KENANGA GROWTH OPPORTUNITIES FUND INTERIM REPORT

KENANGA GROWTH OPPORTUNITIES FUND INTERIM REPORT For the Financial Period from 1 September 2017 to 28 February 2018

KENANGA GROWTH OPPORTUNITIES FUND Contents Page Corporate Directory ii Directory of Manager s Offices iii Fund Information 1 Manager s Report 2-5 Fund Performance 6-8 Trustee s Report 9 Statement by the Manager 10 Financial Statement 11-38

CORPORATE DIRECTORY Manager: Kenanga Investors Berhad (Company No. 353563-P) Registered Office Business Office Level 17, Kenanga Tower Level 14, Kenanga Tower 237, Jalan Tun Razak 237, Jalan Tun Razak 50400 Kuala Lumpur, Malaysia 50400 Kuala Lumpur, Malaysia Tel: 03-2172 2888 Tel: 03-2172 3000 Fax: 03-2172 2999 Tel: 03-2172 3080 E-mail: InvestorServices@kenanga.com.my Website: www.kenangainvestors.com.my Board Of Directors Datuk Syed Ahmad Alwee Alsree (Chairman) Syed Zafi len Syed Alwee (Independent Director) Peter John Rayner (Independent Director) Imran Devindran bin Abdullah (Independent Director) Dato Bruce Kho Yaw Huat Ismitz Matthew De Alwis Investment Committee Dato Bruce Kho Yaw Huat (Chairman) Syed Zafi len Syed Alwee (Independent Member) Peter John Rayner (Independent Member) Imran Devindran bin Abdullah (Independent Member) Ismitz Matthew De Alwis Company Secretary: Norliza Abd Samad (MAICSA 7011089) Level 17, Kenanga Tower, 237, Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia Trustee: CIMB Commerce Trustee Berhad (Company No. 313031-A) Registered Office Business Office Level 13, Menara CIMB Level 21, Menara CIMB Jalan Stesen Sentral 2 Jalan Stesen Sentral 2 Kuala Lumpur Sentral Kuala Lumpur Sentral 50490 Kuala Lumpur 50490 Kuala Lumpur Tel: 03-2261 8888 Tel: 03-2261 8888 Fax: 03-2261 0099 Fax: 03-2261 9889 Website: www.cimb.com Auditor: Ernst & Young (AF: 0039) Level 23A, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, 50490 Kuala Lumpur. Tel: 03-7495 8000 Fax: 03-2095 5332 Tax Adviser: Ernst & Young Tax Consultants Sdn Bhd (Company No. 179793-K) Level 23A, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, 50490 Kuala Lumpur. Tel: 03-7495 8000 Fax: 03-2095 5332 Membership: Federation of Investment Managers Malaysia (FIMM) 19-06-1, 6 th Floor, Wisma Tune, 19, Lorong Dungun, Damansara Heights, 50490 Kuala Lumpur, Malaysia. Tel: 03-2093 2600 Fax: 03-2093 2700 Website: www.fimm.com.my ii Kenanga Growth Opportunities Fund Interim Report

DIRECTORY OF MANAGER S OFFICES REGIONAL BRANCH OFFICES: Kuala Lumpur Level 13, Kenanga Tower 237, Jalan Tun Razak 50400 Kuala Lumpur, Malaysia Tel : 03-2172 3123 Fax : 03-2172 3133 Melaka No. 25-1, Jalan Kota Laksamana 2/17 Taman Kota Laksamana, Seksyen 2 75200 Melaka Tel : 06-281 8913 / 06-282 0518 Fax : 06-281 4286 Klang No. 12, Jalan Batai Laut 3 Taman Intan, 41300 Klang Selangor Darul Ehsan Tel : 03-3341 8818 / 03-3348 7889 Fax : 03-3341 8816 Penang 5.04, 5th Floor, Menara Boustead Penang No. 39, Jalan Sultan Ahmad Shah 10050 Penang Tel : 04-210 6628 Fax : 04-210 6644 Miri 2nd Floor, Lot 1264 Centre Point Commercial Centre Jalan Melayu 98000 Miri, Sarawak Tel : 085-416 866 Fax : 085-322 340 Seremban 2nd Floor, No. 1D-2, Jalan Tuanku Munawir 70000 Seremban, Negeri Sembilan Tel : 06-761 5678 Fax : 06-761 2242 Johor Bahru Lot 11.03, 11th Floor, Menara MSC Cyberport No. 5, Jalan Bukit Meldrum 80300 Johor Bahru, Johor Tel : 07-223 7505 / 4798 Fax : 07-223 4802 Kuching 1st Floor, No 71 Lot 10900, Jalan Tun Jugah 93350 Kuching, Sarawak Tel : 082-572 228 Fax : 082-572 229 Kuantan No. B8, Ground Floor Jalan Tun Ismail 1 25000 Kuantan Pahang Tel : 09-514 3688 Fax : 09-514 3838 Ipoh Suite 1, 2nd Floor, No. 63, Persiaran Greenhill 30450 Ipoh, Perak, Malaysia Tel : 05-254 7573 / 7570 / 7575 Fax : 05-254 7606 Kota Kinabalu A-03-11, 3rd Floor Block A, Warisan Square Jalan Tun Fuad Stephens 88000 Kota Kinabalu, Sabah Tel : 088-447 089 / 088-448 106 Fax : 088-447 039 Petaling Jaya 44B, Jalan SS21/35, Damansara Utama 47400 Petaling Jaya, Selangor Tel : 03-7710 8828 Fax : 03-7710 8830 Kenanga Growth Opportunities Fund Interim Report iii

