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 * Wah Seong International Pte Limited 100 100 Hong Kong, SAR Investment holding ~ WSIPL Australia Pty. Ltd. 100d 100 Australia Dormant Wah Seong Industrial Holdings Sdn. Bhd. 100 100 Malaysia Investment and property holding and provision of management services Wah Seong Management Services Sdn. Bhd. 100 100 Malaysia Provision of management support services and business management consultancy services WSC Capital Sdn. Bhd. 100 100 Malaysia Treasury management centre providing services to its related companies within Malaysia and overseas which includes cash financing, debt management, investment services and financial risk management Maple Sunpark Sdn. Bhd. 100 100 Malaysia Letting of properties Triple Cash Sdn. Bhd. 79 79 Malaysia Investment and property holding Sunrise Green Sdn. Bhd. 65 65 Malaysia Investment and property holding * Audited by a firm other than member firms of PricewaterhouseCoopers International Limited and PricewaterhouseCoopers PLT. # Audited by a member firm of PricewaterhouseCoopers International Limited which is a separate and independent legal entity from PricewaterhouseCoopers PLT. ~ Companies not required by their local laws to appoint statutory auditors. d On 22 December 2022, WSIPL Australia Pty. Ltd. (“WSIPL Australia”), an indirect wholly-owned subsidiary of the Company had filed for voluntary deregistration with the Australian Securities & Investments Commission. Subsequently on 23 February 2023, WSIPL Australia was deregistered under section 601AA(4) of the Corporations Act 2011. b On 15 December 2022, Eco Consortium Sdn. Bhd., an indirect 86% owned subsidiary of the Company had filed an application for striking off with the Register of Companies Commission of Malaysia, pursuant to section 550 of the Companies Act 2016. Annual Report 2022 Wah Seong Corporation Berhad 149
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