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 Innovation Associates Consulting Sdn. Bhd.***# Malaysia Providing advisory and consultancy services in relation to strategy, business improvement, computers, telecommunication and information technology. 31 31 PT Dagang Net Indonesia*~ Indonesia Yet to commence business. 99 99 PT Dagang Samudera Hutama*##~ Indonesia Ship owner, ship operator and other shipping related activities. 49 49 PT DNeX Telco Indonesia****~ Indonesia Provision of subsea cable installation and maintenance. 95 95 DNeX Solutions Sdn. Bhd. Malaysia Providing expertise in IT project management and consultancy, supply of (ICT) hardware equipment, maintenance and asset management. 100 100 DNeX Capital Sdn. Bhd. Malaysia Intended for Trust, funds or similar entity not elsewhere classified. 100 100 DNeX Mena Sdn. Bhd.' Malaysia Investment holding. 100 – DNeX (Beijing) Technology Co. Ltd.'^ China Information transmission, software and information technology services. 100 – * The subsidiaries’ interests are held under Dagang Net Technologies Sdn. Bhd.. *** The subsidiary’s interest is held under Genaxis Group Sdn. Bhd.. **** The subsidiary’s interest is held under PT Dagang Samudera Hutama. # Although the Company owns less than half of the voting power in Innovation Associates Consulting Sdn. Bhd., the Company controls this subsidiary by virtue of an agreement with the other investors of Genaxis Group Sdn. Bhd.. Consequently, the Company consolidates its investment in this subsidiary. ## Although the Company owns less than half of the voting power in PT Dagang Samudera Hutama, the Company controls this subsidiary by virtue of an Investment Agreement with the other investors. Consequently, the Company consolidates its investment in this subsidiary at 100% effective interest in equity. ~ These subsidiaries were audited by member firms of Crowe Global of which Crowe Malaysia PLT is a member. ' Incorporated on 24 July 2023, first set of audited financial statements has not been prepared. '^ Incorporated on 7 November 2023, first set of audited financial statements has not been prepared. This subsidiary’s interest is held under DNeX Mena Sdn. Bhd. Integrated Report 2023 235
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