Frontken Corporation Berhad 200401012517 (651020-T) • ANNUAL REPORT 2022 125 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 13. INVESTMENTS IN SUBSIDIARIES (CONT’D) The details of the subsidiaries are as follows: (Cont’d) Principal Place Percentage of of Business/ Issued Share Country of Capital Held Name of Subsidiaries Incorporation by Parent Principal Activities 2022 2021 % % Subsidiaries of the Company (Cont’d) Ares Green Technology Taiwan 92.50 91.79 Provision of surface treatment and Corporation (“AGTC”) 1 advanced precision cleaning for the TFT - LCD (Thin Film Transistor - Liquid Crystal Display) and semi-conductor industries. Subsidiaries of FMSB Frontken (East Malaysia) Malaysia 100 100 Provision of surface treatment Sdn. Bhd. (“FEM”) 1 technology using thermal spray coating processes and a series of complementary processes including mechanical and chemical engineering works. Frontken (Johor) Sdn. Bhd. 1 Malaysia 100 100 Provision of surface treatment technology using thermal spray coating processes and a series of complementary processes including mechanical and chemical engineering services. Subsidiaries of FSPL Frontken Philippines Inc. 1 Philippines 99.99 99.99 Provision of surface treatment technology using thermal spray coating processes and a series of complementary processes including mechanical and chemical engineering works. 1 These subsidiaries were audited by other firms of chartered accountants. 2 TTES is considered a subsidiary of the Group as the Group has control over the operating and management policies of this subsidiary via the board of directors appointed by the Group.
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