Wah Seong Corporation Berhad Annual Report 2018

8 INVESTMENT IN ASSOCIATES (CONTINUED) Unquoted shares – Atama Resources Inc. In the prior financial year, the Company disposed 100% equity interest in its wholly-owned subsidiary, WS Agro Industries Pte. Ltd., which was the holding company of Atama Resources Inc. (“ARI”). As a result, ARI ceased to become associate of the Company. The effects of the disposal of ARI is shown in Note 38. Impairment of investment in associates The movements for allowance for impairment loss on investment in associates during the financial year are as follows: Group 2018 2017 RM’000 RM’000 At 1 January - 56,487 Impairment loss recognised - 271 Disposal of an associate - (56,758) At 31 December - - Details of associates are as follows: Group’s effective interest Country of incorporation 2018 % 2017 % Principal activities WS Integrasi Sdn. Bhd. Malaysia 49 49 b 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) 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 - d 49 a Trading and distribution of home furnishing goods, building materials, household hardware, builders hardware, sanitary wares and others Wah Seong Boustead Company Limited Myanmar 50 50 Property development, trading and provision of auxiliary services Atama Resources Inc. Republic of Mauritius - - c Investment holding NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 ANNUAL REPORT 2018 129