付了19，000馬幣的費用。		1,779		11,862		2,654
		1,475,338		6,099,464		1,364,685

2022財年， Agroz Group代表Agroz Ventures支付了總計2，580馬幣的費用。

(h)新鮮蔬菜銷售給EPetani Sdn. Bhd.

在2023財年， Agroz Group向Epetani Sdn銷售蔬菜。Bhd.總額爲1，145，443馬幣。

2024年1月，先生。 Gerard Kim Meng Lim出售了其在EPetani Sdn.的股份。Bhd.和Epetani Sdn. Bhd.不再是本集團的關聯方。

2022財年， Agroz Group向Epetani Sdn銷售蔬菜。Bhd.總計344898馬幣

(i)新鮮蔬菜銷售給Isa Wellness Marketing

2024財年和2023財年，Agroz Group向Isa Wellness Marketing銷售了新鮮蔬菜，總額爲32，841馬幣和322，776馬幣，分別

2022財年， Agroz Group向Isa Wellness Marketing銷售了新鮮蔬菜，總金額爲223，574馬幣。

(j)已付之開支 Gerard Kim Meng Lim先生代表集團

	2024財年期間 2023財年，Lim先生代表集團支付了Agroz Group的某些運營費用240馬幣和分別爲350，927馬幣。集團於2024財年和2023財年向Lim先生償還了53，280馬幣和339，333馬幣，分別
	2023			2024			2024
	2022財年，先生Lim代表集團支付了Agroz Group的某些費用1，043，389馬幣。這些運營費用包括建築成本和其他雜項費用。集團於2022財年償還了Lim先生981，148馬幣。			(k)已付之開支 Khoo Kwai Fun女士代表本集團			2024財年期間 2023財年，Khoo女士代表集團支付了Agroz Group的某些費用120，637馬幣，分別爲110，289馬幣。集團於2024財年和2023財年分別償還了Khoo女士105，028馬幣和257，749馬幣。
2022財年，女士邱先生代表本集團支付Agroz集團的若干開支67，797馬來西亞令吉。		1,544			316			71
(l)HWG Cash貸款		(9,591	)		(121,774	)		(27,246	)
2023年5月1日，Agroz 集團與馬來西亞上市有限公司HWG Cash Berhad（「HWG Cash」等）簽訂貸款協議貸款協議，「HWG現金貸款協議」）。根據HWG現金貸款，Agroz Group向HWG借款1，363，000馬幣現金，年利率爲2%，到期日爲24個月，或雙方同意的其他延長日期 Agroz集團和HWG Cash。HWG現金貸款協議在此作爲附件10.13存檔。		42,140			294,751			65,947
(m)已付之開支由HWG Cash代表集團		34,093			173,293			38,772

2023財年， HWG Cash代表集團支付了總計1，178，275馬幣的某些運營費用。這些運營費用用於首次公開募股前的成本。

(n)軟件開發爲Agroz集團提供的服務

	2023財年， Braiven根據一月份與Braiven簽訂的軟件開發協議向Agroz Group提供軟件開發服務 Braiven與Agroz Group於2023年18日簽訂（「Braiven軟件開發協議」），Braiven爲此開具了發票 Agroz Group 30萬美元，Agroz Group在2023財年支付了138，697美元，剩餘餘額已於2月全額支付 2024年29日。2024年1月18日，Braiven向Agroz Group開出了20萬美元的最終發票，Agroz Group於4月28日全額支付了其中， 2024.根據Braiven軟件開發協議的條款，Braiven同意開發物聯網管理平台、視頻 Agroz Group的管理平台和數據可視化平台，併爲Agroz Group建立後臺基礎設施傳感器和攝像頭的操作。Braiven還同意向Agroz Group提供相關培訓和支持以及文件通過這些服務。Braiven軟件開發協議中規定的服務範圍可由以下人士進行修改：雙方經共同協議。根據本協議開發的軟件的所有知識產權均歸Agroz所有。組，將不會授予Braiven使用該軟件的許可證。作爲對佈雷文在佈雷文根據軟件開發協議，Agroz集團同意向Braiven支付總額500，000美元，如下：（i）該總額的30% 在簽署Braiven軟件開發協議時支付，（ii）在簽署Braiven軟件開發協議時支付該總額的30% 完成並準備好接受用戶接受測試，以及（iii）Braiven最終交付時應支付該總額的40% 以及Agroz Group對本段中確定的軟件平台的接受。Braiven軟件開發協議作爲附件10.10和日期爲2023年1月18日的Braiven軟件開發協議補充協議在此提交作爲附件10.14提交，其中澄清了Agroz Group不會根據該協議向Braiven授予許可。截至本招股說明書日期，Agroz Group已全額匯出所有這三筆里程碑付款。Agroz集團不面臨任何根據Braiven軟件開發協議，重大外匯匯率，因爲向Braiven的付款是向銀行支付的持有美元資金的賬戶。
	2023		2024		2024
	在2024財年， Braiven根據與Braiven於一月份簽訂的IT服務協議，向Agroz Group提供人工智能平台和副駕駛測試服務 Braiven與Agroz Group於2024年1月1日簽訂（「Braiven IT服務協議」）。考慮佈雷文的根據Braiven IT服務協議，Agroz Group同意向Braiven每月支付9，000美元的費用。佈雷文可能會這樣調整提前60天書面通知Agroz Group後每月收取費用。Braiven IT服務協議中指定的服務開始於2024年1月8日起，初始期限爲十二（12）個月，並將自動續訂連續十二（12）個月，除非任何一方根據其中的終止條款終止，該條款規定任何一方都可以終止Braiven IT服務協議：（i）在當前期限結束前提前六十（60）天提供書面通知;或（ii）在重大情況下任何一方的違約行爲在書面通知後三十（30）天內仍未得到糾正。Braiven IT服務協議在此提交如圖表10.16所示。		佈雷文進一步提供根據4月份與Braiven的軟件開發協議，向Agroz Group提供額外的人工智能和軟件開發服務 Agroz Group與Braiven於2024年15日簽訂（「第二份Braiven服務協議」）。根據第二天才的條款根據服務協議，Braiven同意爲Agroz Group設計和開發機器人人工智能平台。此類服務的價值第二份Braiven服務協議爲4，000，000美元，支付方式如下：（i）簽署時支付該總額的35% 在第二份Braiven服務協議中，（ii）完成併爲用戶準備就緒後支付該總金額的30% 第二份Braiven服務協議中描述的接受測試，以及（iii）Braiven應支付該總額的35% 最終交付以及Agroz Group接受該公司預計將集成的機器人人工智能軟件平台 Agroz副駕駛。根據本協議開發的軟件的所有知識產權均歸Agroz Group所有，並且不會授予Braiven使用該軟件的許可。第二份Braiven服務協議作爲附件10.11提交，第二份Braiven服務協議的補充協議作爲附件10.15提交。2024年7月5日，雙方重新談判第二份Braiven服務協議的付款條款，以調整本段所述里程碑付款的時間軸。此類重新協商的付款條款現在包括在執行第二份協議後的特定每月間隔應向Braiven付款 Braiven服務協議，而不是實際實現第二次Braiven服務中規定的第二個和第三個里程碑協議此外，執行第二份Braiven服務協議時的應付金額設定爲1，400，000美元， Agroz Group在2024財年支付了1，048，508美元。此類重新協商的付款條款被記錄在某些重新協商的付款中 Agroz Group與Braiven之間的Robotics AI操作系統開發協議條款，在此存檔爲附件10.12。日 2024年26日，Agroz Group根據重新協商的付款條款支付了付款里程碑1的33.33%。除了這一傑出餘額中，將在第二個Braiven執行日期後的時間點按增量向Braiven支付總計2，600，000美元雙方商定的服務協議。Agroz Group不會根據第二條面臨任何重大外匯匯率 Braiven服務協議，因爲向Braiven的付款是支付給持有美元資金的銀行賬戶。		公司確定基於自願買家、自願賣家的基礎與關聯方和非關聯方定價和供應。致公司最優秀的據了解，過去的關聯方交易的條款並不比非關聯方交易的條款更優惠。請參閱「風險因素」部分，了解與我們關聯方交易相關的風險的更詳細討論。糾紛如果出現與關聯方的問題，將通過與公司及該關聯方直接談判解決。截至 2023財年末及截至2024財年末，公司與關聯方無任何糾紛。
政策和程序針對關聯方交易	(1,731)		(1,143)		(256)
審核委員會董事會將在監督關聯方交易方面發揮關鍵作用。審計委員會將審查並批准我們的所有在納斯達克上市後發生的關聯方交易。我們預計在納斯達克上市後遵循以下流程：		35,852		286,939		64,199
識別和提案：管理層將識別任何潛在的關聯方交易並準備詳細的提案，其中包括：		32,794		375,467		84,007
的性質與關聯方的關係。		66,915		661,263		147,950

的完整描述擬議交易的信息，包括其目的。

的條款交易，包括定價、付款條款和任何其他相關條件。

分析表明交易對公司公平合理，以及與條款的比較如何在與無關的第三方的交易中可以獲得。

	證明文件，如估價、估價或市場數據。
	2023		2024		2024
	談判：如適用，管理層將與關聯方協商擬議交易的條款。這次談判將在以適用於與無關連人士進行交易的相同客觀水平及公平交易標準進行。		審計委員會審查和批准：與關聯方進行任何適用談判後，管理層將提交其關聯方提案和所有支持文件提交給審計委員會審查和批准。審計委員會將獨立評估交易，考慮以下因素：		的必要性該公司的交易。
公平條款，包括定價和其他條件。
的潛在交易對公司財務狀況和經營業績的影響。		2,615		4,565		1,022
遵守適用的法律、法規和會計準則。		124,157		253,389		56,693
批准和文件：如果審計委員會確信關聯方交易符合公司的最佳利益，它將提供正式批准。		360,407		1,384,065		309,669
所有關聯方交易將徹底記錄下來，包括交易的理由、批准流程以及關鍵條款和條件。		17,081		27,260		6,099
審核委員會將持續審查所有關聯方交易，以確保此類交易繼續公平合理。		1,566		4,056		907
主要股東		505,826		1,673,335		374,390

下表列出了有關截至本招股說明書日期，我們的高級職員、董事和5%或以上的受益人對我們已發行股份的實際所有權已發行股票的所有者。據我們所知，沒有其他個人或關聯人士團體實際擁有超過5%的股份我們的流通股。下表假設我們的高級官員、董事或5%或以上的未償資產的受益所有者股票將購買本次發行中的股票。此外，下表假設超額配股選擇權尚未行使。我們普通股的持有者有權獲得每股一（1）票，並對提交給我們股東投票的所有事項進行投票，除非法律另有要求。

我們已根據規定確定受益所有權證券交易委員會的規定這些規則通常將證券的受益所有權歸屬於擁有單獨或共同投票權的人對這些證券的權力或投資權力。該人還被視爲任何證券的受益所有人該人有權在60天內獲得受益所有權。除非另有說明，否則本表中確定的人員對他實際擁有的所有股份擁有唯一投票權和投資權，但須遵守適用的共同財產法律爲

	股份實益
	2023		2024		2024
	在此之前擁有的		提供		股份實益
立即舉行		704,900		—		—

在這次奉獻之後

受益所有人姓名

Number 的

股份

近似

百分比

	優秀 2023		股份 2024
	類		Number 的		股份
近似
百分比		216,883		225,316		50,413
優秀		46,348		2,096,815		469,139
股份		—		30,023		6,717
類		1,423,354		5,517,306		1,234,435
普通股		1,273,044		1,684,351		376,855
董事、董事提名人和執行官		2,696,398		7,201,657		1,611,290
Gerard 林金夢		2,141,293		2,277,208		509,498
春胡林		—		1,738,900		389,059
5%或以上股東		5,100,922		13,569,919		3,036,116

Gerard 林金夢		9,154,785		35,596,841		7,964,390
春胡林		6,004,330		720,013		161,096
凱顏坦		15,159,115		36,316,854		8,125,486
說吉歐		1,523,110		30,915		6,917
贖回可換股優先股		711,076		751,695		168,183
5%或以上股東		109,161		390,500		87,370
金洪吳		17,502,462		37,489,964		8,387,956
OLC 商業經紀私人有限公司		22,603,384		51,059,883		11,424,072

默罕默德·阿爾沙德 Chaudhry
Choon Tham How		8,351		8,540		1,911
拉希德阿利姆·庫雷希		2,171,649		6,903,616		1,544,606
塔克李亨		508,447		633,029		141,633
c/o Agroz Inc.，第2名，Lorong Teknologi 3/4A，Taman Sains Selangor，Kota Damansara， 47810 Petaling Jaya，馬來西亞雪蘭莪州。		2,677,584		6,189,752		1,384,887
股本說明		5,366,031		13,734,937		3,073,037

以下對我們證券的描述是僅爲摘要，並參考包含的股本的實際條款和規定，對其全部進行了限定組織章程大綱和章程，副本作爲註冊聲明的附件提交，本招股說明書是該註冊聲明的附件一部分。
截至本招股說明書日期，我們授權股本爲11，500.00美元，分爲115，000，000股，每股面值0.0001美元，其中指定100，000，000股普通股和15，000，000股被指定爲RCPS。		1,757,179		2,095,605		468,868
截至本次發行前一天，已發行、繳足併發行20，423，485股每股面值0.0001美元的普通股。本次發售完成後，假設承銷商不選擇行使其購買選擇權，我們將發行併發行21，673，485股普通股我們提供的額外普通股，且沒有RCPS持有人行使將其RCPS轉換爲普通股的權利（詳情如下）。		52,942		39,774		8,899
投票權		918,274		–		–
就所有須遵守股東意見的事項投票，每股普通股有權有一票。任何股東會議的投票都可以通過投票方式進行。		1,363,000		–		–
會議通過的普通決議股東需要獲得這些股東所投普通股附帶的簡單多數票的贊成票親自或委託代理出席股東大會的人有權投票，而特別決議也需要贊成出席的有權投票的股東所投普通股所附票數的不少於三分之二的投票親自或委託代表出席股東大會。更改名稱等某些重要事項需要通過特別決議或對公司章程大綱和章程進行更改。		6,483,536		6,213,040		1,390,097
普通股轉讓		10,574,931		8,348,419		1,867,864

遵守規定的任何適用要求在公司章程大綱和章程中，前提是普通股的轉讓符合納斯達克的適用規則資本市場，股東可以通過填寫普通形式的轉讓文書將普通股轉讓給他人或以納斯達克規定的形式或董事會批准的任何其他形式簽署：		2,403,407		14,089,238		3,152,307
●		295,253		3,105,476		694,815
如果普通股已繳足，則由或於代表該股東;和		1,448,723		3,991,673		893,091
●		14,144		13,255		2,966
如果普通股已部分支付，則由或於代表該股東和轉讓人。		459,849		397,705		88,982
轉讓人應被視爲仍然是普通股的持有人，直到轉讓人的姓名被記入我們的股東名冊。		2,041,046		4,001,850		895,370
如果所討論的普通股不是在納斯達克資本市場上市或遵守納斯達克資本市場規則，我們的董事會可以全權酌情拒絕註冊任何尚未繳足或受公司保留權約束的普通股的轉讓。我們的董事會也可能會衰落登記該普通股的任何轉讓，除非：		–		3,377,330		755,640
●		6,662,422		28,976,527		6,483,171
轉讓文據隨附與之相關的普通股股票以及董事會認爲適當的其他證據，董事可以合理要求表明轉讓人進行轉讓的權利;		17,237,353		37,324,946		8,351,035
●		22,603,384		51,059,883		11,424,072

轉讓文據僅涉及一類普通股;

	● 2023			轉讓文據如果需要，已正確蓋章; 2024
	●			轉讓的普通股已全額支付且不受任何以我們爲受益人的留置權的約束;以及			●
與轉賬已支付給我們。
如果我們的董事會拒絕登記轉讓，他們必須在提交轉讓文書之日後兩（2）個月內發送給每個轉讓人和轉讓人的拒絕通知。		8,412,500			19,234,500			4,303,502
轉讓登記可能會暫停董事會可能不時決定的時間和期限，前提是此類登記將任何一年中暫停登記冊的時間不得超過45天。		4,000,001			1,100,000			246,113
清算程序
清算、解散、清盤時（其他而不是有償付能力的重建、合併、重組、合併或合併，從而使我們所有的業務、事業和資產轉移到繼承實體，該實體承擔我們在RCPS下的所有義務）或其他資本償還（除贖回時），RCPS持有人比其他股票類別持有人擁有清算優先權。在這種情況下，我們的剩餘資產在支付和解除所有債務和負債後剩餘的資金以及清盤成本將首先分配給支付持有人 RCPS的一個		787,521			16,693,373			3,734,953
同等權益		2,041,690			32,841			7,348
根據相當於RCPS宣佈但未支付的任何股息的金額，然後在按同等權益計算，即RCPS認購價格，然後按同等權益計算普通股持有人之間的金額等於普通股到期的任何股息欠款，無論公司是否有足夠的可分配儲備金，則資產餘額應屬於公司資本中任何類別股份的持有人並分配給其他人根據RCPS附帶的各自權利，比RCPS持有人更高。		15,241,712			37,060,714			8,291,916
贖回可換股優先股		(82,597	)		(743,860	)		(166,430	)
我們所有未完成的RCPS均已全額支付，不可評估。我們的RCPS以註冊形式發佈，並在我們的會員登記冊中註冊時發佈。除非董事會董事決定，否則我們RCPS的每位持有人將不會收到有關該RCPS的證書。我們的股東非開曼群島居民可以自由持有RCPS並投票。我們不得向無記名發行股票。		15,159,115			36,316,854			8,125,486

須遵守公司法的規定以及有關贖回和購買RCPS的組織備忘錄和章程，董事會已制定一般和無條件權力分配（無論是否確認放棄權）、授予期權或以其他方式處理任何未發行的 RCPS在他們決定的時間、條款和條件向他們提供。董事會可以處理未發行的溢價或面值股份，或有或沒有優先、遞延或其他特殊權利或限制，無論是股息、投票、資本返還或其他。除非按照《公約》的規定，否則不得以折扣發行股份公司法。董事可以拒絕接受任何股份申請，並可以接受任何全部或部分申請，出於任何原因或無緣無故。

	紅利 2023		RCPS持有人有權獲得股息因此，在宣佈或支付普通股應付的任何股息之前並優先於此，從合法可用的任何資產中提取當董事會宣佈時，按適用股息率（定義如下）支付的股份。此類股息累積並在RCPS發行日期的週年紀念日支付。 2024
	「股息率」是指每年10% 該持有人持有的每個RCPS的RCPS認購價格（定義如下）（根據任何股份拆分、股份股息、關於RCPS的組合、細分、資本重組等）。		「RCPS訂閱價格」指美元 2.50.		換股權
RCPS股東有權選擇並根據組織章程大綱和章程，在提前七（7）個工作日向我們發出書面通知後，該股東可在RCPS發行日期（「到期日」）兩週年或之前將一（1）份RCPS轉換爲一（1）份普通股日期”）。無需就該轉換支付進一步代價。轉換比例將因任何股份拆分、股份而進行調整與此類RCPS相關的股息、合併、細分、資本重組等。RCPS股東有權轉換其股份須經董事會批准。		13,191,314		30,278,889		6,774,559
贖回權		808,830		3,010,069		673,469
根據我們的選擇，每個RCPS都可以全部贖回或部分按RCPS認購價格（或在贖回一小部分RCPS的情況下按比例計算的金額），在之後的任何時間 RCPS股份發行日期，通過書面通知或董事會不時指定，如下我們將在發出書面通知之日起14個工作日內向RCPS股東支付贖回收益通知所有截至到期日尚未發行且尚未轉換爲普通股的RCPS將被完全贖回由我們按每個RCPS的RCPS訂閱價格計算。		950,796		2,470,419		552,728
投票權		290,772		1,301,337		291,160
RCPS持有人沒有任何投票權。		15,241,712		37,060,714		8,291,916

知情權

RCPS持有人無權獲得會議通知或我們發出的其他通知，亦不包括報告或經審計的帳目。

RCPS的轉移

除與董事會的書面同意，並遵守適用的證券法以及公司章程大綱和章程。

	股份權利的變更 2023		每當我們的資本被劃分爲不同的股份類別、任何類別股份所附帶的權利（除非該股份的發行條款另有規定類別）可在不少於該類別已發行股份四分之三的持有人書面同意下更改，或經不少於該類別股票持有人四分之三多數通過的特別決議批准在該類別股份的股東大會上通過。 2024
	除非某類股份的條款發行人另有聲明的，授予持有任何類別股份的股東的權利不得因設立而被視爲變更。或發行更多		同等權益		與該類別的現有份額。
股東大會
作爲開曼群島豁免公司，我們《公司法》沒有義務召開股東年度股東大會;因此，我們可以但不應有義務每年召開一次股東大會作爲年度股東大會。舉行的任何年度股東大會均應在此時舉行，地點由我們的董事會決定。除年度股東大會外的所有股東大會均應稱爲臨時股東大會股東大會。
董事會可以召開股東大會只要它認爲合適。股東大會還應應一名或多名有權股東的書面請求召開出席我們的股東大會並投票，（總共）擁有不少於百分之十的股東大會投票權根據公司大綱和章程中的通知規定，明確會議目的並簽署由提出請求的每位股東提出。如果董事在收到通知之日起21天內未召開該會議在書面請求中，那些股東或代表所有此類股東總投票權一半以上的股東可以在21天期限結束後的三個月內自行召開股東大會。至少五（5）年度股東大會或任何其他股東大會應提前一整天發出通知。		1,423,354		5,517,306		1,234,435
法定人數，用於改變權利股東，應包括一名或多名持有股份的股東（無論是親自還是由代理人代表）佔不少於在該股東大會上具有投票權的已發行股份的三分之一。		1,071,032		1,406,508		314,690
		2,494,386		6,923,814		1,549,125
不得在任何大會上進行任何業務交易除非會議開始進行時有法定人數的股東出席。兩位股東親自出席或委任代表出席的股東應構成法定人數，但如果公司有一名在冊股東，則法定人數應爲該一名股東親自或由代理人出席。如果在股東大會指定時間後半小時內，或在會議期間的任何時間，如果應股東要求召開，出席人數不足法定人數，則該會議將被解散，在任何其他情況下，該會議將繼續有效延期至下週同一天在同一時間和地點或董事會的其他時間或其他地點可以確定。如果延期會議在指定會議時間起半小時內未達到法定人數，股東出席該會議將構成法定人數。		202,012		277,843		62,165
董事會主席（如有），須以主席身份主持每次股東大會，或倘並無主席，或倘主席未能於15分鐘內出席，在指定的會議舉行時間之後，或不願意採取行動，出席的董事應選出他們中的一人擔任會議主席。主席可隨時隨地休會，但不得處理任何事務在任何休會會議上處理，但休會會議未完成的事務除外。		2,696,398		7,201,657		1,611,290

在任何股東大會上提交的決議會議的投票應以舉手方式決定，除非投票是在宣佈舉手結果之前或之際進行的董事長或任何其他親自出席或由代表出席的股東要求。除非要求以投票方式表決，否則主席，決議案經舉手表決獲得通過，或一致通過，或獲特定多數通過，或不獲通過，載有會議程序記錄的本公司會議記錄簿中的這一記載應是不可推翻的該事實的證據，而沒有證明記錄的贊成或反對該決議的票數或比例。
如果正式要求進行投票，則應進行投票按主席指示的方式進行，投票結果應被視爲進行投票的會議的決議被要求。		1,492,195		—		—
在票數平等的情況下，是否在舉手或投票時，進行舉手或要求投票的股東大會的主席，無權投第二票或決定票。		30,915		30,915		6,917
檢查書籍和記錄		1,523,110		30,915		6,917
我們的股東沒有一般權利檢查或獲取本公司的股東名冊或公司記錄副本，除非法規授權或授權在股東大會上向董事會或公司提出建議。		4,219,508		7,232,572		1,618,207

公司法的差異

《公司法》在很大程度上源於來自英格蘭和威爾士的公司法，但不遵循英國最近的法定法規，因此，《公司法》與英國現行《公司法》之間存在重大差異。此外，公司該法案與適用於美國公司及其股東的法律不同。以下是重要的總結適用於我們的公司法某些條款與適用同一主題的法律之間的差異在特拉華州註冊成立的公司。

	這次討論並不意味着是一個完整的開曼群島適用法律規定普通股持有人的權利或適用特拉華州法律規定的典型公司的普通股。 2023		合併和類似安排 2024
	《公司法》允許合併和整合開曼群島公司之間以及開曼群島公司與非開曼群島公司之間的法律外國司法管轄區允許此類合併或合併。出於這些目的，（a）「合併」是指兩個或更多的合併組成公司以及將其承諾、財產和負債歸屬於其中一家公司作爲倖存公司，和（b）「合併」是指將兩個或更多組成公司合併爲合併公司，並且將此類公司的業務、財產和負債歸屬於合併公司。爲了實現這樣的合併（一）公司董事會應當對所議事項的決定作成會議記錄，出席會議的董事應當在會議記錄上簽名。經（a）各組成公司股東的特別決議授權，及（b）其他授權（如有），可在該成員公司的組織章程細則中指明。該計劃必須向公司註冊處提交開曼群島的報告，以及關於合併或倖存公司償付能力的聲明、資產清單和每個組成公司的責任以及將向其提供合併或合併證書副本的承諾每個組成公司的股東和債權人以及合併或合併通知將發佈在開曼群島公報。符合這些法規的合併或合併不需要法院批准程序.		開曼母公司與開曼群島的合併其開曼群島子公司不需要股東決議授權。爲此，子公司是至少百分之九十（90%）有權投票的已發行股份由母公司擁有的公司。		每位固定或浮動持有人的同意除非開曼群島法院放棄這一要求，否則需要對組成公司提供擔保權益。
除某些有限情況外，異議開曼群島成分公司的股東在反對合並時有權獲得其股份的公允價值付款或合併。行使此類異議權利將阻止持異議股東行使任何其他權利他或她可能因持有股份而有權獲得的，但以以下理由尋求救濟的權利除外合併或合併無效或非法。
此外，法律規定，促進公司的重組和合並，前提是安排計劃獲得75%的批准 (75%）親自或委託代理人出席並投票的股東或股東類別（視情況而定）的價值在爲此目的而召開的一次或多於一次會議上。會議的召開和隨後的安排必須得到批准由開曼群島大法院裁決。而持異議的股東有權向法院表達交易的觀點，不應獲得批准，如果法院確定：		918,274		—		—

●
的法律規定是否已達到所需的多數票;		2,403,407		14,089,238		3,152,307
●		159,961		1,832,975		410,107
股東們已經在相關會議上有公平代表，法定多數是善意行事，沒有強迫少數人，促進不利於該階級利益的利益;		34,644		200,235		44,800
●		100,648		1,072,266		239,908
該佈置使得這可能得到該階級中聰明而誠實的人的合理批准，併爲自己的利益行事;和		2,698,660		17,194,714		3,847,122
●		3,616,934		17,194,714		3,847,122

安排不是根據《公司法》的其他條款，這更合適地受到制裁。

(a)	當收購要約被提出並接受時收購要約後四個月內90%受影響股份的持有人，要約人可以在到期後的兩個月內在該四個月期限內，要求剩餘股份的持有人根據要約條款轉讓此類股份。反對可以向開曼群島大法院提出，但在已獲得批准的要約的情況下，這不太可能成功除非有欺詐、惡意或勾結的證據。

	如果這樣安排和重建批准，或者如果收購要約被提出並接受，持不同意見的股東將不擁有與評估權類似的權利，否則，特拉華州公司的持不同意見的股東通常可以獲得該服務，並提供收取付款的權利以現金換取司法確定的股份價值。 2023		股東訴訟 2024
	原則上，我們通常是合適的原告可以就我們作爲公司所犯的錯誤提起訴訟，並且一般而言，少數股東不得提起衍生訴訟。然而，根據英國法律權威，這很可能在開曼群島具有說服力，開曼群島預計島嶼法院將遵循並適用普通法原則（即Foss訴Harbottle案中的規則和例外情況因此），非控股股東可以被允許代表公司提起訴訟（即衍生訴訟）如果它能夠證明初步證據成立的案件和被投訴的行爲：		●		超越了公司或非法;
●		2,064,639		13,892,154		3,108,212
構成「欺詐對少數人」（在大多數情況下，這將涉及大股東沒收公司資產）;		50,000		1,226		274
●		288,768		139,580		31,229
是一種不規則的通過需要特別多數的決議;或		—		56,278		12,592
●		2,403,407		14,089,238		3,152,307

侵犯了個人股東的個人權利，例如投票權或優先購買權。

董事及行政人員的彌償責任範圍和責任限制

開曼群島法律不限制範圍公司的章程大綱和章程可以規定對高級職員和董事的賠償，但開曼群島法院可能認爲任何此類規定違反公共政策，例如提供賠償針對民事欺詐或犯罪後果，或針對被起訴人的實際欺詐或故意違約。我們的組織章程大綱和章程規定，在開曼群島法律允許的範圍內，我們將賠償每個現有或前秘書、董事（包括候補董事）和我們的任何其他官員（包括投資顧問或管理員或清算人）及其個人代表針對（a）所有訴訟、訴訟、費用、收費、開支、損失、損害賠償或現任或前任董事（包括候補董事）、秘書或高級官員在或有關方面產生或承擔的負債我們的業務或事務的進行或現任或前任董事（包括候補董事）的執行或解除職務，秘書或官員的職責、權力、權威或自由裁量權;和（b）在不限於上文（a）段的情況下，所有現任或前任董事（包括候補董事）、秘書或高級官員產生的成本、費用、損失或負債在爲任何民事、刑事、行政或調查訴訟辯護（無論是否成功）時（無論受到威脅，懸而未決或已完成）在任何法院或法庭（無論是在開曼群島還是其他地方）涉及我們或我們的事務。

現任或前任董事（包括然而，候補董事）、秘書或高級官員應對因其實際欺詐或故意違約。

在法律允許的範圍內，我們可以制定支付或同意支付（無論是通過預付、貸款或其他方式）以支付現有或前任產生的任何法律費用董事（包括替任董事）、秘書或我們的任何高級職員就上文所述的任何事宜，條件是董事（包括候補董事）、秘書或高級官員必須償還我們支付的金額，但最終被發現沒有責任賠償董事（包括候補董事）、秘書或該官員的這些法律費用。

這一行爲標準大體相同根據DGCL對特拉華州公司的允許。此外，我們打算與董事簽訂賠償協議以及高級管理人員，將爲此類人員提供超出我們備忘錄規定的額外賠償，公司章程除非允許我們的董事就《證券法》下產生的責任進行賠償，根據上述條款控制我們的官員或人員，我們已獲悉，SEC認爲，此類賠償違反《證券法》中規定的公共政策，因此不可執行。

董事的受託責任

根據特拉華州公司法，特拉華公司對公司及其股東負有受託義務。這項義務有兩個組成部分：注意義務和忠誠的義務。謹慎義務要求董事真誠行事，並像通常謹慎的人那樣謹慎行事在類似情況下鍛鍊。根據這一義務，董事必須了解並向股東披露所有材料有關重大交易的合理可用信息。忠誠的義務要求董事以他自己的方式行事或者她有理由相信符合公司的最大利益。他或她不得利用其公司職位從事個人事務獲得或優勢。這項義務禁止董事自我交易，並規定公司及其股東的最大利益優先於董事、高級管理人員或控股股東擁有且未由股東普遍分享的任何權益。一般來說，董事的行爲被推定是在知情的基礎上、真誠地並且誠實地相信所採取的行動符合公司的最大利益。然而，這一推定可能會被違反以下一項的證據所推翻受託義務。如果董事就交易提供此類證據，董事必須證明程序性交易的公平性，以及交易對公司具有公平價值。