1. FUND INFORMATION 1.1 Fund Name Kenanga Growth Opportunities Fund (KGOF or the Fund) 1.2 Fund Category / Type Equity / Growth 1.3 Investment Objective The Fund aims to achieve consistent capital appreciation over the long term by primarily investing in relatively smaller capitalized companies with good growth prospects. 1.4 Investment Strategy The Fund is an equity growth fund that is actively managed based on both quantitative and qualitative disciplines. Its strategy is to invest in companies that are likely to yield higher earnings growth than the market average. 1.5 Duration The Fund was launched on 23 April 2004 and it shall exist as long as it appears to the Manager and the Trustee that it is in the interests of the unit holders for it to continue. 1.6 Performance Benchmark FTSE-Bursa Malaysia Emas Index 1.7 Distribution Policy Income (if any) as secondary objective, is paid annually. 1.8 Breakdown of unit holdings of KGOF as at 28 February 2018 Size of holdings No. of unit holders No. of units held 5,000 and below 2,862 4,199,952 5,001-10,000 372 2,637,380 10,001-50,000 289 5,684,530 50,001-500,000 30 3,825,371 500,001 and above 6 10,513,117 Total 3,559 26,860,350 1 Kenanga Growth Opportunities Fund Interim Report

2. MANAGER S REPORT 2.1 Explanation on whether the Fund has achieved its investment objective. For the period under review, the Fund has appreciated by 1.85% vs the FBM Emas benchmark return of 4.82%. The underperformance was attributed to stock selection. 2.2 Comparison between the Fund s performance and performance of the benchmark Performance Chart Since Launch (23/04/2004-28/02/2018) Kenanga Growth Opportunities Fund vs FTSE-Bursa Malaysia Emas Index Source: Novagni Analytics and Advisory Sdn Bhd 2.3 Investment strategies and policies employed during the financial period under review For the period under review, the Fund s investment strategy and policy were to invest in companies in the small to mid-cap category, i.e. companies below RM4b market capitalisation. The strategy employed was in line with that disclosed in the master prospectus. 2.4 The Fund s asset allocation as at 28 February 2018 and comparison with the previous financial period Asset 28 Feb 2018 28 Feb 2017 Listed investment securities 86.2% 81.0% Unlisted warrants - - Short term deposits and cash 13.8% 19.0% Reason for the differences in asset allocation During the fi nancial year under review, the Fund has increased its equity exposure from 81.0% to 86.2%. The increase in equities exposure during the fi nancial period under review was mainly due to fund manager deploys more cash into stocks which provide better earnings outlook. Kenanga Growth Opportunities Fund Interim Report 2

2.5 Fund performance analysis based on NAV per unit (adjusted for income distribution; if any) since last review period Period under review Kenanga Growth Opportunities Fund 1.85% FTSE-Bursa Malaysia Emas Index 4.82% Source: Lipper During the fi nancial year under review, the Fund registered a positive return of 1.85%, underperforming the benchmark positive return of 4.82%. The underperformance was attributed to stock selection. 2.6 Review of the market Market Review The KLCI Index went into a correction mode after hitting 1789.86 points on 12 September 2017. The KLCI skidded for 3 months and dropped to a low of 1713.13 points on 4 December 2017 before bouncing back. The Fed started to trim its balance sheet by US$10 billion per month from October 2017 onwards. The trimming will increase by US$10 billion each quarter to a maximum of US$50 billion in October 2018. While ECB held rate as expected, it announced 50% cut of monthly asset purchase to EU30 billion from January 2018 which will extend to at least September 2018. There was no major surprise from the 2018 Malaysia budget. 2017 growth was raised to 5.2-5.7% (from 4.3-4.8%) and 2018 growth is projected at 5-5.5%. CPI forecasted at 2.5-3.5% and fi scal defi cit will be reduced to 2.8% from 3%. The government projected Brent oil to average US$52/barrel. Bank Negara kept OPR in November 17 meeting but said it will review the degree of monetary accommodation, interpreted as hawkish by the market. This triggered a strengthening of Ringgit against USD. After the meeting, the Ringgit rose from 4.2065 to the year s strongest at 4.0665 against USD on 5 December 2017, which represents a 10% appreciation against USD for the year. Malaysia delivered 3Q17 GDP growth of 6.2%, which was above street s forecast of 5.7%. In US, Trump nominated Jerome Powell to be the next Fed Chairman which is viewed as a policy continuation for Yellen. Global equities started 2018 with a strong rally as investors believed global central banks are likely to maintain accommodative monetary policies. Markets were however jolted by end January when US average hourly earnings growth accelerated to 2.9% yoy in January 2018, the highest level since May 2009. This spooked investors concern that higher labour cost will feed into inflation and prompt Fed to tighten monetary faster than expected. US treasury yields surged and global stock markets dropped. Locally, Bank Negara raised Overnight Policy Rate (OPR) by 25bps by end January 2018, the fi rst increase since July 2014 and Bank Negara maintained an upbeat tone in the assessment of domestic economic outlook. Malaysia delivered 4Q17 GDP growth of 5.9% yoy, bringing full year 2017 GDP growth to 5.9%. 3 Kenanga Growth Opportunities Fund Interim Report

2.6 Review of the market (contd.) Market Review (contd.) Global equity markets started February with three days of intense sell-offs. Fears of rising interest rates in the US, due to measures aimed at controlling infl ation, resulted in heightened volatility. Regional stock markets tumbled after Wall Street plummeted, as investors fl ed to safe havens in a highly volatile global market. Although the market did stage a mild rebound thereafter, it weakened again on news that the US would impose import tariffs on steel and aluminium, raising concern of higher prices and trade war. The FBMKLCI started the month on a weak footing as the index tracked the sell-down in global markets. The FBMKLCI and FBMS was down by 0.7% and 1.7%, respectively tracking regional markets performance. Small cap stock fared worse, with the FBMSC falling 2.1% MoM. Foreigners turned net sellers in February (RM-1.2 bln) after net buys in January (+RM3.3bln) and December (+RM1.bln). YTD, foreigners net bought MYR2.26bn. Malaysia GDP report was announced in February, which saw the economy growing by healthy pace of 5.9% yoy in 4Q17, albeit slowing from 6.2% in 3Q17, on account of a slowdown in exports, while domestic demand remained resilient. For the full year, Malaysia recorded a strong GDP growth of 5.9%, the fastest in three years, just behind China (+6.8%) and the Philippines (+6.6%), mainly due to the surge in exports and subsequent pick-up in domestic demand. Domestically, the local market strength is likely to persist up until election is called, driven by the feel good factor and as risk appetite for growth stocks have remained strong. In previous election, the KLCI moved up +3.0% a month pre-parliament dissolution. So far, in the fi rst two months of 2018, the KLCI has gained +3.3% (and 6.8% in USD). Market Outlook As US-China trade war looms ahead, expect investors to focus on Trump s tariff tantrums. Fortunately, Trump s tax cuts may trigger some optimism in the next reporting season. Given the unprecedented surge in volatility for the fi rst quarter, the expected strong earnings may provide a much needed catalyst to restore investor confi dence. Closer to home, BN will soon unveil its manifesto, prompting the much anticipated GE14, with polls pointing towards a status quo outcome. Risk aversion in the local market remains high, with the small cap index down 12.87% YTD while blue chips and other large-cap defensives remain steady. While the market could remain lacklustre in the short term due to election uncertainty, we remain positive on Malaysia post-election as the country should benefi t from strong fundamentals, improving commodity prices and currency, rising FDI, China s Belt Road Initiatives, railway construction awards and GLC transformations. Kenanga Growth Opportunities Fund Interim Report 4

