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 133 8 INVESTMENT IN ASSOCIATES (CONTINUED) Details of associates are as follows: Country of incorporation Group’s effective interest Principal activities 2017 % 2016 % WS Integrasi Sdn. Bhd. Malaysia 49 c - Trading, distribution, sales and marketing of the group’s product and services in the oil & gas, renewable energy, engineering, industrial and property (including land acquisitions) industries as well as undertaking other external business services opportunities Petra Energy Berhad Malaysia 27 27 Investment holding Evraz Wasco Pipe Protection Corporation Canada 49 49 Provision of pipe coating services Syarikat Beka Sdn. Bhd. Malaysia 48 48 Dormant Lesso Home Syn Tai Hung Sdn. Bhd. Malaysia 49 a - Sales and distribution for building materials, architectural products and home furnishing goods Wah Seong Boustead Company Limited Myanmar 50 50 Property development, trading and provision of auxiliary services TOT Inspection Sdn. Bhd. Malaysia - b - b Dormant (Dissolved) Atama Resources Inc. Republic of Mauritius - d 49 Investment holding d On 21 December 2017, the Company and WSC Capital Sdn Bhd (“WSC Capital”), a direct wholly-owned subsidiary of the Company had disposed of 2,000,001 ordinary shares and 3,000,000 redeemable preference shares of WS Agro Industries Pte Ltd (“WS Agro”), representing 100% equity interest in WS Agro, the holding company of Atama Resources Inc. (“ARI”), for a total cash consideration of USD6,000,000. As a result of the disposal, WS Agro ceased to be a wholly-owned subsidiary of the Company. Accordingly, ARI and its subsidiaries namely, Atama Plantation SARL, Signet Plus Sdn. Bhd., Agro Commodities Inc. and Atama Forest SARL also ceased to become associates of the Company.