開曼群島董事的職責（一）公司章程的修改;（二）公司章程的修改; (iii)法規。根據普通法，開曼群島公司的董事對公司負有以下受託義務：（a）有義務（二）董事會認爲公司的最佳利益受到損害的;（三）董事會認爲公司的最佳利益受到損害的; 出於所授予的目的而不是出於附帶或不當目的的權力，（c）有義務避免束縛其自由裁量權未來和（d）避免利益衝突和職責衝突的義務。董事根據共同法律所承擔的另一套職責法律是那些細心、勤奮和技巧的法律。如果我們的任何董事違反了某些義務，我們有權尋求損害賠償。

股東書面同意的行動

根據DGCL，公司可以消除股東有權通過修改其公司註冊證書，經書面同意行事。《公司法》允許特殊如果由所有有投票權的股東簽署（如果經備忘錄授權），將以書面形式通過決議（定義見公司法）和公司章程）。

	股東提案
	2023			2024
	如果你是自然人，這會影響你直接。如果您是企業投資者（爲此目的，包括信託或豁免有限合夥等法律安排）爲我們提供因任何原因與您對我們公司的投資相關的個人數據，本將與這些個人相關，您應該將內容告知這些個人。			您根據DPA擁有某些權利，包括 (a)有權了解我們如何收集和使用您的個人數據（本隱私聲明履行了我們的義務這一點），（b）獲取您個人數據副本的權利，（c）要求我們停止直接營銷的權利， (d)有權更正不準確或不完整的個人數據，e）有權撤回您的同意並要求我們停止處理或限制處理，或不開始處理您的個人數據，（f）被通知的權利數據泄露（除非泄露不太可能具有偏見），（g）獲取有關任何國家或地區信息的權利我們直接或間接將您的個人轉移、打算轉移或希望轉移到的開曼群島以外數據、我們爲確保個人數據安全而採取的一般措施，以及我們可用的有關您的信息來源的任何信息個人數據，（h）向開曼群島監察員辦公室投訴的權利，以及（i）要求的權利我們可以在某些有限情況下刪除您的個人數據。			如果您相信您的個人數據尚未被正確處理，或者您對我們對您就使用您的個人數據提出的任何請求的回應不滿意，您有權向開曼群島監察員投訴。請致電+1（345）946-6283聯繫監察員或發送電子郵件至info@ombudsman.ky。

開曼群島經濟實質		(3,409,287	)		941,271			210,597
國際稅務合作（經濟《物質法》（經修訂）（「物質法」）於2019年在開曼群島推出，以回應擔憂歐盟理事會就從事某些活動的離岸結構提出，這些活動在沒有實際利潤的情況下賺取利潤經濟活動《實質法》要求參與某些「相關活動」的開曼群島實體在開曼群島擁有與相關水平相稱的足夠實體存在和/或運營支出相關活動產生的收入。根據我們當前和預期的業務活動和公司結構，我們預計我們要麼將超出立法範圍，要麼將受到適用於「純粹」的簡化經濟實質測試股權控股公司”，這可以通過我們遵守《公司法》的相關規定來滿足，包括但不限於在開曼群島設有註冊辦事處。		(2,628,150	)		(6,820,628	)		(1,526,039	)
上市		6,072,688			6,332,084			1,416,731
我們已保留股票代碼「AGZZ」對於在納斯達克資本市場上市的股份。我們無法保證我們將成功在納斯達克資本市場;但是，除非我們在納斯達克證券市場上市，否則我們不會完成此次發行。		—			(171,388	)		(38,346	)
轉移劑		35,251			281,339			62,943
本公司普通股的過戶代理人爲 VStock Transfer，LLC，位於18 Lafayette Place，Woodmere，New York 11598。		73,910			109,161			24,427
股份有資格未來銷售		109,161			390,500			87,370

在本次發行之前，沒有確定的我們的普通股的公開市場，雖然我們打算申請批准將這些股份在納斯達克資本市場上市，我們無法向您保證，本次發行後，普通股的流動性交易市場將會發展或維持。未來銷售本次發行後我們在公開市場上的大量普通股，或認爲可能發生此類出售，可能會對不時的市場價格產生不利影響。如下所述，目前我們只有有限數量的普通股由於合同和法律對轉售的限制，未償產品將在本次發行後立即出售。儘管如此，在這些限制失效後，未來出售大量我們的普通股，包括因行使而發行的普通股，在美國公開市場上出售未償期權的可能性，或這種出售的可能性，可能對市場產生負面影響我們的普通股在美國的價格和我們在未來籌集股本的能力。

後假設沒有行使，截止日我們將擁有21，673，485股已發行普通股 12月之後承銷商的超額配股期權或RCPS轉換 2024年31日。其中1，250，000股普通股將由投資者公開持有參與此次發行，我們現有的股東，其中一些可能是我們的附屬公司，因爲該術語的定義見規則144 證券法。如規則144所定義，發行人的附屬機構是直接、或間接通過一個或多箇中間人控制，或被控制，或在與發行人共同控制。

所有本次發行中出售的普通股將可由其他人自由轉讓比我們在美國的附屬公司沒有限制或進一步註冊證券法。我們的一家附屬公司購買的普通股不得轉售，除非根據有效的登記聲明或登記豁免，包括下文所述的《證券法》第144條規定的豁免。

已發行及發行在外的普通股本次發行的受限制證券，該術語在證券法第144條中定義。這些受限證券只有在註冊或符合第144條規定的註冊豁免資格的情況下才能在美國銷售，《證券法》第701條。這些規則描述如下。

第144條

一般來說，擁有受益人至少六個月的受限制普通股，以及擁有受限制或不受限制證券的公司任何附屬公司，根據第144條規定的登記豁免，有權在未經SEC登記的情況下出售其證券證券法。

散修

任何不被認爲是一名的人我們的附屬公司在之前三個月內的任何時候，賣家可以銷售無限數量的限制性產品第144條規定的證券，如果：

●

限制性證券已持有至少六個月，包括除我們附屬公司之外的任何前所有者的持有期;

●

我們一直受到《交易法》要求在銷售前至少90天定期報告;和

●

我們是當前交易所在銷售時進行報告。

任何不被認爲是我們的附屬公司在出售時或前三個月內的任何時間持有限制性證券至少一年，包括除我們附屬公司之外的任何先前所有者的持有期，將有權無限量銷售受限制證券的數量，而不考慮我們遵守《交易法》定期報告的時間長短，或者我們目前在我們的交易法報告。

關聯公司

尋求出售受限制證券的人在銷售時或銷售前三個月內的任何時間是我們的關聯公司的，將受到所述限制的約束。以上他們還受到額外限制，要求此類人遵守銷售方式，通知第144條的規定，並有權在任何三個月內僅出售未通知的數量的證券超過以下兩者中較大的一個：

●

普通人數的1% 當時發行的股份，根據股票數量，在截止日期後立即相當於普通股截至2024年12月31日已發行普通股;或

●

每週平均交易量前四個日歷周內我們在納斯達克資本市場以普通股形式發行的普通股數量就出售提交表格144的通知。

此外，我們的附屬機構人員在之前三個月內的任何時間，出售可以根據規則的要求出售不受限制的證券上述第144條，不考慮第144條的六個月持有期，該條不適用於非限制性證券的銷售。

第七○一條

現行證券法第701條在本招股說明書日期，允許根據第144條轉售股份，但不遵守某些限制第144條的規定，包括持有期要求。如果我們的任何員工、高管或董事根據以下條件購買股份書面補償計劃或合同，他們可能有權依賴規則701的轉售條款，但規則701的所有持有者股份必須等到本招股說明書日期後90天后才能出售任何此類股份。然而，第701條規則股份仍將受下文所述的鎖止安排的約束，並且只有在鎖止期結束時才有資格出售過期。

S規例

《證券法》的S條例規定，對在美國境外發行和銷售的證券免於在美國註冊的要求。 S條例第903條規定了發行人、分銷商、其各自的關聯公司、或任何代表他們的人條例S第904條規定了除以下人員以外的人轉售的豁免條件：第903條規定的。在每一種情況下，任何銷售都必須在離岸交易中完成，因爲該術語在法規中定義在美國，不得進行定向銷售，如S法規中所定義的。

我們是法規中定義的外國發行人 S.作爲外國發行人，我們根據S法規在美國境外銷售的證券不被視爲受到限制證券法規定的證券，並且在遵守第903條規定的發行限制的情況下，無需註冊即可自由交易或證券法下的限制，除非證券由我們的附屬公司持有。我們並沒有聲稱潛在的豁免在美國境外發行新發行股票時，S法規提供的股票，並將登記所有根據《證券法》新發行的股票。

在某些限制下，我們的不是我們的附屬公司或因其作爲我們的高級官員或董事的身份而成爲我們的附屬公司的限制性股份可以轉售如果符合以下條件，則其在S法規下的「離岸交易」中的限制性股份：

●

沒有股東，其附屬公司，也沒有任何代表其行事的人在美國從事定向銷售活動，並且

●

如果是出售我們的限制性股份由僅因持有此類職位而成爲我們附屬公司的高級官員或董事持有，沒有銷售佣金，與要約或銷售有關的費用或其他報酬，而不是通常和習慣的經紀人佣金該信息將由作爲代理人執行此類交易的人接收。

其他限制適用於持有人我們的限制性股份的人將成爲我們的附屬公司，但他或她作爲我們的高級官員或董事的身份除外。鎖定協議.”

我們，包括任何繼承實體、我們的董事，高管和主要股東（定義爲擁有百分之五（5%）或以上普通股的所有者）已同意，但在有限的例外情況下，不得提供、質押、宣佈出售意向、出售、訂立出售合同、出售任何期權或購買合同; 購買任何出售期權或合同;授予任何購買期權、權利或認股權證;或以其他方式直接或間接處置，或訂立任何掉期或其他協議，全部或部分轉移我們的普通股所有權的任何經濟後果。在本登記聲明生效後180天內，未經事先書面同意，美國老虎證券公司的同意請參閱「承保」。

物質所得稅考慮

以下是開曼材料的摘要投資股票的島嶼、馬來西亞和美國聯邦所得稅後果基於法律和相關解釋於本招股章程日期生效，所有該等條文均可予更改。本摘要並不涉及所有可能的情況與股份投資有關的稅務後果，例如根據州、地方及其他稅法的稅務後果。的討論不打算也不應被解釋爲對任何特定潛在購買者的法律或稅務建議。的程度討論涉及開曼群島稅法事宜，代表我們開曼群島律師的意見。

開曼群島稅收

開曼群島目前不徵稅根據利潤、收入、收益或增值對個人或公司徵稅，並且繼承性質不徵稅稅、贈與稅或遺產稅。開曼群島政府概無徵收其他可能對我們構成重大影響的稅項，惟適用於在開曼群島司法管轄區簽署或簽署後進入開曼群島司法管轄區的文書的印花稅群島開曼群島公司發行股份或轉讓股份無需繳納印花稅（持有開曼群島土地權益的人除外）。沒有外匯管制規定或貨幣限制在開曼群島。

支付股息和資本我們的普通股將無需在開曼群島繳稅，並且無需在支付向我們普通股的任何持有人支付股息或資本（視情況而定），出售我們普通股所產生的收益也不會股份須繳納開曼群島所得稅或公司稅。

該公司已根據法律註冊成立作爲開曼群島的豁免有限責任公司，因此已申請並收到開曼群島財政大臣的形式與2025年2月7日的以下內容基本相似：

稅收優惠法

（修訂）

有關稅收優惠的承諾

根據《稅收優惠法（修訂）》，特此向公司做出以下承諾：



沒有此後群島頒佈的對利潤、收入、收益或增值徵收任何稅款的法律均適用對公司或其運營;和		此外，對利潤、收入、收益或增值徵收的稅款或具有遺產稅或遺產稅性質的稅款，均不得應支付：

日或有關公司的股份、債券或其他義務;或

通過根據《稅收優惠法》（修訂本）的定義，扣留全部或部分任何相關付款。

(i)

這些特許權的有效期爲20 距離7歲

(ii)

日

(iii)

2025年2月的一天。”

(iv)

開曼群島頒佈了國際稅務合作（經濟實質）法（經修訂）以及開曼群島稅務信息局發佈的指導說明權力不時。公司須自2019年7月1日起遵守經濟實質要求並制定開曼群島的年度報告，說明其是否正在進行任何相關活動，如果正在進行，則必須滿足經濟要求物質測試。

馬來西亞利得稅

(i)

馬來西亞企業稅務

以下是馬來西亞人的簡短描述企業所得稅旨在強調對我們收益的企業層面徵稅，這將影響股息金額，如果有的話，我們最終能夠向股東付款。請參閱「股息政策」。

馬來西亞的所得稅

管轄一個人的主要立法馬來西亞的所得稅是1967年所得稅法（ITA）。實施和執行《信息技術協定》的監管機構是馬來西亞稅務局（「IRS」）。根據ITA第3條，應對每個人徵收所得稅任何人在馬來西亞累積或源自馬來西亞或在馬來西亞收到的收入的納稅年度（「YA」）馬來西亞境外。

根據ITA第8條，公司如果其管理和控制在馬來西亞行使，則是馬來西亞的納稅居民。通常考慮管理和控制在有關公司管理和控制的董事會議召開地行使。收入居民公司應繳納的稅率根據公司的實繳資本金額和年銷售額而有所不同與特定YA的關係。企業所得稅稅率如下：

類型的公司可充電收入

稅率雅 2023

居民公司（下文描述的公司除外）居民公司：●與實繳資本爲250萬馬來西亞林吉特（MYR）或以下，業務總收入不超過5000萬馬來西亞林吉特

(ii)

第一個150，000馬幣

●那個不直接或間接控制另一家實繳資本超過250萬馬幣的公司

下一個450，000馬幣

收入衍生自

(iii)

收入中接收

之前到

(iv)

1月1日， 2022

有效從

1月1日， 2022

馬來西亞

應課稅應課稅

馬來西亞

來自馬來西亞以外的馬來西亞應課稅

應課稅

海外來自馬來西亞以外的馬來西亞

豁免繳稅

應課稅海外

海外

豁免繳稅

豁免繳稅

2021年11月16日，倫理委員會宣佈針對收入來自外國的馬來西亞納稅居民的特殊收入匯款計劃（「SIRP」），在馬來西亞收到。FSI徵稅的實施根據時間安排錯開在以下兩個時間表中進行將FSI匯款到馬來西亞：（i）2022年1月1日至6月30日期間（六個月）（「SIRP 期間」），FSI匯出應按匯出收入總額按3%的固定稅率徵稅;和（ii）7月1日或之後， 2022年，繳納的FSI應按適用於居民法定收入徵稅的現行稅率徵稅，即FSI毛額減歸屬於FSI的費用。根據SIRP匯出的FSI將被IRS善意接受，因爲IRS不會進行對納稅人的審計或調查。此外，IRS不會對SIRP期間匯出的FSI施加任何處罰。

儘管實施了稅收在FSI方面，馬來西亞財政部於2021年12月30日宣佈，將免徵所得稅當滿足某些資格條件時，馬來西亞納稅居民獲得的某些類別FSI爲期五年。具體而言，（i）對於個人（不包括通過合作伙伴關係在馬來西亞開展業務的個人），所有類別的FSI 豁免;及（ii）對於公司和有限責任合夥企業，外國來源的股息收入豁免。立法如上所述，以下命令於2022年7月19日刊登憲報，有效期爲2022年1月1日至2026年12月31日。

利潤分配和預扣稅

我們是一家在開曼群島，我們通過我們的運營子公司Agroz Group Sdn Bhd向我們支付的股息獲得了可觀的收入馬來西亞的公司。

馬來西亞實行一級稅制，根據該規定，對公司應稅收入徵收的所得稅是最終稅，分配的股息免徵根據ITA第108條，股東的手。因此，公司不需要從股息中扣除稅款支付給股東，並且沒有稅收抵免來抵消收款人的納稅義務。法人股東獲得豁免的單層股息反過來又可以將此類股息分配給自己的股東，而股東也獲得豁免收據此外，雖然馬來西亞對某些付款徵收預扣稅，例如利息、特許權使用費、合同付款和對於特殊類別的收入，馬來西亞除了對宣佈股息的利潤徵稅外，不對股息徵稅。這一立場與馬來西亞與衆多國家達成的雙重徵稅協定（「DTA」）一致，包括美國在內根據稅務協定，馬來西亞公司支付的股息不會徵收預扣稅，非居民。

鑑於上述情況，我們認爲股息該款項將從我們在馬來西亞的運營子公司支付給我們，不會繳納任何預扣稅。

美國聯邦所得稅重大考慮因素對於美國持有者

以下討論描述了該材料美國與美國持有人擁有和處置股份相關的聯邦所得稅後果（定義如下）。這討論適用於根據本次發行購買股票並將股票作爲資本資產持有的美國持有人。這個討論是基於1986年美國國內稅收法，經修訂，美國財政部條例頒佈，並根據行政及其司法解釋，均於本協議之日生效，且均可能發生變更，可能具有追溯力效果本討論並未解決可能與特定美國持有人相關的所有美國聯邦所得稅後果根據其特殊情況或根據美國聯邦所得稅法受到特殊待遇的美國持有人（例如某些金融機構;保險公司;證券交易商或交易商或其他對其證券進行一般標記的人出於美國聯邦所得稅目的進行市場營銷;免稅實體或政府組織;退休計劃;受監管的投資公司;房地產投資信託;授予人信託;證券、商品、貨幣或名義貨幣的經紀人、交易商或交易員主要合同;美國的某些前公民或長期居民;持有我們普通股的人「跨接」、「對沖」、「轉換交易」、「合成證券」或集成投資;擁有美元以外的「功能貨幣」的人;直接、間接、或通過歸屬我們普通股投票權的10%或以上;積累收益以避免美國聯邦所得稅;合夥企業和其他轉嫁實體;以及此類轉嫁實體的投資者）。本討論不涉及任何美國州、地方或非美國稅收後果或任何美國聯邦遺產、贈送或替代最低稅收後果。

如在本討論中所使用的，術語"美國專利"是指美國專利。持有人”是指我們普通股的受益所有者，就美國聯邦所得稅而言，他是（i）個人美國公民或居民;（ii）公司（或就美國聯邦所得稅而言被視爲公司的實體）在美國、其任何州或哥倫比亞特區的法律中或根據其法律創建或組織;（iii）遺產，其收入無論其來源如何，均須繳納美國聯邦所得稅;或（iv）信託（x）其內法院對其適用美國能夠對其行政實施主要監督，一名或多名美國人有權控制其所有實質性決定，或（y）根據適用的美國財政部法規選擇被視爲國內信託美國聯邦所得稅的目的。

如果實體被視爲美國的合夥企業聯邦所得稅目的持有我們的普通股、與投資此類普通股相關的美國聯邦所得稅後果股份將部分取決於該實體和特定合作伙伴的地位和活動。任何此類實體都應諮詢其自己的稅務顧問，了解適用於其及其合作伙伴的購買、擁有和處置我們的普通股。

考慮投資股份的人士應諮詢自己的稅務顧問，了解適用於他們的與購買、所有權和我們普通股的處置，包括美國聯邦、州和地方稅法以及非美國稅法的適用性。

分佈

美國持有者獲得分配就我們的普通股而言，通常需要將此類分配的總額作爲股息計入總收入當實際或建設性地收到美國持有人在我們當前和/或累積收益中按比例所佔的份額時和利潤（根據美國聯邦所得稅原則確定）。如果美國持有者收到的分發不是由於股息超過了美國持有人在我們當前和累計收益和利潤中按比例分配的份額，因此將予以處理首先是免稅資本回報，並降低（但不低於零）美國持有人普通股的調整稅基。如果分配超過美國持有人普通股調整後的稅基，其餘部分將被徵稅作爲資本收益。由於我們可能不會根據美國聯邦所得稅原則覈算我們的收入和利潤，因此美國持有者應該期望所有分配都作爲股息向他們報告。

我們普通股的分配作爲股息處理通常將構成來自美國境外來源的收入，用於外國稅收抵免目的，一般將構成被動類別收入。此類股息一般不符合「已收股息」扣除資格允許公司股東從美國公司收到的股息。合格外國投資者支付的股息某些非公司美國持有人可能有資格按較低的資本利得稅稅率徵稅，而不是按一般適用於普通收入的邊際稅率，前提是持有期要求（超過60天的所有權，於除息日期前60日起計121日期間（並無虧損風險保障）及若干其他滿足要求。建議每位美國持有人就股息降低稅率的可用性諮詢其稅務顧問適應其特定情況。然而，如果我們是支付股息的應稅年度或之前應稅年度的PFIC 年（請參閱上文「PFIC後果」中的討論），我們將不會被視爲合格的外國公司，因此，上述降低的資本利得稅稅率將不適用。

股息將包含在美國持有人的託管人收到股息之日的收入。以開曼群島元支付的任何股息收入金額美元金額將參考收到之日有效匯率計算，無論是否付款實際上是兌換成美元的。如果股息在收到之日兌換成美元，美國持有人不應要求確認股息收入的外幣損益。美國持有人可以持有外幣如果股息在收到日期後轉換爲美元，則爲收益或損失。

非美國公司（公司除外）在支付股息的應稅年度或上一應稅年度被分類爲PFIC的）通常會被考慮就其對可在已建立的公司上隨時交易的普通股支付的任何股息而言，成爲合格的外國公司美國證券市場。

出售、交換或其他處置我們的普通股

美國持有人通常會承認資本就美國聯邦所得稅而言，出售、交換或以其他方式處置我們的普通股時的收益或損失，金額相等實現金額之間的差異（如果有的話）（即，現金數額加上收到的任何財產的公平市場價值）出售、交換或其他處置，以及美國持有人對普通股的調整後稅收基礎。這種資本收益或損失一般將是長期資本收益，對非公司美國持有人按較低的稅率徵稅，或長期資本損失，如果，在出售、交換或其他處置之日，美國持有人持有普通股超過一年。任何資本非公司美國持有人的收益（非長期資本收益）按普通收入率徵稅。資本的扣除能力損失受到限制。從出售或其他處置我們普通股中確認的任何收益或損失通常爲美國外國稅收抵免目的，來自美國境內來源的損益。

醫療保險稅

某些美國持有人是個人、遺產、收入超過某些門檻的信託基金通常要對其全部或部分淨投資繳納3.8%的稅收入，其中可能包括毛股息收入和處置我們普通股的淨收益。如果您是美國人即個人、遺產或信託，鼓勵您就本Medicare的適用性諮詢稅務顧問您對我們普通股的投資所得稅。

信息報告和備份預扣稅

美國持有人可能需要提交某些美國向IRS報告有關我們普通股投資的回報的信息，包括IRS表格等 8938（指定境外金融資產表）。作爲PFIC股東的每位美國持有人都必須提交一份年度報告，其中包含某些信息。爲我們的普通股支付超過100，000美元的美國持有人可能需要提交IRS表格926（通過報稅美國財產轉讓給外國公司）報告這筆付款。美國持有者可能會受到巨額處罰未遵守所需的信息報告。

出售或其他所得的股息和收益我們的普通股的處置可能會向IRS報告，除非美國持有人建立了豁免的基礎。後備預扣稅如果持有人（i）未能提供準確的美國納稅人身份號碼或其他信息，則可能適用於需要報告的金額建立豁免基礎，或（ii）描述在某些其他類別的人中。然而，美國持有人是公司通常被排除在這些信息報告和備用預扣稅規則之外。⁷

後備預扣稅不是附加稅。根據備用預扣規則預扣的任何金額通常都將被允許作爲美國持有人的退款或抵免美國如果美國持有人及時向國稅局提供所需信息，則承擔聯邦所得稅責任。

美國持有人應諮詢自己的稅務顧問關於後備預扣稅和信息報告規則。

敦促每位有前途的投資者諮詢他、她或自己的稅務顧問根據投資者自己的情況，就股票投資的稅務後果進行說明情節

潛在投資者應諮詢專業人士就根據其國籍國法律購買、持有或出售任何普通股可能產生的稅務後果提供顧問，住所或住所。

承銷

與此產品相關，我們將進入與美國老虎證券公司簽訂承銷協議（「承銷協議」），幾位的代表本次發行中的承銷商（「代表」）。代表可以聘請其他經紀人或經銷商作爲分代理或代表他們與本產品相關的選定經銷商。承銷商已同意向我們購買，並做出堅定承諾基礎是，下面名稱對面列出的普通股數量，按發行價減去規定的承銷折扣計算本招股說明書封面：

⁷

承銷商名稱

數量

普通

股份

美國老虎證券、 Inc.

總

承銷商承諾購買所有如果他們購買任何普通股，則指本招股說明書中提供的普通股。承銷商沒有義務購買超額配股選擇權涵蓋的普通股如下所述。承銷商將發行普通股，但須事先出售，當，作爲，如果發出並接受他們，受批准的法律事項，由他們的律師和其他條件承保協議中所載的其他事項，如承保人收到高級職員的證明和法律意見。承銷商保留撤回、取消或修改向公衆提供的報價以及拒絕全部或部分訂單的權利。在本次發行之前，不存在公開市場對於我們的普通股。普通股的IPO價格將通過我們與代表之間的談判確定。這些談判中需要考慮的因素包括當前市場狀況、我們的財務信息、市場估值我們和代表認爲與我們具有可比性的其他公司的情況，對我們的業務潛力和盈利前景的估計，我們的發展現狀以及其他被認爲相關的因素。本次發行中普通股的IPO價格不必然與我們公司的資產、運營、賬簿價值或其他既定價值標準有任何直接關係。

超額配股權

流動資產

總資產股權

股本借記資本公積其他儲備

留存收益

權益總額

負債租賃負債，非流動銀行借款，非流動

其他應付款項，非流動

應付關聯方款項，非流動

(ii) 可贖回可轉換優先股，非流動

非流動負債

貿易應付款項其他應付款，流動應付稅項

銀行借款，流動

租賃負債，流動

外匯匯率的影響

經營活動引起的變化

總其他變化

截至2024年12月31日截至2024年12月31日（美元）

(b)租賃現金流出總額截至

12月31日，截至

12月31日， MYR

MYRUSD

在融資現金流量內12.資本及儲備

股本及額外實收資本本公司成立於開曼群島法律，2023年8月8日生效。法定股本爲美元

，分爲 普通股美元面值

.截至2023年12月31日，

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RELATED PARTY TRANSACTIONS

A summary of related parties of the Company is as follows:

As used in this 「Related Party Transactions」 section, the term 「the Group」 refers to Agroz Inc. and Agroz Group., collectively. 「Agroz Group」 refers solely to Agroz Group Sdn. Bhd., a Malaysian private limited company, our operating subsidiary.

Set forth below are related party transactions of the Group for the fiscal years ended December 31, 2024, 2023 and 2022, which are identified in accordance with the rules prescribed under Form 20-F.

The related parties of the Company and their relationships to the Company are set forth as follows:

Name of entity or individual		Relationship
Mr. Gerard Kim Meng Lim		Chief Executive Officer

Ms. Khoo Kwai Fun (「Ms Khoo」)		Spouse of Mr. Gerard Kim Meng Lim and became a shareholder of the Company in January 2024

Mr. Au Say Kiat		Close family member of Mr. Gerard Kim Meng Lim and became a shareholder of the Company in February 2024

Isa Wellness Marketing		An entity controlled by a close family member of Mr. Gerard Kim Meng Lim

EPetani Sdn. Bhd.		Significantly influenced by Mr. Gerard Kim Meng Lim* and ceased to be a related party in January 2024**

Isa Farm Sdn. Bhd.		Under common control of Mr. Gerard Kim Meng Lim

Braiven Co., Ltd. (「Braiven」)		Significantly influenced by key management of the Group*

HWG Cash Berhad (「HWG Cash」)		Under common control of Mr. Chun Hoo Lim; HWG Cash ceased to be a shareholder of the Company in January 2024

Agroz Ventures Sdn. Bhd. (「Agroz Ventures」)		Significantly influenced by Agroz Group***

Agroz Vertical Farms Sdn. Bhd. (「Agroz Vertical Farms」)		Significantly influenced by Agroz Group***

Agroz Asia Sdn. Bhd. (「Agroz Asia」)		Under common control of Mr. Gerard Kim Meng Lim

Ahoku Ventures Sdn. Bhd.		Under common control of Mr. Gerard Kim Meng Lim

As used in this 「Related Party Transactions」 section, 「significant influence」 has the meaning set forth in Item 7B of Form 20-F: having the power to participate in the financial and operating policy decisions of the applicable enterprise, but less than control. Shareholders beneficially owning a 10% interest in voting power are by this definition presumed to have significant influence over the applicable entity.

**	In January 2024, Mr. Gerard Kim Meng Lim disposed of his shares in EPetani Sdn. Bhd., and EPetani Sdn. Bhd. is no longer a related party to the Group.

***

Agroz Group’s shareholdings of 19% in each of Agroz Ventures and Agroz Vertical Farms are proxy holdings, with such shares held in trust. While shareholders holding 10% or more of the voting power in an entity are presumed to have a significant influence on the entity under Item 7B of Form 20-F, under International Accounting Standards (「IAS」) 28 and International Financial Reporting Standards (「IFRS」) 9, significant influence requires a holding of 20% or more in voting power. Agroz Group does not possess any Director nomination rights, voting power, or decision-making influence on the Board of Directors of either Agroz Ventures or Agroz Vertical Farms. Although Agroz Group meets the significant influence presumption under Item 7B of Form 20-F, it does not meet the criteria under IAS 28 and IFRS 9 criteria for significant influence. Therefore, Agroz Group does not believe these proxy holdings should be accounted under equity method. These proxy holdings additionally do not meet the criteria of assets under IASB Framework. The Company, through its wholly owned subsidiary, Agroz Group Sdn Bhd, pursuant to agreements with each of these entities, agreed to operate vertical farms owned by Agroz Ventures and Agroz Vertical Farms in return for a share of such vertical farms’ revenue. Such revenue is received by Agroz Group in consideration of the services Agroz Group provides and the license it grants to use its technology. While IFRS 15 Revenue from Contracts with Customers will be applied for the Company’s performance obligations under such agreements (i.e. operating Agroz Ventures and Agroz Vertical Farms’ vertical farms), the transaction price for Agroz Group’s performance obligations is share of revenue on inhouse produced vegetables sales revenue to other parties except Agroz as management fee. There was no management fee earned for the fiscal years ended December 31, 2023 and 2022. During the 2024 Fiscal Year, the management fee earned on vegetable sales revenue is insignificant.

Present and Ongoing Related Party Transactions

(a) CEA vertical farm solution sales to Agroz Ventures

In the 2023 Fiscal Year, Agroz Group sold CEA vertical farm solutions to Agroz Ventures in the aggregate amount of MYR 4,000,000.

(b) CEA vertical farm design and construction services to Agroz Vertical Farms

In the 2024 Fiscal Year, Agroz Group sold CEA vertical farm solutions to Agroz Vertical Farms in the aggregate amount of MYR 1,400,174.

In the 2024 Fiscal Year, Agroz Group purchased fresh produce from Agroz Vertical Farms in the aggregate amount of MYR 4,115,842.

In the 2023 Fiscal Year, Agroz Group purchased fresh produce from Agroz Vertical Farms in the aggregate amount of MYR 886,100.

(d) Purchases of fresh produce from Agroz Ventures

In the 2024 Fiscal Year, Agroz Group purchased fresh produce from Agroz Ventures in the aggregate amount of MYR 274,733.

(e) Purchases of fresh produce from EPetani Sdn. Bhd.

In the 2023 Fiscal Year, Agroz Group purchased fresh produce from EPetani Sdn. Bhd. in the aggregate amount of MYR 48,581.

In the 2022 Fiscal Year, Agroz Group purchased fresh produce from EPetani Sdn. Bhd. in the aggregate amount of MYR 21,721.

(f) Expenses paid by the Group on behalf of Agroz Vertical Farms

During the 2024 Fiscal Year and 2023 Fiscal Year, Agroz Group paid operating expenses amounting to MYR 818,196 and MYR 1,571,296, respectively, on behalf of Agroz Vertical Farms. These operating expenses include wages, rental and other miscellaneous expenses. These expenses were deemed to be expenses paid on behalf by the Group, as these expenses are in substance to be incurred by Agroz Vertical Farms, as it is relating to farm operations, pursuant to the licensing, operations and management agreement. Agroz Group does not receive any benefits for these payment on behalf.

