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): a On 29 April 2022, Wasco Engineering Group Limited (“WEGL”), an indirect wholly-owned subsidiary of the Company entered into a Share Sale Agreement (“SSA”) with MMA Offshore Asia Pte. Ltd., for the acquisition of 100% equity interests in WEGL Investments Pte. Ltd. (formerly known as MMA Offshore Holdings Pte. Ltd.) (“WEGL Investments”) and WEGL Offshore Investments Pte. Ltd. (formerly known as MMA Offshore Investments Pte. Ltd.) (“WEGL Offshore Investments”) for a total consideration of USD15,000,000 (equivalent to approximately RM65,397,000) plus the Working Capital Amount (“Purchase price”), subject to the terms and conditions as stipulated in the SSA (“Sale Shares”). Pursuant to the SSA, upon completion of the Sale Shares, PT Wasco Resources Indonesia (formerly known as PT Jaya Asiatic Shipyard) (“PTWRI”), a subsidiary of WEGL Investments and WEGL Offshore Investments shall become an indirect wholly-owned subsidiary of the Company. On 1 December 2022, the acquisition is deemed achieved with the final instalment of the Purchase Price being paid in accordance to the terms of the SSA. z On 28 April 2022, Petro-pipe Industrial Corporation Sdn. Bhd. (“PPIC”), an indirect wholly-owned subsidiary of the Company acquired the entire equity interest held in the total issued share capital of WS Integrasi Sdn. Bhd. (“WSI”) from the Company and Tengku Rozitatoria Binti Tengku Rostam, the existing shareholders of WSI for a total consideration of RM1,000. Upon completion of the WSI shares transfer exercise, WSI ceased to be a 49%-owned associate of the Company and became an indirect wholly-owned subsidiary of the Company, held through PPIC. On 30 December 2022, WSI had at its Extraordinary General Meeting, inter-alia, approved the special resolution to wind up WSI by way of the Member’s Voluntary Winding Up by its shareholder (“Member’s Voluntary Winding Up”). y 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 was published and stakeholders were required to submit the claims within 30 days from the date of commencement of voluntary liquidation. x 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 Wasco ISOAF S.R.L (formerly known as ISOAF S.R.L) (“ISOAF”) from Isoplus Fernwärmetechnik Gesellschaft M.B.H for a total consideration of EUR6,275 (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, Wasco ISOAF Tz Limited (formerly known as ISOAF Tz Limited) (“ISOAF Tz”) became an indirect 37.6% owned subsidiary of the Company, held through ISOAF. w 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 on 9 May 2022, WCPL has been struck off from the register. v 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, 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. Wah Seong Corporation Berhad Annual Report 2022 150
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