Wah Seong Corporation Berhad Annual Report 2018

7 INVESTMENT IN SUBSIDIARIES (CONTINUED) * Audited by a firm other than member firms of PricewaterhouseCoopers International Limited and PricewaterhouseCoopers PLT. # Audited by a member firm of PricewaterhouseCoopers International Limited which is a separate and independent legal entity from PricewaterhouseCoopers PLT. ~ Companies not required by their local laws to appoint statutory auditors. o On 27 December 2018, Syn Tai Hung Trading Sdn. Bhd. (“STHT”), an indirect wholly-owned subsidiary of the Company had transferred 1,000,000 ordinary shares, representing 100% equity interest in the issued and paid-up share capital of Syn Tai Hung Marketing Sdn. Bhd. (formerly known as STH Sri Bulatan Sdn. Bhd.) (“STHM”) to WDG Resources Sdn. Bhd. (“WDG”), a 60% owned subsidiary of the Company, for a total cash consideration of RM163,233. As a result, STHM became a wholly-owned subsidiary of WDG and an indirect 60% owned subsidiary of the Company, held through WDG. n On 20 December 2018, the Company had disposed of 50,000 ordinary shares, representing 100% equity interest in the issued and paid-up share capital of Peakvest Sdn. Bhd. (“PSB”) to Jutasama Sdn. Bhd. (“JSB”), a wholly-owned subsidiary of the Company, for a total cash consideration of RM50,000. As a result, PSB ceased to be a direct wholly- owned subsidiary of the Company and became an indirect wholly-owned subsidiary of the Company, held through JSB. m On 12 December 2018, Spirolite Marketing Sdn. Bhd. (“Spirolite Marketing”), an indirect wholly-owned subsidiary of the Company had at its Extraordinary General Meeting inter-alia, approved the special resolution to wind up Spirolite Marketing 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. l On 6 September 2018, PMT Saito Sdn. Bhd. (“PMTS”) was incorporated in Malaysia. PMTS has an initial issued and paid-up share capital of RM1,000 divided into 1,000 ordinary shares. PMTS became an indirect 51% owned subsidiary of the Company, held through PMT Industries Sdn. Bhd., an indirect wholly-owned subsidiary, and Saito Separator Limited, with equity interest of 51% and 49% respectively. k On 16 August 2018, Wasco CPM Sdn. Bhd. (“WCPM”) was incorporated in Malaysia. WCPM has an initial issued and paid-up share capital of RM1,000 divided into 1,000 ordinary shares. WCPM became an indirect 51% owned subsidiary of the Company, held through Wasco Coatings Limited, an indirect wholly-owned subsidiary, PT Citra Panji Manunggal and Mr Keith Potter, with equity interest of 51%, 40% and 9% respectively. j On 21 December 2017, the Company and WSC Capital Sdn. Bhd. (“WSC Capital”), a direct wholly-owned subsidiary of the Company had disposed 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, 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. i On 15 December 2017, PMT-Phoenix Industries Sdn. Bhd. (“PMT-Phoenix”), an indirect wholly-owned subsidiary of the Company had at its Extraordinary General Meeting inter-alia, approved the special resolution to wind up PMT-Phoenix 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. h On 16 June 2017, a wholly-owned subsidiary of the Company, Wah Seong Management Services Sdn. Bhd. (“WSMS”) was incorporated in Malaysia with an initial issued and paid-up share capital of RM1,000 comprising 1,000 ordinary shares which were fully subscribed and paid-up by the Company. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 WAH SEONG CORPORATION BERHAD 124