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): u On 29 October 2021, the Company announced that Wasco Coatings Insulation Sdn. Bhd. (“WCI”), an indirect 70%-owned subsidiary of the Company had at its Extraordinary General Meeting held on 29 October 2021, approved the special resolution to wind up WCI by way of the Member’s Voluntary Winding Up by its shareholder. t On 8 October 2021, WS Engineering Technologies Pte. Ltd., an indirect 92% owned subsidiary of the Company subscribed an additional 181,633 ordinary shares in PT. Wasco Engineering Indonesia (“PTWEI”) for a total consideration of IDR18,163,300,000 (equivalent to approximately RM5,289,000). Upon completion of the acquisition, PTWEI became an indirect 92% owned subsidiary of the Company. s On 16 July 2021, Wasco Coatings Limited., an indirect wholly-owned subsidiary of the Company acquired additional 40% equity interest in Wasco Infra Services Sdn. Bhd. (“WIS”), (formerly known as Wasco CPM Sdn. Bhd.) from its minority interest, P.T. Citra Panji Manunggal which representing 200,000 ordinary shares for a consideration of RM1.00. Upon completion of the acquisition of WIS additional shares, WIS became an indirect 91% owned subsidiary of the Company. Accordingly, the subsidiary of WIS, Eco Consortium Sdn Bhd became an indirect 86% owned subsidiary of the Company. r On 30 June 2021, Wasco Coatings Finland (Plant and Equipment) Oy (“WCFPE”), an indirect wholly-owned subsidiary of the Company completed merger with Wasco Coatings Finland (“WC Finland”). WCFPE was dissolved following the merger with WC Finland. i On 19 June 2021, Wasco Energy De Mexico S.A. DE C.V. (“WEDM”) which was in voluntary liquidation, completed its voluntary liquidation in accordance with the rules and regulations of the General Corporations Law of Mexico and was subsequently liquidated. q On 16 March 2021, Wasco Management Services S.R.L. (“WMS SRL”), an indirect wholly-owned subsidiary of the Company completed the voluntary liquidation and was cancelled from the Chamber of Commerce of Milan Monza Brianza Lodi on 4 March 2021. The Certificate of Cancellation in accordance with the rules and regulations of the Companies Act in Italy dated 4 March 2021 issued by the Chamber of Commerce of Milan Monza Brianza Lodi was received on 16 March 2021. On 21 May 2020, WMS SRL had at its Shareholder Meeting, approved the resolution to voluntary liquidate and dissolve WMS SRL in accordance with the rules and regulations of the Companies Act in Italy. The liquidation certificate pertaining to the Member’s Voluntary Liquidation of WMS SRL was received on 27 May 2020. As a result, the Group no longer controls the subsidiary and as such it was not consolidated. p On 23 February 2021, the Company announced that WSN Investments Limited, an indirect wholly-owned subsidiary of the Company, had been deregistered on 11 February 2021 pursuant to Section 751 of the Companies Ordinance in Hong Kong. The notice of dissolution was obtained by the Company from the Companies Registry of Hong Kong on 22 February 2021. c On 15 December 2017, PMT-Phoenix Industries Sdn. Bhd. (“PMT-Phoenix”), an indirect wholly-owned subsidiary of the Company had at its Extraordinary General Meeting inter-alia, approved the special resolution to wind up PMT-Phoenix by way of Member’s Voluntary Winding Up. As a result, the Group no longer controls the subsidiary and as such it was not consolidated. π Although the Company does not own more than 50% of the equity shares of Wasco Oilfield Services Sdn. Bhd. (“WOS”), Wasco Lindung Sdn. Bhd. (“WL”) and Wasco ISOAF Tz Limited (“ISOAF Tz”) and consequently it does not control more than half of the voting power of those shares, it has the power to appoint and remove the majority of the Board of Directors of WOS, WL and ISOAF Tz. As such control of these entities is by the Company. Consequently, WOS, WL and ISOAF Tz are controlled by the Company and are consolidated in these financial statements (2021: WOS and WL). Annual Report 2022 Wah Seong Corporation Berhad 151
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