2.6 Review of the market Fund Strategy Stock picking would continue to be a key attribute for investors in identifying companies with resilient growth characteristics, steady cash fl ows and strong balance sheets. While earnings growth is the main driver for the creation of new shareholder value, the challenging outlook suggests that we should not ignore stocks with the ability to generate recurring dividends. The Fund will invest into a good mix of high beta growth stocks and stable dividend stocks. 2.7 Distribution For the fi nancial period under review, the Fund did not declare any income distribution. 2.8 Details of any unit split exercise The Fund did not carry out any unit split exercise during the fi nancial period under review. 2.9 Significant changes in the state of affair of the Fund during the financial period There were no signifi cant changes in the state of affair of the Fund during the fi nancial period and up until the date of the manager s report, not otherwise disclosed in the fi nancial statements. 2.10 Circumstances that materially affect any interests of the unit holders During the fi nancial period under review, there were no circumstances that materially affected any interests of the unit holders. 2.11 Cross trade During the fi nancial period under review, no cross-trade transaction was undertaken by investment manager for the fund. 2.12 Rebates & Soft commissions It is the policy of the Manager to credit any rebates received into the account of the Fund. Any soft commissions received by investment manager on behalf of the fund are in the form of research and advisory services that assist in the decision making process relating to the investment of the Fund which are of demonstrable benefi t to unit holders of the fund. For the fi nancial period under review, the Manager has received soft commissions from the stockbrokers. 5 Kenanga Growth Opportunities Fund Interim Report

3. FUND PERFORMANCE 3.1 Details of portfolio composition of the Fund for the financial period as at 28 February 2018 against last 3 financial years as at 31 August are as follows: a. Distribution among industry sectors and category of investments: As at FY FY FY 28.2.2018 2017 2016 2015 % % % % Consumer products 18.7 18.9 13.8 6.7 Industrial products 15.4 16.1 16.2 7.6 Constructions 18.0 11.0 10.0 15.9 Trading/Services 14.1 12.4 9.0 14.3 Properties 11.5 12.9 3.6 7.0 Technology 4.6 7.3 1.9 3.0 Finance 1.0 5.1 4.6 1.7 Special Purpose Acquisition Company 0.2 0.2 0.1 - Plantations - - 4.5 0.6 Infrastructure - - 3.7 1.5 Real Estate Investments Trusts 2.7 4.3 1.9 2.5 Warrants - 0.1 0.3 - Unlisted warrants* - - - - Short term deposits and cash 13.8 11.7 30.4 39.2 100.0 100.0 100.0 100.0 * Unlisted warrants that have been approved for listing by relevant authority. Note: The above mentioned percentages are based on total investment market value plus cash. b. Distribution among markets The Fund invests in local listed investment securities, unlisted warrants and cash instruments only. Kenanga Growth Opportunities Fund Interim Report 6

3.2 Performance details of the Fund for the financial period ended 28 February 2018 against last 3 financial years ended 31 August are as follows: Period from 1.9.2017 to FY FY FY 28.2.2018 2017 2016 2015 Net asset value ( NAV ) (RM Million) 27.55* 24.62 34.83 18.16 Units in circulation (Million) 26.86 24.45 35.10 20.97 NAV per unit (RM) 1.0257* 1.0071 0.9922 0.8657 Highest NAV per unit (RM) 1.0760 1.0641 1.0131 0.9948 Lowest NAV per unit (RM) 0.9866 0.9599 0.8644 0.7802 Total return (%) 1.85 1.50 14.61-12.06 - Capital growth (%) 1.85 1.50 14.61-12.06 - Income growth (%) - - - - Gross distribution per unit (sen) - - - - Net distribution per unit (sen) - - - - Management expense ratio ( MER ) (%) 1 1.76 1.87 1.94 2.05 Portfolio turnover ratio ( PTR ) (times) 2 0.38 1.13 1.44 1.55 Note: Total return is the actual return of the Fund for the respective fi nancial period/years, computed based on NAV per unit and net of all fees. MER is computed based on the total fees and expenses incurred by the Fund divided by the average fund size calculated on a daily basis. PTR is computed based on the average of the total acquisitions and total disposals of investment securities of the Fund divided by the average fund size calculated on a daily basis. 1 MER is lower against previous fi nancial year mainly due to lower recovered expenses incurred during the fi nancial period under review. 2 PTR is lower against previous year due to lower trading activities incurred. * Based on bid price fair valuation method on all investments held by the Fund as at 30 April 2017, the NAV and NAV per unit would be RM27.39 million and RM1.0197 respectively. (As disclosed under Note 13 of the fi nancial statements) 7 Kenanga Growth Opportunities Fund Interim Report

