270 WASCO BERHAD SECTION 6 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025 10 INVESTMENT IN JOINT VENTURES (CONTINUED) Details of joint ventures are as follows: (continued) Group’s effective interest Country of incorporation 2025 % 2024 % Principal activities 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 Shinko Industries Malaysia Sdn. Bhd. (formerly known as Shinko Wasco Turbine Sdn. Bhd.) Malaysia -a 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 a On 7 July 2025, Wasco AgroTech Sdn. Bhd. an indirect subsidiary of the Company had entered into a Share Sale and Purchase Agreement (“SSPA”) with Shinko Ind. Ltd., for disposal of 1,470,000 ordinary shares, equivalent to 49% equity interest in the issued and paid-up share capital of Shinko Industries Malaysia Sdn. Bhd., for a total consideration of RM4,528,000, upon the terms and conditions as stipulated in the SSPA. The disposal was completed on 16 July 2025, of which Shinko Industries Malaysia Sdn. Bhd. ceased to be an associate of the Company.
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