Wah Seong Corporation Berhad Annual Report 2019

135 ANNUAL REPORT 2019 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 10 INVESTMENT IN SUBSIDIARIES (CONTINUED) Details of subsidiaries are as follows (continued): Group’s effective interest 2019 % 2018 % Country of incorporation Principal activities WSC Capital Sdn. Bhd. 100 100 Malaysia Treasury management centre providing services to its related companies within Malaysia and overseas which includes cash financing, debt management, investment services and financial risk management Maple Sunpark Sdn. Bhd. 100 100 Malaysia Letting of properties Triple Cash Sdn. Bhd. 79 79 Malaysia Investment and property holding Sunrise Green Sdn. Bhd. 65 65 Malaysia Investment and property holding WSC Capital (Labuan) Limited - e - e Federal Territory of Labuan, Malaysia Dormant (Dissolved) * Audited by a firm other than member firms of PricewaterhouseCoopers International Limited and PricewaterhouseCoopers PLT. # Audited by a member firm of PricewaterhouseCoopers International Limited which is a separate and independent legal entity from PricewaterhouseCoopers PLT. ~ Companies not required by their local laws to appoint statutory auditors. t On 28 November 2019, Wasco Coatings Middle East QFZ LLC (“WC Middle East”) was incorporated in the State of Qatar. WC Middle East has an initial issued and paid-up share capital of QR200,000 divided into 2,000 shares of QR100 each. WC Middle East became an indirect 60% owned subsidiary of the Company, held through Wasco Coatings Limited, an indirect wholly-owned subsidiary of the Company and Medgulf Construction Company W.L.L., with equity interest of 60% and 40% respectively. s On 22 November 2019, Wasco Coatings Europe B.V., an indirect wholly-owned subsidiary of the Company, had disposed of 770,000 ordinary shares in the issued and paid-up share capital of Wasco-PAP Services Ghana Limited (“WPSG”), representing 70% equity interest in WPSG to PAP Energy Limited, the existing shareholder of WPSG, for a total cash consideration of EUR1,000. As a result of the disposal, WPSG ceased to be an indirect subsidiary of the Company. r On 22 October 2019, Wasco Energy De Mexico S.A. DE C.V. (“WEDM”), an indirect wholly-owned subsidiary of the Company, had at its General Extraordinary Shareholders’ Meeting, approved the resolution to voluntary liquidate WEDM in accordance with the rules and regulations of the General Corporations Law of Mexico. As a result, the Group no longer controls the subsidiary and as such it was not consolidated. q On 9 July 2019, WEGL Services India Private Limited (“WEGL Services India”) was incorporated in India. WEGL Services India has an initial issued share capital of INR14,000,000 divided into 1,400,000 equity shares of INR10 each. WEGL Services India became an indirect wholly-owned subsidiary of the Company, held through Wasco Engineering Group Limited and Wasco Engineering International Ltd, both are an indirect wholly-owned subsidiaries of the Company, with equity interest of 99% and 1% respectively. p On 8 July 2019, PMT Energy Sdn. Bhd. (“PMT Energy”), an indirect wholly-owned subsidiary of the Company, had at its Extraordinary General Meeting inter-alia, approved the special resolution to wind up PMT Energy by way of Member’s Voluntary Winding Up. As a result, the Group no longer controls the subsidiary and as such it was not consolidated.