7. INVESTMENTS IN SUBSIDIARIES (CONTINUED) Details of the subsidiaries are as follows: (continued) Name of subsidiary Principal place of business/ country of incorporation Principal activities Effective ownership interest 31.12.2023 % 30.6.2022 % Information Technology Imizu Sdn. Bhd.** Malaysia Trading, dealing in any manner whatsoever in all type of drinking water and beverages on retail as well as on wholesale basis in Malaysia or elsewhere. 55 55 SealNet Sdn. Bhd.* ܤ Malaysia Providing technical consultancy, implementation, training, maintenance and technical support services related to eBusiness and the operation of business to business (B2B) eCommerce portal. 100 80 Genaxis Group Sdn. Bhd.* Malaysia Providing consultancy and advisory in computer hardware, software, peripherals and other IT based products. 51 51 * These subsidiaries’ interests are held under Dagang Net Technologies Sdn. Bhd.. ** The subsidiary’s interest is held under Global Market eCommerce Sdn. Bhd.. ܤ On 23 June 2023, Dagang Net Technologies Sdn. Bhd. acquired the remaining 20% equity interest of SealNet Sdn. Bhd. from the other individual shareholder for the total cash consideration of RM150,000. The financial effects arising from equity transactions were not presented in the financial statement as they were not material to the Group. Financial Statements DAGANG NeXCHANGE BERHAD 234 NOTES TO THE FINANCIAL STATEMENTS
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