Wah Seong Corporation Berhad Annual Report 2018

7 INVESTMENT IN SUBSIDIARIES (CONTINUED) g On 14 February 2017, Wasco Coatings Germany GmbH (“WC Germany”), an indirect wholly-owned subsidiary of the Company, had acquired the entire issued and paid-up share capital of 50,000 no par bear shares of EUR1 each, representing 100% equity interest in Wasco Germany AG (“WGAG”) (formerly known as mutares Holding-16 AG (“MH-16”)) for a total consideration of EUR19,500,000. WGAG is the sole shareholder of Wasco Coatings Germany (Plant and Equipment) GmbH (“WCGPE”) (formerly known as Eupec Pipeline Services GmbH (“EUPEC Germany”)), with total share capital of Deutsche Mark 50,000. Upon completion of the acquisition of WGAG, both WGAG and WCGPE became indirect wholly-owned subsidiaries of the Company. On 11 September 2017, WGAG was consolidated into WCGPE, both being the indirect wholly-owned subsidiaries of the Company, as a single entity. As a result, WGAG ceased to be an indirect wholly-owned subsidiary of the Company. f On 17 January 2017, Wasco Coatings Finland Oy (“WC Finland”), an indirect wholly-owned subsidiary of the Company, incorporated a wholly-owned subsidiary in Finland, Wasco Coatings Finland (Plant and Equipment) Oy (“WCFPE”) with an initial issued and paid-up share capital of EUR2,500 divided into 1,000 shares of EUR2.50 each. e On 27 December 2016, WSC Capital (Labuan) Limited (“WSCCL”), a wholly-owned subsidiary of the Company had at its Extraordinary General Meeting inter-alia, approved the special resolution to wind up WSCCL 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. On 31 December 2018, WSCCL had held its final meeting for the Member’s Voluntary Winding Up and will be fully dissolved after the expiration of three months from the date of lodgement of the Return by Liquidator relating to the Final Meeting with the Labuan Financial Services Authority and Official Receiver. 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, an 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. π Although the Company does not own more than 50% of the equity shares of Wasco Oilfield Services Sdn. Bhd. (“WOS”) and Wasco Lindung Sdn. Bhd. (“WL”), and consequently it does not control more than half of the voting power of those shares, it has the power to appoint and remove the majority of the Board of Directors of WOS and WL as such control of these entities is by the Company. Consequently, WOS and WL are controlled by the Company and is consolidated in these financial statements. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 ANNUAL REPORT 2018 125