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 % Energy DNeX Energy Sdn. Bhd. Malaysia Investment holding in upstream oil and gas exploration and production. 100 100 Ping Petroleum Limited*****~ Bermuda Exploration, development and production of crude oil and natural gas and investment holding. 90 90 Ping Petroleum UK PLC******~ England and Wales Exploration and development of upstream oil and gas assets. 90 90 Ping Petroleum Sdn. Bhd.****** Malaysia Exploration and development of upstream oil and gas assets. 90 90 OGPC Sdn. Bhd. Malaysia Sale of oil and gas related equipment, provision of engineering and technical support services for the oil and gas industry. 100 100 DNeX Drilling Tech and Oilfield Services Sdn. Bhd.*******ẞ Malaysia Involved in oil and gas oilfield services including supplies of products and equipment. 100 98 OGPC O & G Sdn. Bhd.******* Malaysia Sale of oil and gas related equipment, provision of engineering and technical support services for the oil and gas industry. 100 100 Forward Energy Generation Ltd.@ Federal Territory of Labuan, Malaysia Design, develop, construct, operation and maintenance of power plant. 100 100 ***** The subsidiary’s interest is held under DNeX Energy Sdn. Bhd. ****** These subsidiaries’ interests are held under Ping Petroleum Limited. ~ These subsidiaries were audited by member firms of Crowe Global of which Crowe Malaysia PLT is a member. @ This subsidiary was audited by other firm of chartered accountants. ******* These subsidiaries’ interests are held under OGPC Sdn. Bhd. ẞ On 15 November 2023, OGPC Sdn. Bhd. acquired the remaining 2% of equity interest from the other corporate shareholder for total cash consideration of RM98,000. 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 236 NOTES TO THE FINANCIAL STATEMENTS
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