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): j On 15 June 2023, the Company’s indirect wholly-owned subsidiary Wasco Engineering Group Limited (“WEGL”), entered into a Share Sale Agreements (“SSA”) for the acquisition of 415,557 ordinary shares, equivalent to 8.01% equity interest in the issued and paid-up share capital of WS Engineering Technologies Pte. Ltd. (“WSET”) for a total consideration of SGD600,000 (equivalent to approximately RM2,001,000). With the acquisitions of WSET shares, WSET and its subsidiary PT. Wasco Engineering Indonesia became an indirect wholly-owned subsidiary of the Company, held through WEGL. i On 1 April 2023, Wasco Coatings Limited, an indirect wholly-owned subsidiary of the Company disposed 455,000 ordinary shares, representing 91% of the shares of Wasco Infra Services Sdn. Bhd. (“WIS”), an indirect 91% owned subsidiary of the Company for a total sale consideration of RM200,000. Accordingly, WIS and its subsidiary, Eco Consortium Sdn. Bhd. ceased to be subsidiaries of the Company. h On 15 February 2023, Wasco Coatings Finland Oy, an indirect wholly-owned subsidiary of the Company had completed the voluntary liquidation in accordance with the rules and regulations of the Finnish Trade Register. g On 16 January 2023, Wasco Coatings Norway AS, an indirect wholly-owned subsidiary of the Company has been struck off from the Brønnøysund Register Centre, Norway upon the completion of application by the Company. f On 22 December 2022, WSIPL Australia Pty. Ltd. (“WSIPL Australia”), an indirect wholly-owned subsidiary of the Company had filed for voluntary deregistration with the Australian Securities & Investments Commission. Subsequently on 23 February 2023, WSIPL Australia was deregistered under section 601AA(4) of the Corporations Act 2011. e On 29 April 2022, Wasco Engineering Group Limited (“WEGL”), an indirect wholly-owned subsidiary of the Company entered into a Share Sale Agreement (“SSA”) for the acquisition of 100% equity interests in WEGL Investments Pte. Ltd. (formerly known as MMA Offshore Holdings Pte. Ltd.) (“WEGL Investments”) and WEGL Offshore Investments Pte. Ltd. (formerly known as MMA Offshore Investments Pte. Ltd.) (“WEGL Offshore Investments”) for a total consideration of USD15,000,000 (equivalent to approximately RM65,397,000) plus the Working Capital Amount. On 1 December 2022, the acquisition is deemed achieved with the final instalment of the Purchase Price being paid in accordance to the terms of the SSA, PT Wasco Resources Indonesia (formerly known as PT Jaya Asiatic Shipyard), a subsidiary of WEGL Investments and WEGL Offshore Investments became an indirect wholly-owned subsidiary of the Company. d 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”) 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. On 30 December 2022, WSI had at its Extraordinary General Meeting, approved the special resolution to wind up WSI by way of the Member’s Voluntary Winding Up by its shareholder. Integrated Annual Report 2023 216
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