Wah Seong Corporation Berhad Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 FINANCIAL STATEMENTS WAH SEONG CORPORATION BERHAD ANNUAL REPORT 2017 128 7 INVESTMENT IN SUBSIDIARIES (CONTINUED) j On 22 August 2016, Wasco Coatings Europe B.V., an indirectly wholly-owned subsidiary of the Company, had acquired the entire issued and paid up share capital of 25,000 shares of EUR2.50 each, representing 100% equity interest in Wasco Coatings Germany GbmH (“WCG”) (formerly known as PROMOVIA Einundneunzigste Verwaltungsgesellschaft mbH), for a total consideration of EUR25,000 (equivalent to approximately RM125,000). Upon completion of the acquisition, WCG became an indirect wholly-owned subsidiary of the Company. i On 12 August 2016, Wasco Coatings Europe B.V., an indirectly wholly-owned subsidiary of the Company, had acquired the entire issued and paid up share capital of 1,000 shares of EUR2.50 each, representing 100% equity interest in Wasco Coatings Finland Oy (“WCF Oy”) (formerly known as Dobona Oy), for a total consideration of EUR2,500 (equivalent to approximately RM11,000).Upon completion of the acquisition, WCF Oy became an indirect wholly-owned subsidiary of the Company. h On 27 May 2016, Syn Tai Hung Borneo Sdn Bhd (“STH Borneo”) was incorporated in Malaysia. STH Borneo has an initial issued and paid-up share capital of RM100 divided into 100 ordinary shares of RM1.00 each. STH Borneo became an indirect 70% owned subsidiary of the Company, held through Syn Tai Hung Trading Sdn Bhd, an indirect wholly-owned subsidiary, and Sabaconcrete Sdn Bhd, with equity interest of 70% and 30% respectively. g On 14 March 2016, WSN Investments Limited, an indirect wholly-owned subsidiary of the Company, has disposed of 2,500,000 ordinary shares of Naira$1.00 each in the issued and paid-up share capital of LTT Oil & Gas Nigeria (“LTT”), representing 100% equity interest in LTT, for a total cash consideration of USD900,000 (equivalent to approximately RM3,703,000). As a result of the disposal, LTT ceased to be an indirect wholly-owned subsidiary of the Company. f On 26 February 2016, the Company’s indirect wholly-owned subsidiaries namely Wasco Coatings Limited (“WCL”) and Wasco Coatings HK Limited (“WCHKL”) had incorporated a wholly-owned subsidiary in Mexico, Wasco Energy De Mexico S.A. DE C.V. (“WEDM”), with an initial fixed capital of Fifty Thousand Mexico Pesos ($50,000) divided into 50,000 common and registered shares of One Mexico Peso ($1.00) each held through WCL and WCHKL, with equity interest of 99.99% and 0.01% respectively. e On 18 January 2016, the Company diluted its indirect 75% equity interest held from 75% to 60% via its indirect wholly-owned subsidiary namely, Syn Tai Hung Trading Sdn. Bhd. (“STHT”) in the paid-up capital of WDG Resources Sdn. Bhd. (“WDG”) following the Renounceable Rights Issue Exercise undertaken by WDG of 200,000 ordinary shares of RM1.00 each issued and allotted proportionately to its existing shareholders which STHT had renounced in totality. d On 30 December 2015, Wah Seong Ventures Sdn. Bhd. (“WSV”), an indirect wholly-owned subsidiary of the Company had at its Extraordinary General Meeting inter-alia, approved the special resolution to wind up WSV by way of Member’s Voluntary Winding Up. As a result, the Group no longer controls the subsidiary and as such it was not consolidated. c On 21 December 2015, E-Green Technology Sdn. Bhd. (“EGTSB”), an indirect wholly-owned subsidiary of the Company had at its Extraordinary General Meeting inter-alia, approved the special resolution to wind up EGTSB by way of Member’s Voluntary Winding Up. As a result, the Group no longer controls the subsidiary and as such it was not consolidated. b On 18 November 2015, Syn Tai Hung Corporation Sdn. Bhd. (“STHC”), an indirect wholly-owned subsidiary of the Company had at its Extraordinary General Meeting inter-alia, approved the special resolution to wind up STHC by way of Member’s Voluntary Winding Up. As a result, the Group no longer controls the subsidiary and as such it was not consolidated. a On 7 March 2012, PT MPE Deepwater, indirect subsidiary of the Company had at its Extraordinary General Meeting, inter-alia, approved the special resolutions to wind up the company by way of Member’s Voluntary Winding Up. As a result, the Group no longer controls the subsidiary and as such it was not consolidated.