NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 11 INVESTMENT IN JOINT VENTURES (CONTINUED) Details of joint ventures are as follows: (continued) Group’s effective interest Country of incorporation 2022 % 2021 % Principal activities Bayou Wasco Insulation, LLC United States of America 49 49 Provision of thermal insulation coating services to pipes or pipelines PMT SHINKO Turbine Sdn. Bhd. Malaysia 49 49 Assembly and supply of equipment for palm oil and other agricultural industries Welspun Wasco Coatings Private Limited India 49 49 Provision of pipe coating services Alam-PE Holdings (L) Inc. Federal Territory of Labuan, Malaysia 49 49 Investment holding Wasco ISOAF S.R.L. (formerly known as ISOAF S.R.L.) Italy -a 25a Provision of line pipe thermal insulation services a On 15 July 2021, Wasco ISOAF S.R.L. (formerly known as ISOAF S.R.L.) (“ISOAF”) was incorporated in Milan, Italy. ISOAF has an initial issued and paid-up share capital of EUR100,000 and EUR25,000 respectively divided into 100,000 and 25,000 shares of EUR1.00 each. ISOAF became an indirect 25% joint venture of the Company, held through Wasco Coatings Europe B.V., an indirect wholly-owned subsidiary of the Company. Subsequently on 10 February 2022, ISOAF became subsidiary of the Company. Refer to Note 9(x) on an event occurred during the financial year. The following table summarises the information of the Group’s material joint ventures and reconciles the information to the carrying amount of the Group’s interest in the joint ventures. The information has been adjusted to reflect the equity method of accounting, including fair value adjustments: Alam-PE Holdings (L) Inc. Bayou Wasco Insulation, LLC Boustead Wah Seong Sdn. Bhd. Welspun Wasco Coatings Private Limited Other individually immaterial joint ventures Total Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2022 Summarised financial information As at 31 December Non-current assets 45,107 65,392 1,359 4,872 Current assets 8,157 40,188 7,145 17,412 Cash and cash equivalents 2,491 15,844 20,538 3,434 Non-current liabilities - (66,450) - (30,025) Current liabilities (8,209) (61,957) (10,762) (5,269) Non-controlling interest - - (14,349) - Net assets/(liabilities) 47,546 (6,983) 3,931 (9,576) Annual Report 2022 Wah Seong Corporation Berhad 161
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