As Agroz Group also purchase fresh produce from Agroz Vertical Farms, there is mutual agreement between both parties where balances will be settled at net basis unless otherwise stated.

(g) Expenses paid by the Group on behalf of Agroz Ventures

In the 2024 Fiscal Year, Agroz Group paid expenses amounting to MYR 751,695 on behalf of Agroz Ventures. Agroz Ventures repaid Agroz Group MYR 3,021,580 during the 2024 Fiscal Year. Agroz Group does not receive any benefits for these payment on behalf.

As Agroz Group also purchased fresh produce from Agroz Ventures, there is mutual agreement between both parties where balances will be settled at net basis unless otherwise stated.

In the 2023 Fiscal Year, Agroz Group paid expenses amounting to MYR 19,000 on behalf of Agroz Ventures.

In the 2022 Fiscal Year, Agroz Group paid expenses amounting to MYR 2,580 on behalf of Agroz Ventures.

(h) Fresh vegetable sales to EPetani Sdn. Bhd.

In the 2023 Fiscal Year, Agroz Group sold vegetables to EPetani Sdn. Bhd. in the aggregate amount of MYR 1,145,443.

In January 2024, Mr. Gerard Kim Meng Lim disposed of his shares in EPetani Sdn. Bhd. and EPetani Sdn. Bhd. no longer a related party to the Group.

In the 2022 Fiscal Year, Agroz Group sold vegetables to EPetani Sdn. Bhd. in the aggregate amount of MYR 344,898.

(i) Fresh vegetable sales to Isa Wellness Marketing

In the 2024 Fiscal Year and 2023 Fiscal Year, Agroz Group sold fresh vegetables to Isa Wellness Marketing in the aggregate amount of MYR 32,841 and MYR 322,776, respectively.

In the 2022 Fiscal Year, Agroz Group sold fresh vegetables to Isa Wellness Marketing in the aggregate amount of MYR 223,574.

(j) Expenses paid on behalf of the Group by Mr. Gerard Kim Meng Lim

During the 2024 Fiscal Year and 2023 Fiscal Year, Mr. Lim paid for, on the Group’s behalf, certain operating expenses of Agroz Group amounted to MYR 240 and MYR 350,927, respectively. The Group repaid Mr. Lim MYR 53,280 and MYR 339,333 during the 2024 Fiscal Year and 2023 Fiscal Year, respectively.

In the 2022 Fiscal Year, Mr. Lim paid for, on the Group’s behalf, certain expenses of Agroz Group amounted to MYR 1,043,389. These operating expenses include construction costs and other miscellaneous expenses. The Group repaid Mr. Lim MYR 981,148 in the 2022 Fiscal Year.

(k) Expenses paid on behalf of the Group by Ms. Khoo Kwai Fun

During the 2024 Fiscal Year and 2023 Fiscal Year, Ms. Khoo paid for, on the Group’s behalf, certain expenses of Agroz Group amounted to MYR 120,637 and MYR 110,289 respectively. The Group repaid Ms. Khoo MYR 105,028 and MYR 257,749 during the 2024 Fiscal Year and 2023 Fiscal Year, respectively.

In the 2022 Fiscal Year, Ms. Khoo paid for, on the Group’s behalf, certain expenses of Agroz Group amounting to MYR 67,797.

(l) Loan from HWG Cash

On May 1, 2023, Agroz Group entered into a loan agreement with HWG Cash Berhad, a Malaysian public company limited by shares (「HWG Cash,」 and such loan agreement, the 「HWG Cash Loan Agreement」). Pursuant to the HWG Cash Loan, Agroz Group borrowed MYR 1,363,000 from HWG Cash, at an interest rate of two percent (2%) per annum and a maturity date of 24 months, or on such other extended date mutually agreed upon by Agroz Group and HWG Cash. The HWG Cash Loan Agreement is filed herein as Exhibit 10.13.

(m) Expenses paid on behalf of the Group by HWG Cash

In the 2023 Fiscal Year, HWG Cash paid for, on the Group’s behalf, certain operating expenses totaling MYR 1,178,275. These operating expenses were for pre-initial public offering costs.

(n) Software development services provided to Agroz Group

In the 2023 Fiscal Year, Braiven provided software development services to Agroz Group pursuant to the Software Development Agreement with Braiven dated January 18, 2023 (the 「Braiven Software Development Agreement」) entered into between Braiven and Agroz Group, for which Braiven invoiced Agroz Group $300,000, and Agroz Group paid $138,697 during the 2023 Fiscal Year, and the remaining balance was fully paid on February 29, 2024. On January 18, 2024, Braiven issued Agroz Group a final invoice of $200,000 of which Agroz Group paid in full on April 28, 2024. Pursuant to the terms of the Braiven Software Development Agreement, Braiven agreed to develop an IoT management platform, a video management platform, and data visualization platform for Agroz Group and to establish a backend Infrastructure for Agroz Group’s operations of sensors and cameras. Braiven also agreed to provide training and support as well as documentation to Agroz Group in connection with these services. The scope of the services specified in the Braiven Software Development Agreement are subject to modification by the parties by mutual agreement. All intellectual property rights in the Software developed under this Agreement shall be owned by Agroz Group and there will be no license granted to Braiven to use the software. As consideration for Braiven’s services under the Braiven Software Development Agreement, Agroz Group agreed to pay an aggregate of $500,000 to Braiven as follows: (i) 30% of such aggregate amount to be payable upon the execution of the Braiven Software Development Agreement, (ii) 30% of such aggregate amount to be payable upon the completion and ready for User Acceptance Test, and (iii) 40% of such aggregate amount payable upon Braiven’s final delivery of and Agroz Group’s acceptance of the software platforms identified in this paragraph. The Braiven Software Development Agreement is filed herein as Exhibit 10.10 and the Supplementary Agreement to the Braiven Software Development Agreement dated January 18, 2023 is filed herein as Exhibit 10.14, which clarified that there will be no license granted from Agroz Group to Braiven under such agreement. As of the date of this prospectus, Agroz Group has fully remitted all of these three milestone payments. Agroz Group does not face any material foreign exchange rates pursuant to the Braiven Software Development Agreement because payments to Braiven are made to a bank account that holds funds in U.S. dollars.

In the 2024 Fiscal Year, Braiven provided AI platform and copilot testing services to Agroz Group pursuant to the IT Service Agreement with Braiven dated January 1, 2024 (the 「Braiven IT Services Agreement」) entered into between Braiven and Agroz Group. In consideration for Braiven’s services under the Braiven IT Services Agreement, Agroz Group agreed to pay Braiven a monthly fee of $9,000. Braiven may adjust such monthly fees upon 60 days’ written notice to Agroz Group. The services specified in the Braiven IT Services Agreement commenced on January 8, 2024, for an initial term of twelve (12) months and will automatically renew for successive twelve (12) month terms unless terminated by either party in accordance with the termination provisions therein, which provide that either party may terminate the Braiven IT Services Agreement by (i) providing sixty (60) days’ written notice prior to the end of the current term; or (ii) upon material breach by either party which remains uncured for thirty (30) days after written notice. The Braiven IT Services Agreement is filed herein as Exhibit 10.16.

Braiven further provided additional AI and software development services to Agroz Group pursuant to the Software Development Agreement with Braiven dated April 15, 2024 (the 「Second Braiven Services Agreement」) between Agroz Group and Braiven. Pursuant to the terms of the Second Braiven Services Agreement, Braiven agreed to design and develop a robotics AI platform for Agroz Group. The value of such services under the Second Braiven Services Agreement was $4,000,000 to be paid as follows: (i) 35% of such aggregate amount to be payable upon the execution of the Second Braiven Services Agreement, (ii) 30% of such aggregate amount to be payable upon the completion and ready for the user acceptance test described in the Second Braiven Services Agreement, and (iii) 35% of such aggregate amount payable upon Braiven’s final delivery and Agroz Group’s acceptance of the robotics AI software platform which the Company anticipates to integrate into Agroz Copilot. All intellectual property rights in the Software developed under this Agreement shall be owned by Agroz Group and there will be no license granted to Braiven to use the software. The Second Braiven Services Agreement is filed herein as Exhibit 10.11 and the Supplementary Agreement to the Second Braiven Services Agreement is filed herein as Exhibit 10.15. On July 5, 2024, the parties renegotiated the payment terms of the Second Braiven Services Agreement to restructure the timeline for the milestone payments set forth in this paragraph. Such renegotiated payment terms now include payments due to Braiven on certain monthly intervals following the execution of the Second Braiven Services Agreements instead of actual accomplishment of the second and third milestones set forth in the Second Braiven Services Agreement. Additionally, the amount payable upon the execution of the Second Braiven Services Agreement was set to be an amount of $1,400,000, Agroz Group paid $1,048,508 in the 2024 Fiscal Year. Such renegotiated payment terms are memorialized in that certain Re-Negotiated Payment Terms for Robotics AI Operating System Development Agreement between Agroz Group and Braiven and filed herein as Exhibit 10.12. On October 26, 2024, Agroz Group paid 33.33% of Payment Milestone 1 under the Re-Negotiated Payment Terms. In addition to this outstanding balance, a total of $2,600,000 will be due to Braiven in increments at time points following the execution date of the Second Braiven Services Agreement, as agreed to between the parties. Agroz Group does not face any material foreign exchange rates pursuant to the Second Braiven Services Agreement because payments to Braiven are made to a bank account that holds funds in U.S. dollars.

The Company determines pricing and supply with both related and non-related parties based on a willing buyer, willing seller basis. To the best of the Company’s knowledge, past related party transactions were not entered into on more favorable terms than terms in non-related party transactions. Please see the 「Risk Factor」 section for a more detailed discussion of risks related to our related party transactions. Disputes with related parties, if they arise, will be resolved through direct negotiations with the Company and such related parties. As of the end of the 2023 Fiscal Year and as of the end of the 2024 Fiscal Year, the Company had no disputes with its related parties.

Policies and Procedures for Related-Party Transactions

The audit committee of the Board, will play a crucial role in overseeing related party transactions. The audit committee will review and approve all of our related party transactions occurring after listing on the Nasdaq. We anticipate following the below process following the Nasdaq listing:

1)	Identification and Proposal: Management will identify any potential related party transactions and prepare a detailed proposal that includes:

The nature of the relationship with the related party.

A full description of the proposed transaction, including its purpose.

The terms of the transaction, including pricing, payment terms, and any other relevant conditions.

An analysis demonstrating that the transaction is fair and reasonable to the Company, and how it compares to terms that would be available in a transaction with an unrelated third party.

Supporting documentation, such as valuations, appraisals, or market data, as appropriate.

2)	Negotiation: if applicable, management will negotiate the terms of the proposed transaction with the related party. This negotiation will be conducted with the same level of objectivity and arm’s length standards as would be applied to a transaction with an unrelated party.

Audit Committee Review and Approval: after any applicable negotiations with the related party, management will submit its related party proposal and all supporting documentation to the audit committee for review and approval. The Audit Committee will independently assess the transaction, considering factors such as:

The necessity of the transaction for the Company.

The fairness of the terms, including pricing and other conditions.

The potential impact of the transaction on the Company’s financial position and results of operations.

Compliance with applicable laws, regulations, and accounting standards.

4)	Approval and Documentation: If the audit committee is satisfied that the related party transaction is in the best interests of the Company, it will provide formal approval.

All related party transactions will be documented thoroughly, including the rationale for the transaction, the approval process, and the key terms and conditions.

The audit committee will review all related party transactions on an ongoing basis to ensure that such transactions continue to be fair and reasonable.

PRINCIPAL SHAREHOLDERS

The following table sets forth information regarding the beneficial ownership of our outstanding shares as of the date of this prospectus by our officers, directors, and 5% or greater beneficial owners of outstanding shares. There is no other person or group of affiliated persons known by us to beneficially own more than 5% of our outstanding shares. The following table assumes that none of our officers, directors or 5% or greater beneficial owners of our outstanding shares will purchase Shares in this Offering. In addition, the following table assumes that the Over-Allotment Option has not been exercised. Holders of our Ordinary Shares are entitled to one (1) vote per share and vote on all matters submitted to a vote of our shareholders, except as may otherwise be required by law.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially owned by him, subject to applicable community property laws.

	Shares beneficially owned prior to this Offering					Shares beneficially held immediately after this Offering
Name of Beneficial Owner	Number of Shares		Approximate percentage of outstanding Shares in Class			Number of Shares		Approximate percentage of Outstanding Shares in Class
Ordinary Shares
Directors, director nominees, and executive officers
Gerard Kim Meng Lim⁽¹⁾		6,170,606		30.21	%		6,170,606		28.47	%
Chun Hoo Lim ⁽¹⁾		2,571,809		12.59	%		2,571,809		11.87	%

5% or greater shareholders
Gerard Kim Meng Lim⁽¹⁾		6,170,606		30.21	%		6,170,606		28.47	%
Chun Hoo Lim ⁽¹⁾		2,571,809		12.59	%		2,571,809		11.87	%
Kay Yen Tan ⁽¹⁾		1,296,302		6.35	%		1,296,302		5.98	%
Say Kiat Au ⁽¹⁾		1,098,900		5.38	%		1,098,900		5.07	%

Redeemable Convertible Preference Shares
5% or greater shareholders

Kim Hong Oh ⁽¹⁾		80,000		8.89	%		80,000		8.89	%
OLC Commercial Broker Pte Ltd ⁽¹⁾		200,000		22.22	%		200,000		22.22	%
Muhammad Arshad Chaudhry ⁽¹⁾		100,000		11.11	%		100,000		11.11	%
Choon Tham How ⁽¹⁾		100,000		11.11	%		100,000		11.11	%
Rashid Aleem Qureshi ⁽¹⁾		80,000		8.89	%		80,000		8.89	%
Tuck Heng Lee ⁽¹⁾		60,000		6.67	%		60,000		6.67	%

⁽¹⁾	c/o Agroz Inc., No. 2, Lorong Teknologi 3/4A, Taman Sains Selangor, Kota Damansara, 47810 Petaling Jaya, Selangor, Malaysia.

DESCRIPTION OF SHARE CAPITAL

The following description of our securities is only a summary and is qualified in its entirety by reference to the actual terms and provisions of our share capital contained in our Memorandum and Articles of Association, which copies are filed as exhibits to the registration statement, of which this prospectus is a part.

As of the date of this prospectus, our authorized share capital is USD11,500.00, divided into 115,000,000 shares, par value US$0.0001 each, of which 100,000,000 shares are designated as Ordinary Shares and 15,000,000 shares are designated as RCPS.

As of the date immediately prior to this Offering, 20,423,485 Ordinary Shares of par value US$0.0001 per share were issued, fully paid and outstanding. Upon completion of this Offering, we will have 21,673,485 Ordinary Shares issued and outstanding, assuming the Underwriters do not elect to exercise their option to purchase additional Ordinary Shares from us and no RCPS holders exercise their rights to convert their RCPS into Ordinary Shares (detailed below).

As of the date immediately prior to this Offering, 899,920 RCPS are issued and outstanding. Upon completion of this Offering, we will have 899,920 RCPS issued and outstanding, assuming no RCPS holders exercise their conversion rights.

The following description of our share capital and provisions of our Memorandum and Articles of association, as in effect as of the date of this prospectus, are summaries and do not purport to be complete.

Ordinary Shares

General

All of our outstanding Ordinary Shares are fully paid and non-assessable. Our Ordinary Shares are issued in registered form, and are issued when registered in our register of members.

Subject to the provisions of the Companies Act and our Memorandum and Articles of Association regarding redemption and purchase of the shares, the Board of Directors has general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over or otherwise deal with any unissued shares to such persons, at such times and on such terms and conditions as they may decide. The Board of Directors may deal with unissued shares either at a premium or at par, or with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise. No share may be issued at a discount except in accordance with the provisions of the Companies Act. The directors may refuse to accept any application for shares and may accept any application in whole or in part, for any reason or for no reason.

Register of Members

Under the Companies Act, we must KEEP a register of members (i.e., shareholders) that includes:

●

the names and addresses of the members, a statement of the shares held by each member, and the amount paid or agreed to be considered as paid, on the shares of each member, the number and category of shares held by each member, whether each relevant category of shares held by a member carries voting rights under the Memorandum and Articles, and if so, whether such voting rights are conditional;

	●	the date on which the name of any person was entered on the register as a member; and

	●	the date on which any person ceased to be a member.

Under Cayman Islands law, the register of members is prima facie evidence of the matters set out therein (i.e., the register of members will raise a presumption of fact on the matters referred to above unless rebutted) and a shareholder registered in the register of members is deemed as a matter of Cayman Islands law to have prima facie legal title to the shares as set against its name in the register of members. Upon the closing of the Offering, the register of members will be immediately updated to record and give effect to the issue of Ordinary Shares. Once the register of members has been updated, the shareholders recorded in the register of members should be deemed to have legal title to the shares set against their name.

Dividends

Subject to the provisions of the Companies Act and any rights attaching to any class or classes of shares under and in accordance with the Memorandum and Articles of Association, the directors may declare dividends or distributions out of our funds which are lawfully available for that purpose. No dividends may be paid on or declared for any Ordinary Shares during or in respect of any financial year until all cumulative dividends with respect to the RCPS have been declared and paid in full.

Unless provided by the rights attached to a share, no dividend shall bear interest.

Voting Rights

In respect of all matters subject to a shareholders’ vote, each Ordinary Share is entitled to one vote. Voting at any meeting of shareholders may be by poll.

An ordinary resolution to be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the Ordinary Shares cast by those shareholders entitled to vote who are present in person or by proxy at a general meeting, while a special resolution also requires the affirmative vote of no less than two-thirds of the votes attaching to the Ordinary Shares cast by those shareholders entitled to vote who are present in person or by proxy at a general meeting. A special resolution will be required for certain important matters such as a change of name or making changes to the Memorandum and Articles of Association.

Transfer of Ordinary Shares

Subject to any applicable requirements set forth in the Memorandum and Articles of Association and provided that a transfer of Ordinary Shares complies with applicable rules of the Nasdaq Capital Market, a shareholder may transfer Ordinary Shares to another person by completing an instrument of transfer in a common form or in a form prescribed by Nasdaq or in any other form approved by the Board of Directors, executed:

	●	where the Ordinary Shares are fully paid, by or on behalf of that shareholder; and

	●	where the Ordinary Shares are partly paid, by or on behalf of that shareholder and the transferee.

The transferor shall be deemed to remain the holder of an Ordinary Share until the name of the transferee is entered into our register of members.

Where the Ordinary Shares in question are not listed on or subject to the rules of the Nasdaq Capital Market, our Board of Directors may, in its absolute discretion, decline to register any transfer of any Ordinary Share that has not been fully paid up or is subject to a company lien. Our Board of Directors may also decline to register any transfer of such Ordinary Share unless:

	●	the instrument of transfer is lodged with us, accompanied by the certificate for the Ordinary Shares to which it relates and such other evidence as our Board of Directors may reasonably require to show the right of the transferor to make the transfer;

	●	the instrument of transfer is in respect of only one class of Ordinary Shares;

	●	the instrument of transfer is properly stamped, if required;

	●	the Ordinary Share transferred is fully paid and free of any lien in favor of us; and

	●	any fee related to the transfer has been paid to us.

If our Board of Directors refuses to register a transfer, they are required, within two (2) months after the date on which the instrument of transfer was lodged, to send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may be suspended at such time and for such periods as the Board of Directors may from time to time determine, provided always that such registration will not be suspended, and the register may not be closed, for more than 45 days in any year.

Procedures on Liquidation

Upon liquidation, dissolution, winding up (other than a solvent reconstruction, amalgamation, reorganization, merger or consolidation whereby all of our business, undertakings and assets are transferred to a successor entity which assumes all of our obligations under the RCPS) or other repayment of capital (other than on redemption), the RCPS holders have a liquidation preference over the other share class holders. In such event, our surplus assets remaining after payment and discharge of all debts and liabilities and the cost of winding up will first be allocated to pay the holders of the RCPS on a pari passu basis a sum equivalent to any dividend declared but unpaid on the RCPS, then to the RCPS holders on a pari passu basis, the RCPS Subscription Price, then to holders of Ordinary Shares on a pari passu basis as between themselves, a sum equal to any arrears of dividend due on the Ordinary Shares, whether or not the Company has sufficient distributable reserves, then the balance of the assets shall belong to and be distributed among the holders of any class of shares in the capital of the Company other than the holders of RCPS in accordance with the respective rights attaching thereto.

Redeemable Convertible Preference Shares

All of our outstanding RCPS are fully paid and non-assessable. Our RCPS are issued in registered form, and are issued when registered in our register of members. Unless the Board of Directors determine otherwise, each holder of our RCPS will not receive a certificate in respect of such RCPS. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their RCPS. We may not issue shares to bearer.

Subject to the provisions of the Companies Act and the Memorandum and Articles of Association regarding redemption and purchase of the RCPS, the Board of Directors has general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over or otherwise deal with any unissued RCPS to such persons, at such times and on such terms and conditions as they may decide. The Board of Directors may deal with unissued shares either at a premium or at par, or with or without preferred, deferred or other special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise. No share may be issued at a discount except in accordance with the provisions of the Companies Act. The directors may refuse to accept any application for shares and may accept any application in whole or in part, for any reason or for no reason.

Dividends

The holders of RCPS are entitled to receive dividends out of any assets legally available therefore, prior and in preference to any declaration or payment of any dividend payable on the Ordinary Shares, at the applicable Dividend Rate (as defined below), payable when and if declared by the Board of Directors. Such dividends are cumulative and payable on the anniversary of the issue date of the RCPS.

「Dividend Rate」 means 10% per annum of the RCPS Subscription Price (as defined below) for each RCPS held by such holder (as adjusted for any share splits, share dividends, combinations, subdivisions, recapitalizations or the like with respect to the RCPS).

「RCPS Subscription Price」 means USD 2.50.

Conversion Rights

At the option and right of the RCPS shareholder and subject to the Memorandum and Articles of Association, on giving seven (7) business days’ written notice to us, such shareholder may convert one (1) RCPS into one (1) Ordinary Share on or before the second anniversary of the issuance date of the RCPS (the 「Maturity Date」). No further consideration is payable for such conversion. The conversion ratio will be adjusted for any share splits, share dividends, combinations, subdivisions, recapitalizations or the like with respect to such RCPS. The right of the RCPS shareholder to convert his, her, or its shares is subject to the approval of the Board of Directors.

Redemption Rights

At our option, each RCPS is redeemable in whole or in part at the RCPS Subscription Price (or the prorated amount in the case of redemption of a fraction of an RCPS), at any time after the RCPS share issuance date, by way of written notice or as otherwise specified by the Board of Directors from time to time, following which we shall pay the redemption proceeds to the RCPS shareholder within 14 business days from the date of our issuance of the written notice. All RCPS which are outstanding as of the Maturity Date and have not been converted into Ordinary Shares will be fully redeemed by us at the RCPS Subscription Price per RCPS.

Voting Rights

The RCPS holders do not have any voting rights.

Rights to Information

The RCPS holders are not entitled to receive notices of meetings or otherwise from us, nor reports or audited accounts.

Transfer of the RCPS

The RCPS are not transferable except with the written consent of the Board of Directors and subject to applicable securities laws and the Memorandum and Articles of Association.

Variations of Rights of Shares

Whenever our capital is divided into different classes of shares, the rights attaching to any class of share (unless otherwise provided by the terms of issue of the shares of that class) may be varied either with the consent in writing of the holders of not less than three-fourths of the issued shares of that class, or with the sanction of a special resolution passed by a majority of not less than three-fourths of the holders of shares of the class passed at a general meeting of the shares of that class.

Unless the terms on which a class of shares was issued state otherwise, the rights conferred on the shareholder holding shares of any class shall not be deemed to be varied by the creation or issue of further shares ranking pari passu with the existing shares of that class.

General Meetings of Shareholders

As a Cayman Islands exempted company, we are not obligated by the Companies Act to call shareholders’ annual general meetings; accordingly, we may, but shall not be obliged to, in each year hold a general meeting as an annual general meeting. Any annual general meeting held shall be held at such time and place as may be determined by our Board of Directors. All general meetings other than annual general meetings shall be called extraordinary general meetings.

The Board of Directors may convene general meetings whenever it thinks fit. General meetings shall also be convened on the written requisition of one or more of the shareholders entitled to attend and vote at our general meetings who (together) hold not less than ten percent of the rights to vote at such general meeting in accordance with the notice provisions in the Memorandum and Articles of Association, specifying the purpose of the meeting and signed by each of the shareholders making the requisition. If the directors do not convene such meeting within 21 days from the date of receipt of the written requisition, those shareholders or those who represent more than one-half of the total voting rights of all such shareholders may themselves convene a general meeting themselves within three months after the end of such period of 21 days. At least five (5) clear days’ notice shall be given for an annual general meeting or any other general meeting.

A quorum, for the purposes of varying the rights of shareholders, shall consist of the presence (whether in person or represented by proxy) of one or more shareholders holding shares that represent not less than one-third of the outstanding shares carrying the right to vote at such general meeting.

No business shall be transacted at any general meeting unless a quorum of shareholders is present at the time when the meeting proceeds to business. Two shareholders present in person or by proxy shall be a quorum, provided always that if the Company has one member of record, the quorum shall be that one shareholder present in person or by proxy. If, within half an hour from the time appointed for the general meeting, or at any time during the meeting, if convened upon the requisition of shareholders, a quorum is not present, such meeting will be dissolved and in any other case stand adjourned to the same day in the next week at the same time and place or to such other time or such other place as the Board of Directors may determine. If at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting, the shareholders present at such meeting will constitute a quorum.

The Chairman, if any, of the Board of Directors, shall preside as Chairman at every general meeting, or if there is no such Chairman, or if he or she is not present within 15 minutes after the time appointed for the holding of the meeting, or is unwilling to act, the directors present shall elect one of their number to be Chairman of the meeting. The Chairman may adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands, unless a poll is (before, or on, the declaration of the result of the show of hands) demanded by Chairman or any other shareholder present in person or by proxy. Unless a poll be so demanded, a declaration by the Chairman that a resolution has on a show of hands been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in the Company’s minute book containing the minutes of the proceedings of the meeting, shall be conclusive evidence of that fact without proof of the number or proportion of the votes recorded in favor of or against such resolution.

If a poll is duly demanded, it shall be taken in such manner as the Chairman directs and the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.

In the case of an equality of votes, whether on a show of hands or on a poll, the Chairman of the general meeting at which the show of hands takes place or at which the poll is demanded, shall not be entitled to a second or casting vote.

Inspection of Books and Records

Our shareholders will have no general right to inspect or obtain copies of the register of members or corporate records of our Company unless conferred by statute or authorized by the Board of Directors or the Company at a general meeting.

Certain Cayman Islands Company Considerations

Exempted Company

We are incorporated as an exempted company with limited liability under the Companies Act. A Cayman Islands exempted company:

	●	is a company that conducts its business mainly outside the Cayman Islands;

	●	is prohibited from trading in the Cayman Islands with any person, firm or corporation except in furtherance of the business of the exempted company carried on outside the Cayman Islands (and for this purpose CAN effect and conclude contracts in the Cayman Islands and exercise in the Cayman Islands all of its powers necessary for the carrying on of its business outside the Cayman Islands);

	●	does not have to hold an annual general meeting;

	●	does not have to make its register of members open to inspection by shareholders of that company

	●	may obtain an undertaking against the imposition of any future taxation;

	●	may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

	●	may register as an exempted limited duration company; and

	●	may register as a segregated portfolio company.

「Limited liability」 means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company it holds.

Differences in Corporate Law

The Companies Act is derived, to a large extent, from the Companies Acts of England and Wales but does not follow recent statutory enactments in the United Kingdom, and accordingly there are significant differences between the Companies Act and the current Companies Act of the United Kingdom. In addition, the Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the significant differences between certain provisions of the Companies Act applicable to us and the laws in respect of the same subject matter applicable to companies incorporated in the State of Delaware.

This discussion does not purport to be a complete statement of the rights of holders of the Ordinary Shares under applicable law in the Cayman Islands or the rights of holders of the common stock of a typical corporation under applicable Delaware law.

Mergers and Similar Arrangements

The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies provided that the laws of the foreign jurisdiction permit such merger or consolidation. For these purposes, (a) 「merger」 means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a 「consolidation」 means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company’s articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the shareholders and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders. For this purpose a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by the parent company.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Except in certain limited circumstances, a dissenting shareholder of a Cayman constituent company is entitled to payment of the fair value of his or her shares upon dissenting to a merger or consolidation. The exercise of such dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, except for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

In addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the scheme of arrangement is approved by seventy-five percent (75%) in value of the shareholders or class of shareholders, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the court CAN be expected to approve the arrangement if it determines that:

	●	the statutory provisions as to the required majority vote have been met;

	●	the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

	●	the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

	●	the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

When a takeover offer is made and accepted by holders of 90% of the shares affected within four months of the offer, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection CAN be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction is thus approved, or if a takeover offer is made and accepted, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

Shareholders’ Suits

In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company and as a general rule, a derivative action may not be brought by a minority shareholder. However, based on English law authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court CAN be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to bring an action on behalf of the Company (i.e. a derivative action) if it CAN demonstrate a prima facie case and the act complained of:

	●	exceeds the powers of the Company or is illegal;

	●	constitutes a 「fraud on the minority」 (which, in most cases, will involve expropriation of the Company’s assets by the majority shareholders);

	●	is an irregularity in the passing of a resolution that requires a special majority; or

	●	infringes on an individual shareholder’s personal rights, such as the right to vote or preemption rights.

Indemnification of Directors and Executive Officers and Limitation of Liability

Cayman Islands law does not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime, or against the indemnified person’s actual fraud or willful default. Our Memorandum and Articles of Association provide to the extent permitted by Cayman Islands law, we shall indemnify each existing or former secretary, director (including alternate director), and any of our other officers (including an investment adviser or an administrator or liquidator) and their personal representatives against (a) all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge of the existing or former director (including alternate director), secretary’s or officer’s duties, powers, authorities or discretions; and (b) without limitation to paragraph (a) above, all costs, expenses, losses or liabilities incurred by the existing or former director (including alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether in the Cayman Islands or elsewhere.

No such existing or former director (including alternate director), Secretary or officer, however, shall be indemnified in respect of any matter arising out of their actual fraud or willful default.

To the extent permitted by law, we may make a payment, or agree to make a payment, whether by way of advance, loan or otherwise, for any legal costs incurred by an existing or former director (including alternate director), secretary or any of our officers in respect of any matter identified in above on condition that the director (including alternate director), secretary or officer must repay the amount paid by us to the extent that it is ultimately found not liable to indemnify the director (including alternate director), the secretary or that officer for those legal costs.

This standard of conduct is generally the same as permitted under the DGCL for a Delaware corporation. In addition, we intend to enter into indemnification agreements with our directors and senior executive officers that will provide such persons with additional indemnification beyond that provided in our Memorandum and Articles of Association. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

Directors’ Fiduciary Duties

Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

The duties of a director of a Cayman Islands company primarily derive from three main sources: (i) the memorandum and articles of association of the company; (ii) common law; and (iii) statute. Under common law, directors of a Cayman Islands company owe the following fiduciary duties to the company (a) a duty to act honestly and in good faith in what the director considers to be in the best interests of the company, (b) a duty to exercise their powers for the purposes they were conferred and not for a collateral or improper purpose, (c) a duty to avoid fettering his or her discretion in the future and (d) a duty to avoid conflicts of interest and of duty. The other set of duties owed by a director under the common law are those of care, diligence and skill. We have the right to seek damages where certain duties owed by any of our directors are breached.

Shareholder Action by Written Consent

Under the DGCL, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. The Companies Act allows a special resolution (as defined in the Companies Act) to be passed in writing if signed by all the voting shareholders (if authorized by the memorandum and articles of association).

