This article first appeared in The Edge Malaysia Weekly on October 5, 2026 - October 11, 2026

IN a rare move, Excel Force MSC Bhd ­(KL:­EFORCE) (EForce) has proposed to raise funds of up to RM10.66 million through the issuance of new shares.

According to the company, which last implemented a share placement to raise funds in 2010, the proceeds are required for working capital because the company’s cash and bank balance had shrunk to RM6.35 million as at Sept 21.

Apart from working capital, the company, which offers securities trading solutions, says RM2.05 million of the proceeds from the proposed placement will be allocated for a RM49.65 million project that it has secured.

The sharp deterioration in EForce’s cash position comes as a surprise as the company was in a comfortable surplus cash position as at end-June this year.

Its unaudited results for the quarter ended June 30 2026, which were released on Aug 28, showed that EForce had a cash and bank balance of RM33.01 million as at June 30. It was in sound health to undertake any new project and fund its working capital as total borrowings stood at only RM13.34 million.

So between just June 30 and Sept 21, EForce’s cash position changed from RM33.01 million to RM6.35 million — a sharp reduction of RM26.66 million.

During this period, the company, which used to be controlled by Wong Thean Soon and his vehicle Asia Internet Holdings Bhd, did not make any major acquisitions that involved cash.

So what caused such a significant diminution in the company’s cash position?

When asked, EForce could not provide any clear reason for it.

In reply to questions from The Edge, newly appointed managing director Goh Jooi Shen stated that his focus is on ensuring that the group has the resources to deliver on its commitments and support its business going forward.

He added that the proposed private placement is intended to support the group’s working capital requirements, including the delivery of its ongoing projects in Malaysia.

“As announced, the group secured a brokerage management solution project with an approximate contract value of RM49.65 million. The project involves implementation, configuration, integration, testing and migration, together with maintenance services, and is expected to be completed by the end of 2028,” Goh says in a brief written response to The Edge.

“The group intends to allocate RM2.05 million of the placement’s working capital proceeds towards additional personnel and computer hardware for this project. The balance of the operating expense allocation will support its other ongoing projects in Malaysia.”

Goh was appointed to the EForce board together with two others on Sept 4, after the emergence of new substantial shareholder, Jeff Wang.

Wong and Asia Internet Holdings lost control of EForce on Aug 28 when more than 100 million shares, or about 17% of the company’s shareholding, was sold down. Wong still holds direct and indirect interests amounting to about 14% of EForce.

The single largest shareholder in EForce currently is Wang, also known as Wang Kuen-Chung, a Taiwanese, who now holds an 18.3% stake in the company.

EForce is a leading information technology solutions provider in the development and maintenance of system solutions catering for the financial services industry, specifically stockbroking companies and investment banks. Its system is used by many brokers in their daily operations.

As at end-September 2025, Wong held a direct stake of 24.3% and an indirect interest of 7.2% in EForce via Asia Internet Holdings. The other substantial shareholder of EForce at the time was Mohamed Nizam Razak, who held 7.2%.

However, Wong’s interest in the company fell in the first week of September to a direct stake of 7.2% and indirect interest of 6.7%. The major contraction in his shareholding coincided with the intense force-selling of shares in his flagship company, Zetrix AI Bhd (KL:ZETRIX).

Following the emergence of Wang as the largest shareholder, the EForce board saw a slew of resignations and new appointments, including a change in the managing director.

Four new persons were appointed to the board: Goh, Teo Beng Wei, Sylvan Sim Chi Meng and Ikhwan Nabil Ikhwan Salim.

Goh was appointed as managing director, replacing Wong Kok Chau, who is now the executive director. Kok Chau also sits on the board of Zetrix AI as an independent director.

The new directors’ appointments coincided with the resignation of three of EForce’s independent directors, who were also members of the audit committee. Following the board changes, EForce’s audit committee is now headed by Sim.

Datuk Seri Farhash Wafa Salvador, who used to be the political secretary to Prime Minister Datuk Seri Anwar Ibrahim, is the executive chairman of EForce. However, his name does not appear on EForce’s top 30 shareholders list.

Following the entry of new shareholders and the board changes, the company has extended its financial year end by six months to end-December 2026, on account of the sudden resignation of its auditor, TGS TW PLT.

EForce is not the only company that TGS TW has resigned from as auditor. In the last few weeks, the firm has resigned from more than a dozen listed companies on the grounds of its “broader audit portfolio and resource management”.

Since Aug 28, Wong’s shareholding in Zetrix AI has seen much force-selling, resulting in his interest in the company, which provides e-government services, blockchain and artificial intelligence-related products, dropping to less than 11%.

Wong, who made a name for himself as the whizz-kid of technology solutions and dominated government contracts until 2018, used to hold 30% of Zetrix AI.

Other than EForce, Wong also used to be a substantial shareholder of Cuscapi Bhd (KL:CUSCAPI) and Heitech Padu Holdings Bhd (KL:HTPADU). His stakes in the last two companies were sold.

Wong’s reduced interest in Zetrix AI could potentially lead to a default on the company’s RM2 billion Islamic bond. This is because one of the covenants of the bond requires that he remain as the group’s single largest shareholder. 

Read also:
Cover Story 2: Insights into margin calls on Zetrix’s Wong
Cover Story 2: Heading deeper into the woods