Wah Seong Corporation Berhad Annual Report 2021 146 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 9 INVESTMENT IN SUBSIDIARIES (CONTINUED) Details of subsidiaries are as follows (continued): o On 13 August 2020, Syn Tai Hung Trading Sdn. Bhd. (“STHT”), an indirect wholly-owned subsidiary of the Company, had diluted its 100% equity interest held to 30% by disposing 3,622,990 ordinary shares, representing 70% of equity interest in Spirolite (M) Sendirian Berhad (“Spirolite Malaysia”) for a total cash consideration of RM30,369,000. As a result of the disposal, Spirolite Malaysia and its subsidiaries namely Spirolite Marketing Sdn. Bhd. and Spirolite (Myanmar) Company Limited ceased to be subsidiaries and became associates of STHT and the Company accordingly. Refer to Note 37(b) for further details. n On 30 July 2020, Jutasama Sdn. Bhd. (“JSB”), a wholly-owned subsidiary of the Company, had disposed 1,000 ordinary shares in the issued and paid-up share capital of VI Energy Ltd (“VI Energy”), representing 100% of the equity interest in VI Energy Ltd for a total cash consideration of USD1,000. As a result of the disposal, VI Energy and its subsidiaries namely P.M.T.I Energy (Cambodia) Co., Ltd. and PMT Energy Sdn. Bhd. ceased to be subsidiaries of JSB and the Company accordingly. Refer to Note 37(a) for further details. l On 2 March 2020, Syn Tai Hung Marketing Sdn. Bhd. (“STH Marketing”), an indirect 60% owned subsidiary of the Company, had acquired 80 and 20 ordinary shares, representing 80% and 20% equity interest respectively in the total number of issued and paid-up share capital of STH Edaran Sdn. Bhd. (formerly known as LT Steam Energy Sdn Bhd) (“STH Edaran”) for a total cash consideration of RM100. Upon completion of the acquisition of STH Edaran shares, STH Edaran became an indirect 60% owned subsidiary of the Company, held through STH Marketing. c 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 inter-alia, 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. 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 as such control of these entities is by the Company. Consequently, WOS and WL are controlled by the Company and are consolidated in these financial statements (2020: WOS, WL and Eco Consortium Sdn. Bhd.). Subsequent to financial year end, the following are the changes to investment in subsidiaries: (a) On 17 January 2022, Wasco Capital Pte. Limited (“WCPL”), an indirect wholly-owned subsidiary of the Company had completed the application for striking off with Accounting and Corporate Regulatory Authority, Singapore. Subsequently, a notice dated 9 March 2022 has been published in the Government Gazette and WCPL will be struck off from the register within 60 days from the date of notice. (b) On 10 February 2022, Wasco Coatings Europe B.V., an indirect wholly-owned subsidiary of the Company acquired additional 25.1% equity interest in the share capital of ISOAF S.R.L (“ISOAF”) from Isoplus Fernwärmetechnik Gesellschaft M.B.H. for a total consideration of EUR 6,275 (equivalent to approximately RM29,800). Upon the completion of the acquisition of ISOAF shares, ISOAF became an indirect 50.1% owned subsidiary of the Company and its subsidiary, ISOAF Tz Limited (“ISOAF Tz”) became an indirect 37.6% owned subsidiary of the Company, held through ISOAF. (c) On 13 January 2022, ISOAF, which was then an indirect 25% owned joint venture of the Company subscribed 750 ordinary shares, representing 75% equity interest in the issued and paid-up share capital of ISOAF Tz Limited (“ISOAF Tz”), a company incorporated in Tanzania for a total cash consideration of TZS15,000,000 (equivalent to approximately RM27,000). ISOAF Tz is involved in the business of pipe coating, fuel, gas and gas cylinder. Upon the completion of the subscription of ISOAF Tz shares, ISOAF Tz became a 75% owned subsidiary of ISOAF. (d) On 25 March 2022, WEGL Services India Private Limited, an indirect wholly-owned subsidiary of the Company, has commenced voluntary liquidation in accordance with the Regulation of Insolvency and Bankruptcy Board of India. Subsequently, a notice dated 29 March 2022 has been published and stakeholders are required to submit the claims within 30 days from the date of commencement of voluntary liquidation.
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