3.3 Average total return of the Fund 1 Year 3 Years 5 Years 28 Feb 17 28 Feb 15 28 Feb 13-28 Feb 18-28 Feb 18-28 Feb 18 Kenanga Growth Opportunities Fund 1.84% 3.43% 9.49% FTSE-Bursa Malaysia Emas Index 10.61% 2.06% 3.75% Source: Lipper 3.4 Annual total return of the Fund Period under review 1 Year 1 Year 1 Year 1 Year 1 Year 31 Aug 17 31 Aug 16 31 Aug 15 31 Aug 14 31 Aug 13 31 Aug 12-28 Feb 18-31 Aug 17-31 Aug 16-31 Aug 15-31 Aug 14-31 Aug 13 Kenanga Growth Opportunities Fund 1.85% 1.50% 14.61% -12.06% 22.97% 14.50% FTSE-Bursa Malaysia Emas Index 4.82% 7.02% 7.36% -15.54% 8.58% 6.58% Source: Lipper Investors are reminded that past performance is not necessarily indicative of future performance. Unit prices and investment returns may fluctuate. Kenanga Growth Opportunities Fund Interim Report 8

4. TRUSTEE S REPORT TO THE UNIT HOLDERS OF KENANGA GROWTH OPPORTUNITIES FUND We, CIMB Commerce Trustee Berhad being the Trustee of Kenanga Growth Opportunities Fund ( the Fund ), are of the opinion that Kenanga Investors Berhad ( the Manager ), acting in the capacity as Manager of the Fund, has fulfi lled its duties in the following manner for the fi nancial period from 1 September 2017 to 28 February 2018. a) The Fund has been managed in accordance with the limitations imposed on the investment powers of the Manager under the Deed, the Securities Commission Malaysia s Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 (as amended from time to time) and other applicable laws; b) Valuation and pricing for the Fund has been carried out in accordance with the Deed and relevant regulatory requirements; and c) Creation and cancellation of units have been carried out in accordance with the Deed and relevant regulatory requirements. For and on behalf of CIMB Commerce Trustee Berhad Lee Kooi Yoke Chief Operating Offi cer Kuala Lumpur, Malaysia 26 April 2018 9 Kenanga Growth Opportunities Fund Interim Report

5. STATEMENT BY THE MANAGER I, Ismitz Matthew De Alwis, being a director of Kenanga Investors Berhad, do hereby state that, in the opinion of the Manager, the accompanying statement of fi nancial position as at 28 February 2018 and the related statement of comprehensive income, statement of changes in net asset value and statement of cash fl ows for the fi nancial period from 1 September 2017 to 28 February 2018 together with notes thereto, are drawn up in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards so as to give a true and fair view of the fi nancial position of Kenanga Growth Opportunities Fund as at 28 February 2018 and of its fi nancial performance and cash fl ows for the fi nancial period from 1 September 2017 to 28 February 2018 and comply with the requirements of the Deed. For and on behalf of the Manager KENANGA INVESTORS BERHAD ISMITZ MATTHEW DE ALWIS Executive Director/Chief Executive Offi cer Kuala Lumpur, Malaysia 26 April 2018 Kenanga Growth Opportunities Fund Interim Report 10

6. FINANCIAL STATEMENT 6.1 STATEMENT OF COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD FROM 1 SEPTEMBER 2017 TO 28 FEBRUARY 2018 (unaudited) INVESTMENT INCOME 1.9.2017 to 1.9.2016 to Note 28.2.2018 28.2.2017 RM RM Dividend income 250,951 256,786 Interest income 50,210 108,674 Net gain from investments: - Financial assets at fair value through profi t or loss ( FVTPL ) 4 355,750 649,028 656,911 1,014,488 EXPENSES Manager s fee 5 207,839 268,983 Trustee s fee 6 9,386 12,147 Auditors remuneration 3,241 2,992 Tax agent s fee 1,995 1,995 Administration expenses 34,181 30,264 256,642 316,381 NET INCOME BEFORE TAX 400,269 698,107 Income tax 7 - - NET INCOME AFTER TAX, REPRESENTING TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD 400,269 698,107 Net income after tax is made up as follows: Realised gain 690,984 227,464 Unrealised gain 4 1,091,253 470,643 400,269 698,107 The accompanying notes form an integral part of the financial statements. 11 Kenanga Growth Opportunities Fund Interim Report

6.2 STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2018 (unaudited) Note 28.2.2018 28.2.2017 RM RM ASSETS INVESTMENTS Financial assets at FVTPL 4 23,375,442 28,794,164 Short term deposits 8 3,493,311 6,613,189 35,407,353 35,407,353 OTHER ASSETS Amount due from licensed fi nancial institutions 9 321,832 88,218 Other receivables 10 25,385 27,075 Cash at bank 263,596 127,768 610,813 243,061 TOTAL ASSETS 27,479,566 35,650,414 LIABILITIES Amount due to Manager 18,694 18,873 Amount due to Trustee 1,459 1,916 Amount due to licensed fi nancial institutions 9 43,237 462,600 Other payables 11 27,807 26,581 TOTAL LIABILITIES 91,197 509,970 EQUITY Unit holders contribution 23,726,040 32,149,722 Retained earnings 3,662,329 2,990,722 NET ASSET VALUE ( NAV ) ATTRIBUTABLE TO UNIT HOLDERS 12 27,388,369 35,140,444 TOTAL LIABILITIES AND EQUITY 27,479,566 35,650,414 NUMBER OF UNITS IN CIRCULATION 12(a) 26,860,350 35,127,296 NET ASSET VALUE PER UNIT (RM) 13 1.0197 1.0004 The accompanying notes form an integral part of the fi nancial statements. Kenanga Growth Opportunities Fund Interim Report 12

6.3 STATEMENT OF CHANGES IN NET ASSET VALUE FOR THE FINANCIAL PERIOD FROM 1 SEPTEMBER 2017 TO 28 FEBRUARY 2018 (unaudited) Unit holders Retained Total Note contribution earnings NAV RM RM RM 1.9.2017 to 28.2.2018 At beginning of the financial period 21,221,067 3,262,060 24,483,127 Total comprehensive income - 400,269 400,269 Creation of units 12(a) 4,211,560-4,211,560 Cancellation of units 12(a) (1,710,875) - (1,710,875) Distribution equalisation 12(a) 4,288-4,288 At end of the financial period 23,726,040 3,662,329 27,388,369 1.9.2016 to 28.2.2017 At beginning of the financial period 32,133,111 2,292,615 34,425,726 Total comprehensive income - 698,107 698,107 Creation of units 12(a) 2,877,671-2,877,671 Cancellation of units 12(a) (2,862,645) - (2,862,645) Distribution equalisation 12(a) 1,585-1,585 At end of the financial period 32,149,722 2,990,722 35,140,444 The accompanying notes form an integral part of the financial statements. 13 Kenanga Growth Opportunities Fund Interim Report

