Wah Seong Corporation Berhad Annual Report 2021 156 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 11 INVESTMENT IN JOINT VENTURES (CONTINUED) Details of joint ventures are as follows (continued): Country of incorporation Group’s effective interest Principal activities 2021 % 2020 % Bayou Wasco Insulation, LLC United States of America 49 49 Provision of thermal insulation coating services to pipes or pipelines PMT SHINKO Turbine Sdn. Bhd. Malaysia 49 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 Alam-PE Holdings (L) Inc. Federal Territory of Labuan, Malaysia 49 49 Investment holding ISOAF S.R.L. Italy 25a - Provision of line pipe thermal insulation services a On 15 July 2021, ISOAF S.R.L. (“ISOAF”) was incorporated in Milan, Italy. ISOAF has an initial issued and paid up share capital of EUR100,000 and EUR25,000 respectively divided into 100,000 and 25,000 shares of EUR1.00 each. ISOAF became an indirect 25% joint venture of the Company, held through Wasco Coatings Europe B.V., an indirect wholly-owned subsidiary of the Company. Refer to Note 9 on an event occurred subsequent to the end of financial year 31 December 2021. The following table summarises the information of the Group’s material joint ventures and reconciles the information to the carrying amount of the Group’s interest in the joint ventures. The information has been adjusted to reflect the equity method of accounting, including fair value adjustments: Group Alam-PE Holdings (L) Inc. Bayou Wasco Insulation, LLC Boustead Wah Seong Sdn. Bhd. Welspun Wasco Coatings Private Limited Other individually immaterial joint ventures Total RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2021 Summarised financial information As at 31 December Non-current assets 48,607 68,990 13,197 22,035 Current assets 8,201 56,273 2,191 2,658 Cash and cash equivalents 7,079 5,912 22,987 8,247 Non-current liabilities - (66,061) (1,195) (37,519) Current liabilities (15,090) (56,261) (7,334) (1,943) Non-controlling interest - - (16,634) - Net assets/(liabilities) 48,797 8,853 13,212 (6,522)
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