Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 9 INVESTMENT IN SUBSIDIARIES (CONTINUED) Details of subsidiaries are as follows (continued): Group’s effective interest Country of incorporation Principal activities 2023 % 2022 % # Wasco Coatings Germany GmbH 100 100 Germany Provision of pipe coating and related services to the oil & gas industry # Wasco Coatings Germany (Plant and Equipment) GmbH 100 100 Germany Dormant # Wasco Coatings Finland Oy -h 100 Finland Dormant # Wasco ISOAF S.R.L 75p 50p Italy Provision of line pipe thermal insulation services # Wasco ISOAF Tz Limited 56p 38p, p Tanzania Provision of pipe coating, fuel, gas and gas cylinder PPSC Industrial Holdings Sdn. Bhd. 100 100 Malaysia Investment holding Wasco Resources Sdn. Bhd. 100 100 Malaysia Property investment holding Wasco Coatings Malaysia Sdn. Bhd. 70 70 Malaysia Provision of pipe coating and related services to the oil and gas industry Wasco Coatings Insulation Sdn. Bhd. -b -b Malaysia Dormant (In Member’s Voluntary Liquidation) # Wasco Coatings HK Limited 100 100 Hong Kong, SAR Investment holding, construction of coating plants, marketing and provision of pipe coating and related services to the oil and gas industry ~Wasco Kanssen Limited 100 100 British Virgin Islands Investment holding and provision of pipe coating services * Jingzhou Wasco Kanssen Offshore Petroleum Engineering Co., Ltd. 100 100 People’s Republic of China Provision of pipe coating services and trading of goods * Kanssen (Yadong) Coating Services (Jingzhou) Company Limited 100 100 People’s Republic of China Provision of pipe coating services and trading of goods * PPSC China Limited 100 100 Hong Kong, SAR Investment holding 209 Wasco Berhad
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