Shareholder Proposals

Under the DGCL, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act does not provide shareholders with rights to requisition a general meeting nor any right to put any proposal before a general meeting. However, these rights may be provided in a company’s articles of association. Our Memorandum and Articles of Association allow any one or more of our shareholders who together hold shares which carry in aggregate at least ten (10) per cent of the paid up capital of our Company having the right of voting at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders’ meeting, our Memorandum and Articles of Association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders’ annual general meetings, although we are required to do so by the rules of the Nasdaq.

Cumulative Voting

Under the DGCL, cumulative voting for elections of directors is not permitted unless the corporation’s certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder’s voting power with respect to electing such director. As permitted under Cayman Islands law, our Memorandum and Articles of Association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

Removal of Directors

Under the Delaware General Corporation Law (「DGCL」), a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Memorandum and Articles of Association, directors may be removed by an ordinary resolution of our shareholders. In addition, a director’s office shall be vacated automatically if the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his or her office by notice in writing to the company; (iv) without special leave of absence from our Board of Directors, is absent from meetings of our Board of Directors for a continuous period of six months, or (v) is removed from office pursuant to any other provisions of our Memorandum and Articles of Association.

Transactions with Interested Shareholders

The DGCL contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an 「interested shareholder」 for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target’s outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target company’s board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.

Dissolution; Winding Up

Under the DGCL, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation’s outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under the Companies Act, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so. Under the Companies Act and our Memorandum and Articles of Association, our Company may be dissolved, liquidated or wound up by a special resolution of our shareholders.

Variation of Rights of Shares

Under the DGCL, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our Memorandum and Articles of Association, if our share capital is divided into more than one class of shares, we may vary the rights attached to any class with the written consent of the holders of not less than three-fourths of the issued shares of that class, or with the sanction of a special resolution passed at a general meeting of the holders of the shares of that class.

Amendment of Governing Documents

Under the Delaware General Corporation Act, a corporation’s governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman Islands law, our Memorandum and Articles of Association may only be amended by a special resolution of our shareholders.

Rights of Non-Resident or Foreign Shareholders

There are no limitations imposed by our Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares.

Anti-money Laundering — Cayman Islands

In order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money laundering procedures and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person.

We reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases the directors may be satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (Revised) of the Cayman Islands, as amended and revised from time to time (the 「Regulations」). Depending on the circumstances of each application, a detailed verification of identity might not be required where:

	●	the subscriber makes the payment for their investment from an account held in the subscriber’s name at a recognized financial institution; or

	●	the subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed under the law of, a recognized jurisdiction; or

	●	the application is made through an intermediary which is regulated by a recognized regulatory authority and is based in or incorporated in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the procedures undertaken on the underlying investors.

For the purposes of these exceptions, recognition of a financial institution, regulatory authority, or jurisdiction will be determined in accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent anti-money laundering regulations.

In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited.

We also reserve the right to refuse to make any redemption payment to a shareholder if our directors or officers suspect or are advised that the payment of redemption proceeds to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in any applicable jurisdiction.

If any person resident in the Cayman Islands knows or suspects or has reason for knowing or suspecting that another person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of their business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) a nominated officer (appointed in accordance with the Proceeds of Crime Act (Revised) of the Cayman Islands) or the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised), if the disclosure relates to criminal conduct or money laundering or (ii) to a police constable or a nominated officer (pursuant to the Terrorism Act (Revised) of the Cayman Islands) or the Financial Reporting Authority, pursuant to the Terrorism Act (Revised), if the disclosure relates to involvement with terrorism or terrorist financing and terrorist property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

Data Protection in the Cayman Islands — Privacy Notice

This privacy notice explains the manner in which we collect, process, and maintain personal data about our investors pursuant to the Data Protection Act (Revised) of the Cayman Islands, as amended from time to time and any regulations, codes of practice, or orders promulgated pursuant thereto (the “DPA”).

We are committed to processing personal data in accordance with the DPA. In our use of personal data, we will be characterized under the DPA as a 「data controller,」 whilst certain of our service providers, affiliates, and delegates may act as 「data processors」 under the DPA. These service providers may process personal information for their own lawful purposes in connection with services provided to us.

By virtue of your investment in our Company, we and certain of our service providers may collect, record, store, transfer, and otherwise process personal data by which individuals may be directly or indirectly identified.

Your personal data will be processed fairly and for lawful purposes, including (a) where the processing is necessary for us to perform a contract to which you are a party or for taking pre-contractual steps at your request, (b) where the processing is necessary for compliance with any legal, tax, or regulatory obligation to which we are subject, or (c) where the processing is for the purposes of legitimate interests pursued by us or by a service provider to whom the data are disclosed. As a data controller, we will only use your personal data for the purposes for which we collected it. If we need to use your personal data for an unrelated purpose, we will contact you.

We anticipate that we will share your personal data with our service providers for the purposes set out in this privacy notice. We may also share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations or your instructions or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional circumstances, we will share your personal data with regulatory, prosecuting, and other governmental agencies or departments, and parties to litigation (whether pending or threatened), in any country or territory including to any other person where we have a public or legal duty to do so (e.g. to assist with detecting and preventing fraud, tax evasion, and financial crime or compliance with a court order).

Your personal data shall not be held by our Company for longer than necessary with regard to the purposes of the data processing.

We will not sell your personal data. Any transfer of personal data outside of the Cayman Islands shall be in accordance with the requirements of the DPA. Where necessary, we will ensure that separate and appropriate legal agreements are put in place with the recipient of that data.

We will only transfer personal data in accordance with the requirements of the DPA, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction, or damage to the personal data.

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation to your investment into our Company, this will be relevant for those individuals and you should inform such individuals of the content.

You have certain rights under the DPA, including (a) the right to be informed as to how we collect and use your personal data (and this privacy notice fulfils our obligation in this respect), (b) the right to obtain a copy of your personal data, (c) the right to require us to stop direct marketing, (d) the right to have inaccurate or incomplete personal data corrected, e) the right to withdraw your consent and require us to stop processing or restrict the processing, or not begin the processing of your personal data, (f) the right to be notified of a data breach (unless the breach is unlikely to be prejudicial), (g) the right to obtain information as to any countries or territories outside the Cayman Islands to which we, whether directly or indirectly, transfer, intend to transfer, or wish to transfer your personal data, general measures we take to ensure the security of personal data, and any information available to us as to the source of your personal data, (h) the right to complain to the Office of the Ombudsman of the Cayman Islands, and (i) the right to require us to delete your personal data in some limited circumstances.

If you believe your personal data has not been handled correctly, or you are not satisfied with our responses to any requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands’ Ombudsman. The Ombudsman CAN be contacted by calling +1 (345) 946-6283 or by email at info@ombudsman.ky.

Cayman Islands Economic Substance

The International Tax Co-operation (Economic Substance) Act (as revised) (the 「Substance Act」) was introduced in the Cayman Islands in 2019 as a response to concerns raised by the Council of the European Union as to offshore structures engaged in certain activities which attract profits without real economic activity. The Substance Act requires in-scope Cayman Islands entities which are engaged in certain 「relevant activities」 to have an adequate physical presence and/or operating expenditures within the Cayman Islands commensurate with the level of relevant income derived from the relevant activity. Based on our current and anticipated business activities and corporate structure, we expect that we will either be out of scope of the legislation or will be subject to a reduced economic substance test applicable to a 「pure equity holding company」, which CAN be satisfied by our compliance with the relevant provisions of the Companies Act, including but not limited to maintaining a registered office in the Cayman Islands.

Listing

We have reserved the ticker symbol 「AGRZ」 for the Shares listed on the Nasdaq Capital Market. We cannot guarantee that we will be successful in listing our Ordinary Shares on the Nasdaq Capital Market; however, we will not complete this Offering unless we are listed on the Nasdaq Stock Market.

Transfer Agent

The transfer agent of our Ordinary Shares is VStock Transfer, LLC, located at 18 Lafayette Place, Woodmere, New York 11598.

SHARES ELIGIBLE FOR FUTURE SALE

Before this Offering, there was no established public market for our Ordinary Shares, and while we intend to apply for approval to have the Shares listed on the Nasdaq Capital Market, we cannot assure you that a liquid trading market for the Ordinary Shares will develop or be sustained after this Offering. Future sales of substantial amounts of our Ordinary Shares in the public markets after this Offering, or the perception that such sales may occur, could adversely affect market prices prevailing from time to time. As described below, only a limited number of our Ordinary Shares currently outstanding will be available for sale immediately after this Offering due to contractual and legal restrictions on resale. Nevertheless, after these restrictions lapse, future sales of substantial amounts of our Ordinary Shares, including Ordinary Shares issued upon exercise of outstanding options, in the public market in the United States, or the possibility of such sales, could negatively affect the market price in the United States of our Ordinary Shares and our ability to raise equity capital in the future.

Upon the Closing Date, we will have 21,673,485 outstanding Ordinary Shares, assuming no exercise of the underwriters’ Over-Allotment Option or conversion of RCPS subsequent to December 31, 2024. Of that amount, 1,250,000 Ordinary Shares will be publicly held by investors participating in this Offering, and 20,423,485 Ordinary Shares will be held by our existing shareholders, some of whom may be our affiliates as that term is defined in Rule 144 under the Securities Act. As defined in Rule 144, an affiliate of an issuer is a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the issuer.

All of the Ordinary Shares sold in this Offering will be freely transferable by persons other than our affiliates in the United States without restriction or further registration under the Securities Act. Ordinary Shares purchased by one of our affiliates may not be resold, except pursuant to an effective registration statement or an exemption from registration, including an exemption under Rule 144 under the Securities Act described below.

The Ordinary Shares issued and outstanding prior to this Offering are restricted securities, as that term is defined in Rule 144 under the Securities Act. These restricted securities may be sold in the United States only if they are registered or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act. These rules are described below.

Rule 144

In general, persons who have beneficially owned restricted Ordinary Shares for at least six months, and any affiliate of the Company who owns either restricted or unrestricted securities, are entitled to sell their securities without registration with the SEC under an exemption from registration provided by Rule 144 under the Securities Act.

Non-Affiliates

Any person who is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a seller may sell an unlimited number of restricted securities under Rule 144 if:

	●	the restricted securities have been held for at least six months, including the holding period of any prior owner other than one of our affiliates;

	●	we have been subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale; and

	●	we are current in our Exchange Act reporting at the time of sale.

Any person who is not deemed to have been an affiliate of ours at the time of, or at any time during the three months preceding, a sale and has held the restricted securities for at least one year, including the holding period of any prior owner other than one of our affiliates, will be entitled to sell an unlimited number of restricted securities without regard to the length of time we have been subject to Exchange Act periodic reporting or whether we are current in our Exchange Act reporting.

Affiliates

Persons seeking to sell restricted securities who are our affiliates at the time of, or any time during the three months preceding, a sale, would be subject to the restrictions described above. They are also subject to additional restrictions, by which such person would be required to comply with the manner of sale and notice provisions of Rule 144 and would be entitled to sell within any three-month period only that number of securities that does not exceed the greater of either of the following:

	●	1% of the number of Ordinary Shares then outstanding, which will equal approximately Ordinary Shares immediately after the Closing Date based on the number of Ordinary Shares outstanding as of December 31, 2024; or

	●	the average weekly trading volume of our Ordinary Shares in the form of Ordinary Shares on the Nasdaq Capital Market during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Additionally, persons who are our affiliates at the time of, or any time during the three months preceding, a sale may sell unrestricted securities under the requirements of Rule 144 described above, without regard to the six-month holding period of Rule 144, which does not apply to sales of unrestricted securities.

Rule 701

Rule 701 under the Securities Act, as in effect on the date of this prospectus, permits resales of shares in reliance upon Rule 144 but without compliance with certain restrictions of Rule 144, including the holding period requirement. If any of our employees, executive officers, or directors purchase shares under a written compensatory plan or contract, they may be entitled to rely on the resale provisions of Rule 701, but all holders of Rule 701 shares would be required to wait until 90 days after the date of this prospectus before selling any such shares. However, the Rule 701 shares would remain subject to lock-up arrangements as described below and would only become eligible for sale when the lock-up period expires.

Regulation S

Regulation S under the Securities Act provides an exemption from registration requirements in the United States for offers and sales of securities that occur outside the United States. Rule 903 of Regulation S provides the conditions to the exemption for a sale by an issuer, a distributor, their respective affiliates, or anyone acting on their behalf. Rule 904 of Regulation S provides the conditions to the exemption for a resale by persons other than those covered by Rule 903. In each case, any sale must be completed in an offshore transaction, as that term is defined in Regulation S, and no directed selling efforts, as that term is defined in Regulation S, may be made in the United States.

We are a foreign issuer as defined in Regulation S. As a foreign issuer, securities that we sell outside the United States pursuant to Regulation S are not considered to be restricted securities under the Securities Act, and, subject to the offering restrictions imposed by Rule 903, are freely tradable without registration or restrictions under the Securities Act, unless the securities are held by our affiliates. We are not claiming the potential exemption offered by Regulation S in connection with the offering of newly issued shares outside the United States and will register all of the newly issued shares under the Securities Act.

Subject to certain limitations, holders of our restricted shares who are not our affiliates or who are our affiliates by virtue of their status as our officer or director of may resell their restricted shares in an 「offshore transaction」 under Regulation S if:

	●	none of the shareholder, its affiliate, nor any person acting on their behalf engages in directed selling efforts in the United States, and

	●	in the case of a sale of our restricted shares by an officer or director who is our affiliate solely by virtue of holding such position, no selling commission, fee, or other remuneration is paid in connection with the offer or sale other than the usual and customary broker’s commission that would be received by a person executing such transaction as agent.

Additional restrictions are applicable to a holder of our restricted shares who will be our affiliate other than by virtue of his or her status as our officer or director.

Lock-up Agreements

We, including any successor entities, our directors, executive officers, and principal shareholders (defined as owners of five percent (5%) or more of our Ordinary Shares) have agreed, subject to limited exceptions, not to offer; pledge; announce the intention to sell; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise dispose of, directly or indirectly, or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our Ordinary Shares or such other securities for a period of 180 days after the effectiveness of this registration statement, without the prior written consent of US Tiger Securities, Inc. See 「Underwriting.」

MATERIAL INCOME TAX CONSIDERATIONS

The following summary of the material Cayman Islands, Malaysian and U.S. federal income tax consequences of an investment in the Shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in the Shares, such as the tax consequences under state, local and other tax laws. The discussion is not intended to be, nor should it be construed as, legal or tax advice to any particular prospective purchaser. To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion of, our Cayman Islands counsel.

Cayman Islands Taxation

The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains, or appreciation and there is no taxation in the nature of inheritance tax, gift tax or estate duty. There are no other taxes likely to be material to us levied by the Government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. No stamp duty is payable in the Cayman Islands on the issue of shares by, or any transfers of shares of, Cayman Islands companies (except those which hold interests in land in the Cayman Islands). There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of our ordinary shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our ordinary shares, as the case may be, nor will gains derived from the disposal of our ordinary shares be subject to Cayman Islands income or corporation tax.

The Company has been incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, as such, has applied for and received an undertaking from the Financial Secretary of the Cayman Islands in a form substantially similar to the following on February 7, 2025:

“The Tax Concessions Act
(Revised)
Undertaking as to Tax Concessions

In accordance with the Tax Concessions Act (Revised), the following undertaking is hereby given to the Company:

	1.	That no law which is hereafter enacted in the Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to the Company or its operations; and

	2.	In addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable:

	2.1	On or in respect of the shares, debentures or other obligations of the Company; or

	2.2	by way of the withholding in whole or in part of any relevant payment as defined in the Tax Concessions Act (Revised).

These concessions shall be for a period of 20 years from the 7^th day of February 2025.”

The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (as revised) together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. The Company is required to comply with the economic substance requirements from July 1, 2019 and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

Malaysian Profits Taxation

Malaysian Enterprise Taxation

The following brief description of Malaysian enterprise income taxation is designed to highlight the enterprise-level taxation on our earnings, which will affect the amount of dividends, if any, we are ultimately able to pay to our shareholders. See 「Dividend Policy.」

Income Tax in Malaysia

The principal legislation that governs a person’s income tax in Malaysia is the Income Tax Act 1967 (the 「ITA」). The regulatory body implementing and enforcing the ITA is the Inland Revenue Board of Malaysia (「IRB」). Pursuant to Section 3 of the ITA, income tax shall be charged for each year of assessment (「YA」) upon the income of any person accruing in or derived from Malaysia or received in Malaysia from outside Malaysia.

Pursuant to Section 8 of the ITA, a company is a tax resident in Malaysia if its management and control are exercised in Malaysia. Management and control are normally considered to be exercised at the place where the directors’ meetings concerning management and control of the company are held. The income tax rate payable by a resident company differs depending on the amount of the company’s paid-up capital and its annual sale in relation to the particular YA. The corporate income tax rates are as illustrated below:

Types of Company	Chargeable income	Tax rate YA 2023
Resident company (other than company described below)			24	%
Resident company:
● with paid-up capital of 2.5 million Malaysian ringgit (MYR) or less, and gross income from business of not more than MYR 50 million	On the first MYR150,000		15	%
● that does not control, directly or indirectly, another company that has paid-up capital of more than MYR 2.5 million	On the next MYR450,000		17	%
● is not controlled, directly or indirectly, by another company that has paid-up capital of more than MYR 2.5 million, and	In excess of MYR600,000		24	%
● with no more than 20% of its paid-up capital being owned, directly or indirectly, by a foreign company or non-Malaysian citizen (with effect from year of assessment 2024)
Non-resident company			24	%

Pursuant to the ITA, a non-resident company — namely, a company whose management and control are not exercised in Malaysia and thus does not fall under the purview of Section 8 of the ITA — is subject to the following tax rates:

Types of Income		Rate (%)
Business income		24
Royalties derived from Malaysia		10
Rental of moveable properties		10
Advice, assistance, or services rendered in Malaysia		10
Interest		15*
Dividends		Exempt
Other income		10

Note: Where the recipient is resident in a country that has a double tax agreement with Malaysia, the tax rates for the specific sources of income may be reduced.

Interest paid to a non-resident by a bank or a finance company in Malaysia is exempt from tax.

Foreign-Sourced Income

Malaysia adopts a territorial principle of taxation, under which only income accruing in or derived from or received in Malaysia from outside Malaysia is subject to income tax in Malaysia pursuant to Section 3 of the ITA. Previously, 「income received in Malaysia from outside Malaysia」 or 「foreign-sourced income」 (「FSI」) received by Malaysian taxpayers is not taxable due to the availability of tax exemption under Paragraph 28, Schedule 6 of the ITA (「Para 28」). This exemption is applicable to any person other than a resident company carrying on the business of banking, insurance, or Sea or air transport, in respect of income derived from sources outside Malaysia and received in Malaysia, pursuant to Para 28. On October 29, 2021, however, the Malaysian government announced via the Budget 2022 that the exemption under Para 28 will no longer be applicable to tax residents, effective from January 1, 2022. Therefore, income tax will be imposed on resident persons in Malaysia on income derived from foreign sources and received in Malaysia with effect from January 1, 2022. Such income will be treated equally vis-à-vis income accruing in or derived from Malaysia and taxable under Section 3 of the ITA.

In summary, the tax treatments for the income of a person in Malaysia are depicted as follows:

Income Derived From	Income Received In	Prior to January 1, 2022	Effective from January 1, 2022
Malaysia	Malaysia	Taxable	Taxable
Malaysia	Malaysia from outside Malaysia	Taxable	Taxable
Overseas	Malaysia from outside Malaysia	Tax Exempted	Taxable
Overseas	Overseas	Tax Exempted	Tax Exempted

On November 16, 2021, the IRB announced the Special Income Remittance Program (「SIRP」) for Malaysian tax residents whose income is derived from foreign sources and received in Malaysia. The implementation of taxation on FSI is staggered into the following two timelines, depending on the timing of remittance of FSI into Malaysia: (i) during the period from January 1 to June 30, 2022 (six months) (the 「SIRP Period」), FSI remitted shall be taxed at a fixed rate of 3% on the gross amount of income remitted; and (ii) on or after July 1, 2022, FSI remitted shall be taxed at the prevailing tax rate applicable to tax residents on the statutory income, namely, gross FSI less expenses attributable to the FSI. FSI remitted under the SIRP will be accepted in good faith by the IRB as the IRB will not conduct an audit or investigation on the taxpayer. In addition, the IRB will not impose any penalty on FSI remitted during the SIRP Period.

Notwithstanding the implementation of taxation on FSI, the Malaysian Ministry of Finance announced on December 30, 2021 that exemption from income tax would be available for a period of five years on certain categories of FSI received by Malaysian tax residents, when certain qualifying conditions are met. Specifically, (i) for individuals excluding those carrying on business in Malaysia through a partnership, all categories of FSI are exempted; and (ii) for companies and limited liability partnerships, foreign-sourced dividend income is exempted. To legislate the above, the following Orders were gazetted on 19 July 2022 and are effective from January 1, 2022 to December 31, 2026.

Profit Distribution and Withholding Tax

We are a holding company incorporated in the Cayman Islands and we gain substantial income by way of dividends to be paid to us from Agroz Group Sdn Bhd, our operating subsidiary company in Malaysia.

Malaysia is under the single-tier tax system, under which income tax imposed on a company’s chargeable income is a final tax, and dividends distributed are exempt from tax in the hands of the shareholders pursuant to Section 108 of the ITA. As such, companies are not required to deduct tax from dividends paid to shareholders, and no tax credits will be available to offset against the recipient’s tax liability. Corporate shareholders receiving exempt single-tier dividends can, in turn, distribute such dividends to their own shareholders, who are also exempt on such receipts. In addition, while Malaysia imposes withholding tax on certain payments, such as interest, royalties, contract payments, and special classes of income, Malaysia does not do so on dividends in addition to tax on the profits out of which the dividends are declared. Such position aligns with the double taxation agreements (「DTAs」) concluded by Malaysia with an extensive number of countries, including the United States. Pursuant to the DTAs, no withholding tax will be imposed on dividends paid by Malaysian companies to non-residents.

In view of the above, we believe that dividends which will be paid to us from our operating subsidiary in Malaysia will not be subject to any withholding tax.

Material U.S. Federal Income Tax Considerations for U.S. Holders

The following discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of the Shares by U.S. Holders (as defined below). This discussion applies to U.S. Holders that purchase the Shares pursuant to this Offering and hold the Shares as capital assets. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended, U.S. Treasury regulations promulgated thereunder, and administrative and judicial interpretations thereof, all as in effect on the date hereof and all of which are subject to change, possibly with retroactive effect. This discussion does not address all of the U.S. federal income tax consequences that may be relevant to specific U.S. Holders in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax law (such as certain financial institutions; insurance companies; dealers or traders in securities or other persons that generally mark their securities to market for U.S. federal income tax purposes; tax-exempt entities or governmental organizations; retirement plans; regulated investment companies; real estate investment trusts; grantor trusts; brokers, dealers, or traders in securities, commodities, currencies, or notional principal contracts; certain former citizens or long-term residents of the United States; persons who hold our Ordinary Shares as part of a 「straddle,」「hedge,」「conversion transaction,」「synthetic security,」 or integrated investment; persons that have a 「functional currency」 other than the U.S. dollar; persons that own directly, indirectly, or through attribution 10% or more of the voting power of our Ordinary Shares; corporations that accumulate earnings to avoid U.S. federal income tax; partnerships and other pass-through entities; and investors in such pass-through entities). This discussion does not address any U.S. state or local or non-U.S. tax consequences or any U.S. federal estate, gift, or alternative minimum tax consequences.

As used in this discussion, the term 「U.S. Holder」 means a beneficial owner of our Ordinary Shares who is, for U.S. federal income tax purposes, (i) an individual who is a citizen or resident of the United States; (ii) a corporation (or entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District of Columbia; (iii) an estate, the income of which is subject to U.S. federal income tax regardless of its source; or (iv) a trust (x) with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more U.S. persons has the authority to control all of its substantial decisions, or (y) that has elected under applicable U.S. Treasury regulations to be treated as a domestic trust for U.S. federal income tax purposes.

If an entity treated as a partnership for U.S. federal income tax purposes holds our Ordinary Shares, the U.S. federal income tax consequences relating to an investment in such Ordinary Shares will depend in part upon the status and activities of such entity and the particular partner. Any such entity should consult its own tax advisor regarding the U.S. federal income tax consequences applicable to it and its partners of the purchase, ownership, and disposition of our Ordinary Shares.

Persons considering an investment in the Shares should consult their own tax advisors as to the particular tax consequences applicable to them relating to the purchase, ownership, and disposition of our Ordinary Shares, including the applicability of U.S. federal, state, and local tax laws and non-U.S. tax laws.

Distributions

A U.S. Holder that receives a distribution with respect to our Ordinary Shares generally will be required to include the gross amount of such distribution in gross income as a dividend when actually or constructively received to the extent of the U.S. Holder’s pro rata share of our current and/or accumulated earnings and profits (as determined under U.S. federal income tax principles). To the extent a distribution received by a U.S. Holder is not a dividend because it exceeds the U.S. Holder’s pro rata share of our current and accumulated earnings and profits, it will be treated first as a tax-free return of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder’s Ordinary Shares. To the extent the distribution exceeds the adjusted tax basis of the U.S. Holder’s Ordinary Shares, the remainder will be taxed as capital gain. Because we may not account for our earnings and profits in accordance with U.S. federal income tax principles, U.S. Holders should expect all distributions to be reported to them as dividends.

Distributions on our Ordinary Shares that are treated as dividends generally will constitute income from sources outside the United States for foreign tax credit purposes and generally will constitute passive category income. Such dividends will not be eligible for the 「dividends received」 deduction generally allowed to corporate shareholders with respect to dividends received from U.S. corporations. Dividends paid by a 「qualified foreign corporation」 to certain non-corporate U.S. Holders may be eligible for taxation at a reduced capital gains rate rather than the marginal tax rates generally applicable to ordinary income, provided that a holding period requirement (more than 60 days of ownership, without protection from the risk of loss, during the 121-day period beginning 60 days before the ex-dividend date) and certain other requirements are met. Each U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends to its particular circumstances. However, if we are a PFIC for the taxable year in which the dividend is paid or the preceding taxable year (see discussion above under 「PFIC Consequences」), we will not be treated as a qualified foreign corporation, and therefore, the reduced capital gains tax rate described above will not apply.

Dividends will be included in a U.S. Holder’s income on the date of the depositary’s receipt of the dividend. The amount of any dividend income paid in Cayman Islands dollars will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of receipt, regardless of whether the payment is in fact converted into U.S. dollars. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize foreign currency gain or loss in respect to the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.

A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) generally will be considered to be a qualified foreign corporation with respect to any dividend it pays on Ordinary Shares that are readily tradable on an established securities market in the United States.

Sale, Exchange or Other Disposition of Our Ordinary Shares

A U.S. Holder generally will recognize capital gain or loss for U.S. federal income tax purposes upon the sale, exchange, or other disposition of our Ordinary Shares in an amount equal to the difference, if any, between the amount realized (i.e., the amount of cash plus the fair market value of any property received) on the sale, exchange, or other disposition and such U.S. Holder’s adjusted tax basis in the Ordinary Shares. Such capital gain or loss generally will be long-term capital gain taxable at a reduced rate for non-corporate U.S. Holders or long-term capital loss if, on the date of sale, exchange, or other disposition, the Ordinary Shares were held by the U.S. Holder for more than one year. Any capital gain of a non-corporate U.S. Holder that is not long-term capital gain is taxed at ordinary income rates. The deductibility of capital losses is subject to limitations. Any gain or loss recognized from the sale or other disposition of our Ordinary Shares will generally be gain or loss from sources within the United States for U.S. foreign tax credit purposes.

Medicare Tax

Certain U.S. Holders that are individuals, estates, or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax on all or a portion of their net investment income, which may include their gross dividend income and net gains from the disposition of our Ordinary Shares. If you are a U.S. person that is an individual, estate, or trust, you are encouraged to consult your tax advisor regarding the applicability of this Medicare tax to your income and gains in respect to your investment in our Ordinary Shares.

Information Reporting and Backup Withholding

U.S. Holders may be required to file certain U.S. information reporting returns with the IRS with respect to an investment in our Ordinary Shares, including, among others, IRS Form 8938 (Statement of Specified Foreign Financial Assets). Each U.S. Holder who is a shareholder of a PFIC must file an annual report containing certain information. U.S. Holders paying more than $100,000 for our Ordinary Shares may be required to file IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) reporting this payment. Substantial penalties may be imposed upon a U.S. Holder that fails to comply with the required information reporting.

Dividends on and proceeds from the sale or other disposition of our Ordinary Shares may be reported to the IRS unless the U.S. Holder establishes a basis for exemption. Backup withholding may apply to amounts subject to reporting if the holder (i) fails to provide an accurate U.S. taxpayer identification number or otherwise establish a basis for exemption, or (ii) is described in certain other categories of persons. However, U.S. Holders that are corporations generally are excluded from these information reporting and backup withholding tax rules.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules generally will be allowed as a refund or a credit against a U.S. Holder’s U.S. federal income tax liability if the required information is furnished by the U.S. Holder on a timely basis to the IRS.

U.S. Holders should consult their own tax advisors regarding the backup withholding tax and information reporting rules.

EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT HIS, HER, OR ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN INVESTMENT IN THE SHARES IN LIGHT OF THE INVESTOR’S OWN CIRCUMSTANCES.

Prospective investors should consult their professional advisers on the possible tax consequences of buying, holding, or selling any Ordinary Shares under the laws of their country of citizenship, residence, or domicile.

UNDERWRITING

In connection with this Offering, we will enter into an underwriting agreement (the 「Underwriting Agreement」) with US Tiger Securities, Inc., the representative of the several Underwriters (the 「Representative」) in this Offering. The Representative may retain other brokers or dealers to act as sub-agents or selected dealers on their behalf in connection with this Offering. The Underwriters have agreed to purchase from us, on a firm commitment basis, the number of Ordinary Shares set forth opposite its name below, at the offering price less the underwriting discounts set forth on the cover page of this prospectus:

Name of Underwriters	Number of Ordinary Shares
US Tiger Securities, Inc.		1,250,000
Total		1,250,000

The Underwriters are committed to purchase all the Ordinary Shares offered by this prospectus if they purchase any Ordinary Shares. The Underwriters are not obligated to purchase the Ordinary Shares covered by the Over-Allotment Option as described below. The Underwriters are offering the Ordinary Shares, subject to prior sale, when, as, and if issued to and accepted by them, subject to approval of legal matters by their counsel and other conditions contained in the Underwriting Agreement, such as the receipt by the Underwriters of officer’s certificates and legal opinions. The Underwriters reserve the right to withdraw, cancel, or modify offers to the public and to reject orders in whole or in part.

Prior to this Offering, there was no public market for our Ordinary Shares. The IPO price for the Ordinary Shares will be determined through negotiations between us and the Representative. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the Representative believe to be comparable to us, estimate of our business potential and earning prospects, the present state of our development, and other factors deemed relevant. The IPO price of the Ordinary Shares in this Offering does not necessarily bear any direct relationship to the assets, operations, book value, or other established criteria of value of our Company.

Over-Allotment Option

We have granted to the Underwriters a 45-day option to purchase up to an aggregate of 187,500 additional Ordinary Shares (equal to 15% of the number of Ordinary Shares sold in the offering) at the offering price per Ordinary Share, less underwriting discounts and commissions. The Underwriters may exercise the Over-Allotment Option for 45 days after the date of Closing Date solely to cover sales of Ordinary Shares by the Underwriters in excess of the total number of Ordinary Shares set forth in the table above. If any of the additional Ordinary Shares are purchased, the Underwriters will offer the additional Ordinary Shares at $4.00 per Ordinary Share, the offering price of each Ordinary Share.

Discounts, Warrants, and Expenses

The underwriting discounts for the Ordinary Shares and the Ordinary Shares underlying the Over-Allotment Option are equal to seven percent (7%) of the IPO price.

The following table shows the price per share and total IPO price, underwriting discounts, and proceeds before expenses to us. The total amounts are shown assuming both no exercise and full exercise of the Over-Allotment Option.

