Wah Seong Corporation Berhad Annual Report 2018

8 INVESTMENT IN ASSOCIATES (CONTINUED) d On 3 August 2018, Syn Tai Hung Trading Sdn. Bhd., an indirect wholly-owned subsidiary of the Company had disposed of 490,000 ordinary shares in the issued and paid-up share capital of Lesso Home Syn Tai Hung Sdn. Bhd. (“LHSTH”), representing 49% equity interest in LHSTH to Lesso Home Services Holdings Limited (“LHSH”), the existing shareholder of LHSTH, for a total cash consideration of RM440,000. As a result of the disposal, LHSTH ceased to be an indirect associate of the Company. c 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. b On 12 September 2017, the Company together with Tengku Rozitatoria binti Tengku Rostam, had incorporated a company in Malaysia by the name of WS Integrasi Sdn. Bhd. (“WSI”). The total issued and paid-up share capital of WSI is RM1,000 comprising 1,000 ordinary shares which were held in the proportions of 51% and 49% by Tengku Rozitatoria binti Tengku Rostam and the Company, respectively. a On 26 January 2017, Lesso Home Syn Tai Hung Sdn. Bhd. (“LHSTH”) was incorporated in Malaysia following the Joint Venture and Shareholders’ Agreement entered into between Lesso Home Service Holdings Limited (“LESSO”) and Syn Tai Hung Trading Sdn. Bhd. (“STHT”), an indirect wholly-owned subsidiary of the Company. The total issued and paid-up share capital of LHSTH is RM100 only divided into 100 ordinary shares and held in the proportion of 51% and 49% by LESSO and STHT respectively. As a result, LHSTH became the Company’s indirect associate held through STHT. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 WAH SEONG CORPORATION BERHAD 130