271 INTEGRATED ANNUAL REPORT 2024 Key Messages Financial Statements Other Information NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 Overview of Wasco Berhad Value Creation Commitment to Governance Sustainability Journey 35 DISPOSAL OF A SUBSIDIARY On 30 June 2024, Petro-Pipe Industrial Corporation Sdn. Bhd. (“PPIC”), a direct wholly-owned subsidiary of the Company disposed 1,200,000 ordinary shares and 4,800,000 redeemable preference shares, representing 60% and 80% equity interest in WDG Resources Sdn. Bhd. (“WDG”), an indirect 60% owned subsidiary of the Company for a total cash consideration of approximately RM731,000. Accordingly, WDG and its subsidiaries, Syn Tai Hung Marketing Sdn. Bhd. and WDG Assembly Sdn. Bhd. (formerly known as STH Edaran Sdn. Bhd.) ceased to be indirect subsidiaries of PPIC and the Company. Details of the disposal and the net cash flow on disposal are as follows: At the date of disposal RM’000 Property, plant and equipment 261 Right-of-use assets 91 Trade and other receivables 14,338 Inventories 1,440 Contract assets 498 Tax recoverable 486 Derivative financial assets 46 Cash and bank balances 2,210 Lease liabilities (100) Contract liabilities (2,221) Trade and other payables (16,074) Non-controlling interests (393) Group’s share of net assets disposed 582 Less: Net disposal proceeds (731) Net gain on disposal (149) Net disposal proceeds received in cash 731 Less: Cash and bank balances of subsidiary disposed (2,210) Net cash outflow on disposal (form part of the disposal group) (1,479)
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