	Total
	Per Share		No Exercise of Over- allotment Option		Full Exercise of Over- allotment Option
IPO price	$	4.00	$	5,000,000	$	5,750,000
Underwriting discounts to be paid by us	$	0.28	$	350,000	$	402,500
Proceeds to us, before expenses	$	3.72	$	4,650,000	$	5,347,500

100

We have agreed to pay the Representative non-accountable expense equal to one percent (1%) of the gross proceeds received by us from the sale of the Ordinary Shares in this offering. We have also agreed to reimburse the Representative up to a maximum of $200,000 for out-of-pocket accountable expenses, including but not limited to reasonable fees and expenses of its legal counsel, due diligence and background check expenses, and reasonable cost for roadshows. Of that amount, we paid $25,000 to the Representative upon the execution of the engagement agreement between us and the Representative for the Representative’s anticipated out-of-pocket expenses. Any advanced expense will be returned to us to the extent the Representative’s out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We have agreed to pay expenses relating to the Offering, including: (a) the costs of preparing, printing and filing the registration statement with the SEC, amendments and supplements thereto, and post effective amendments, as well as the filing with FINRA, and payment of all necessary fees in connection therewith and the printing of a sufficient quantity of preliminary and final prospectuses as the Representative may reasonably request; (b) the costs of preparing, printing and delivering exhibits thereto, in such quantities as the underwriters may reasonably request; (c) all fees, expenses and disbursements relating to the registration, qualification or exemption of securities offered under the securities laws of foreign jurisdictions designated by the underwriters; (d) the fees of counsel(s) and accountants for us, including fees associated with any blue sky filings where applicable; (e) fees associated with our transfer agent; and (f) fees, if necessary, associated with translation services.

We estimate that the total expenses of the offering payable by us, excluding the underwriting discounts and non-accountable expense allowance, will be approximately $1,225,688.

The Underwriters intend to offer our Ordinary Shares to their retail customers only in states in which we are permitted to offer our Ordinary Shares. We have relied on an exemption to the blue sky registration requirements afforded to 「covered securities.」 Securities listed on a national securities exchange are 「covered securities.」 If we were unable to meet the national securities exchange listing standards, then we would be unable to rely on the covered securities exemption to blue sky registration requirements and we would need to register the offering in each state in which we planned to sell shares. Consequently, we will not complete this Offering unless we meet the national securities exchange’s listing requirements and our application to list on the exchange is approved.

The foregoing does not purport to be a complete statement of the terms and conditions of the Underwriting Agreement. A form of the Underwriting Agreement is included as an exhibit to the registration statement of which this prospectus forms a part.

Representative’s Warrants

In addition, we have agreed to issue Warrants to the Representative to purchase a number of Ordinary Shares equal to 5% of the Ordinary Shares sold in this offering for nominal consideration. The exercise price of the Representative’s Warrants is equal to 120% of the offering price of the Ordinary Shares offered in this offering. The Representative’s Warrants will be exercisable from the date of issuance at the closing of this offering, and until such Warrants expire three years after the date of closing of this offering. The Representative’s Warrants and the underlying Ordinary Shares have been deemed compensation by FINRA and are therefore subject to FINRA Rule 5110(e)(1). In accordance with FINRA Rule 5110(e)(1), and except as otherwise permitted by FINRA rules, neither the Representative’s Warrants nor any of our Ordinary Shares issued upon exercise of the Representative’s Warrants may be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of such securities by any person, for a period of 180 days beginning on the date of commencement of sales of this offering. In addition, the Representative’s Warrants and the underlying Ordinary Shares will be registered in the registration statement of which this prospectus forms a part. We have agreed that the Representative’s Warrants provide for registration rights in certain cases. These registration rights apply to the Ordinary Shares issuable upon exercise of the Representative’s Warrants. The Representative and its affiliates or employees are entitled to one demand registration of the sale of Ordinary Shares underlying the Representative’s Warrants at our expense and unlimited 「piggyback」 registration rights for a period of three years after the effective date of the registration statement of which this prospectus forms a part.

101

Lock-up Agreements

We, including any successor entities, our directors, executive officers, and principal shareholders (defined as owners of five percent (5%) or more of the Ordinary Shares) have agreed, subject to limited exceptions, not to offer; pledge; announce the intention to sell; sell; contract to sell; sell; any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise dispose of, directly or indirectly, or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Shares or such other securities for a period of 180 days after the effectiveness of this registration statement, without the prior written consent of the Representative.

Foreign Regulatory Restrictions on Purchase of the Shares

We have not taken any action to permit a public offering of the Shares outside the United States or to permit the possession or distribution of this prospectus outside the United States. People outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to this Offering of the Shares and the distribution of this prospectus outside the United States.

Indemnification

We have agreed to indemnify the Underwriters against liabilities relating to the offering arising under the Securities Act and the Exchange Act and to contribute to payments that the Underwriters may be required to make for these liabilities.

Application for Nasdaq Listing

We have reserved the ticker symbol 「AGRZ」 for the Ordinary Shares on the Nasdaq Capital Market. We will not consummate and close this Offering without a listing approval letter from Nasdaq Capital Market. Our receipt of a listing approval letter is not the same as an actual listing on the Nasdaq Capital Market. The listing approval letter will serve only to confirm that, if we sell a number of Ordinary Shares in this Offering sufficient to satisfy applicable listing criteria, the Ordinary Shares will in fact be listed.

Electronic Offer, Sale, and Distribution

A prospectus in electronic format may be made available on websites or through other online services maintained by the Underwriters or selling group members, if any, or by their affiliates, and the Underwriters may distribute prospectus electronically. The Underwriters may agree to allocate a number of Ordinary Shares to the selling group members for sale to their online brokerage account holders. The Ordinary Shares to be sold pursuant to Internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on, or that CAN be accessed through, these websites and any information contained in any other website maintained by these entities is not part of, and is not incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the Underwriters, and it should not be relied upon by investors.

In connection with this Offering, certain of the Underwriters or securities dealers may distribute prospectuses by electronic means, such as email.

102

Passive Market Making

Any underwriter who is a qualified market Maker on Nasdaq may engage in passive market making transactions on Nasdaq, in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. Passive market Makers must comply with applicable volume and price limitations and must be identified as a passive market Maker. In general, a passive market Maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market Maker’s bid, however, the passive market Maker’s bid must then be lowered when certain purchase limits are exceeded.

Potential Conflicts of Interest

The Underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the Underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments of our Company. The Underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect to such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

Selling Restrictions

Other than in the United States, no action may be taken, and no action has been taken, by us or the Underwriters that would permit a public offering of the Ordinary Shares offered by, or the possession, circulation, or distribution of, this prospectus in any jurisdiction where action for that purpose is required. The Ordinary Shares offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such shares be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

In addition to the offering of the Ordinary Shares in the United States, the Underwriters may, subject to applicable foreign laws, also offer the Ordinary Shares in certain countries.

103

Price Stabilization, Short Positions, and Penalty Bids

Until the distribution of the Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the Underwriters to bid for and to purchase the Shares. As an exception to these rules, the Underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain, or otherwise affect the price of the Shares. The Underwriters may engage in over-allotment sales, syndicate-covering transactions, stabilizing transactions, and penalty bids in accordance with Regulation M.

	●	Stabilizing transactions consist of bids or purchases made by the managing underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this Offering is in progress.

	●	Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our shares than they purchase from us in this Offering. In order to cover the resulting short position, the managing underwriter may exercise the Over-Allotment Option described above and/or may engage in syndicate-covering transactions. There is no contractual limit on the size of any syndicate-covering transaction. The Underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the Underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

	●	Syndicate-covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the Underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the Underwriters.

	●	A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Ordinary Shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore were not effectively sold to the public by such underwriter.

Stabilization, syndicate-covering transactions, and penalty bids may have the effect of raising or maintaining the market price of the Shares or preventing or delaying a decline in the market price of the Shares. As a result, the price of the Shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the Underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of the Shares. These transactions may occur on Nasdaq or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

Notice to Prospective Investors in Malaysia

The contents of this prospectus have not been reviewed or approved by any regulatory authority in Malaysia, particularly, the Securities Commission Malaysia (“SC”) and this prospectus has not been registered as a prospectus with the SC under the Malaysian Capital Markets and Services Act 2007 (“CMSA”). Accordingly, no securities or offer for subscription or purchase of securities or invitation to subscribe for or purchase securities are being made to any person in or from within Malaysia under this prospectus except to persons falling within any of paragraphs 9 and 14(a) of Schedule 5 of the CMSA. The distribution of this prospectus is subject to Malaysian laws. This prospectus does not constitute and may not be used for the purpose of a public offering or an issue, offer for subscription or purchase, invitation to subscribe for or purchase, any securities requiring approval of the SC or the registration of a prospectus with the SC under the CMSA.

Notice to Prospective Investors in Singapore

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore, or the SFA, (ii) to a relevant person, or any person pursuant to Section 275(1A), and in accordance with the conditions, specified in Section 275 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the shares are subscribed or purchased under Section 275 by a relevant person that is: (a) a corporation (that is not an accredited investor) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary is an accredited investor, shares, debentures and units of shares and debentures of that corporation or the beneficiaries’ rights and interest in that trust shall not be transferable for six months after that corporation or that trust has acquired the shares under Section 275 except: (1) to an institutional investor (for corporations, under 274 of the SFA) or to a relevant person defined in Section 275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, (2) debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions specified in Section 275 of the SFA; (3) where no consideration is or will be given for the transfer; or (4) where the transfer is by operation of law.

104

Notice to Prospective Investors in the PRC

This prospectus may not be circulated or distributed in the PRC and the shares may not be offered or sold, and will not be offered or sold, to any person or re-offered or resold directly or indirectly to any resident of the PRC, except pursuant to applicable laws, rules, and regulations of the PRC. For the purpose of this paragraph only, the PRC does not include Taiwan and the Special Administrative Regions of Malaysia and Macau.

Notice to Perspective Investors in Hong Kong

The Ordinary Shares may not be offered or sold by means of this document or any other document other than (i) in circumstances that do not constitute an offer or invitation to the public within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong) or the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong), or (ii) to 「professional investors」 within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances that do not result in the document being a 「prospectus」 within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), that is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to the shares which are or are intended to be disposed of only to persons outside Hong Kong or only to 「professional investors」 within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder.

Notice to Prospective Investors in Taiwan

The Ordinary Shares have not been and will not be registered with the Financial Supervisory Commission of Taiwan, pursuant to relevant securities laws and regulations, and may not be offered or sold in Taiwan through a public offering or in any manner that would constitute an offer within the meaning of the Securities and Exchange Act of Taiwan or would otherwise require registration with or the approval of the Financial Supervisory Commission of Taiwan.

Notice to Prospective Investors in the Cayman Islands

The shares are not being, and may not be offered to, the public or to any person in the Cayman Islands for purchase or subscription by us or on our behalf. The shares may be offered to exempted companies incorporated under the Companies Act (as revised) (as amended), but only where the offer will be made to, and received by, the relevant Cayman Islands company entirely outside of the Cayman Islands.

105

EXPENSES RELATED TO THIS OFFERING

Set forth below is an itemization of the total expenses, excluding the underwriting discounts and commissions and non-accountable expense allowance, that are expected to be incurred in connection with the sale of Ordinary Shares in this Offering. With the exception of the registration fee payable to the SEC, the Nasdaq Capital Market listing fee, and the filing fee payable to FINRA, all amounts are estimates.

SEC registration fee	$	926
The Nasdaq Capital Market listing fee	$	75,000
FINRA filing fee	$	1,949
Printing and engraving expenses	$	33,419
Legal fees	$	332,815
Accounting fees and expenses	$	72,128
Underwriter accountable expenses	$	200,000
Consultation fees and expenses	$	504,514
Miscellaneous expenses	$	4,937
Total	$	1,225,688

LEGAL MATTERS

We are being represented by Sichenzia Ross Ference Carmel LLP with respect to certain legal matters of U.S. federal securities. We are being represented by Cheang & Ariff with respect to certain legal matters governed by Malaysian law. The validity of the Shares offered by this prospectus under Cayman Islands law and certain other matters of Cayman Islands law will be passed upon for us by Carey Olsen Cayman Limited. The Representative is being represented by Greenberg Traurig, LLP with respect to certain legal matters of U.S. federal securities in connection with this Offering.

EXPERTS

The consolidated financial statements as of and for the fiscal years ended December 31, 2024 and 2023, included in this prospectus have been so included in reliance on the report of Marcum Asia CPAs LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The registered business address of Marcum Asia CPAs LLP is 7 Pennsylvania Plaza Suite 830, New York, NY 10001.

ENFORCEABILITY OF CIVIL LIABILITIES

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. We are incorporated in the Cayman Islands in order to enjoy the following benefits: (a) political and economic stability; (b) an effective judicial system; (c) a favorable tax system; (d) the absence of exchange control or currency restrictions; (e) and the availability of professional and support services. However, certain disadvantages accompany incorporation in the Cayman Islands. These disadvantages include: (a) the Cayman Islands has a less exhaustive body of securities laws than the United States and these securities laws provides less protection to investors; and (b) the Cayman Islands companies may not have standing to sue before the federal courts of the United States.

Our constitutional documents do not contain provisions requiring that disputes, including those arising under the securities laws of the United States, among us, our officers, directors and shareholders, be arbitrated.

We have appointed Sichenzia Ross Ference Carmel LLP as our agent to receive service of process with respect to any action brought against us in the United States in connection with this Offering under the federal securities laws of the United States or of any state in the United States.

Enforceability

Carey Olsen Cayman Limited, our counsel as to the laws of the Cayman Islands, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of U.S. courts obtained against us based on certain civil liability provisions of the federal securities laws of the United States, and (ii) in original actions brought in the Cayman Islands, impose liabilities against us based on the civil liability provisions of the federal securities laws of the United States or any state in the United States, insofar as the liabilities imposed by those provisions are penal in nature.

106

There is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands will in certain circumstances recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated upon, provided such judgment: (a) is given by a foreign court of competent jurisdiction; (b) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given; (c) is final; (d) is not in respect of taxes, a fine or a penalty; (e) was not obtained by fraud; and (f) is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.

Subject to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.

Substantially all of our assets are located outside the United States. In addition, most of our directors and executive officers are nationals or residents of jurisdictions other than the United States and substantially all of their assets are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon us or these persons, or to enforce judgments obtained in U.S. courts against us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United States, or any state in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our executive officers and directors.

Our counsel as to the laws of Malaysia, Cheang & Ariff, has advised us that there is uncertainty as to whether the courts of Malaysia would (i) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States, or (ii) entertain original actions brought in Malaysia against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

A judgment of a court in the United States predicated upon U.S. federal or state securities laws may be enforced in Malaysia at common law by bringing an action in a Malaysia court on that judgment for the amount due thereunder and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign judgment, among other things, is (1) for a debt or a definite sum of money (not being taxes or similar charges to a foreign government taxing authority or a fine or other penalty), and (2) final and conclusive on the merits of the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Malaysia if (a) it was obtained by fraud, (b) the proceedings in which the judgment was obtained were opposed to natural justice, (c) its enforcement or recognition would be contrary to the public policy of Malaysia, (d) the court of the United States was not jurisdictionally competent, or (e) the judgment was in conflict with a prior Malaysian judgment.

Malaysia has no arrangement for the reciprocal enforcement of judgments with the United States. As a result, there is uncertainty as to the enforceability in Malaysia, in original actions or in actions for enforcement, of judgments of U.S. courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any state or territory within the United States.

WHERE YOU CAN FIND ADDITIONAL INFORMATION

We have filed with the SEC a registration statement (including amendments and exhibits to the registration statement) on Form F-1 under the Securities Act. This prospectus, which forms a part of the registration statement, does not contain all of the information included in the registration statement and the exhibits and schedules to the registration statement. Certain information is omitted, and you should refer to the registration statement and its exhibits and schedules for that information. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.

Upon completion of this Offering, we will be subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. Those reports may be inspected without charge at the locations described above. As a foreign private issuer, we will be exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors, and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

The registration statements, reports and other information so filed CAN be obtained electronically by means of the SEC’s website at http://www.sec.gov. The information on that website is not a part of this prospectus.

107

AGROZ INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

CONTENTS		PAGE

Report of Independent Registered Public Accounting Firm (PCAOB ID: 5395)		F-2

Consolidated Statements of Financial Position as of December 31, 2024 and 2023		F-3

Consolidated Statements of Profit or Loss and Other Comprehensive Income for the years ended December 31, 2024 and 2023		F-4

Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2024 and 2023		F-5

Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023		F-6

Notes to the Consolidated Financial Statements		F-7 - F-49

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of Agroz Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of Agroz Inc. (the 「Company」) as of December 31, 2024 and 2023, the related consolidated statements of profit or loss and other comprehensive income, changes in shareholders’ equity and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the 「financial statements」). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with International Financial Reporting Standards (「IFRS」) as issued by the International Accounting Standard Board.

Explanatory Paragraph – Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 2, the Company has insufficient cash flows generated from operations and provided for development and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (「PCAOB」) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Marcum Asia CPAs LLP

We have served as the Company’s auditor since 2023.

New York. New York

May 22, 2025

NEW YORK OFFICE ● 7 Penn Plaza ● Suite 830 ● New York, New York ● 10001
Phone 646.442.4845 ● Fax 646.349.5200 ● www.marcumasia.com

F-2

Agroz Inc.

Consolidated statements of financial position

(Stated in Malaysian Ringgit)

	Note		As of December 31, 2023		As of December 31, 2024
			MYR		MYR		USD
Assets
Property, plant and equipment		5		216,883		225,316		50,413
Intangible assets		6		46,348		2,096,815		469,139
Deferred tax assets		17		–		30,023		6,717
Prepayment - to a related party		22		1,423,354		5,517,306		1,234,435
Prepayment and deposits – to third parties				1,273,044		1,684,351		376,855
Total prepayments and deposits		9		2,696,398		7,201,657		1,611,290
Right-of-use assets		7(a)		2,141,293		2,277,208		509,498
Deferred offering costs				–		1,738,900		389,059
Non-current assets				5,100,922		13,569,919		3,036,116

Trade receivables - from third parties				9,154,785		35,596,841		7,964,390
Trade receivables - from related parties		22		6,004,330		720,013		161,096
Total trade receivables		8		15,159,115		36,316,854		8,125,486
Prepayments and other receivables		9		1,523,110		30,915		6,917
Amounts due from related parties		22		711,076		751,695		168,183
Cash		11		109,161		390,500		87,370
Current assets				17,502,462		37,489,964		8,387,956
Total assets				22,603,384		51,059,883		11,424,072

Equity
Share capital		12(a)		8,351		8,540		1,911
Additional paid-in capital		12(a)		2,171,649		6,903,616		1,544,606
Other reserves		12(b)		508,447		633,029		141,633
Retained earnings				2,677,584		6,189,752		1,384,887
Total equity				5,366,031		13,734,937		3,073,037

Liabilities
Lease liabilities, non-current		7(b)		1,757,179		2,095,605		468,868
Bank borrowing, non-current		14		52,942		39,774		8,899
Other payables, non-current		16		918,274		–		–
Amount due to related party, non-current		22		1,363,000		–		–
Redeemable convertible preference shares, non-current		13		6,483,536		6,213,040		1,390,097
Non-current liabilities				10,574,931		8,348,419		1,867,864

Trade payables		16		2,403,407		14,089,238		3,152,307
Other payables, current		16		295,253		3,105,476		694,815
Tax payables		17		1,448,723		3,991,673		893,091
Bank borrowing, current		14		14,144		13,255		2,966
Lease liabilities, current		7(b)		459,849		397,705		88,982
Amounts due to related parties, current		22		2,041,046		4,001,850		895,370
Redeemable convertible preference shares, current		13		–		3,377,330		755,640
Current liabilities				6,662,422		28,976,527		6,483,171
Total liabilities				17,237,353		37,324,946		8,351,035
Total equity and liabilities				22,603,384		51,059,883		11,424,072

The accompanying notes form an integral part of these consolidated financial statements.

F-3

Agroz Inc.

Consolidated Statements of profit or loss and other comprehensive income

(Stated in Malaysian Ringgit)

			For the year ended December 31,
	Note		2023			2024
			MYR			MYR			USD
Revenue - third parties				12,998,053			39,427,866			8,821,538
Revenue - related parties		22		5,473,219			1,433,016			320,621
Total revenue		18		18,471,272			40,860,882			9,142,159
Cost of revenue		20		(10,207,774	)		(26,045,710	)		(5,827,433	)
Gross profit				8,263,498			14,815,172			3,314,726

Selling and promotion expenses		20		(434,345	)		(208,618	)		(46,676	)
General and administrative expenses		20		(1,475,338	)		(6,099,464	)		(1,364,685	)
Other income		19		34,093			173,293			38,772
Credit loss on trade receivables		15(a)		(66,915	)		(661,263	)		(147,950	)
Operating profit				6,320,993			8,019,120			1,794,187
Loss on redeemable convertible preference shares redemption		13		(704,900	)		-			-
Finance costs		21		(505,826	)		(1,673,335	)		(374,390	)
Profit before taxation				5,110,267			6,345,785			1,419,797
Income tax expenses		17		(1,355,882	)		(2,833,617	)		(633,990	)
Profit for the year				3,754,385			3,512,168			785,807
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of financial statements of foreign operations				49,030			105,620			23,631
Other comprehensive income for the year				49,030			105,620			23,631
Total comprehensive income for the year				3,803,415			3,617,788			809,438
Earnings per share
- Basic		23(a)		0.19			0.18			0.04
- Diluted		23(b)		0.19			0.18			0.04

The accompanying notes form an integral part of these consolidated financial statements.

F-4

Agroz Inc.

Consolidated Statements of Changes in Shareholders’ Equity

(Stated in Malaysian Ringgit)

	Share capital											Other reserves
	Shares			Amount			Subscription receivable			Additional paid-in capital		Foreign currency translation reserve		Equity component of redeemable convertible preference shares			(Accumulated losses)/ retained earnings			Total shareholders’ equity

Balance as of January 1, 2023		20,000,000			8,351			-			1,231,649		-		-			(1,076,801	)		163,199
Profit for the year		-			-			-			-		-		-			3,754,385			3,754,385
Other comprehensive income		-			-			-			-		49,030		-			-			49,030
Total comprehensive income for the year		-			-			-			-		49,030		-			3,754,385			3,803,415
Capital injection from shareholders (note 12(a))		-			-			-			820,000		-		-			-			820,000
Contribution by a shareholder (note 20 (iv))		-			-			-			120,000		-		-			-			120,000
Issuance of redeemable convertible preference shares (note 13)		-			-			-			-		-		459,417			-			459,417
Balance as of December 31, 2023		20,000,000			8,351			-			2,171,649		49,030		459,417			2,677,584			5,366,031
Profit for the year		-			-			-			-		-		-			3,512,168			3,512,168
Other comprehensive income		-			-			-			-		105,620		-			-			105,620
Total comprehensive income for the year		-			-			-			-		105,620		-			3,512,168			3,617,788
Conversion of redeemable convertible preference shares (note 13)		419,929			187			-			4,692,519		-		(302,717	)		-			4,389,989
Issuance of redeemable convertible preference shares (note 13)		-			-			-			-		-		321,679			-			321,679
Issuance of new shares (note 12(a))		1,034,050			463			(461	)		39,448		-		-			-			39,450
Cancellation of shares (note 12(a))		(1,030,494	)		(461	)		461			-		-		-			-			-
Balance as of December 31, 2024		20,423,485			8,540			-			6,903,616		154,650		478,379			6,189,752			13,734,937
Balance as of December 31, 2024 (USD)		20,423,485			1,911			-			1,544,606		34,601		107,032			1,384,887			3,073,037

The accompanying notes form an integral part of these consolidated financial statements.

F-5

Agroz Inc.

Consolidated Statements of cash flows

For the year ended December 31, 2023 and 2024

(Stated in Malaysian Ringgit)

			For the year ended December 31,
	Note		2023			2024
			MYR			MYR			USD
Cash flows from operating activities
Profit before tax				5,110,267			6,345,785			1,419,797
Adjustments for:
Finance costs		21		503,211			1,668,770			373,368
Commission fee for redeemable convertible preference shares		22(b)(ii)(x)		137,912			–			–
Loss on redeemable convertible preference shares redemption		13		704,900			–			–
Contribution by a shareholder		20(iv)		120,000			–			–
Other expenses				–			857			192
Depreciation charge of property, plant and equipment		20(ii)		47,055			89,117			19,939
Depreciation of right-of-use assets		20(ii)		236,272			480,114			107,420
Amortization of intangible assets		20(ii)		16,106			243,183			54,409
Credit loss on trade receivables		15(a)		66,915			661,263			147,950

Changes in assets and liabilities
Increase in trade receivables				(13,855,955	)		(21,819,002	)		(4,881,755	)
(Increase)/decrease in prepayments, deposits and other receivables				(509,268	)		298,864			66,867
Increase in amounts due from related companies				(800	)		(40,619	)		(9,088	)
Decrease in development costs				2,151,248			–			–
Increase in other payables				105,021			863,278			193,149
(Decrease)/ increase in amounts due to related companies				(21,721	)		678,900			151,896
Increase in trade payables				1,779,550			11,791,451			2,638,204
Income tax paid				-			(320,690	)		(71,751	)
Net cash (used in)/generated from operating activities				(3,409,287	)		941,271			210,597

Cash flows from investing activities
Payments for purchases of property, plant and equipment				(217,284	)		(97,550	)		(21,826	)
Payments for purchases of intangible assets-related parties				(684,684	)		(6,387,602	)		(1,429,154	)
Payments for purchases of intangible assets-third parties				(1,021,986	)		(335,476	)		(75,059	)
Advance to related parties				(704,196	)		–			–
Net cash used in investing activities				(2,628,150	)		(6,820,628	)		(1,526,039	)

Cash flows from financing activities
Payment of IPO related costs				(1,147,842	)		(621,400	)		(139,031	)
Proceeds from capital injection from shareholders				820,000			–			–
Advances received from/(repayment to) a related party		11(a)		1,042,409			(37,431	)		(8,375	)
Proceeds from/(repayment of) shareholder’s loan		11(a)		1,363,000			(70,925	)		(15,869	)
Proceeds from bank borrowing		11(a)		69,000			–			–
Payment of principal element of bank borrowing		11(a)		(1,914	)		(14,914	)		(3,337	)
Payment of interest element of bank borrowing		11(a)		(796	)		(4,056	)		(907	)
Proceeds from the issue of ordinary shares				–			39,450			8,826
Proceeds from the issue of redeemable convertible preference shares		11(a)		3,609,483			7,989,890			1,787,647
Payment of redeemable convertible preference shares commission fee				(137,912	)		–			–
Interest paid for redeemable convertible preference shares		11(a)		(175,000	)		(355,394	)		(79,515	)
Advances received for redeemable convertible preference shares		11(a)		918,274			–			–
Payment of capital element of lease liabilities		11(a)		(161,857	)		(339,747	)		(76,015	)
Payment of interest element of lease liabilities		11(a)		(124,157	)		(253,389	)		(56,693	)
Net cash generated from financing activities				6,072,688			6,332,084			1,416,731

Effect of foreign currency exchange rate				–			(171,388	)		(38,346	)

Net increase in cash				35,251			281,339			62,943
Cash – beginning of the year				73,910			109,161			24,427
Cash – end of the year				109,161			390,500			87,370

The accompanying notes form an integral part of these consolidated financial statements.

F-6

Agroz Inc.

Notes to the consolidated financial statements

For the year ended December 31, 2023 and 2024

1. General information

Agroz Inc. (the 「Company」) was incorporated in the Cayman Islands on August 8, 2023, as an exempted company with limited liability under the Companies Law, Cap.22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands.

The Company is an investment holding company and has not carried on any business since the date of its incorporation except for the group reorganization mentioned in note 2.1 below. The Company and its subsidiary (collectively, the 「Group」) are principally engaged in offering farm solutions and selling fresh produce from the controlled environment agriculture vertical farms operated (the 「CEA vertical farms」). The principal activities aforementioned are defined as the Relevant Business of the Group.

2. Reorganization, basis of presentation and going concern

2.1 Reorganization

Prior to the incorporation of the Company, the above mentioned Relevant Business was carried out through Agroz Group Sdn. Bhd. (「Agroz Group」), a company established in Malaysia on November 20, 2020. In anticipation of an initial public offering (「IPO」), the Company was incorporated on August 8, 2023; and acquired 100.0% of equity interests of Agroz Group and became the holding company of the Group on December 14, 2023 (the 「Reorganization」). Immediately before and after the Reorganization, the Company and Agroz Group are with identical shareholdings structures, which were effectively under common control; therefore, the Reorganization was accounted for as a recapitalization of the operating entity. The consolidated financial statements have been prepared in a manner as if the Relevant Businesses had been always operated by the companies now comprising the Group and the Reorganization had been completed at the beginning of the reporting periods. The assets and liabilities included in the consolidated financial statements are recognized and measured at the historical costs prior to the Reorganization.

The consolidated statements of profit or loss and other comprehensive income, cash flows and changes in shareholders’ equity for the years ended December 31, 2023 and 2024, included the results and operations of the companies now comprising the Group. The consolidated statements of financial position as of December 31, 2023 and 2024 included the financial position of the companies now comprising the Group, except for their capital structure which is retrospectively adjusted to reflect the legal capital structure of the Company. The registered capital of the companies now comprising the Group were included in additional paid-in capital in the consolidated statements of financial position as of December 31, 2023 and 2024.

2.2 Subsidiary

Upon completion of the Reorganization and as of the date of issue of these consolidated financial statements, the Company only has one subsidiary as follow:

Date and
place of
incorporation

Issued
share

Principal

Percentage of
shareholding %

Company

and operation

capital

activities

Direct

Indirect

Agroz Group Sdn. Bhd. (「Agroz Group」)

November 20, 2020 Malaysia

1,000

Offering farm solutions, and selling fresh produce from the CEA vertical farms

100

–

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2.3 Basis of preparation

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (「IFRSs」) as issued by the International Accounting Standards Board (「IASB」). IFRSs also comprise International Accounting Standards (「IAS」); and Interpretations.

These financial statements were authorized for issue by the Group’s board of directors on May 22, 2025.

The IASB has issued a number of new and revised IFRSs. For the purpose of preparing these financial statements, the Group has adopted all applicable new and revised IFRSs that are effective. The accounting policies set out below have been applied consistently to the reporting periods presented in these consolidated financial statements.

New and revised IFRSs that are adopted and are effective for the annual accounting periods beginning on or after January 1, 2024

●

Amendments to IAS 1 - Classification of Liabilities as Current or Non-Current

●

Amendments to IAS 1 - Non-current Liabilities with Covenants

●

Amendments to IAS 7 and IFRS 7 – Supplier Finance Arrangements

●

Amendments to IAS 16 - Lease Liability in a Sale and Leaseback

New and revised IFRSs that are not yet effective and have not been early adopted

		Effective for accounting periods beginning on or after
Amendment to IAS 21 - Lack of Exchangeability		January 1, 2025
Amendments to IFRS 7 and IFRS 9 - Classification and Measurements of Financial Instruments		January 1, 2026
IFRS 18 Presentation and Disclosure in Financial Statements		January 1, 2027
IFRS 19 - Subsidiaries without Public Accountability Disclosures		January 1, 2027
Amendments to IFRS 10 and IAS 28 - Sale or contribution of assets between an investor and its associate or joint venture		will be determined at a future date

The Group is in the process of making an assessment of what the impact of these developments is expected to be in the period of initial application. So far it has concluded that the adoption of them is unlikely to have a material impact on the consolidated financial statements.

