NOTES TO THE FINANCIAL STATEMENTS Cont’d 7. Investments in subsidiaries cont’d Principal place of business/ Country of incorporation Name of entity Principal activities Effective ownership interest and voting interest 2022 2021 % % Direct subsidiaries of PMB: PMB Development Sdn. Bhd. Malaysia Dormant 100.0 100.0 and its subsidiary, PMB Spectrum Sdn. Bhd. (“PMBS”) Malaysia Dormant 60.0 60.0 Wesama Sdn. Bhd. Malaysia Investment holding 100.0 100.0 and its subsidiary, Ace Extrusion Sdn. Bhd. Malaysia Dormant 100.0 100.0 PMB Marketing Sdn. Bhd. @ Malaysia Dissolved - 100.0 Hubei Press Metal Huasheng Aluminium & Electric Co. Ltd. * China Investment holding 100.0 100.0 and its subsidiary, Press Metal International (Hubei) Ltd. * China Dormant 100.0 100.0 PT Press Metal Indonesia *^ Indonesia Dormant 100.0 - * Not audited by KPMG PLT. @ In January 2022, PMB Marketing Sdn. Bhd. received a notice pursuant to Section 551(3) of the Companies Act 2016 from the Companies Commission of Malaysia (“CCM”) that its name had been struck-off from the registrar of companies of CCM. # In March 2022, the Group, via its 92.4%-owned subsidiary, Press Metal International Limited, completed the acquisition of entire equity interest in Foshan Baiwen New Energy Co., Ltd. for a total cash consideration of RMB6,779,000 (equivalent to approximately RM4,500,000). ^ In January 2022, the Group, via its wholly-owned subsidiary, Press Metal Berhad, incorporated a wholly-owned subsidiary known as PT Press Metal Indonesia with an authorised share capital of USD1,000,000 divided into 1,000 ordinary shares of USD1,000 each. The total issued and paid-up share capital was USD250,000 comprising 250 ordinary shares of USD1,000 each. PRESS METAL ALUMINIUM HOLDINGS BERHAD 245
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