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 % ~WSIPL Australia Pty. Ltd. -f 100f Australia Dormant Wah Seong Industrial Holdings Sdn. Bhd. 100 100 Malaysia Investment and property holding and provision of management services Wah Seong Management Services Sdn. Bhd. -o 100 Malaysia Dormant (In Member’s Voluntary Winding Up) WSC Capital Sdn. Bhd. 100 100 Malaysia Treasury management centre providing services to its related companies within Malaysia and overseas which includes cash financing, debt management, investment services and financial risk management Maple Sunpark Sdn. Bhd. 100 100 Malaysia Letting of properties Triple Cash Sdn. Bhd. 79 79 Malaysia Investment and property holding Sunrise Green Sdn. Bhd. 65 65 Malaysia Investment and property holding * Audited by a firm other than member firms of PricewaterhouseCoopers International Limited and PricewaterhouseCoopers PLT. # Audited by a member firm of PricewaterhouseCoopers International Limited which is a separate and independent legal entity from PricewaterhouseCoopers PLT. ~ Companies not required by their local laws to appoint statutory auditors. q On 21 December 2023, Wasco China International Limited (“WCIL”), an indirect wholly-owned subsidiary of the Company surrendered 260,000 ordinary shares, representing 65% equity interest in the total issued share capital of Ashburn International Trade (Tianjin) Co. Ltd. (“Ashburn International”) and 552,500 ordinary shares, representing 65% equity interest in the total issued share capital of Ashburn Offshore Oil & Gas Equipment & Engineering (Tianjin) Co. Ltd. (“Ashburn Offshore”), respectively. In consideration for the surrendering of Ashburn Shares, Ashburn International and Ashburn Offshore shall repay the entire capital contribution by WCIL totalling RMB5,010,000 (equivalent to approximately RM3,360,000) and RMB3,490,000 (equivalent to approximately RM2,340,000) respectively, collectively amounting to RMB8,500,000 (equivalent to approximately RM5,700,000). Upon completion of the surrendering of Ashburn Shares, Ashburn International and Ashburn Offshore both ceased to be indirect 65% owned subsidiaries of the Company. Integrated Annual Report 2023 214
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