Wah Seong Corporation Berhad Annual Report 2019

146 WAH SEONG CORPORATION BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 12 INVESTMENT IN JOINT VENTURES (CONTINUED) Details of joint ventures are as follows (continued): Country of incorporation Group’s effective interest Principal activities 2019 % 2018 % Shaanxi Yadong Anti-Corrosion Company Limited People’s Republic of China 55 55 Provision of pipe coating services Bayou Wasco Insulation, LLC United States of America 49 49 Provision of thermal insulation coating services to pipes or pipelines PMT SHINKO Turbine Sdn. Bhd. Malaysia 49 49 Assembly and supply of equipment for palm oil and other agricultural industries Welspun Wasco Coatings Private Limited India 49 49 Provision of pipe coating services Alam-PE Holdings (L) Inc. Federal Territory of Labuan, Malaysia 49 49 Investment holding The following table summarises the information of the Group’s material joint ventures and reconciles the information to the carrying amount of the Group’s interest in the joint ventures. The information has been adjusted to reflect the equity method of accounting, including fair value adjustments: Alam-PE Holdings (L) Inc. Bayou Wasco Insulation, LLC Boustead Wah Seong Sdn. Bhd. Welspun Wasco Coatings Private Limited Other individually immaterial joint ventures Total Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2019 Summarised financial information As at 31 December Non-current assets 103,935 78,990 32,454 36,359 Current assets 32,132 11,992 44,564 2,835 Cash and cash equivalents 1,401 10,674 12,694 4,486 Non-current liabilities - (69,782) (3,257) (34,497) Current liabilities (7,689) (17,715) (16,151) (3,249) Non-controlling interest - - (35,088) - 129,779 14,159 35,216 5,934