2.4 Going Concern

The Group has evaluated whether there are material uncertainties related to events or conditions that may cast significant doubt upon the Group’s ability to continue as a going concern in twelve months from the end of the reporting period. As of December 31, 2024, cash amounted to MYR 390,500 (USD 87,370). The going concern assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of December 31, 2024, the Group recognized a liability of MYR 9,590,370 (USD 2,145,737) in respect of redeemable convertible preference shares, where the shareholders have the rights to request the Company to redeem all of the redeemable convertible preference shares upon maturity date. The aggregate redemption amount for all redeemable preference shares by December 31, 2024 is MYR 10,055,481 (USD 2,249,800). As a result, substantial doubt about the Company’s ability to continue as a going concern exists.

The Group is evaluating several strategies and actively pursuing actions aimed to enhance its liquidity position. These actions include pursuing additional cost savings initiatives and seeking additional financing from both public and private markets. In addition, the Group also intends to build up strategic partnerships with other businesses to expand its reach, access new technologies, and leverage complementary strengths through joint ventures, collaborations on specific projects, or licensing agreements. Nevertheless, there can be no assurance that the Group will be successful in achieving its strategic plans, that the Group’s future capital raises will be sufficient to support its ongoing operations, or that any additional financing will be available in a timely manner or with acceptable terms, if at all. Therefore, the Group has concluded that there is significant doubt about its ability to continue as a going concern in twelve months from the end of the reporting period.

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The consolidated financial statements have been prepared on a going concern basis, which assumes the Group will continue its operations for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. These consolidated financial statements as at and for the year ended December 31, 2024 do not include any adjustments to the carrying amounts and classification of assets, liabilities and reported expenses that may otherwise be required if the going concern basis was not appropriate. Such adjustments could be material.

3. Significant accounting policies

3.1 Basis of consolidation

The consolidated financial statements include the financial statements of the Group and its subsidiary on a consolidated basis. Subsidiary is an entity over which the Group has control. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group has power over an entity when the Group has existing rights that give it the current ability to direct the relevant activities, i.e. activities that significantly affect the entity’s returns.

When assessing control, the Group considers its potential voting rights as well as potential voting rights held by other parties, to determine whether it has control. A potential voting right is considered only if the holder has the practical ability to exercise that right.

A subsidiary is consolidated from the date on which control is transferred to the Group. It is deconsolidated from the date the control ceases.

Intra-group transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. When necessary, amounts reported by a subsidiary has been adjusted to conform with the Group’s accounting policies.

3.2 Translation of foreign currencies

(i)	Functional and presentation currency

Items included in the financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to the entity (the 「functional currency」). The functional currency of the Company is United States dollars (「USD 」). As major operations of the Group are within Malaysia, the Group presents its consolidated financial statements in Ringgit Malaysia (MYR ), unless otherwise stated.

(ii)	Convenience translation

Translations of amounts in the consolidated statements of financial position, consolidated statements of profit or loss and other comprehensive income and consolidated statements of cash flows from MYR into USD as of and for the year ended December 31, 2024 are solely for the convenience of the reader and were calculated at the noon buying rate of USD 1= MYR 4.4695 on December 31, 2024 as published in H.10 statistical release of the United States Federal Reserve Board. No representation is made that the MYR amounts could have been, or could be, converted, realized or settled into USD at such rate or at any other rate.

(iii)

Transactions and balances

Foreign currency transactions during the year are translated into the respective functional currencies of group companies at the exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the end of each reporting period. Exchange gains and losses are recognized in profit or loss and presented within other income.

Non-monetary assets and liabilities that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction.

(iv)	Foreign operations

The results of foreign operations are translated into MYR at the exchange rates approximating the exchange rates at the dates of the transactions. Statements of financial position items are translated into USD at the exchange rates at the end of each reporting period. The resulting exchange differences are recognized in other comprehensive income and accumulated separately in equity in the translation reserve.

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3.3 Trade and other receivables

A receivable is recognized when the Group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due.

The Group does not have any receivables that contain significant financing component at the end of each reporting period. Receivables are initially measured at their transaction price. All receivables are subsequently stated at amortized cost and including an allowance for credit losses (see note 3.5).

3.4 Trade and other payables

Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. Trade and other payables are initially recognized at fair value and subsequently stated at amortized cost unless the effect of discounting would be immaterial, in which case they are stated at cost.

3.5 Credit losses from financial instruments

The Group recognizes a loss allowance for expected credit loss (「ECL」) on financial assets which are subject to impairment under IFRS 9 (including trade and other receivables, amounts due from related parties, bank deposits and bank balances).

Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e. the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions.

ECLs are measured on either of the following bases:

●

12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and

●

lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies.

Loss allowances for trade receivables are always measured at an amount equal to lifetime ECLs. ECLs on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date.

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For all other financial instruments, the Group recognizes a loss allowance equal to 12-month ECLs unless there has been a significant increase in credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs.

Significant increases in credit risk

In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, the Group compares the risk of default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:

●

failure to make payments of principal or interest on their contractually due dates;

●

an actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available);

●

an actual or expected significant deterioration in the operating results of the debtor; and

●

existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor’s ability to meet its obligation to the Group.

Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past due status and credit risk ratings.

ECLs are remeasured at each reporting date to reflect changes in the financial instrument’s credit risk since initial recognition. Any change in the ECL amount is recognized as an impairment gain or loss in profit or loss. The Group recognizes an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.

3.6 Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses (see note 3.9). The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use.

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Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values if any, over their estimated useful lives and is generally recognized in profit or loss. The useful lives used for this purpose are as follows:

●	Computer and equipment	3 years

●	Furniture and fittings	3 years

●	Fire system	5 years

●	Motor vehicle	5 years

●	Renovation	shorter of expected lives of office renovation and lease terms

Depreciation methods, useful lives and residual values are reviewed at the end of each reporting period and adjusted if appropriate.

Gains or losses arising from the retirement or disposal of an item of property and equipment are determined as the difference between the net disposal proceeds and the carrying amount of the item and are recognized in profit or loss on the date of retirement or disposal.

3.7 Intangible assets

Intangible assets that are acquired by the Group are stated at cost less accumulated amortization (where the estimated useful life is finite) and accumulated impairment losses (see note 3.9).

Intangible assets with finite lives are subsequently amortized on a straight-line basis over the useful life and is recognized in profit or loss. The useful life and the amortization method for an intangible asset with a finite useful life are reviewed, and adjusted if appropriate, at least at each year end. The useful lives used for this purpose are as follows:

●	Website	3 years

●	Software	5 years

3.8 Lease

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the customer has both the right to direct the use of the identified asset and to obtain substantially all of the economic benefits from that use.

(i)	As a lessee

At the lease commencement date, the Group recognizes a right-of-use asset and a lease liability, except for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with those leases which are not capitalized are recognized as an expense on a systematic basis over the lease term.

Where the lease is capitalized, the lease liability is initially recognized at the present value of the lease payments payable over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, using a relevant incremental borrowing rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. After initial recognition, the lease liability is measured at amortized cost and interest expense is calculated using the effective interest method. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability and hence are charged to profit or loss in the accounting period in which they are incurred.

The right-of-use asset recognized when a lease is capitalized is initially measured at cost, which comprises the initial amount of the lease liability plus any lease payments made at or before the commencement date, and any initial direct costs incurred. Where applicable, the cost of the right-of-use assets also includes an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, discounted to their present value, less any lease incentives received. The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment losses (see note 3.9). Depreciation is calculated to write off the cost of items of right-of-use assets, using the straight-line method over the unexpired lease term.

(ii)	Sales and leaseback transactions

The Group applies IFRS 15 for determining if the transfer of an asset to the buyer (lessor) is to be accounted for as a sale of assets. After the sale of assets is concluded, the Group measures the right-of-use assets arising from the leaseback at the proportion of the previous carrying value of the asset that relates to the right of use retained by the Group. Accordingly, the Group recognizes only the amount of any gain or loss that relates to the rights transferred to the buyer (lessor).

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3.9 Impairment on property, plant and equipment, right-of-use assets and intangible assets

At the end of the reporting period, the Group reviews the carrying amounts of its property, plant and equipment, right-of-use assets and intangible assets with finite useful lives to determine whether there is any indication that these assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the relevant asset is estimated in order to determine the extent of the impairment loss (if any).

The recoverable amount of property, plant and equipment, right-of-use assets and intangible assets are estimated individually. When it is not possible to estimate the recoverable amount individually, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs of disposal and value in use. The fair value less cost to sell is the estimated amount obtainable from the sale of an asset in an arm’s length transaction less disposal costs, while value in use is the present value of estimated future cash flows from the continuing use of an asset and from its disposal at the end of its useful life.

A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the case, the carrying amount of the asset is increased to its recoverable amount. The increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years.

3.10 Cash

The Group maintains all of its bank accounts in Malaysia and no cash equivalents. Cash are assessed for ECL (see note 3.5).

3.11 Development costs

CEA vertical farms under development is stated at the lower of cost and net realizable value. Net realizable value takes into account the price ultimately expected to be realized, less applicable variable selling expenses and anticipated cost to completion. Development cost of CEA vertical farms comprises mainly construction cost and equipment installation work incurred during the development period. On completion, the CEA vertical farms are transferred to completed project held for sale.

CEA vertical farms under development is classified as a current asset unless it will not be realized in one normal operating cycle.

3.12 Redeemable convertible preference shares

Redeemable convertible preference shares (「RCPS」) are with a fixed dividend rate and redeemable at the request of the holders upon the occurrence of a certain redemption event or on the maturity date as agreed in the corresponding shareholders’ agreement. The conversion option embedded, if any, is with a conversion ratio of one RCPSs to one common share of the Company.

The Group reviews the term and conditions of the RCPS to conclude whether the RCPSs have the characteristics of:

A financial liability – when the financial instruments are with contractual obligation to deliver cash or other financial assets, including to pay a fixed rate or dividend and/or have a mandatory redemption feature at a future date;

An equity instrument – when the financial instruments do not have a fixed maturity and the issuer does not have a contractual obligation to make any payment, which represent a residual interest in the assets of an entity after deducting all of its liabilities.

RCPSs without conversion option have been classified as financial liabilities, which are measured initially at fair value and subsequently at amortized cost.

F-13

RCPSs with conversion option have been classified as a compound financial instrument, with liability and equity components. When the initial carrying amount of a compound financial instrument is allocated to its equity and liability components, the equity component is assigned the residual amount after deducting from the fair value of the instrument as a whole the amount separately determined for the liability component. The sum of the carrying amounts assigned to the liability and equity components on initial recognition is always equal to the fair value to the instrument as a whole. No gain or loss arises from initially recognizing the components of the instrument separately.

Any transaction costs are recognized as finance costs in the consolidated statements of profit or loss.

3.13 Revenue and other income

Income is classified by the Group as revenue when it arises from the sale of products and the provision of services.

Revenue is recognized when control over the product or service is transferred to the customer, at the amount of promised consideration to which the Group is expected to be entitled in exchange for the satisfaction of a specific performance obligation, excluding those amounts collected on behalf of third parties.

The Group takes advantage of the practical expedient in paragraph 63 of IFRS 15 and does not adjust the consideration for the effects of any significant financing component if the expected period of financing is 12 months or less.

Further details of the Group’s revenue and other income recognition policies are as follows:

(i)	Farm solutions

The Group offers a comprehensive set of farm solutions to the customers, which include to sell CEA vertical farm as an integrated project or to provide CEA vertical farms design and construction service separately according to the specific demands from the customers.

Designing service of CEA vertical farms

Revenue from farm design service, as a single promise, is recognized at a point in time when the relevant services are rendered, generally upon acceptance of the farm layout plan for the customer and the Group has a present right to receive payment. The contract payment is not subject to any variable consideration, refund, cancellation or termination provision.

CEA vertical farms related construction services

Revenue from farm related construction service is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Group’s performance as it occurs, and the customer controls the related asset as it is created or enhanced.

Under the construction contract, the Group is responsible for providing the overall management of the construction project and identifies goods and services to be provided including procurement, construction, engineering and finishing. The Group identifies only one performance obligation in farm construction service as the goods and services to be provided under the contract are not separately identifiable within the context of the agreement to be distinct performance obligations.

The construction revenue is recognized according to the stage of completion of the works. The contract payment is not subject to any variable consideration, refund, cancellation or termination provision.

Farm sales

For CEA vertical farms sales contract for which the control of the farm is transferred at a point in time, revenue is recognized upon acceptance of the farm for the customer and the Group has a present right to receive payment. The contract payment is not subject to any variable consideration, refund or return provision.

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(ii)	Management fees

	The Group earns management fees by providing professional skills and knowledge to operate and manage CEA vertical farm. Management fee is recognized over the period in which the services are rendered.

(iii)

Sale of fresh produce

Revenue from sale of fresh produce is measured based on the consideration specified in a contract with customers from both retailers and distributors, regardless of the customer being a third party or a related party, in exchange for goods delivered. Agroz Group fulfills its sales obligation to its customers by purchasing fresh produce from the farms that it operates and manages, which are owned by related parties. For both sales to retailer and distributor customers, Agroz Group recognized revenue at a point in time when the control is transferred to the customer, generally on delivery of the vegetables. Agroz Group ensures the quality of its products to meet customers’ requirements and manages delivery of fresh produce to customers. Management determines the transaction price of fresh produce and is responsible for quality of products and customer returns to take the inventory risk. Hence, revenue recognized and billings to customers are at gross.

Revenue from the sale of fresh produce is recognized at a point in time when control of the produce is transferred to the customer, generally on delivery of the vegetables.

Management also collaborates with third parties who provide platforms for sale of fresh produce. Agroz Group will deliver vegetables to third parties and determine selling price of fresh produce. The Group holds inventory risk before the fresh produce sold to end customers. As Agroz Group acts as principal and determines transaction price of fresh produce, revenue generated from fresh produce is recognized at gross.

(iv)	Interest income

For financial assets measured at amortized cost, interest income is measured using the effective interest method and recognized in profit or loss.

(v)	Government grants

Government grants initially when there is reasonable assurance that they will be received and that the Group will comply with the conditions attached to them. Grants that compensate the Group for expenses incurred are recognized as other income in profit or loss based on the timing of when the related costs for which the grants are intended to compensate are incurred.

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3.14 Bank borrowing

Bank borrowing was initially recognized at fair value, net of transaction costs incurred, and subsequently measured at amortized cost using the effective interest method.

Bank borrowing was classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.

3.15 Finance costs

Finance costs are expensed in the period in which they are incurred, comprising fixed-rate dividend of mandatorily redeemable convertible preference shares, interest of lease liabilities, bank and related party borrowing.

3.16 Income tax

Income tax expense comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous periods. The amount of current tax payable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any.

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes, deferred tax assets also arise from unused tax losses and unused tax credits.

A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they CAN be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

The measurement of deferred taxes reflects the tax consequences that would follow the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.

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3.17 Employee benefits

(i)	Short-term employee benefits

Short-term employee benefits are recognized at the undiscounted amount of the benefits expected to be paid as and when employee rendered the services. All short-term employee benefits are recognized as an expense unless IFRSs requires to permit the inclusion of the benefit in the cost of an asset. A liability is recognized for benefits accruing to employees (such as wages and salaries, annual leaves and sick leave) after deducting any amount already paid.

(ii)	Retirement benefit costs

Payments to defined contribution retirement benefit plans are recognized as expenses when employees have rendered services entitling them to the contributions.

(iii)

Termination benefits

Termination benefits are recognized at the earlier of the dates when the Group CAN no longer withdraw the offer of those benefits and when the Group recognizes restructuring costs and involves the payment of termination benefits.

3.18 Related parties

A related party is a person or entity that is related to the Group.

(A)

A person or a close member of that person’s family is related to the Group if that person:

(i)

has control or joint control over the Group;

(ii)

has significant influence over the Group; or

(iii)

is a member of the key management personnel of the Group or of a parent of the Group.

(B)

An entity is related to the Group if any of the following conditions applies:

(i)

The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others);

(ii)

One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member);

(iii)

Both entities are joint ventures of the same third party;

(iv)

One entity is a joint venture of a third entity and the other entity is an associate of the third entity;

(v)

The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. If the Group is itself such a plan, the sponsoring employers are also related to the Group;

(vi)

The entity is controlled or jointly controlled by a person identified in (A);

	(vii)	A person identified in (A)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); or

	(viii)	The entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to a parent of the Group.

(ix)

Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity.

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3.19 Provisions and contingent liabilities

Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount CAN be reliably estimated. Provisions are not recognized for future operating losses.

Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.

The Group does not recognize contingent liabilities, but discloses their existence in the notes to the financial statements. A contingent liability is a possible obligation that arises from past events which existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Group or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation.

3.20 Share capital

(i)	Ordinary shares

Proceeds from ordinary shares issued are accounted for in equity. Cost directly attributable to the issuance of new equity shares are deducted from equity.

(ii)	Earnings Per Share

Basic earnings per share is calculated by dividing net income attributable to shareholders by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of financing costs associated with dilutive potential ordinary shares and the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.

3.21 Classification of current and non-current items

An asset is classified as current when:

(a)

it expects to realize the asset, or intends to sell or consume it, in its normal operating cycle;

(b)

it holds the asset primarily for the purpose of trading;

(c)

it expects to realize the asset within twelve months after the reporting period; or

(d)

the asset is cash or a cash equivalent unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period

All other assets as are classified as non-current.

liability is classified as current when:

(i)

it expects to settle the liability in its normal operating cycle;

(ii)

it holds the liability primarily for the purpose of trading;

(iii)

the liability is due to be settled within twelve months after the reporting period; or

(iv)

it does not have the right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period.

All other liabilities are classified as non-current.

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3.22 Segment reporting

Identification of segments is based on internal reporting to the chief operating decision Maker (「CODM」). The CODM for the Group is identified as the Group’s Chief Executive Officer. The Group does not divide its operations into different segments and the CODM operates and manages the Group’s entire operations as one segment, which is consistent with the Group’s internal organization and reporting system. As the Group’s operation and long-lived assets are substantially located in Malaysia, no geographical segments are presented.

4. Accounting judgments and estimates

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

(i)	Provision for expected credit losses on trade receivables

The Group estimates the loss allowances for trade receivables by assessing the ECLs. This requires the use of estimates and judgements. ECLs are based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, and an assessment of both the current and forecast general economic conditions at the end of the reporting period. Where the estimation is different from the original estimate, such difference will affect the carrying amounts of trade receivables and thus the impairment loss in the period in which such estimate is changed. The Group keeps assessing the expected credit loss of trade receivables during their expected lives.

(ii)	Interest rate used to determine the present value of lease liabilities

The interest rate used to determine the present value of the future lease payments is the Group’s incremental borrowing rate based on the information available at the lease commencement date. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located.

F-19

(iii)

Determining the lease term of a lease

The lease liability is initially recognized at the present value of the lease payments payable over the lease term. In determining the lease term at the commencement date for leases that include renewal options exercisable by the Group, the Group evaluates the likelihood of exercising the renewal options taking into account all relevant facts and circumstances that create an economic incentive for the Group to exercise the option, including favorable terms, leasehold improvements undertaken and the importance of that underlying asset to the Group’s operation. The lease term is reassessed when there is a significant event or significant change in circumstance that is within the Group’s control. Any increase or decrease in the lease term would affect the amount of lease liabilities and right-of-use assets recognized in future years.

(iv)	Redeemable convertible preference shares (「RCPS」)

As disclosed in note 3.12, redeemable preference shares without conversion option and carried at a fixed dividend rate, are recognized as financial liabilities measured initially at fair value and subsequently at amortized cost. Also, redeemable convertible preference shares with a fixed-to-fixed conversion option and carried at a fixed dividend rate, are classified as Compound financial instruments with a debt host and equity conversion option. The accounting treatment of RCPS involves significant judgement.

On the issuance dates of the RCPS, the Group determined the carrying amount of the financial liabilities by measuring the fair value of a similar liability that does not have an associated equity component using valuation technique. It involves a number of valuation assumptions relating to market risks and the Company’s specific risk premium. The valuation technique used to derive the liability component of the RCPS, as disclosed in note 13, involves significant estimates. Any change in such assumptions and judgement would affect the carrying amounts of the liability component to be recognized and hence the net profit in future years.

(v)	Revenue recognition for construction service in progress at period end

Revenue from farm related construction service is recognized over contract period by reference to construction progress, which is determined on the stage of completion method. The stage of completion of a construction contract is determined based on the proportion that the contract costs incurred for work performed to-date bear to the total costs for the contract by referring to construction budgets and sub-contractors’ quotations.

F-20

5. Property, plant and equipment

	Computer and equipment		Furniture and fittings		Fire system		Motor vehicle		Renovation		Total
	MYR		MYR		MYR		MYR		MYR		MYR
Cost
As of January 1, 2023		32,109		5,025		29,310		–		–		66,444
Additions		125,678		4,606		–		87,000		–		217,284
As of December 31, 2023 and January 1, 2024		157,787		9,631		29,310		87,000		–		283,728
Additions		23,000		–		–		–		74,550		97,550
As of December 31, 2024		180,787		9,631		29,310		87,000		74,550		381,278
As of December 31, 2024 (USD)		40,450		2,155		6,558		19,465		16,680		85,308

Accumulated depreciation
As of January 1, 2023		16,664		2,638		488		–		–		19,790
Charge for the year		30,063		2,430		5,862		8,700		–		47,055
As of December 31, 2023 and January 1, 2024		46,727		5,068		6,350		8,700		–		66,845
Charge for the year		51,518		1,912		5,862		17,400		12,425		89,117
As of December 31, 2024		98,245		6,980		12,212		26,100		12,425		155,962
As of December 31, 2024 (USD)		21,981		1,562		2,732		5,840		2,780		34,895

Carrying values
As of January 1, 2023		15,445		2,387		28,822		–		–		46,654
As of December 31, 2023 and January 1, 2024		111,060		4,563		22,960		78,300		–		216,883
As of December 31, 2024		82,542		2,651		17,098		60,900		62,125		225,316
As of December 31, 2024 (USD)		18,469		593		3,826		13,625		13,900		50,413

As of December 31, 2024, a motor vehicle with carrying amount of MYR 60,900 (USD 13,625) (2023: MYR 78,300) was pledged to secure a bank borrowing of MYR 53,029 (USD 11,865) (2023: MYR 67,086) (note 14).

F-21

6. Intangible assets

	Website		Software		Total
	MYR		MYR		MYR
Cost
As of January 1, 2023		10,000		60,000		70,000
Additions		954		–		954
As of December 31, 2023 and January 1, 2024		10,954		60,000		70,954
Additions		–		2,293,650		2,293,650
As of December 31, 2024		10,954		2,353,650		2,364,604
As of December 31, 2024 (USD)		2,451		526,603		529,054

Accumulated amortization
As of January 1, 2023		4,500		4,000		8,500
Charge for the year		4,106		12,000		16,106
As of December 31, 2023 and January 1, 2024		8,606		16,000		24,606
Charge for the year		1,818		241,365		243,183
As of December 31, 2024		10,424		257,365		267,789
As of December 31, 2024 (USD)		2,332		57,583		59,915

Carrying values
As of January 1, 2023		5,500		56,000		61,500
As of December 31, 2023 and January 1, 2024		2,348		44,000		46,348
As of December 31, 2024		530		2,096,285		2,096,815
As of December 31, 2024 (USD)		119		469,020		469,139

7. Leases

Amounts recognized in the consolidated statements of financial position:

	As of December 31, 2023		As of December 31, 2024
	MYR		MYR		USD
Right-of-use assets
- Non-current		2,141,293		2,277,208		509,498

Lease liabilities
- Non-current		1,757,179		2,095,605		468,868
- Current		459,849		397,705		88,982
		2,217,028		2,493,310		557,850

F-22

(a)	Right-of-use assets

The analysis of the net book value of right-of-use assets by class of underlying assets are as follows:

	Property		Farm			Total
	MYR		MYR			MYR
	(note (i))		(note (ii))
Cost
As of January 1, 2023		–		136,880			136,880
Additions		2,352,677		–			2,352,677
Derecognition		–		(136,880	)		(136,880	)
As of December 31, 2023 and January 1, 2024		2,352,677		–			2,352,677
Additions		616,029		–			616,029
As of December 31, 2024		2,968,706		–			2,968,706
As of December 31, 2024 (USD)		664,213		–			664,213

Accumulated depreciation
As of January 1, 2023		–		111,992			111,992
Charge for the year		211,384		24,888			236,272
Derecognition		–		(136,880	)		(136,880	)
As of December 31, 2023 and January 1, 2024		211,384		–			211,384
Charge for the year		480,114		–			480,114
As of December 31, 2024		691,498		–			691,498
As of December 31, 2024 (USD)		154,715		–			154,715

Net book value
As of January 1, 2023		–		24,888			24,888
As of December 31, 2023 and January 1, 2024		2,141,293		–			2,141,293
As of December 31, 2024		2,277,208		–			2,277,208
As of December 31, 2024 (USD)		509,498		–			509,498

Notes:

(i)	Property - right-of-use assets

The Group leases three properties (2023: two) to place CEA vertical farms and office with two of the leases with lease term of three years and a lease with a lease term of two years (2023: three years). For all three leases, the Company has the option to renew the lease for another three years.

(ii)	Farm - right-of-use assets

In 2021, the Group sold a CEA vertical farm to a customer and later leased back the farm from the customer with a lease term of 2 years. The transactions are accounted as a sale-and-leaseback transaction under IFRS 16. There is no option to renew and the lease ended in April 30, 2023.

F-23

The analysis of expense items in relation to leases recognized in profit or loss is as follows:

	For the year ended December 31,
	2023		2024
	MYR		MYR		USD
Depreciation charge on property right-of-use assets		211,384		480,114		107,420
Depreciation charge on farm right-of-use assets		24,888		–		–
		236,272		480,114		107,420
Interest on lease liabilities (note 21)		124,157		253,389		56,693

(b)	Lease liabilities

The following tables show the remaining contractual maturities of the Group’s lease liabilities at the end of the reporting periods:

	As of December 31, 2023
	Present value of the minimum lease payment		Total minimum lease payments
	MYR		MYR
Within 1 year		459,849		485,136
More than 1 year but within 2 years		416,261		485,136
More than 2 years but within 5 years		1,186,110		1,686,256
More than 5 years		154,808		261,768
		2,217,028		2,918,296
Less: total future interest expenses				(701,268	)
Present value of lease liabilities				2,217,028

	As of December 31, 2024
	Present value of the minimum lease payments		Present value of the minimum lease payments		Total minimum lease payments			Total minimum lease payments
	MYR		USD		MYR			USD
Within 1 year		397,705		88,982		629,136			140,762
More than 1 year but within 2 years		501,018		112,097		689,248			154,211
More than 2 years but within 5 years		1,594,587		356,771		1,805,975			404,067
		2,493,310		557,850		3,124,359			699,040
Less: total future interest expenses						(631,049	)		(141,190	)
Present value of lease liabilities						2,493,310			557,850

Details of total cash outflow for leases and the future cash outflows arising from leases are set out in note 11(b) and note 15(c) respectively.

F-24

8. Trade receivables

	As of			As of
	December 31,			December 31,
	2023			2024
	MYR			MYR			USD
Receivables from farm solutions sales
- from third parties		8,412,500			19,234,500			4,303,502
- from related parties		4,000,001			1,100,000			246,113
Receivables from vegetable sales
- from third parties		787,521			16,693,373			3,734,953
- from related parties		2,041,690			32,841			7,348
Total trade receivables, gross		15,241,712			37,060,714			8,291,916
Less: loss allowances for expected credit loss		(82,597	)		(743,860	)		(166,430	)
Total trade receivables, net		15,159,115			36,316,854			8,125,486

Aging analysis of gross trade receivables, based on the date of revenue recognition, as of December 31, 2023 and 2024 are as follows:

	As of		As of
	December 31,		December 31,
	2023		2024
	MYR		MYR		USD
Within 3 months		13,191,314		30,278,889		6,774,559
More than 3 months but within 6 months		808,830		3,010,069		673,469
More than 6 months but within 1 year		950,796		2,470,419		552,728
More than 1 year		290,772		1,301,337		291,160
Total trade receivables, gross		15,241,712		37,060,714		8,291,916

All trade receivables classified as current are expected to be recovered within one year based on historical collection and experience. Generally, as of December 31, 2024, credit terms for retail outlet customers are due within 30 to 60 days (2023: 30 to 60 days), while credit terms for industrial business customers are due within 30 to 104 days (2023: 30 days to 104 days), from the date of revenue recognition. Further details on the Group’s credit policy and credit risk arising from trade debtors are set out in note 15(a)(i).

9. Prepayments, deposits and other receivables

	As of December 31, 2023		As of December 31, 2024
	MYR		MYR		USD
Non–current:
Prepayments for intangible assets
– to a related party (note (a))		1,423,354		5,517,306		1,234,435
– to a third party (note (b))		1,071,032		1,406,508		314,690
		2,494,386		6,923,814		1,549,125
Deposits		202,012		277,843		62,165
Subtotal		2,696,398		7,201,657		1,611,290

Current:
Prepayments (note (c))		1,492,195		–		–
Other receivables		30,915		30,915		6,917
Subtotal		1,523,110		30,915		6,917

Total prepayments, deposits and other receivables (note (d))		4,219,508		7,232,572		1,618,207

Notes:

(a)

As of December 31, 2024, the Group has prepaid MYR 5,517,306 (USD 1,234,435) for the development of comprehensive Robotics AI Platform designed to facilitate the creation, deployment, and management of intelligent robotic systems to Braiven Co., Ltd., who is a related party (note 22). As of December 31, 2023, the Group has prepaid MYR 1,423,354 for certain purchase contracts of IT software such as Internet of Things (IoT) management platform, video management platform and data visualization platform to a related party.

F-25

(b)	As of December 31, 2024, the Group has prepaid MYR 1,406,508 (USD 314,690) (2023: MYR 1,071,032) for certain purchase contracts of IT software such as E-commerce website design, system integration platform and Enterprise Resource Planning (ERP) system to a third party.

(c)

As of December 31, 2023, included in prepayments mainly represented IPO related professional fee amounted to approximately MYR 1,492,195 where relevant services not yet rendered as of respective period end. The amount was recognized as deferred offering costs and general and administrative expenses respectively during the year ended December 31, 2024.

(d)	Save as prepayments for intangible assets and deposits for property leases and office equipment, all prepayments and other receivables are expected to be recovered/consumed within one year.

10. Development costs

As of December 31, 2023, the development costs generally consist of the construction services and installation of equipment at two geographical locations. As the Group expects to complete and sell the CEA vertical farm within a year, development costs were categorized as current asset in Statement of Financial Position. As of December 31, 2023, a CEA vertical farm and a construction project have completed and sold.

Movement of development costs as follows:

	MYR
As of January 1, 2023		2,151,248
Additions		3,890,653
Charge to cost of revenue for the year		(6,041,901	)
As of December 31, 2023 and 2024		–

11. Cash

As of
December 31,
2023

As of
December 31,
2024

MYR

USD

Cash at bank

109,161

390,500

87,370

(a)	Reconciliation of liabilities arising from financing activities

The table below details changes in the Group’s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the Group’s consolidated statements of cash flow as cash flows from financing activities.