6.4 STATEMENT OF CASH FLOWS FOR THE FINANCIAL PERIOD FROM 1 SEPTEMBER 2017 TO 28 FEBRUARY 2018 (unaudited) CASH FLOWS FROM OPERATING AND INVESTING ACTIVITIES 1.9.2017 to 1.9.2016 to 28.2.2018 28.2.2017 RM RM Proceeds from sale of fi nancial assets at FVTPL 9,615,140 11,010,976 Dividends received 280,418 265,855 Interest from deposits received 50,106 110,625 Auditors remuneration paid (6,500) (6,000) Trustee s fee paid (9,420) (13,943) Payment for other fees and expenses (30,401) (34,257) Manager s fee paid (208,571) (269,598) Purchase of fi nancial assets at FVTPL (11,205,898) (14,908,188) Cash used in operating and investing activities (1,515,126) (3,844,530) Income tax refunded - 1,587 Net cash used in operating and investing activities (1,515,126) (3,842,943) CASH FLOWS FROM FINANCING ACTIVITIES Cash received from units created 4,203,252 2,878,928 Cash paid on units cancelled (1,808,291) (2,889,374) Net cash generated from/(used in) fi nancing activities 2,394,961 (10,446) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 879,835 (3,853,389) CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL PERIOD 2,877,072 10,594,346 CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL PERIOD 3,756,907 6,740,957 Cash and cash equivalents comprise: Cash at bank 263,596 127,768 Short term deposits 3,493,311 6,613,189 3,756,907 6,740,957 The accompanying notes form an integral part of the fi nancial statements. Kenanga Growth Opportunities Fund Interim Report 14

6.5 NOTES TO THE FINANCIAL STATEMENTS FOR FOR THE FINANCIAL PERIOD FROM 1 SEPTEMBER 2017 TO 28 FEBRUARY 2018 (unaudited) 1. THE FUND, THE MANAGER AND THEIR PRINCIPAL ACTIVITIES Kenanga Growth Opportunities Fund ( the Fund ) was constituted pursuant to the executed Deed dated 16 April 2004 (collectively, together with deeds supplemental thereto, referred to as the Deed ) between the Manager, Kenanga Funds Berhad, and CIMB Commerce Trustee Berhad ( the Trustee ). The Fund commenced operations on 23 April 2004 and will continue to be in operation until terminated by the Trustee as provided under Clause 38 of the Deed. Pursuant to the executed Seventh Supplemental Deed dated 15 May 2013 between Kenanga Investors Berhad and CIMB Commerce Trustee Berhad, Kenanga Investors Berhad was appointed as the Manager of the Fund with effect from 8 June 2013. Kenanga Investors Berhad is a wholly-owned subsidiary of Kenanga Investment Bank Berhad. Prior to 1 November 2016, Kenanga Investment Bank Berhad was a whollyowned subsidiary of K & N Kenanga Holdings Berhad that was listed on the Main Market of Bursa Malaysia Securities Berhad. Pursuant to an internal reorganisation exercise completed on 1 November 2016, Kenanga Investment Bank Berhad has become the holding company of K & N Kenanga Holdings Berhad. On 2 November 2016, Kenanga Investment Bank Berhad has assumed the listing status of K & N Kenanga Holdings Berhad. All of these companies are incorporated in Malaysia. The principal place of business of the Manager is Level 14, Kenanga Tower, 237, Jalan Tun Razak, 50400 Kuala Lumpur. The objective of the Fund is to achieve consistent capital appreciation over long term by primarily investing in relatively smaller capitalised companies with good growth prospects based on equity securities corporations that practice good corporate governance. 2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Fund is exposed to a variety of risks including market risk (which includes interest rate risk and price risk), credit risk and liquidity risk. Whilst these are the most important types of fi nancial risks inherent in each type of fi nancial instruments, the Manager and the Trustee would like to highlight that this list does not purport to constitute an exhaustive list of all the risks inherent in an investment in the Fund. The Fund has an approved set of investment guidelines and policies as well as internal controls which sets out its overall business strategies to manage these risks to optimise returns and preserve capital for the unit holders, consistent with the long term objectives of the Fund. 15 Kenanga Growth Opportunities Fund Interim Report

2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTD.) a. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk includes interest rate risk and price risk. Market risk arises when the value of the investments fluctuates in response to the activities of individual companies, general market or economic conditions. It stems from the fact that there are economy-wide perils, which threaten all businesses. Hence, investors are exposed to market uncertainties. Fluctuation in the investments prices caused by uncertainties in the economic, political and social environment will affect the NAV of the Fund. The Manager manages the risk of unfavourable changes in prices by cautious review of the investments and continuous monitoring of their performance and risk profiles. i. Interest rate risk Interest rate risk refers to how the changes in the interest rate environment would affect the performance of Fund s investments. Rate offered by the fi nancial institutions will fl uctuate according to the Overnight Policy Rate determined by Bank Negara Malaysia and this has direct correlation with the Fund s investments in deposits. The Fund is not exposed to signifi cant interest rate risk as its deposits are short term in nature and have fi xed interest rates. Kenanga Growth Opportunities Fund Interim Report 16

2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTD.) a. Market risk (contd.) i. Interest rate risk (contd.) Interest rate risk exposure The following table analyses the Fund s interest rate risk exposure. The Fund s fi nancial assets and fi nancial liabilities are disclosed at fair value and categorised by the earlier of contractual re-pricing or maturity dates. Weighted Non- average exposure to effective Up to interest rate interest 1 year movement Total rate* RM RM RM % 28.2.2018 Assets Financial assets at FVTPL - 23,375,442 23,375,442 Short term deposits 3,493,311-3,493,311 3.3 Other assets - 610,813 610,813 3,493,311 23,986,255 27,479,566 Liabilities Other liabilities - 63,390 63,390 Total interest rate sensitivity gap 3,493,311 23,922,865 27,416,176 28.2.2017 Assets Financial assets at FVTPL - 28,794,164 28,794,164 Short term deposits 6,613,189-6,613,189 3.0 Other assets - 243,061 243,061 6,613,189 29,037,225 35,650,414 Liabilities Other liabilities - 483,389 483,389 Total interest rate sensitivity gap 6,613,189 28,553,836 35,167,025 * Computed based on assets with exposure to interest rate movement only. 17 Kenanga Growth Opportunities Fund Interim Report

