256 WASCO BERHAD SECTION 6 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025 8 INVESTMENT IN SUBSIDIARIES (CONTINUED) Details of subsidiaries are as follows (continued): * 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. o On 17 December 2025, Wasco Coatings Germany (Plant and Equipment) GmbH (“WCGPE”), an indirect whollyowned dormant subsidiary of the Company had filed for voluntary deregistration with the court in Stralsund, Germany. n On 28 October 2025, Wasco Greenergy Berhad (“Wasco Greenergy”) completed the acquisition of 1,000,000 ordinary shares in its subsidiary, Wasco Thermal Sdn. Bhd. (“Wasco Thermal”), representing the remaining 40% equity interest, which were held by Tema Energy Ventures Sdn. Bhd. (“Tema Energy”) for a total purchase consideration of RM19,301,360 in which the purchase consideration was satisfied via the issuance of 14,404,000 new ordinary shares in Wasco Greenergy at an issue price of RM1.34 per ordinary share. On 11 December 2025, following the completion of Wasco Greenergy’s initial public offering on the Main Market of Bursa Malaysia Securities Berhad, the Company’s equity interest in Wasco Greenergy was diluted to 63%. The Company retains control over Wasco Greenergy and accordingly, Wasco Greenergy and its subsidiaries, namely Wasco Thermal Sdn. Bhd., Wasco AgroTech Sdn. Bhd., PMT Industries (Labuan) Ltd., PMT-Dong Yuan Industries Sdn. Bhd. and PT. Wasco AgroTech Indonesia are remained as subsidiaries of the Company at an effective equity interest of 63%, while Wasco Saito Sdn. Bhd. (“WS”) also remains as an indirect subsidiary of the Company, notwithstanding that the Group’s effective equity interest in WS is 32%. The remaining 37% equity interest held by other shareholders is presented as non-controlling interests in the Group’s consolidated financial statements. Refer to Note 34 for further details. m On 28 October 2025, Wasco Coatings Europe B.V., an indirect wholly-owned subsidiary of the Company had entered into a Shares Purchase Agreement for the acquisition of 25,000 ordinary shares equivalent to 25% interest in the share capital of Wasco ISOAF S.R.L. (“Wasco ISOAF”), for a total consideration of EUR150. Upon completion of the acquisition of Wasco ISOAF shares, Wasco ISOAF became an indirect wholly-owned subsidiary of the Company. Consequently, the Group’s effective equity interest in Wasco ISOAF Tz Limited, a subsidiary of Wasco ISOAF, increased to 75%. l On 3 October 2025, Wah Seong International Pte Limited, a direct wholly-owned subsidiary of the Company was deregistered pursuant to Section 751 of the Companies Ordinance in Hong Kong. k On 31 July 2025, Wasco Coatings Europe B.V. (“WCEu”), an indirect wholly-owned subsidiary of the Company had completed the merger with Turn Key Pipeline Services B.V. (“TKPS”), also an indirect wholly-owned subsidiary of the Company via the Deed of Merger dated 31 July 2025. With the merger between WCEu and TKPS, the entire issued share capital of TKPS had been cancelled and TKPS ceased to exist with effect from 1 August 2025. j On 19 December 2024, Mackenzie Hydrocarbons (Australia) Pty. Ltd., an indirect wholly-owned subsidiary of the Company had filed for voluntary deregistration with the Australian Securities & Investments Commission. Subsequently on 24 February 2025, Mackenzie Hydrocarbons (Australia) Pty. Ltd. was deregistered under section 601AA(4) of the Corporations Act 2001.
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