F-26

	Bank borrowing			Lease liabilities			Redeemable convertible preference shares			Other payables			Amounts due to related parties			Total
	MYR			MYR			MYR			MYR			MYR			MYR
As of January 1, 2023		–			26,208			2,500,000			181,655			264,607			2,972,470

Changes from financing cash flows:
Payment of capital element of lease liabilities		–			(161,857	)		–			–			–			(161,857	)
Payment of interest element of lease liabilities		–			(124,157	)		–			–			–			(124,157	)
Proceeds from bank borrowing		69,000			–			–			–			–			69,000
Advance received from a related party		–			–			–			–			1,042,409			1,042,409
Payment of principal element of bank borrowing		(1,914	)		–			–			–			–			(1,914	)
Payment of interest element of bank borrowing		(796	)		–			–			–			–			(796	)
Proceeds from shareholder’s loan		–			–			–			–			1,363,000			1,363,000
Proceeds from the issue of redeemable convertible preference shares		–			–			3,609,483			–			–			3,609,483
Advances received for redeemable convertible preference shares		–			–			–			918,274			–			918,274
Interest paid for redeemable convertible preference shares		–			–			–			(175,000	)		–			(175,000	)
Payment of redeemable convertible preference shares commission fee		–			–			–			–			(137,912	)		(137,912	)
Total changes from financing cash flows		66,290			(286,014	)		3,609,483			743,274			2,267,497			6,400,530

Other changes:
Increase in lease liabilities from entering into new leases during the year		–			2,352,677			–			–			–			2,352,677
Finance costs (note 21)		1,566			124,157			–			360,407			17,081			503,211
Commission fee for redeemable convertible preference shares		–			–			–			–			137,912			137,912
Loss of redeemable convertible preference shares		–			–			704,900			–			–			704,900
Redemption of redeemable convertible preference shares		–			–			177,600			(177,600	)		–			–
Equity component of redeemable convertible preference shares		–			–			(459,417	)		–			–			(459,417	)
Reclass to other payables		(770	)								770			–			–
Effect of foreign exchange rate		–			–			(49,030	)		–			–			(49,030	)
Change arising from investing activities		–			–			–			–			738,670			738,670
Change arising from operating activities		–			–			–			105,021			(21,721	)		83,300
Total other changes		796			2,476,834			374,053			288,598			871,942			4,012,223

As of December 31, 2023		67,086			2,217,028			6,483,536			1,213,527			3,404,046			13,385,223

F-27

	Bank borrowing			Lease liabilities			Redeemable convertible preference shares			Other payables			Amounts due to related parties			Total
	MYR			MYR			MYR			MYR			MYR			MYR
As of January 1, 2024		67,086			2,217,028			6,483,536			1,213,527			3,404,046			13,385,223

Changes from financing cash flows:
Payment of capital element of lease liabilities		–			(339,747	)		–			–			–			(339,747	)
Payment of interest element of lease liabilities		–			(253,389	)		–			–			–			(253,389	)
Repayment to related parties		–			–			–			–			(37,431	)		(37,431	)
Payment of principal element of bank borrowing		(14,914	)		–			–			–			–			(14,914	)
Payment of interest element of bank borrowing		(4,056	)		–			–			–			–			(4,056	)
Repayment of shareholder’s loan		–			–			–			–			(70,925	)		(70,925	)
Interest paid for redeemable convertible preference shares		–			–			–			(355,394	)		–			(355,394	)
Proceeds from the issue of redeemable convertible preference shares		–			–			7,989,890			–			–			7,989,890
Total changes from financing cash flows		(18,970	)		(593,136	)		7,989,890			(355,394	)		(108,356	)		6,914,034

Other changes:
Increase in lease liabilities from entering into new leases during the year		–			616,029			–			–			–			616,029
Finance costs (note 21)		4,056			253,389			–			1,384,065			27,260			1,668,770
Conversion of redeemable convertible preference shares		–			–			(4,389,989	)		–			–			(4,389,989	)
Equity component of redeemable convertible preference shares		–			–			(321,679	)		–			–			(321,679	)
Other expenses		857			–			–			–			–			857
Effect of foreign exchange rate		–			–			(171,388	)		–			–			(171,388	)
Change arising from operating activities		–			–			–			863,278			678,900			1,542,178
Total other changes		4,913			869,418			(4,883,056	)		2,247,343			706,160			(1,055,222	)

As of December 31, 2024		53,029			2,493,310			9,590,370			3,105,476			4,001,850			19,244,035
As of December 31, 2024 (USD )		11,865			557,850			2,145,737			694,815			895,370			4,305,637

(b) Total cash outflow for lease

	As of December 31, 2023			As of December 31, 2024
	MYR			MYR			USD
Within financing cash flows		(286,014	)		(593,136	)		(132,708	)

F-28

12. Capital and reserves

(a)	Share capital and additional paid-in capital

The Company was incorporated under the laws of Cayman Islands on August 8, 2023. The authorized share capital is USD 10,000, divided into 100,000,000 ordinary shares with a par value of USD 0.0001. As of December 31, 2023, 20,000,000 ordinary shares were issued with an aggregated par value of USD 2,000 (equivalent to MYR 8,351) and was recognized as share capital of the Company. The excess of capital injections made by the equity shareholders over the par value was credited to the additional paid-in capital.

During the year ended December 31, 2023, Agroz Group further issued 820,000 ordinary shares, amounted to MYR 820,000. As discussed in note 2.1, since the Company did not exist prior to August 8, 2023, the registered capital of the companies now comprising the Group are included in additional paid-in capital in the consolidated statements of financial position as of December 31, 2023 and 2024.

On March 15, 2024, the Company issued 1,030,494 ordinary shares amounted to USD 103 (equivalent to MYR 461) to a Director of the Company and such shares have been further cancelled on November 18, 2024. On December 5, 2024, 419,929 units of redeemable convertible preference shareholders have opted to convert into ordinary shares. The Company further issued 3,556 ordinary shares amounted to USD 8,827 (MYR 39,450) on December 23, 2024 to an existing shareholder.

(b)	Other reserves

(i)

Foreign currency translation reserve

The foreign currency translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. The reserve is dealt with in accordance with the accounting policies set out in note 3.2 to the consolidated financial statements.

(ii)

Equity component of redeemable convertible preference shares

The equity component of redeemable convertible preference shares represents the value of the option related to the redeemable convertible preference shares issued by the Company, which is with a conversion ratio of one RCPSs to one common share of the Company (note 13).

13. Redeemable convertible preference shares

	As of December 31, 2023		As of December 31, 2024
	MYR		MYR		USD
- Non-current		6,483,536		6,213,040		1,390,097
- Current		–		3,377,330		755,640
		6,483,536		9,590,370		2,145,737

The Group’s preference shares activities for the year ended December 31, 2023 and 2024 are summarized below:

	Agroz Inc. RCPS						Agroz Group RCPS
	(note (b))						(note (a))
	No. of shares			Amount			No. of shares			Amount			Total Amount
As of January 1, 2023		–			–			2,500,000			2,500,000			2,500,000
Issuance		604,870			6,942,953			500,000			500,000			7,442,953
Redemption		–			–			(3,000,000	)		(3,000,000	)		(3,000,000	)
Equity component		–			(459,417	)		–			–			(459,417	)
As of December 31, 2023 and January 1, 2024		604,870			6,483,536			–			–			6,483,536
Issuance		714,979			7,989,890			–			–			7,989,890
Conversion		(419,929	)		(4,389,989	)		–			–			(4,389,989	)
Equity component		–			(321,679	)		–			–			(321,679	)
Foreign exchange loss		–			(171,388	)		–			–			(171,388	)
As of December 31, 2024		899,920			9,590,370			–			–			9,590,370
As of December 31, 2024 (USD )		899,920			2,145,737			–			–			2,145,737

F-29

(a) Agroz Group RCPS (「AG RCPS」)

Between April 12, 2021 and April 14, 2023, Agroz Group, a wholly-owned subsidiary of the Company, had issued 7 tranches of mandatorily redeemable convertible preference shares (「AG RCPS」), totally 3,000,000 shares, for cash considerations of MYR 3,000,000. Among them, 2,000,000 shares of MYR 2,000,000 and 500,000 shares of MYR 500,000 were issued during the years ended December 31, 2022 and 2023, respectively. There is no transaction during the year ended December 31, 2024.

All tranches of the AG RCPS are with identical agreement terms, as presented below:

Subscription Price

Each AG RCPS value is MYR 1.

Tenure and Maturity Date

The tenure is up to 60 months from the date of first issuance. The maturity date shall fall on the last day of the period of 5 years from the date of first issuance.

Dividend

The subscriber is entitled to:

(a)	a fixed non-accumulated dividend of 10.0% per annum, of which Agroz Group has made a promise on declaration; or

(b)	Equivalent value of services or products offered by Agroz Group; or

(c)	Combination of (a) and (b) based on mutual agreement.

Redemption

The subscriber shall have the sole and absolute discretion to require Agroz Group to redeem the AG RCPS on maturity date by repayment of the subscription price paid for the AG RCPS together with dividends committed to the subscribers.

On December 1, 2023 (「Redemption Date」), the Group decided to redeem all AG RCPS and agreed with the subscribers of AG RCPS to settle the redemption along with the related unpaid dividends by issuing 336,366 shares of Agroz Inc. RCPS (「AI RCPS」) which had a fair value MYR 3,882,500 (USD 840,915). The fair value of AI RCPS was based on a value of USD 2.50 a share which was the price this class of shares were sold to unrelated parties. On the Redemption Date, the net book value of AG RCPS along with the related unpaid dividends was MYR 3,177,600. The difference between the fair value of the AI RCPS and the net book value of AG RCPS of MYR 704,900 was recognized as a finance cost for the year ended December 31, 2023. On December 22, 2023, all AG RCPS was settled.

F-30

(b) Agroz Inc. RCPS (「AI RCPS」)

Between August 12, 2023 and December 31, 2023, the Company sold 268,504 shares AI RCPS at USD 2.50 a share for USD 671,260 or MYR 3,109,483.

Taking into consideration the conversion described above, as of December 31, 2023, the Company had issued a total of 604,870 AI RCPS with a fair value of MYR 6,942,953.

To expand the capital structure of Agroz Inc., the management had successfully issued 714,979 units of AI RCPS at USD 2.50 per share for MYR 7,989,890 (USD 1,787,647) during the year ended December 31, 2024. Certain shareholders have opted to convert 419,929 units of AI RCPS to 419,929 units of ordinary shares which amounted to MYR 4,389,989 (USD 982,210).

On the issuance dates, the Group first determined the carrying amount of the liability component by measuring the fair value of a similar liability that does not have an associated equity component. The carrying amount of the equity instrument represented by the option to convert the instrument into ordinary shares is then determined by deducting the fair value of the financial liability from the fair value of the Compound financial instrument as a whole.

The key valuation assumptions used to determine the fair value of a similar liability on initial recognition are as follows:

	December 22, 2023			January 10, 2024			March 20, 2024			June 6, 2024			September 18, 2024			October 23, 2024
	(date of issuance)			(date of issuance)			(date of issuance)			(date of issuance)			(date of issuance)			(date of issuance)
Credit spread		7.60	%		7.84	%		7.86	%		7.22	%		6.58	%		5.63	%
Risk free rate		4.32	%		4.38	%		4.64	%		4.74	%		3.62	%		4.07	%
Country risk premium		1.31	%		1.31	%		1.31	%		1.31	%		1.19	%		1.19	%
Liquidity premium		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%		0.68	%
Credit rating		B to below CCC			B to below CCC			B to below CCC			B to below CCC			B to below CCC			B to below CCC

As of December 31, 2024, the net book value of the liability and equity components of AI RCPS amounted to MYR 9,590,370 (USD 2,145,737) (2023: MYR 6,483,536) and MYR 478,379 (USD 107,032) (2023: MYR 459,417), respectively.

All transactions involving the issuance of AI RCPS were with identical agreement terms, as presented below:

Subscription Price

Each AI RCPS value is USD 2.50.

Tenure and Maturity Date

The tenure is 2 years from the subscription date. The maturity date shall fall on the second anniversary of the subscription date.

Dividend

The AI RCPS shall carry preferential cumulative dividend of 10.0% per annum on the period during which the AI RCPS is outstanding by the subscriber.

Redemption

All AI RCPS outstanding on the maturity date or did not convert to common share shall be fully redeemed at the subscription price.

F-31

Conversion Option

At the option and right of the subscriber, the subscriber may elect to convert the AI RCPS to the common share of the Company on or before the maturity date of the AI RCPS. The conversion ratio shall be one AI RCPS to convert one common share of the Company.

14. Bank borrowing

	As of December 31, 2023		As of December 31, 2024
	MYR		MYR		USD
- Non-current		52,942		39,774		8,899
- Current		14,144		13,255		2,966
		67,086		53,029		11,865

On August 29, 2023, the Group entered into a borrowing agreement with a financial institution in Malaysia to borrow MYR 69,000 (USD 15,032), which bears a fixed rate of 3.55% per annum and with maturity date on August 29, 2028. As of December 31, 2024, the secured bank borrowing amounted to MYR 53,029 (USD 11,865) (2023: MYR 67,086) was secured by charge over a motor vehicle of the Group (note 5).

For the year ended December 31, 2024, interest related to the bank borrowing amounted to MYR 4,056 (USD 907) (2023: MYR 1,566).

15. Financial risk management and fair values of financial instruments

Exposure to credit, liquidity, currency and interest rate risks arises in the normal course of the Group’s business. The Group’s exposure to these risks and the financial risk management policies and practices used by the Group to manage these risks are described below.

(a) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. The Group’s credit risk is primarily attributable to trade receivables, prepayments, other receivables and amounts due from related parties. The Group’s exposure to credit risk arising from cash is limited due to cash deposit with financial institutions in Malaysia is subject to certain protection under the requirement of the deposit insurance system. These financial institutions are banks with high-credit-quality, for which the Group considers to have low credit risk.

(i) Trade receivables

Individual credit evaluations are performed on all customers requiring credit over a certain amount. These evaluations focus on the customer’s past history of making payments when due and current ability to pay and take into account information specific to the customer as well as pertaining to the economic environment in which the customer operates. Trade receivables are due within 30 to 180 days from the date of billing. Normally, the Group does not obtain collateral from customers.

The Group’s trade receivables mainly derive from farm solution sales and fresh vegetable sales. When assessing credit risk exposure, the Group classifies its customers into three categories upon their credit characteristics, including whether they are related parties, and, for third party customers, whether they are retail outlet customers or industrial business customers.

F-32

The following table provides a breakdown of trade receivables before ECL by customer groups:

	As of December 31, 2023		As of December 31, 2024
	MYR		MYR		USD
Third-party retail outlet customers		11,714		32,716		7,320
Third-party industrial business customers		9,188,307		35,895,157		8,031,135
Related party customers		6,041,691		1,132,841		253,461
Total trade receivables, gross		15,241,712		37,060,714		8,291,916

(1) Third-party retail outlet customers

For trade receivables related to third-party retail outlet customers, the Group measures loss allowances at an amount equal to lifetime ECLs, which is calculated using a provision matrix. Expected loss rates are based on actual loss experience over the past 2 years. These rates are adjusted to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and the Group’s view of economic conditions over the expected lives of the receivables.

Based on the historical collection and experience, the Group is able to collect all its outstanding receivables for December 31, 2024 within one year from third-party retail outlet customers.

The following tables provide information about the Group’s exposure to credit risk and ECL for trade receivables related to third-party retail outlet customers as of December 31, 2023 and 2024:

	As of December 31, 2023
	Gross carrying amount		Loss allowance			Expected loss rate			Net balance
	MYR		MYR						MYR
0 - 90 days		3,177		(146	)		4.6	%		3,031
91 - 180 days		3,213		(1,964	)		61.1	%		1,249
181 - 270 days		280		(276	)		98.6	%		4
271 - 365 days		5,044		(5,044	)		100.0	%		–
		11,714		(7,430	)					4,284

F-33

	As of December 31, 2024
	Gross carrying amount		Loss allowance			Expected loss rate			Net balance
	MYR		MYR						MYR		USD
0 - 90 days		28,372		(2,433	)		8.6	%		25,939		5,804
91 – 180 days		747		(453	)		60.6	%		294		66
181 - 270 days		1,114		(918	)		82.4	%		196		44
271 - 365 days		1,146		(1,146	)		100.0	%		–		–
Over 1 year		1,337		(1,337	)		100.0	%		–		–
		32,716		(6,287	)					26,429		5,914

(2) Third-party industrial business customers

For trade receivables related to third-party industrial business customers, the Group measures loss allowances at an amount equal to lifetime ECLs, which is calculated using a behavioral scoring system taking into consideration current and historical credit worthiness, aging analysis, operating history in the relevant industry, reputation in the market and paid-in capital scale. Customers with positive behavior in all scoring areas, would be assigned a low-risk grading. Customers with positive behavior in most of the scoring areas, would be assigned a fair-risk grading. Customers with lesser positive behavior in scoring areas, would be assigned a substantial grading. Management conducts the review periodically or updates assessments promptly upon significant changes in customers’ credit risk.

Based on the historical collection and experience, the Group is able to collect all its outstanding receivables for December 31, 2024 within one year from third party industrial business customers.

The following tables provide information about the Group’s exposure to credit risk and ECL for trade receivables related to third-party industrial business customers as of December 31, 2023 and 2024:

	As of December 31, 2023
	Gross carrying amount		Loss allowance			Expected loss rate			Net balance
	MYR		MYR						MYR
Grade - low risk		2,034,059		(2,034	)		0.1	%		2,032,025
Grade - fair risk		7,154,248		(35,772	)		0.5	%		7,118,476
		9,188,307		(37,806	)					9,150,501

	As of December 31, 2024
	Gross carrying amount		Loss allowance			Expected loss rate			Net balance
	MYR		MYR						MYR		USD
Grade - low risk		11,732,969		(58,485	)		0.5	%		11,674,484		2,612,034
Grade - fair risk		24,162,188		(266,260	)		1.1	%		23,895,928		5,346,443
		35,895,157		(324,745	)					35,570,412		7,958,477

(3) Related party customers

For trade receivables from related parties, the Group measures loss allowances at an amount equal to lifetime ECLs, which is calculated using a behavioral scoring system similar to the one applied to third-party industrial business customers.

Based on the historical collection and experience, the Group is able to collect all its outstanding receivables for December 31, 2024 within one year from related party customers.

F-34

The following tables provide information about the Group’s exposure to credit risk and ECL for trade receivables from related parties as of December 31, 2023 and 2024:

	As of December 31, 2023
	Gross carrying amount		Loss allowance			Expected loss rate			Net balance
	MYR		MYR						MYR
Grade - low risk		4,551,351		(22,757	)		0.5	%		4,528,594
Grade - fair risk		1,490,340		(14,604	)		1.0	%		1,475,736
		6,041,691		(37,361	)					6,004,330

	As of December 31, 2024
	Gross carrying amount		Loss allowance			Expected loss rate			Net balance
	MYR		MYR						MYR		USD
Grade - low risk		100,000		(500	)		0.5	%		99,500		22,262
Grade - fair risk		32,841		(328	)		1.0	%		32,513		7,275
Grade - substantial		1,000,000		(412,000	)		41.2	%		588,000		131,559
		1,132,841		(412,828	)					720,013		161,096

(4) Movement of ECL

	MYR
As of January 1, 2023		15,682
Provision for expected credit loss on trade receivables		66,915
As of December 31, 2023 and January 1, 2024		82,597
Provision for expected credit loss on trade receivables		661,263
As of December 31, 2024		743,860
As of December 31, 2024 (USD )		166,430

In addition, the Group’s exposure to credit risk is also influenced by the individual characteristics of each customer and therefore significant concentrations of credit risk arise when the Group has significant exposure to individual customers. At December 31, 2024, 95.92% (2023: 96.08%) of the total trade receivables were due from the Group’s five largest debtors, respectively.

(ii) Prepayments, deposits and other receivables and amounts due from related parties

Prepayments, deposits and other receivables and amounts due from related parties are reviewed regularly, for which the Group considers to have low credit risk.

F-35

(b) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group does not account for any fixed-rate financial instruments at fair value through profit or loss at the end of each reporting periods. Therefore, interest-bearing financial instruments at fixed rates do not expose the Group to fair value interest rate risk. The Group’s interest rate risk arises primarily from cash at bank at variable rates. If interest rates on cash at bank had been 50 basis points higher/lower and all other variables were held constant, the Group’s profit for the year would increase/decrease by approximately MYR 1,953 (USD 437) (2023: MYR 546).

The Group’s risk management objective for interest rate risk is to reduce the exposure to variability of cash flows arising from changes in interest rates. Interest rates on the Groups lease contracts and bank borrowing are fixed and thus not sensitive to fluctuation in market interest rates.

The Group manages its risk to a shortage of funds by monitoring the projected cash flows from operations. Risk management includes maintaining sufficient cash balances. The Group generates cash flow through offering farm solutions and selling fresh produce from the CEA vertical farms. Changes in market acceptance of CEA vertical farms could have a material adverse impact on the Group’s liquidity position. Due to the dynamic of the underlying business, the cash required to maintain the daily operation of the Group mainly via funding from shareholders.

The following tables show the remaining contractual maturities at the end of the years presented of the Group’s financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contracted rates) and the earliest date the Group can be required to pay.

	Within 1 year or on demand		More than 1 year but less than 2 years		More than 2 years but less than 5 years		More than 5 years		Total		Carrying amount as of December 31, 2023
	MYR		MYR		MYR		MYR		MYR		MYR
Trade payables		2,403,407		–		–		–		2,403,407		2,403,407
Other payables		1,213,527		–		–		–		1,213,527		1,213,527
Amounts due to related parties		2,068,306		1,372,087		–		–		3,440,393		3,404,046
Bank borrowing		18,970		16,260		43,308		–		78,538		67,086
Redeemable convertible preference shares		1,009,074		7,747,653		–		–		8,756,727		6,942,953
Lease liabilities		485,136		485,136		1,686,256		261,768		2,918,296		2,217,028
		7,198,420		9,621,136		1,729,564		261,768		18,810,888		16,248,047

F-36

	Within 1 year or on demand		More than 1 year but less than 2 years		More than 2 years but less than 5 years		More than 5 years		Total		Carrying amount as of December 31, 2024
	MYR		MYR		MYR		MYR		MYR		MYR		USD
Trade payables		14,089,238		–		–		–		14,089,238		14,089,238		3,152,307
Other payables		3,105,476		–		–		–		3,105,476		3,105,476		694,815
Amounts due to related parties		4,010,937		–		–		–		4,010,937		4,001,850		895,370
Bank borrowing		16,347		16,260		27,048		–		59,655		53,029		11,865
Redeemable convertible preference shares		4,622,304		7,083,959		–		–		11,706,263		9,912,049		2,217,710
Lease liabilities		629,136		689,248		1,805,975		–		3,124,359		2,493,310		557,850
		26,473,438		7,789,467		1,833,023		–		36,095,928		33,654,952		7,529,917

(d) Currency Risk

The principal activities of the Group were carried out by Agroz Group with most of the transactions originally denominated and settled in Malaysian Ringgit. AG RCPS issued by Agroz Group were denominated in Malaysian Ringgit, and AI RCPS issued by the Company were denominated in United States dollars. Given financial instruments of the Group were all denominated in functional currency, the Group’s currency risk exposure was insignificant.

(e) Fair value measurement

The fair value of the Group’s financial instruments was measured at the end of the reporting period on a recurring basis. IFRS 13 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

●

Level 1 valuations: Fair value measured using observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 2 valuations: Fair value measured using inputs that are directly or indirectly observable in the marketplace.

●

Level 3 valuations: Fair value measured using significant unobservable inputs.

Financial assets and liabilities of the Group primarily consisted of cash, trade receivables, prepayments and other receivables, amounts due from related parties, trade payables, other payables, bank borrowings, amounts due to related parties and redeemable convertible preference shares. As of December 31, 2023 and 2024, the carrying amounts of financial instruments approximated to their fair values due to the short-term maturities of these instruments or repayable on demand, or that they are interest-bearing at market rates or approximants.

F-37

16. Trade and other payables

	As of December 31, 2023		As of December 31, 2024
	MYR		MYR		USD
Non-current:
Other payables (note(a))		918,274		–		–

Current:
Trade payables (note (b))		2,403,407		14,089,238		3,152,307
Other payable and accruals		159,961		1,832,975		410,107
Wages payable		34,644		200,235		44,800
Interest payable of RCPS (note (c))		100,648		1,072,266		239,908
Subtotal		2,698,660		17,194,714		3,847,122
Total trade and other payables (note (d))		3,616,934		17,194,714		3,847,122

Notes:

(a)	The Group received advance payments for AI RCPS subscription with 2 years maturity period in December 2023 amounted to MYR 918,274 where the registration and issuance of the RCPS was completed in January 2024.

(b)	An aging analysis of the trade payables as of December 31, 2023 and 2024 are as follows:

	As of December 31, 2023		As of December 31, 2024
	MYR		MYR		USD
Within 3 months		2,064,639		13,892,154		3,108,212
More than 3 months but within 6 months		50,000		1,226		274
More than 6 months but within 1 year		288,768		139,580		31,229
More than 1 year		–		56,278		12,592
Total trade payables		2,403,407		14,089,238		3,152,307

(c)	The interest payable of RCPS is calculated based on the weighted average principal of RCPS and the related effective interest rate. AG RCPS bear an effective interest rate of 10.0% and AI RCPS bear an effective interest rate of 14.0% (note 13).

(d)	Except for advances received for redeemable convertible preference shares, all the trade and other payables classified as current are expected to be settled within one year or are repayable on demand.

F-38

17. Income taxes

(a) Income taxes recognized in consolidated statements of profit or loss:

	For the year ended December 31, 2023		For the year ended December 31, 2024
	MYR		MYR			USD
Current tax
Provision for the year		1,355,882		2,637,694			590,154
Under provision in prior years		–		225,946			50,553
Deferred tax		–		(30,023	)		(6,717	)
		1,355,882		2,833,617			633,990

Notes:

Cayman Islands

Under the current tax laws of the Cayman Islands, the Group is not subject to any income tax in the Cayman Islands.

Malaysia

Under the Income Tax Act of Malaysia, enterprises incorporated in Malaysia are usually subject to a unified 24% enterprise income tax rate while preferential tax rates, tax holidays, and tax exemptions may be granted on a case-by-case basis.

For the fiscal year ended December 31, 2024 and 2023, the tax rate is 24% for companies incorporated in Malaysia with paid-in capital of MYR 2.5 million or more.

(b)	Reconciliation between tax expenses and accounting profit at applicable tax rates:

	For the year ended December 31, 2023			For the year ended December 31, 2024
	MYR			MYR		USD
Profit before income taxes		5,110,267			6,345,785		1,419,797
Notional tax on profit before taxation, calculated at the rates applicable to the respective tax jurisdictions		1,226,464			1,522,988		340,751
Effect of tax rates in foreign jurisdictions		135,602			1,064,667		238,207
Non-deductible expenses		8,777			20,016		4,479
Tax effect on capital allowance		(14,961	)		–		–
Under provision of tax in prior years		–			225,946		50,553
Tax expenses for the year		1,355,882			2,833,617		633,990

(c)	Deferred tax recognized in the consolidated statement of financial position

F-39

The significant components of deferred taxes recognized in the consolidated statement of financial position and the movements during the year presented are as follows:

	As of
	December 31, 2024
	MYR			USD
Deferred tax assets:
- Allowance for credit losses		178,526			39,943
- Lease liability		598,394			133,884
Total deferred tax assets		776,920			173,827
Net off against deferred tax liabilities		(746,897	)		(167,110	)
Net deferred tax assets		30,023			6,717

Deferred tax liabilities:
- Right-of-use asset		(546,530	)		(122,280	)
- Depreciation and amortization		(200,367	)		(44,830	)
Total deferred tax liabilities		(746,897	)		(167,110	)
Net off against deferred tax assets		746,897			167,110
Net deferred tax liabilities		–			–

As of December 31, 2023, the amounts of unrecognized deferred tax assets and deferred tax liabilities were immaterial.

18. Revenue and segment information

Segment information

The Group’s primary business activities include offering farm solutions, as well as selling fresh produce cultivated from the CEA vertical farms. For management purposes, the Group operates in one business unit based on its products and has one reportable segment which is offering of farm solutions and selling fresh produce.

Since most of the Group’s revenue was generated from offering of farm solutions as well as selling fresh produce from the CEA vertical farms in Malaysia, no geographical segment information is presented.

Revenue

The Group’s revenue is primarily derived from offering CEA vertical farm solutions and selling fresh produce from CEA vertical farms operated.

(a) Disaggregation of revenue

The Group disaggregates its revenue from contracts by service types, as the Group believes it best depicts how the nature, amount, timing, and uncertainty of the revenue and cash flows are affected by economic factors. The summary of the Group’s disaggregation of revenue by service types for the year ended December 31, 2023 and 2024 are as follows:

	For the year ended December 31,
	2023		2024
	MYR		MYR		USD
Offering farm solutions
- from third parties		12,412,500		19,434,500		4,348,249
- from related parties		4,000,000		1,400,174		313,273
		16,412,500		20,834,674		4,661,522
Sales of fresh produce
- from third parties		585,553		19,993,366		4,473,289
- from related parties		1,473,219		32,842		7,348
		2,058,772		20,026,208		4,480,637

Total revenue		18,471,272		40,860,882		9,142,159

	For the year ended December 31,
	2023		2024
	MYR		MYR		USD
Timing of revenue recognition
- Point in time		18,371,272		37,460,882		8,381,448
- Over time		100,000		3,400,000		760,711
Revenue from contracts with customers		18,471,272		40,860,882		9,142,159

F-40

(b) Revenue expected to be recognized in the future arising from contracts with customers in existence at the reporting dates

There is no unsatisfied performance obligations as of December 31, 2023 and 2024.

As of December 31, 2023 and 2024, no contract liabilities were recognized.

	For the year ended December 31,
	2023			2024

Offering of farm solutions
Customer A		–	*		–	*
Customer B		34.7	%		–	*
Customer C**		21.7	%		–	*
Customer D		21.1	%		–	*
Customer E		10.8	%		–	*
Customer F		–	*		42.7	%

Sales of fresh produce
Customer G***		–	*		19.5	%
Customer H		–	*		–	*
Customer I		–	*		14.6	%
Customer J		–	*		14.0	%

*	The corresponding revenue did not contribute over 10.0% of the total revenue of the Group in the particular period.

**	Customer C is a related party of the Group.

***	Customer G was a related party of the Group during the year ended December 31, 2023. It ceased to be a related party of the Group in January 2024.

19. Other income

	For the year ended December 31,
	2023			2024
	MYR			MYR			USD
Interest income		1,544			316			71
Foreign exchange loss		(9,591	)		(121,774	)		(27,246	)
Other income		42,140			294,751			65,947
Total other income		34,093			173,293			38,772

F-41

20. Expenses by nature

			For the year ended December 31,
	Note		2023		2024
			MYR		MYR		USD
Cost of revenue
- Construction cost				6,041,901		2,170,000		485,513
- Depreciation and amortization		(ii)		24,888		229,365		51,318
- Consulting fees		(iii)		2,330,000		6,667,000		1,491,666
- Vegetable costs				934,681		16,838,559		3,767,437
- Planting related costs				499,744		59,280		13,263
- Wages and benefits		(i)		376,560		81,506		18,236
				10,207,774		26,045,710		5,827,433

			For the year ended December 31,
	Note		2023		2024
			MYR		MYR		USD
Selling and promotion expenses
- Entertainment expenses				53,121		22,575		5,051
- Marketing fees				381,224		186,043		41,625
				434,345		208,618		46,676

General and administrative expenses
- Director fee		(i),(iv)		120,000		1,000,000		223,739
- Professional fees				503,556		2,955,710		661,307
- Wages and benefits		(i)		315,762		1,128,559		252,502
- Depreciation and amortization		(ii)		274,545		583,049		130,450
- Commission paid				161,129		145,674		32,592
- Office expenses				98,567		274,610		61,441
- Others				1,779		11,862		2,654
				1,475,338		6,099,464		1,364,685
Total of cost of revenue, selling and promotion, and general and administrative expenses				12,117,457		32,353,792		7,238,794

F-42

(i)	Staff costs

	For the year ended December 31,
	2023		2024
	MYR		MYR		USD
Director fee		120,000		1,000,000		223,739
Salaries and wages		600,833		1,085,888		242,955
Contributions to social security contribution plan		75,013		105,351		23,571
Welfare expenses		16,476		18,826		4,212
		812,322		2,210,065		494,477

(ii)	Depreciation and amortization

	For the year ended December 31,
	2023		2024
	MYR		MYR		USD
Property, plant and equipment		47,055		89,117		19,939
Intangible assets		16,106		243,183		54,409
Right-of-use assets		236,272		480,114		107,420
		299,433		812,414		181,768

(iii)

The consulting fees mainly comprise design fees of CEA vertical farms, and consultation service fees on operating and managing the CEA vertical farms.

(iv)

During the year ended December 31, 2023, the director of the Company, which is also a shareholder of the Company, was entitled to an annual salary of MYR 120,000 of which the director waived to receive and was accordingly treated as a contribution by a shareholder.

