NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 10 INVESTMENT IN ASSOCIATES (CONTINUED) Details of associates are as follows: Group’s effective interest Country of incorporation 2022 % 2021 % Principal activities WS Integrasi Sdn. Bhd. Malaysia -b 49 Trading, distribution, sales and marketing of the Group’s product and services in the oil & gas, renewable energy, engineering, industrial and property (including land acquisitions) industries as well as undertaking other external business services opportunities Petra Energy Berhad Malaysia 27 27 Investment holding Evraz Wasco Pipe Protection Corporation Canada 49 49 Provision of pipe coating services Syarikat Beka Sdn. Bhd. Malaysia 48 48 Dormant Wah Seong Boustead Company Limited Myanmar 50 50 Property development, trading and provision of auxiliary services Spirolite (M) Sendirian Berhad Malaysia -a 30 Manufacturing and trading of spiral pipes, straight pipes, tubes, tanks and containers b 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. a On 22 March 2022, Syn Tai Hung Trading Sdn. Bhd. (“STHT”), an indirect wholly-owned subsidiary of the Company exercised the Put Option granted under the Put Option Agreement for the disposal of 3,342,686 ordinary shares, representing 30% ordinary shareholdings in the issued and paid-up share capital of Spirolite (M) Sendirian Berhad (“Spirolite Malaysia”) for a total cash sale consideration of RM30,800,000 subject to the terms and conditions of the Put Option Agreement. On 28 March 2022, the disposal has been completed in accordance to the terms of the Put Option Agreement. Upon the completion of the disposal, Spirolite Malaysia ceased to be 30%-owned associate of STHT and the Company. Wah Seong Corporation Berhad Annual Report 2022 156
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