257 SECTION 6 FINANCIAL STATEMENTS INTEGRATED ANNUAL REPORT 2025 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): i On 19 December 2024, Wasco Engineering 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, Wasco Engineering Australia Pty. Ltd. was deregistered under section 601AA(4) of the Corporations Act 2001. h On 2 December 2024, Petro-Pipe Industries (M) Sdn. Bhd. (“PPIM”), an indirect wholly-owned subsidiary of the Company had at its Extraordinary General Meeting approved the special resolution to wind up PPIM by way of the Member’s Voluntary Winding Up by its shareholder. g On 29 November 2024, Maple Sunpark Sdn. Bhd. (“MSSB”), a direct wholly-owned subsidiary of the Company had at its Extraordinary General Meeting approved the special resolution to wind up MSSB by way of the Member’s Voluntary Winding Up by its shareholder. f On 29 November 2024, PPI Industries Sdn. Bhd. (“PPII”), an indirect wholly-owned subsidiary of the Company had at its Extraordinary General Meeting approved the special resolution to wind up PPII by way of the Member’s Voluntary Winding Up by its shareholder. e On 28 October 2024, Wasco Coatings Germany GmbH (“WCG”), an indirect wholly-owned dormant subsidiary of the Company had filed for insolvency with the court in Stralsund, Germany. d On 31 May 2024, Stellar Marketing Sdn. Bhd. (“SMSB”), an indirect wholly-owned subsidiary of the Company, had at its Extraordinary General Meeting approved the special resolution to wind up SMSB by way of the Member’s Voluntary Winding Up by its shareholder. c On 12 December 2023, Wah Seong Management Services Sdn. Bhd. (“WSMS”), had at its Extraordinary General Meeting, approved the special resolution to wind up WSMS by way of the Member’s Voluntary Winding Up by its shareholder. b On 30 October 2023, Jutasama Jaya Sdn. Bhd. (“JJSB”), an indirect wholly-owned subsidiary of the Company, had at its Extraordinary General Meeting, approved the special resolution to wind up JJSB by way of the Member’s Voluntary Winding Up by its shareholder. JJSB had held its final meeting for the Member’s Voluntary Winding Up on 24 February 2026. JJSB 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. a On 25 September 2023, PT Wasco Engineering International (“PTWEIL”), an indirect wholly-owned subsidiary of the Company had at its Extraordinary General Meeting approved the special resolution to wind up PTWEIL by way of the Member’s Voluntary Winding Up by its shareholder. Subsequently on 10 October 2025, PTWEIL had completed its Member’s Voluntary Winding Up pursuant to the State Gazette of the Republic of Indonesia No. 81. π Although the Company does not own more than 50% of the equity shares of Wasco Oilfield Services Sdn. Bhd. (“WOS”), Wasco Lindung Sdn. Bhd. (“WL”) and Wasco Saito Sdn. Bhd. (“WS”) 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, WL and WS. Consequently, WOS, WL and WS are controlled by the Company and are consolidated in these financial statements (2024: WOS and WL).
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