2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTD.) a. Market risk (contd.) ii. Price risk Price risk is the risk of unfavourable changes in the fair values of listed equity securities, listed collective investment schemes, listed warrants and unlisted warrants. The Fund invests in listed equity securities, listed collective investment schemes, listed warrants and unlisted warrants which are exposed to price fluctuations. This may then affect the NAV per unit of the Fund. Price risk sensitivity The Manager s best estimate of the effect on the profit for the financial period due to a reasonably possible change in investments in listed equity securities, listed collective investment schemes, listed warrants and unlisted warrants with all other variables held constant is indicated in the table below: Effects on profit for Changes in price the financial period Increase/(Decrease) Increase/(Decrease) Basis points RM 28.2.2018 Financial assets at FVTPL 5/(5) 11,688/(11,688) 28.2.2017 Financial assets at FVTPL 5/(5) 14,397/(14,397) In practice, the actual trading results may differ from the sensitivity analysis above and the difference could be material. Price risk concentration The following table sets out the Fund s exposure and concentration to price risk based on its portfolio of fi nancial instruments as at the reporting date. Fair value Percentage of NAV 28.2.2018 28.2.2017 28.2.2018 28.2.2017 RM RM % % Financial assets at FVTPL 23,375,442 28,794,164 85.3 81.9 Kenanga Growth Opportunities Fund Interim Report 18

2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTD.) a. Market risk (contd.) ii. Price risk (contd.) Price risk concentration (contd.) The Fund s concentration of price risk from the Fund s listed equity securities, listed collective investment schemes, listed warrants and unlisted warrants analysed by sector is as follows: Fair value Percentage of NAV 28.2.2018 28.2.2017 28.2.2018 28.2.2017 RM RM % % Consumer products 5,063,215 4,520,313 18.5 12.9 Constructions 4,873,150 3,535,839 17.8 10.1 Industrial products 4,186,028 6,048,799 15.3 17.2 Trading/Services 3,839,635 4,530,443 14.0 12.9 Properties 3,126,829 1,269,825 11.4 3.6 Technology 1,241,714-4.5 - Finance 278,002 3,149,179 1.0 8.9 Special Purpose Acquisition Company 48,360 46,280 0.2 0.1 Plantations - 2,209,629-6.3 Infrastructure - 1,517,893-4.3 Real Estate Investments Trusts 712,290 1,956,311 2.6 5.6 Warrants 6,219 9,653 - - 23,375,442 28,794,164 85.3 81.9 b. Credit risk Credit risk is the risk that the counterparty to a fi nancial instrument will cause a fi nancial loss to the Fund by failing to discharge an obligation. The Manager manages the credit risk by undertaking credit evaluation to minimise such risk. i. Credit risk exposure As at the reporting date, the Fund s maximum exposure to credit risk is represented by the carrying amount of each class of fi nancial asset recognised in the statement of fi nancial position. ii. Financial assets that are either past due or impaired As at the reporting date, there are no fi nancial assets that are either past due or impaired. 19 Kenanga Growth Opportunities Fund Interim Report

2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTD.) b. Credit risk (contd.) iii. Credit quality of financial assets The Fund invests in deposits with fi nancial institutions licensed under the Financial Services Act 2013 and Islamic Financial Services Act 2013. The following table analyses the licensed fi nancial institutions by rating category: Short term deposits Percentage of total short term deposits Percentage of NAV 28.2.2018 28.2.2017 28.2.2018 28.2.2017 % % % % Rating WR 100.0-12.8 - P1-100.0-18.8 100.0 100.0 12.8 18.8 c. Liquidity risk Liquidity risk is defined as the risk that the Fund will encounter difficulty in meeting obligations associated with financial liabilities that are to be settled by delivering cash or another financial asset. Exposure to liquidity risk arises because of the possibility that the Fund could be required to pay its liabilities or cancel its units earlier than expected. The Fund is exposed to cancellation of its units on a regular basis. Units sold to unit holders by the Manager are cancellable at the unit holders option based on the Fund s NAV per unit at the time of cancellation calculated in accordance with the Deed. The liquid assets comprise cash, short term deposits with licensed financial institutions and other instruments, which are capable of being converted into cash within 7 days. The following table analyses the maturity profile of the Fund s financial assets and financial liabilities in order to provide a complete view of the Fund s contractual commitments and liquidity. Up to 1 year Note 28.2.2018 28.2.2017 RM RM Assets Financial assets at FVTPL 23,375,442 28,794,164 Short term deposits 3,493,311 6,613,189 Other assets 610,813 243,061 i. 27,479,566 35,650,414 Liabilities Other liabilities ii. 63,390 483,389 Equity iii. 27,388,369 35,140,444 Liquidity gap 27,807 26,581 Kenanga Growth Opportunities Fund Interim Report 20

2. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTD.) c. Liquidity risk (contd.) i. Financial assets Analysis of fi nancial assets at FVTPL into maturity groupings is based on the expected date on which these assets will be realised. The Fund s investments in listed equity securities, listed collective investment schemes, listed warrants and unlisted warrants have been included in the up to 1 year category on the assumption that these are highly liquid investments which can be realised should all of the Fund s unit holders equity be required to be redeemed. For other assets, the analysis into maturity groupings is based on the remaining period from the end of the reporting period to the contractual maturity date or if earlier, the expected date on which the assets will be realised. ii. Financial liabilities The maturity grouping is based on the remaining period from the end of the reporting period to the contractual maturity date or if earlier, the date on which liabilities will be settled. When the counterparty has a choice of when the amount is paid, the liability is allocated to the earliest period in which the Fund can be required to pay. iii. Equity As the unit holders can request for redemption of their units, they have been categorised as having a maturity of up to 1 year. d. Regulatory reportings It is the Manager s responsibility to ensure full compliance of all requirements under the Guidelines on Unit Trust Funds issued by Securities Commission Malaysia. Any breach of any such requirement will be reported in the mandatory reporting to Securities Commission Malaysia on a monthly basis. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of accounting The fi nancial statements of the Fund have been prepared in accordance with Malaysian Financial Reporting Standards ( MFRS ) as issued by the Malaysian Accounting Standards Board ( MASB ) and International Financial Reporting Standards ( IFRS ) as issued by the International Accounting Standards Board ( IASB ). The accounting policies adopted are consistent with those of the previous fi nancial year except for the adoption of the new and amended MFRS which became effective for the Fund on 1 September 2017. The adoption of the new and amended MFRS did not have any signifi cant impact on the fi nancial position or performance of the Fund. The fi nancial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below. 21 Kenanga Growth Opportunities Fund Interim Report

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) b. Standards, amendments and interpretations issued but not yet effective As at the reporting date, the following Standards, Amendments and Interpretation Committee s ( IC ) Interpretations that have been issued by MASB will be effective for the Fund in future periods. The Fund intends to adopt the relevant standards when they become effective. Description Effective for financial period beginning on or after Amendments to MFRS contained in the documents entitled Annual improvements to MFRS Standards 2014-2016 Cycle 1 January 2018 Amendments to MFRS 1: First-time Adoption of Malaysian Financial Reporting Standards contained in the documents entitled Annual Improvements to MFRS Standards 2014-2016 Cycle 1 January 2018 Amendments to MFRS 128: Investment in Associates and Joint Ventures contained in the documents entitled Annual improvements to MFRS Standards 2014-2016 Cycle 1 January 2018 MFRS 9: Financial Instruments 1 January 2018 MFRS 15: Revenue from Contracts with Customers 1 January 2018 Clarifications to MFRS 15: Revenue from Contracts with Customers 1 January 2018 Amendments to MFRS 2: Classifi cation and Measurement of Shared-based Payment Transactions 1 January 2018 Temporary exemption from MFRS 9 subject to certain criteria being met for annual periods beginning Amendments to MFRS 4: Applying MFRS 9 Financial on or after Instruments with MFRS 4 Insurance Contracts 1 January 2018 Amendments to MFRS 140: Transfers of Investment Property 1 January 2018 IC Interpretation 22: Foreign Currency Transactions and Advance Consideration 1 January 2018 Amendments to MFRS contained in the documents entitled Annual improvements to MFRS Standards 2015-2017 Cycle 1 January 2019 Amendments to MFRS 3: Business Combinations contained in the documents entitled Annual improvements to MFRS Standards 2015-2017 Cycle 1 January 2019 Amendments to MFRS 11: Joint Arrangements contained in the documents entitled Annual improvements to MFRS Standards 2015-2017 Cycle 1 January 2019 Amendments to MFRS 112: Income Tax Consequences of Payments on Financial Instruments Classifi ed as Equity contained in the documents entitled Annual improvements to MFRS Standards 2015-2017 Cycle 1 January 2019 Amendments to MFRS 123: Borrowing Costs Eligible for Capitalisation contained in the documents entitled Annual improvements to MFRS Standards 2015-2017 Cycle 1 January 2019 Kenanga Growth Opportunities Fund Interim Report 22

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) b. Standards, amendments and interpretations issued but not yet effective (contd.) Description Effective for financial period beginning on or after MFRS 16: Leases 1 January 2019 Amendments to MFRS 9: Prepayment Features with Negative Compensation 1 January 2019 Amendments to MFRS 128: Long-term interests in Associates and Joint Ventures 1 January 2019 IC Interpretation 23: Uncertainty Over Income Tax Treatments 1 January 2019 MFRS 17: Insurance Contracts 1 January 2021 Amendments to MFRS 10 and MFRS 128: Sale or Contribution To be announced of Assets between an Investor and its Associate or Joint Venture by MASB The Fund will adopt the above pronouncements when they become effective in the respective fi nancial periods. These pronouncements are not expected to have any signifi cant impact to the fi nancial statements of the Fund upon their initial application, other than MFRS 9. MFRS 9 replaces MFRS 139 on the following requirements: classifi cation and measurement of fi nancial assets and fi nancial liabilities as defi ned in MFRS 139, impairment methodology and hedge accounting. The Fund does not expect any change in classifi cation and any potential fi nancial material impact arising from the adoption of this standard. c. Financial assets Financial assets are recognised in the statement of fi nancial position when, and only when, the Fund becomes a party to the contractual provisions of the fi nancial instruments. When fi nancial assets are recognised initially, they are measured at fair value, plus, in the case of fi nancial assets not at FVTPL, directly attributable transaction costs. The Fund determines the classifi cation of its fi nancial assets at initial recognition. i. Financial assets at FVTPL Financial assets are classifi ed as fi nancial assets at FVTPL if they are held for trading or are designated as such upon initial recognition. Financial assets held for trading include listed equity securities, listed collective investment schemes, listed warrants and unlisted warrants acquired principally for the purpose of selling in the near term. Subsequent to initial recognition, fi nancial assets at FVTPL are measured at fair value. Changes in the fair value of those fi nancial instruments are recorded in profi t or loss. 23 Kenanga Growth Opportunities Fund Interim Report

