WASCO BERHAD 224 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 8 INVESTMENT IN SUBSIDIARIES (CONTINUED) Details of subsidiaries are as follows (continued): c On 15 June 2023, the Company’s indirect wholly-owned subsidiary Wasco Engineering Group Limited (“WEGL”), entered into a Share Sale Agreements (“SSA”) for the acquisition of 415,557 ordinary shares, equivalent to 8.01% equity interest in the issued and paid-up share capital of WS Engineering Technologies Pte. Ltd. (“WSET”) for a total consideration of SGD600,000 (equivalent to approximately RM2,001,000). With the acquisitions of WSET shares, WSET and its subsidiary PT. Wasco Engineering Indonesia became an indirect wholly-owned subsidiary of the Company, held through WEGL. b On 30 December 2022, WS Integrasi Sdn. Bhd. (“WSI”), an indirect wholly-owned subsidiary of the Company had at its Extraordinary General Meeting, approved the special resolution to wind up WSI by way of the Member’s Voluntary Winding Up by its shareholder. WSI had held its final meeting for the Member’s Voluntary Winding Up on 22 July 2024. WSI was 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. a 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, 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. Subsequently on 29 February 2024, PMTPhoenix had held its final meeting for the Member’s Voluntary Winding Up. PMT-Phoenix was 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. 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. Consequently, WOS and WL are controlled by the Company and are consolidated in these financial statements (2023: WOS and WL). Non-controlling interests in subsidiaries The Group’s subsidiaries that have material non-controlling interests (“NCI”) are as follows: Group Wasco ISOAF S.R.L. RM’000 Wasco Thermal Sdn. Bhd. RM’000 Wasco Coatings Malaysia Sdn. Bhd. RM’000 Wasco Pipe Sabah Sdn. Bhd. RM’000 Other individually immaterial subsidiaries RM’000 Total RM’000 2024 NCI percentage of ownership interest and voting interest 27% 40% 30% 30% Carrying amount of NCI 24,425 19,301 60,583 (4,894) 5,880 105,295 Net profit allocated to NCI (7,548) 4,972 18,196 (3,834) (331) 11,455
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