Wah Seong Corporation Berhad Annual Report 2021 151 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 10 INVESTMENT IN ASSOCIATES (CONTINUED) Details of associates are as follows: Country of incorporation Group’s effective interest Principal activities 2021 % 2020 % WS Integrasi Sdn. Bhd. Malaysia 49 49 Trading, distribution, sales and marketing of the Group’s product and services in the oil & gas, renewable energy, engineering, industrial and property (including land acquisitions) industries as well as undertaking other external business services opportunities Petra Energy Berhad Malaysia 27 27 Investment holding Evraz Wasco Pipe Protection Corporation Canada 49 49 Provision of pipe coating services Syarikat Beka Sdn. Bhd. Malaysia 48 48 Dormant Wah Seong Boustead Company Limited Myanmar 50 50 Property development, trading and provision of auxiliary services Spirolite (M) Sendirian Berhad Malaysia 30 30a Manufacturing and trading of spiral pipes, straight pipes, tubes, tanks and containers a 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, 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. Subsequent to financial year end, the following are the changes to investment in associates: On 22 March 2022, Syn Tai Hung Trading Sdn. Bhd. (“STHT”), an indirect wholly-owned subsidiary of the Company exercised the Put Option granted under the Put Option Agreement for the disposal of 3,342,686 ordinary shares, representing 30% ordinary shareholdings in the issued and paid-up share capital of Spirolite (M) Sendirian Berhad (“Spirolite Malaysia”) for a total cash sale consideration of RM30,800,000 subject to the terms and conditions of the Put Option Agreement. On 28 March 2022, the disposal has been completed in accordance to the terms of the Put Option Agreement. Upon the completion of the disposal, Spirolite Malaysia ceased to be 30%-owned associate of STHT and the Company.
RkJQdWJsaXNoZXIy NDgzMzc=