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) c. Financial assets (contd.) i. Financial assets at FVTPL (contd.) Interest earned and dividend revenue elements of such instruments are recorded separately in interest income and dividend income, respectively. ii. Receivables Financial assets with fi xed or determinable payments that are not quoted in an active market are classifi ed as receivables. Subsequent to initial recognition, receivables are measured at amortised cost using the effective interest method. Gain or loss is recognised in profi t or loss when the receivable is derecognised or impaired, and through the amortisation process. A fi nancial asset is derecognised when the contractual right to receive cash fl ows from the asset has expired. On derecognition of a fi nancial asset, the difference between the carrying amount and the sum of the consideration received is recognised in profit or loss. d. Impairment of financial assets The Fund assesses at each reporting date whether there is any objective evidence that a fi nancial asset is impaired. To determine whether there is objective evidence that an impairment loss on fi nancial assets has been incurred, the Fund considers factors such as the probability of insolvency or signifi cant fi nancial diffi culties of the debtor and default or signifi cant delay in payments. If any such evidence exists, the amount of impairment loss is measured as the difference between the asset s carrying amount and the present value of estimated future cash fl ows discounted at the fi nancial asset s original effective interest rate. The impairment loss is recognised in profi t or loss. The carrying amount of the fi nancial asset is reduced by the impairment loss directly for all fi nancial assets, with the exception of receivables, where the carrying amount is reduced through the use of an allowance account. When a receivable becomes uncollectible, it is written off against the allowance account. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the assets does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profi t or loss. Kenanga Growth Opportunities Fund Interim Report 24

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) e. Income Income is recognised to the extent that it is probable that the economic benefi ts will fl ow to the Fund and the income can be reliably measured. Income is measured at the fair value of consideration received or receivable. Interest income which includes the accretion of discount and amortisation of premium on fi xed income securities, is recognised using the effective interest method. Dividend income is recognised on declared basis, when the right to receive the dividend is established. The realised gain or loss on sale of investments is measured as the difference between the net disposal proceeds and the carrying amount of the investment. f. Cash and cash equivalents For the purposes of the statement of cash fl ows, cash and cash equivalents include cash at bank and short term deposits with licensed fi nancial institutions with insignifi cant risk of changes in value. g. Income tax Income tax on the profi t or loss for the fi nancial period comprises current tax. Current tax is the expected amount of income taxes payable in respect of the taxable profit for the fi nancial period. As no temporary differences have been identifi ed, no deferred tax has been recognised. h. Unrealised reserves Unrealised reserves represent the net gain or loss arising from carrying investments at their fair values and unrealised gain or loss from translating foreign currency monetary items at the exchange rate prevailing at reporting date. This reserve is not distributable. i. Financial liabilities Financial liabilities are classifi ed according to the substance of the contractual arrangements entered into and the defi nitions of a fi nancial liability. Financial liabilities are recognised in the statement of fi nancial position when, and only when, the Fund becomes a party to the contractual provisions of the fi nancial instrument. The Fund s fi nancial liabilities are classifi ed as other fi nancial liabilities. The Fund s fi nancial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. A fi nancial liability is derecognised when the obligation under the liability is extinguished. Gains and losses are recognised in profi t or loss when the liabilities are derecognised, and through the amortisation process. 25 Kenanga Growth Opportunities Fund Interim Report

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD.) j. Unit holders contribution NAV attributable to unit holders The unit holders contribution to the Fund is classifi ed as equity instruments. Distribution equalisation represents the average amount of undistributed net income included in the creation or cancellation price of units. This amount is either refunded to unit holders by way of distribution and/or adjusted accordingly when units are released back to the Trustee. k. Functional and presentation currency The fi nancial statements of the Fund are measured using the currency of the primary economic environment in which the Fund operates ( the functional currency ). The fi nancial statements are presented in Ringgit Malaysia ( RM ), which is also the Fund s functional currency. l. Distribution Distributions are at the discretion of the Manager. A distribution to the Fund s unit holders is accounted for as a deduction from retained earnings. m. Significant accounting judgments and estimates The preparation of fi nancial statements requires the use of certain accounting estimates and exercise of judgment. Estimates and judgments are continually evaluated and are based on past experience, reasonable expectations of future events and other factors. i. Critical judgments made in applying accounting policies There are no major judgments made by the Manager in applying the Fund s accounting policies. ii. Key sources of estimation uncertainty There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a signifi cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fi nancial period. Kenanga Growth Opportunities Fund Interim Report 26

4. FINANCIAL ASSETS AT FVTPL 27 Kenanga Growth Opportunities Fund Interim Report 28.2.2018 28.2.2017 RM RM Financial assets held for trading, at FVTPL: Listed equity securities 22,656,933 26,828,200 Listed collective investment schemes 712,290 1,956,311 Listed warrants 6,219 9,653 Unlisted warrants - - 23,375,442 28,794,164 1.9.2017 to 1.9.2016 to 28.2.2018 28.2.2017 Net gain on financial assets at FVTPL comprised: Realised (loss)/gain on disposals (735,503) 178,385 Unrealised changes in fair values 1,091,253 470,643 355,750 649,028 Details of financial assets at FVTPL as at 28 February 2018: Listed equity securities Aggregate Percentage Quantity cost Fair value of NAV RM RM % Consumer products Ajinomoto (Malaysia) Berhad 32,200 688,520 732,872 2.7 Apex Healthcare Berhad 145,200 691,130 791,340 2.9 CCK Consolidated Holdings Berhad 483,700 492,757 638,484 2.3 CCM Duopharma Biotech Berhad 270,408 680,213 800,408 2.9 Hong Leong Industries Berhad 18,800 126,066 209,432 0.8 Lay Hong Berhad 447,000 425,402 422,415 1.5 Lii Hen Industries Bhd. 26,900 107,565 85,004 0.3 Magni-Tech Industries Berhad 23,200 130,002 104,864 0.4 NTPM Holdings Berhad 742,200 664,597 400,788 1.5 Padini Holdings Berhad 149,400 611,217 741,024 2.7 Salutica Berhad 162,600 240,870 136,584 0.5 4,858,339 5,063,215 18.5 Constructions Advancecon Holdings Berhad 899,700 735,450 611,796 2.2 Ahmad Zaki Resources Berhad 224,200 245,405 175,997 0.7 Econpile Holdings Berhad 638,800 772,011 772,948 2.8 Gabungan AQRS Berhad 356,500 593,951 673,785 2.5 Kerjaya Prospek Group Berhad 328,020 550,242 518,272 1.9 Kimlun Corporation Berhad 191,600 431,779 411,940 1.5 MGB Berhad (formerly known as ML Global Berhad) 517,700 629,097 880,090 3.2 Mitrajaya Holdings Berhad 654,500 614,174 579,232 2.1 TRC Synergy Berhad 361,000 298,399 249,090 0.9 4,870,508 4,873,150 17.8