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): p On 13 January 2022, Wasco ISOAF S.r.L (“ISOAF”), which was then an indirect 25% owned joint venture of the Company subscribed 750 ordinary shares, representing 75% equity interest in the issued and paid-up share capital of Wasco ISOAF Tz Limited (“ISOAF Tz”), a company incorporated in Tanzania for a total cash consideration of TZS15,000,000 (equivalent to approximately RM27,000). Upon completion of the subscription of ISOAF Tz shares, ISOAF Tz became a 75% owned subsidiary of ISOAF. Subsequently on 10 February 2022, Wasco Coatings Europe B.V. (“WCEu”), an indirect wholly-owned subsidiary of the Company acquired additional 25.1% equity interest in the share capital of ISOAF for a total consideration of EUR6,275 (equivalent to approximately RM29,800). Upon completion of the acquisition of ISOAF shares, ISOAF became an indirect 50.1% owned subsidiary of the Company and its subsidiary, ISOAF Tz became an indirect 37.6% owned subsidiary of the Company, held through ISOAF. On 19 December 2023, WCEu further acquired a 24.9% equity interest in the share capital of ISOAF for a total consideration of EUR1,000,000 (equivalent to approximately RM4,931,000). Upon completion of the acquisition of ISOAF shares, ISOAF became an indirect 75% owned subsidiary of the Company and ISOAF Tz became an indirect 56% owned subsidiary of the Company, held through ISOAF. o On 27 September 2023, Wah Seong Management Services Sdn. Bhd. (“WSMS”), a direct whollyowned subsidiary of the Company, via its Member’s Written Resolution, issued and allotted 2,550,000 new ordinary shares at an issue price of RM1.00 each to the Company for a total consideration of RM2,550,000, credited as fully paid-up in the share capital of WSMS, by way of capitalising RM2,550,000 from the amount due by WSMS to the Company. Subsequently on 12 December 2023, WSMS, had at its Extraordinary General Meeting, approved the special resolution to wind up WSMS by way of the Member’s Voluntary Winding Up by its shareholder. n On 5 December 2023, Wasco Greenergy Sdn. Bhd. (“WGreenergy”) was incorporated in Malaysia. WGreenergy has an initial issued and paid-up share capital of RM10,000 divided into 10,000 ordinary shares which were fully subscribed and paid-up by the Company. m On 30 October 2023, Jutasama Jaya Sdn Bhd (“JJSB”) an indirect wholly-owned subsidiary of the Company, had at its Extraordinary General Meeting, approved the special resolution to wind up JJSB by way of the Member’s Voluntary Winding Up by its shareholder. l On 25 March 2022, WEGL Services India Private Limited (“WEGL India”), an indirect wholly-owned subsidiary of the Company, has commenced voluntary liquidation in accordance with the Regulation of Insolvency and Bankruptcy Board of India. Subsequently, a notice dated 29 March 2022 was published and stakeholders were required to submit the claims within 30 days from the date of commencement of voluntary liquidation. Subsequently on 12 September 2023, an order was pronounced under Section 59(8) of the Insolvency and Bankruptcy Code, 2016, that the affairs of WEGL India have been completely wound up and the assets have been completely liquidated and as such, WEGL India shall be dissolved. k On 27 June 2023, Petro-pipe Industries (M) Sdn. Bhd. (“PPIM”), an indirect wholly-owned subsidiary of the Company, had via its Directors’ Circular Resolution proposed to the full redemption of 1,000,000 fully paid-up Non-Cumulative Redeemable Preference Shares (“NCRPS”) of RM0.10 each. The redemption shall be out of the profit of PPIM at a redemption sum of RM1,000,000 pursuant to Section 72 of the Companies Act, 2016 and Article 12 of PPIM’s Constitution. 215 Wasco Berhad
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