Wah Seong Corporation Berhad Annual Report 2019

137 ANNUAL REPORT 2019 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 10 INVESTMENT IN SUBSIDIARIES (CONTINUED) g On 16 August 2018, Wasco CPM Sdn. Bhd. (“WCPM”) was incorporated in Malaysia. WCPM has an initial issued and paid-up share capital of RM1,000 divided into 1,000 ordinary shares. WCPM became an indirect 51% owned subsidiary of the Company, held through Wasco Coatings Limited, an indirect wholly- owned subsidiary, PT Citra Panji Manunggal and Mr Keith Potter, with equity interest of 51%, 40% and 9% respectively. f On 15 December 2017, PMT-Phoenix Industries Sdn. Bhd. (“PMT-Phoenix”), an indirect wholly-owned subsidiary of the Company had at its Extraordinary General Meeting inter-alia, approved the special resolution to wind up PMT-Phoenix 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. e On 27 December 2016, WSC Capital (Labuan) Limited (“WSCCL”), a wholly-owned subsidiary of the Company, had at its Extraordinary General Meeting inter-alia, approved the special resolution to wind up WSCCL 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. On 31 December 2018, WSCCL had held its final meeting for the Member’s Voluntary Winding Up and will be fully dissolved after the expiration of three months from the date of lodgement of the Return by Liquidator relating to the Final Meeting with the Labuan Financial Services Authority and Official Receiver. d On 30 December 2015, Wah Seong Ventures Sdn. Bhd. (“WSV”), an indirect wholly-owned subsidiary of the Company, had at its Extraordinary General Meeting inter-alia, approved the special resolution to wind up WSV 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. On 28 August 2019, WSV had held its final meeting for the Member’s Voluntary Winding Up and will be fully dissolved after the expiration of three months from the date of lodgement of the Return by Liquidator relating to the Final Meeting with the Companies Commission of Malaysia and Official Receiver. c On 21 December 2015, E-Green Technology Sdn. Bhd. (“EGTSB”), an indirect wholly-owned subsidiary of the Company, had at its Extraordinary General Meeting inter-alia, approved the special resolution to wind up EGTSB 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. On 22 March 2019, EGTSB had held its final meeting for the Member’s Voluntary Winding Up and will be fully dissolved after the expiration of three months from the date of lodgement of the Return by Liquidator relating to the Final Meeting with the Companies Commission of Malaysia and Official Receiver. b On 18 November 2015, Syn Tai Hung Corporation Sdn. Bhd. (“STHC”), an indirect wholly-owned subsidiary of the Company, had at its Extraordinary General Meeting inter-alia, approved the special resolution to wind up STHC 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. a On 7 March 2012, PT MPE Deepwater, an indirect subsidiary of the Company, had at its Extraordinary General Meeting, inter-alia, approved the special resolutions to wind up the company 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. π Although the Company does not own more than 50% of the equity shares of Wasco Oilfield Services Sdn. Bhd. (“WOS”) and Wasco Lindung Sdn. Bhd. (“WL”), and consequently it does not control more than half of the voting power of those shares, it has the power to appoint and remove the majority of the Board of Directors of WOS and WL as such control of these entities is by the Company. Consequently, WOS and WL are controlled by the Company and is consolidated in these financial statements.