NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 9 INVESTMENT IN SUBSIDIARIES (CONTINUED) Details of subsidiaries are as follows (continued): Group’s effective interest 2022 % 2021 % Country of incorporation Principal activities * Eco Consortium Sdn. Bhd. 86b 86s Malaysia Dormant * Wasco Coatings Middle East QFZ LLC 60 60 State of Qatar Provision of anti-corrosion and concrete weight coating of pipelines to the oil and gas industry Wasco Coatings Services Sdn. Bhd. 100 100 Malaysia Provision of pipe coating and related services to the oil and gas industry # Wasco Coatings Norway AS 100 100 Norway Dormant * Wasco Coatings Europe B.V. 100 100 The Netherlands Provision of pipe coating and related services to the oil and gas industry # Wasco Coatings Germany GmbH 100 100 Germany Provision of pipe coating and related services to the oil & gas industry # Wasco Coatings Germany (Plant and Equipment) GmbH 100 100 Germany Dormant # Wasco Coatings Finland Oy 100 100 Finland Dormant Wasco Coatings Finland (Plant and Equipment) Oy - -r Finland Dormant # Wasco ISOAF S.R.L (formerly known as ISOAF S.R.L.) 50x 25 Italy Provision of line pipe thermal insulation services # Wasco ISOAF Tz Limited (formerly known as ISOAF Tz Limited) 38x - Tanzania Carry on business of pipe coating, fuel, gas and gas cylinder PPSC Industrial Holdings Sdn. Bhd. 100 100 Malaysia Investment holding Wasco Resources Sdn. Bhd. 100 100 Malaysia Property investment holding Wasco Coatings Malaysia Sdn. Bhd. 70 70 Malaysia Coating of pipes for the oil and gas industry Wasco Coatings Insulation Sdn. Bhd. - -u Malaysia Dormant (In Member’s Voluntary Liquidation) # Wasco Coatings HK Limited 100 100 Hong Kong, SAR Investment holding, construction of coating plants, marketing and provision of pipe coating and related services to the oil and gas industry ~ Wasco Energy De Mexico S.A.DE C.V. - -i Mexico Dormant (Dissolved) Wah Seong Corporation Berhad Annual Report 2022 144
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