21. Finance costs

	For the year ended December 31,
	2023		2024
	MYR		MYR		USD
Bank charges		2,615		4,565		1,022
Interest on lease liabilities		124,157		253,389		56,693
Interest on redeemable convertible preference shares		360,407		1,384,065		309,669
Interest on a related party loan (note(a))		17,081		27,260		6,099
Interest on bank borrowing (note 14)		1,566		4,056		907
Total finance costs		505,826		1,673,335		374,390

Note:

(a)

On May 1, 2023, Agroz Group entered into a borrowing agreement with HWG Cash Berhad (「HWG Cash」), a related party, who is also a minority shareholder of the Group (the 「Borrowing Agreement」). Pursuant to the Borrowing Agreement, Agroz Group borrowed MYR 1,363,000 from HWG Cash, at an interest rate of two percent (2.0%) per annum and a maturity of 24 months, or on such other extended date mutually agreed between Agroz Group and the related party. In January 2024, HWG Cash ceased to be a shareholder of Agroz Group.

F-43

22. Related party balances and transactions

(a) The following is a list of related parties which the Group has balances and transactions with:

Name of entity or individual		Relationship
Mr. Gerard Kim Meng Lim (「Gerard Lim」) (b)(ii)(iii)		Chief Executive Officer and controlling shareholder

Ms. Khoo Kwai Fun (「Ms Khoo」) (b)(ii)(iv)		Spouse of the controlling shareholder and became a shareholder of the Company in January 2024

Mr. Au Say Kiat (b)(ii)(x)		Close family member of the controlling shareholder and became a shareholder of the Company in February 2024

Isa Wellness Marketing (b)(ii)(viii)		An entity controlled by a close family member of the controlling shareholder

EPetani Sdn. Bhd. (b)(ii)(ii)		Significantly influenced by Mr. Gerard Kim Meng Lim and ceased to be a related party in January 2024*

Isa Farm Sdn. Bhd.		Under common control of the controlling shareholder

Braiven Co., Ltd. (b)(ii)(vi)		Significantly influenced by key management of the Group*

HWG Cash (b)(ii)(vii)		Under common control of Mr. Lim Chun Hoo and ceased to be a shareholder in January 2024

Agroz Ventures Sdn. Bhd. (b)(ii)(i)		Significantly influenced by Agroz Group**

Agroz Vertical Farms Sdn. Bhd. (b)(ii)(v)		Significantly influenced by Agroz Group**

Agroz Asia Sdn. Bhd.		Under common control of the controlling shareholder

Ahoku Ventures Sdn. Bhd. (b)(ii)(ix)		Under common control of the controlling shareholder

*	Mr. Gerard Kim Meng Lim or key management of the Group holds a voting interest of 10% or more and has the right to participate in the financial and operating policy decisions of the applicable company, but does not have control.

Agroz Group’s shareholdings of 19% in each of Agroz Ventures and Agroz Vertical Farms are proxy holdings, with such shares held in trust. While shareholders holding 10% or more of the voting power in an entity are presumed to have a significant influence on the entity under Item 7B of Form 20-F, under International Accounting Standards (「IAS」) 28 and International Financial Reporting Standards (「IFRS」) 9, significant influence requires a holding of 20% or more in voting power. Agroz Group does not possess any Director nomination rights, voting power, or decision-making influence on the Board of Directors of either Agroz Ventures or Agroz Vertical Farms. Although Agroz Group meets the significant influence presumption under Item 7B of Form 20-F, it does not meet the criteria under IAS 28 and IFRS 9 for significant influence. Therefore, Agroz Group does not believe these proxy holdings should be accounted under equity method. These proxy holdings additionally do not meet the criteria of assets under IASB Framework. The Company, through its wholly owned subsidiary, Agroz Group Sdn Bhd, pursuant to agreements with each of these entities, agreed to operate vertical farms based on guidelines and instructions from Agroz Ventures and Agroz Vertical Farms’ management teams, in return for a share of such vertical farms’ revenue. Such revenue is received by Agroz Group in consideration of the services Agroz Group provides and the license it grants to use its technology. Agroz Group does not make management decisions on behalf of Agroz Ventures and Agroz Vertical Farms in the operation of such vertical farms, and in such capacity, Agroz Group exercises no control over Agroz Ventures and Agroz Vertical Farms in accordance to IFRS 10. This is because Agroz Group does not have the power or ability to direct such related parties’ activities, which activities would affect investee’s return. Agroz Group also has no purchase or funding obligations to Agroz Ventures and Agroz Vertical Farms. While IFRS 15 Revenue from Contracts with Customers will be applied for Agroz Group’s performance obligations under such agreements (i.e., operating Agroz Ventures and Agroz Vertical Farms’ vertical farms), the transaction price for Agroz Group’s performance obligations is share of revenue on inhouse produced vegetable sales revenue to other parties except Agroz as management fee. During the year ended December 31, 2024, the management fee earned on vegetable sales revenue is insignificant. There was no management fee earned for the year ended December 31, 2023.

F-44

(b)	Transactions with related parties

(i)	Key management personnel compensation

	For the year ended December 31,
	2023		2024
	MYR		MYR		USD

Salaries		200,000		1,407,150		314,834
Contribution to social security contribution plan		9,886		29,959		6,703
		209,886		1,437,109		321,537

(ii)	Other transactions with related parties

	For the year ended December 31,
	2023		2024
	MYR		MYR		USD
Farm solution sales to
Agroz Ventures Sdn. Bhd. (i)		4,000,000		—		—
Agroz Vertical Farms Sdn. Bhd. (v)		—		1,400,174		313,273

Fresh vegetable sales to
EPetani Sdn. Bhd. (ii)		1,145,443		—		—
Isa Wellness Marketing (viii)		327,776		32,841		7,348

Consultancy fees to
Ahoku Ventures Sdn. Bhd. (ix)		350,000		—		—

Commission fee to
Au Say Kiat (x)		137,912		—		—

Purchases of fresh produce from
EPetani Sdn. Bhd. (ii)		48,581		—		—
Agroz Vertical Farms Sdn. Bhd. (v)		886,100		4,115,842		920,873
Agroz Ventures Sdn. Bhd. (i)		—		274,733		61,468

Purchase of IT software from
Braiven Co., Ltd. (vi)		1,423,354		6,341,924		1,418,934

Expenses paid by the Group on behalf of
Agroz Vertical Farms Sdn. Bhd. (v)		1,571,296		818,196		183,062
Agroz Ventures Sdn. Bhd. (i)		19,000		751,695		168,183

Loan from
HWG Cash (vii)		1,363,000		—		—

Interest on a loan from
HWG Cash (vii)		17,081		27,260		6,099

Expenses paid on behalf of the Group by
Gerard Lim (iii)		350,927		240		54
Khoo Kwai Fun (iv)		110,289		120,637		26,991
HWG Cash (vii)		1,178,275		—		—

Payments to
EPetani Sdn. Bhd. (ii)		70,302		—		—
Gerard Lim (iii)		339,333		53,280		11,921
Khoo Kwai Fun (iv)		257,749		105,028		23,499
Ahoku Ventures Sdn. Bhd. (ix)		350,000		—		—
Au Say Kiat (x)		137,912		—		—
Braiven Co., Ltd. (vi)		684,684		7,040,368		1,575,203
Agroz Vertical Farms Sdn. Bhd. (v)		—		1,510,233		337,898
HWG Cash (vii)		—		70,925		15,869

Payments from
Agroz Ventures Sdn. Bhd. (i)		—		3,021,580		676,044
ISA Wellness Marketing (viii)		—		551,350		123,358
Agroz Vertical Farms Sdn. Bhd. (v)		—		1,300,568		290,987

F-45

Notes:

(i)

During the years ended December 31, 2023 and 2024, Agroz Group paid expenses on behalf of Agroz Ventures Sdn. Bhd. amounted to MYR 19,000 and MYR 751,695 (USD 168,183) respectively. During the year ended December 31, 2024, Agroz Group also purchased fresh produce from Agroz Ventures Sdn. Bhd. amounted to MYR 274,733 (USD 61,468). Agroz Group sold its farm solutions to Agroz Ventures Sdn. Bhd. amounted to MYR 4,000,000 during the year ended December 31, 2023 and received payments amounted to MYR 3,021,580 (USD 676,044) during the year ended December 31, 2024.

(ii)

Agroz Group purchased fresh produce from EPetani Sdn. Bhd. amounting to MYR 48,581 during the year ended December 31, 2023 respectively. The Group made payments to EPetani Sdn. Bhd. amounted to MYR 70,302 during the year ended December 31, 2023. Also, Agroz Group sold fresh vegetables to EPetani Sdn. Bhd amounted to MYR 1,145,443 during the year ended December 31, 2023 respectively. In January 2024, Mr. Gerard Lim disposed shares in EPetani Sdn. Bhd. and EPetani Sdn. Bhd. no longer a related party to the Group. During the year ended December 31, 2024, Agroz Group sold fresh vegetables to EPetani Sdn. Bhd amounted to MYR 7,968,903 (USD 1,782,952) and received payments amounted to MYR 4,531,555 (USD 1,013,884).

(iii)

During the years ended December 31, 2023 and 2024, certain operating expenses of Agroz Group amounted to MYR 350,927 and MYR 240 (USD 54) respectively was paid by Mr. Gerard Lim. Agroz Group has repaid MYR 339,333 and MYR 53,280 (USD 11,921) to Mr. Gerard Lim during the years ended December 31, 2023 and 2024 respectively.

(iv)

Khoo Kwai Fun paid on behalf of Agroz Group on certain expenses amounted to MYR 110,289 and MYR 120,637 (USD 26,991) during the years ended December 31, 2023 and 2024 respectively. Agroz Group has repaid MYR 257,749 and MYR 105,028 (USD 23,499) to Khoo Kwai Fun during the years ended December 31, 2023 and 2024 respectively.

(v)

During the years ended December 31, 2023 and 2024, Agroz Group purchased fresh produce from Agroz Vertical Farms Sdn. Bhd. amounted to MYR 886,100 and MYR 4,115,842 (USD 920,873) respectively. Also, Agroz Group paid expenses on behalf of Agroz Vertical Farms Sdn. Bhd. amounted to MYR 1,571,296 and MYR 818,196 (USD 183,062) during the year ended December 31, 2023 and 2024. During the year ended December 31, 2024, Agroz Group sold its farm solutions to Agroz Vertical Farms Sdn. Bhd. amounted to MYR 1,400,174 (USD 313,273) and received payments amounted to MYR 1,300,568 (USD 290,987) during the year ended December 31, 2024. Agroz Group repaid MYR 1,510,233 (USD 337,898) during the year ended December 31, 2024.

(vi)	Agroz Group purchased IT software from Braiven Co., Ltd. amounted to MYR 1,423,354 and paid MYR 684,684 during the year ended December 31, 2023. During the year ended December 31, 2024, Agroz Group endured the investment in IT software from Braiven Co., Ltd. amounted to MYR 6,341,924 (USD 1,418,934) and paid MYR 7,040,368 (USD 1,575,203).

(vii)	As of December 31, 2023, amount owing to HWG Cash consists of interest-bearing borrowing amounted to MYR 1,363,000 and related interest payable MYR 17,081 (note 21), and cash advances to the Group amounted to MYR 1,178,275. During the year ended December 31, 2024, Agroz Group incurred additional interest amounted to MYR 27,260 (USD 6,099) (note 21) and repaid MYR 70,925 (USD 15,869) to HWG Cash.

(viii)	During the years ended December 31, 2023 and 2024, Agroz Group sold fresh produce to ISA Wellness Marketing amounted to MYR 327,776 and MYR 32,841 (USD 7,348) respectively. Agroz Group received payments amounted to MYR 551,350 (USD 123,358) during the year ended December 31, 2024.

(ix)	The Group paid consultancy fees to Ahoku Ventures Sdn. Bhd. amounted to MYR 350,000 as this entity advises for design of CEA vertical farms during the year ended December 31, 2023.

(x)	The Group had paid a commission to Au Say Kiat for introducing new investors during the year ended December 31, 2023, amounted to MYR 137,912.

F-46

	As of December 31, 2023		As of December 31, 2024
	MYR		MYR		USD
Included in trade receivables from related parties, net
Agroz Ventures Sdn. Bhd.		3,980,000		588,000		131,559
EPetani Sdn. Bhd.		1,475,736		—		—
Isa Wellness Marketing		548,594		32,513		7,275
Agroz Vertical Farm Sdn. Bhd.		—		99,500		22,262
Total trade receivables from related parties, net		6,004,330		720,013		161,096

Included in amounts due from related parties
Agroz Asia Sdn. Bhd.		1,000		—		—
Agroz Ventures Sdn. Bhd.		21,580		751,695		168,183
Agroz Vertical Farm Sdn. Bhd.		685,196		—		—
Isa Farm Sdn. Bhd.		3,300		—		—
Total amounts due from related parties		711,076		751,695		168,183
Included in prepayments to a related party
Braiven Co., Ltd.		1,423,354		5,517,306		1,234,435

Included in amounts due to related parties
HWG Cash
- Non-current		1,363,000		—		—
- Current		1,195,356		2,514,691		562,634
Gerard Lim		86,731		33,691		7,539
Braiven Co., Ltd.		738,670		40,226		9,000
Khoo Kwai Fun		20,289		35,898		8,032
Agroz Ventures Sdn. Bhd.		—		274,733		61,468
Agroz Vertical Farm Sdn. Bhd.		—		1,102,611		246,697
Total amounts due to related parties		3,404,046		4,001,850		895,370

F-47

23. Basic and diluted earnings per share

(a) Basic earnings per share

The calculation of basic earnings per share is based on the profit attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares outstanding, which is calculated as follows:

	For the year ended December 31, 2023		For the year ended December 31, 2024
	MYR		MYR		USD
Profit for the year		3,754,385		3,512,168		785,807
Weighted average number of ordinary shares		20,000,000		20,031,151		20,031,151
Basic earnings per share		0.19		0.18		0.04

(b) Diluted earnings per share

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of redeemable convertible preference shares. The potentially dilutive securities that were not included in the calculation of above dilutive net profit per share in the years presented where their inclusion would be anti-diluted include weighted average number of RCPS of nil and 584,350 shares for the year ended December 31, 2023 and 2024.

	For the year ended December 31, 2023		For the year ended December 31, 2024
	MYR		MYR		USD
Net earnings allocated to ordinary share		3,754,385		3,512,168		785,807
Add: Effect on interest expenses of AI RCPS		100,648		—		—
Net earnings used in the computation of diluted earnings per share		3,855,033		3,512,168		785,807

Weighted average number of ordinary shares		20,000,000		20,031,151		20,031,151
Effect of redeemable convertible preference shares		67,069		—		—
Weighted average number of ordinary shares in the computation of diluted earnings per share		20,067,069		20,031,151		20,031,151
Diluted earnings per share		0.19		0.18		0.04

F-48

24. Commitments and contingencies

(a)	Commitments

Capital expenditure contracted for but not provided in the consolidated financial statements:

As of
December 31,
2023

As of
December 31,
2024

MYR

USD

Software and AI Platform Development

1,338,535

13,313,961

2,978,848

As of December 31, 2024, the Group has remaining contractual commitment amounted to MYR 13,313,961 (USD 2,978,848), mainly arising from certain purchase contracts of IT software such as E-commerce website design, Enterprise Resource Planning (ERP) system and Robotics AI Platform. As of December 31, 2023, the Group has remaining contractual commitment amounted to MYR 1,338,535, mainly arising from certain purchase contracts of IT software such as E-commerce website design, Internet of Things (IoT) management platform, system integration platform and Enterprise Resource Planning (ERP) system signed with suppliers. Significant increase in capital commitment was due to the developments of comprehensive Robotics AI Platform designed to facilitate the creation, deployment, and management of intelligent robotic systems that would enable autonomous and robotic decision making. The majority of this contractual commitment is due within five years and upon the project progress. Other than as shown above, the Group did not have any significant capital and other commitments, long-term obligations or guarantees as of December 31, 2023 and 2024.

(b)	Contingencies

In the ordinary course of business, the Group may be subject to legal proceedings regarding contractual and employment relationships and a variety of other matters. The Group records contingent liabilities resulting from such claims, when a loss is assessed to be probable and the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation as of December 31, 2023 and 2024, and through the issuance date of these consolidated financial statements.

F-49

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS

Item 6. Indemnification of Directors, Officers and Employees

Indemnification

Cayman Islands law does not limit the extent to which a company’s articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our Memorandum and Articles of Association permits indemnification of current and former officers and directors, for the time being, of the Company for all actions, costs, charges, losses, damages and expenses incurred or sustained by or by reason of any act done, concurred in or omitted in or about the execution of their duty, or supposed duty, in their capacities as such unless such losses or damages arise from the actual fraud or willful default of such person. This standard of conduct is generally the same as permitted under the DGCL for a Delaware corporation. In addition, we intend to enter into indemnification agreements with our directors and senior executive officers that will provide such persons with additional indemnification beyond that provided in our Memorandum and Articles of Association.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

Item 7. Recent Sales of Unregistered Securities

Set forth below are the sales of all securities by the Company since inception which were not registered under the Securities Act. The Company believes that each of such issuances was exempt from registration under the Securities Act in reliance on Regulation S of the Securities Act.

On August 8, 2023, we issued 9,901,100 Ordinary Shares to Gerard Kim Meng Lim, a resident of Malaysia, in exchange for 901,000 ordinary shares he held in Agroz Group.

On August 8, 2023, we issued 2,000,000 Ordinary Shares to Tan Kay Yen, a resident of Malaysia, in exchange for 182,000 ordinary shares he held in Agroz Group.

On August 8, 2023, we issued 7,000,000 Ordinary Shares to HWG Cash Berhad, a Malaysian public company limited by shares, in exchange for 637,000 ordinary shares it held in Agroz Group.

On August 8, 2023, we issued 1,098,900 Ordinary Shares to SK Au (L) Foundation, a foundation registered in Labuan, Malaysia, in exchange for 100,000 ordinary shares it held in Agroz Group.

On August 28, 2023, we issued 40,000 RCPS to Muhammad Arshad Chaudhry, a resident of Canada, at a price of $2.50 per share. The total consideration Muhammad Arshad Chaudhry paid for these RCPS was $100,000.

On October 4, 2023, we issued 8,504 RCPS to Bernard Kam Kim Kiat, a resident of Malaysia, at a price of $2.50 per share. The total consideration Bernard Kam Kim Kiat paid for these RCPS was $21,259.

On October 23, 2023, we issued 80,000 RCPS to Oh Kim Hong, a resident of Malaysia, at a price of $2.50 per share. The total consideration Oh Kim Hong paid for these RCPS was $200,000.

On October 23, 2023, we issued 60,000 RCPS to Lee Tuck Heng, a resident of Malaysia, at a price of $2.50 per share. The total consideration Lee Tuck Heng paid for these RCPS was $150,000.

On October 23, 2023, we issued 40,000 RCPS to Koo Boon Hoe, a resident of Malaysia, at a price of $2.50 per share. The total consideration Koo Boon Hoe paid for these RCPS was $100,000.

II-1

On October 25, 2023, we issued 40,000 RCPS to How Choon Tham, a resident of Malaysia, at a price of $2.50 per share. The total consideration How Choon Tham paid for these RCPS was $100,000.

On December 22, 2023, we issued 36,364 RCPS to Christopher Wong Dao Seng, a resident of Malaysia, at a price of $2.50 per share, in exchange for redeeming 250,000 redeemeable convertible preferred shares Christopher Wong Dao Seng held in Agroz Group (the redeemable convertible shares in Agroz Group, 「Agroz Group RCPS」).

On December 22, 2023, we issued 27,273 RCPS to Chan Chin Soo, a resident of Malaysia, at a price of $2.50 per share, in exchange for redeeming 250,000 Agroz Group RCPS held by Chan Chin Soo.

On December 22, 2023, we issued 81,819 RCPS to Hoo Kow Chai @ Ho Bee, a resident of Malaysia, at a price of $2.50 per share, in exchange for redeeming 750,000 Agroz Group RCPS held by Hoo Kow Chai @ Ho Bee.

On December 22, 2023, we issued 163,637 RCPS to Rajawali Seroja International Ltd., a company incorporated in Labuan, Malaysia, at a price of $2.50 per share, in exchange for redeeming 1,500,000 Agroz Group RCPS held by Rajawali Seroja International Ltd.

On December 22, 2023, we issued 27,273 RCPS to Lim Wee Loo, a resident of Malaysia, at a price of $2.50 per share, in exchange for redeeming 250,000 Agroz Group RCPS held by Lim Wee Loo.

On January 10, 2024, we issued 40,000 RCPS to Lee Ming Yen Angeline, a resident of Singapore, at a price of $2.50 per share. The total consideration Lee Ming Yen Angeline paid for these RCPS was $100,000.

On January 10, 2024, we issued 20,000 RCPS to Richard Lee Hon Chong, a resident of Singapore, at a price of $2.50 per share. The total consideration Lee Hon Chong paid for these RCPS was $50,000.

On January 10, 2024, we issued 20,000 RCPS to Tan Joo Hock Gavin, a resident of Singapore, at a price of $2.50 per share. The total consideration Tan Joo Hock Gavin paid for these RCPS was $50,000.

On January 10, 2024, we issued 20,000 RCPS to Pow Choon Hong, a resident of Singapore, at a price of $2.50 per share. The total consideration Pow Choon Hong paid for these RCPS was $50,000.

On January 10, 2024, we issued 20,000 RCPS to Tan Hua Seng Benjamin, a resident of Singapore, at a price of $2.50 per share. The total consideration Tan Hua Seng Benjamin paid for these RCPS was $50,000.

On February 7, 2024, we issued 8,696 RCPS to Lee Pei Lu, a resident of Malaysia, at a price of $2.50 per share. The total consideration Lee Pei Lu paid for these RCPS was $21,739.

On March 15, 2024, we issued 1,030,494 Ordinary Shares to Gerard Kim Meng Lim, a resident of Malaysia, at a price of $0.0001 per share. The total consideration Gerard Kim Meng Lim paid for these Ordinary Shares was $103.05.

On March 20, 2024, we issued 120,000 RCPS to Yau Kok Seng, a resident of Malaysia, at a price of $2.50 per share. The total consideration Yau Kok Seng paid for these RCPS was $300,000.

On March 20, 2024, we issued 21,739 RCPS to Ng Siew Kiang, a resident of Malaysia, at a price of $2.50 per share. The total consideration Ng Siew Kiang paid for these RCPS was $54,348.

II-2

On May 20, 2024, we issued 13,044 RCPS to Kok Pauline, a resident of Malaysia, at a price of $2.50 per share. The total consideration Kok Pauline paid for these RCPS was $32,610.

On June 6, 2024, we issued 60,000 RCPS to How Choon Tham, a resident of Malaysia, at a price of $2.50 per share. The total consideration How Choon Tham paid for these RCPS was $150,000.

On August 29, 2024, we issued 5,000 RCPS to Ong Beng Hui, a resident of Malaysia, at a price of $2.50 per share. The total consideration Ong Beng Hui paid for these RCPS was $12,500.

On September 18, 2024, we issued 80,000 RCPS to Rashid Aleem Qureshi, a resident of Malaysia, at a price of $2.50 per share. The total consideration Rashid Aleem Qureshi paid for these RCPS was $200,000.

On September 19, 2024, we issued 60,000 RCPS to Muhammad Arshad Chaudhry, a resident of Canada, at a price of $2.50 per share. The total consideration Muhammad Arshad Chaudhry paid for these RCPS was $150,000.

On September 23, 2024, we issued 3,500 RCPS to Nguyen Thi Ngoc, a resident of Malaysia, at a price of $2.50 per share. The total consideration Nguyen Thi Ngoc paid for these RCPS was $8,750.

On September 23, 2024, we issued 6,500 RCPS to Chin Fung Onn, a resident of Malaysia, at a price of $2.50 per share. The total consideration Chin Fung Onn paid for these RCPS was $16,250.

On September 23, 2024, we issued 2,500 RCPS to Chan Fook Soon, a resident of Malaysia, at a price of $2.50 per share. The total consideration Chan Fook Soon paid for these RCPS was $6,250.

On September 30, 2024, we issued 10,000 RCPS to Ting Sing Chuan, a resident of Malaysia, at a price of $2.50 per share. The total consideration Ting Sing Chuan paid for these RCPS was $25,000.

On October 23, 2024, we issued 4,000 RCPS to Origin Future Fund VCC - Urban Future Fund, a company incorporated in Singapore, at a price of $2.50 per share. The total consideration Origin Future Fund VCC - Urban Future Fund paid for these RCPS was $10,000.

On October 23, 2024, we issued 200,000 RCPS to OLC Commercial Broker Pte Ltd, a company incorporated in Singapore, at a price of $2.50 per share. The total consideration OLC Commercial Broker Pte Ltd paid for these RCPS was $500,000.

On December 5, 2024, we issued 8,504 Ordinary Shares to Bernard Kam Kim Kiat, a resident of Malaysia, at no consideration in exchange for redeeming 8,504 RCPS held by Bernard Kam Kim Kiat.

On December 5, 2024, we issued 81,819 Ordinary Shares to Hoo Kow Chai @ Ho Bee, a resident of Malaysia, at no consideration in exchange for redeeming 81,819 RCPS held by Hoo Kow Chai @ Ho Bee.

On December 5, 2024, we issued 163,637 Ordinary Shares to Rajawali Seroja International Ltd., a company incorporated in Labuan, Malaysia, at no consideration in exchange for redeeming 163,637 RCPS held by Rajawali Seroja International Ltd.

On December 5, 2024, we issued 27,273 Ordinary Shares to Lim Wee Loo, a resident of Malaysia, at no consideration in exchange for redeeming 27,273 RCPS held by Lim Wee Loo.

On December 5, 2024, we issued 8,696 Ordinary Shares to Lee Pei Lu, a resident of Malaysia, at no consideration in exchange for redeeming 8,696 RCPS held by Lee Pei Lu.

On December 5, 2024, we issued 120,000 Ordinary Shares to Yau Kok Seng, a resident of Malaysia, at no consideration in exchange for redeeming 120,000 RCPS held by Yau Kok Seng.

On December 5, 2024, we issued 6,500 Ordinary Shares to Chin Fung Onn, a resident of Malaysia, at no consideration in exchange for redeeming 6,500 RCPS held by Chin Fung Onn.

On December 5, 2024, we issued 3,500 Ordinary Shares to Nguyen Thi Ngoc, a resident of Malaysia, at no consideration in exchange for redeeming 3,500 RCPS held by Nguyen Thi Ngoc.

On December 23, 2024, we issued 3,556 Ordinary Shares to Chin Fung Onn, a resident of Malaysia, at a price of $2.50 per share. The total consideration Chin Fung Onn paid for these Ordinary Shares was $8,890.

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Item 8. Exhibits and Financial Statement Schedules

Exhibit Number		Description of Exhibit
1.1*		Underwriting Agreement
3.1*		Memorandum and Articles of Association
3.2*		Amended and Restated Memorandum and Articles of Association
3.3*		Certificate of Incorporation
4.1*		Specimen certificate evidencing Ordinary Shares
5.1**		Opinion of Carey Olsen Cayman Limited regarding the validity of the Ordinary Shares being registered
5.2**		Opinion of Sichenzia Ross Ference Carmel LLP regarding the enforceability of the Representative’s Warrant
8.1**		Opinion of Carey Olsen Cayman Limited regarding certain Cayman Islands tax matters (included in Exhibit 5.1)
10.1*		Form of Employment Agreement between the registrant and its officers
10.2*		Form of Independent Director Agreement between the registrant and its independent directors
10.3*		Form of Employment Agreement between the registrant and its officers
10.4*		Tenancy Agreement between Agroz Group Sdn. Bhd. and AEON Co. (M) Bhd
10.5*		Concessionaire Agreement between Agroz Group Sdn. Bhd. and AEON Co. (M) Bhd
10.6*		Yearly Contract between Agroz Group Sdn. Bhd. and AEON Co. (M) Bhd
10.7*		Microsoft Publisher Agreement between Agroz Inc. and Microsoft Corporation
10.8*		Microsoft AI Cloud Partner Program Agreement between us and a Microsoft affiliate designated by Microsoft
10.9*		Tenancy Agreement between Agroz Group Sdn. Bhd. and Child’s Partner (M) Sdn. Bhd.
10.10*		Software Development Agreement between Agroz Group Sdn. Bhd. and Braiven Co. Ltd dated January 18, 2023
10.11*		Software Development Agreement between Agroz Group Sdn. Bhd. and Braiven Co. Ltd dated April 15, 2024
10.12*		Re-Negotiated Payment Terms for Robotics AI Operating System Development Agreement between Agroz Group Sdn. Bhd. and Braiven Co. Ltd.
10.13*		Loan Agreement between Agroz Group Sdn. Bhd. and HWG Cash Berhad
10.14*		Supplementary Agreement to the Software Development Agreement dated January 18, 2023 between Agroz Group Sdn. Bhd. and Braiven Co. Ltd.
10.15*		Supplementary Agreement to the Software Development Agreement dated April 15, 2024 between Agroz Group Sdn. Bhd. and Braiven Co. Ltd.
10.16*		IT Services Agreement between Agroz Group Sdn. Bhd. and Braiven Co. Ltd. dated January 1, 2024.
14.1*		Code of Business Conduct and Ethics
21.1*		List of Subsidiaries
23.1**		Consent of Marcum Asia CPAs LLP, an independent registered public accounting firm
23.2**		Consent of Carey Olsen (included in Exhibit 5.1)
23.3**		Consent of Sichenzia Ross Ference Carmel LLP (included in Exhibit 5.2)
24.1**		Power of Attorney (included on signature page)
99.1*		Audit Committee Charter
99.2*		Compensation Committee Charter
99.3*		Nomination and Governance Committee Charter
101.INS**		Inline XBRL Instance Document.
101.SCH**		Inline XBRL Taxonomy Extension Schema Document.
101.CAL**		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF**		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB**		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE**		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104**		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*	Previously Filed.

**	Filed herewith.

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(b) Financial Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the Consolidated Financial Statements or the Notes thereto.

Item 9. Undertakings

The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

The undersigned registrant hereby undertakes:

To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i)

To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

(ii)

To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the 「Calculation of Registration Fee」 table in the effective registration statement.

(iii)

To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

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That, for the purpose of determining any liability under the Securities Act to any purchaser, each prospectus filed by the Registrant pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use;

That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the placement method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

(i)

Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424.

(ii)

Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

(iii)

The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

(iv)

Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

That, for purposes of determining any liability under the Securities Act, (i) the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and (ii) each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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SIGNATURES

Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Klang, Malaysia, on August 4, 2025.

	AGROZ INC.

	By:	/s/ Gerard Kim Meng Lim
	Name:	Gerard Kim Meng Lim
	Title:	Chief Executive Officer, Director

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Gerard Kim Meng Lim as his or her true and lawful attorneys-in-fact, with full power of substitution and re-substitution, for him or her and in his or her name, place and stead, in any and all capacities to sign any and all amendments (including post-effective amendments) to this registration statement and to sign a registration statement pursuant to Section 462(b) of the Securities Act of 1933, as amended, and to file the same with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

Signature		Title	Date

/s/ Gerard Kim Meng Lim		Chief Executive Officer (Principal Executive Officer), Director	August 4, 2025
Name:	Gerard Kim Meng Lim

/s/ Chun Hoo Lim		Director	August 4, 2025
Name:	Chun Hoo Lim

/s/ May Jin Sim		Chief Financial Officer (Principal Financial Officer and	August 4, 2025
Name:	May Jin Sim	Principal Accounting Officer)

/s/ Pauline Kok		Director	August 4, 2025
Name:	Pauline Kok

/s/ Hua Seng Benjamin Tan		Director	August 4, 2025
Name:	Hua Seng Benjamin Tan

/s/ Muhammad Arshad Chaudhry		Director	August 4, 2025
Name:	Muhammad Arshad Chaudhry

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