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): c On 17 January 2022, Wasco Capital Pte. Limited (“WCPL”), an indirect wholly-owned subsidiary of the Company had completed the application for striking off with Accounting and Corporate Regulatory Authority, Singapore. Subsequently on 9 May 2022, WCPL has been struck off from the register. b On 29 October 2021, Wasco Coatings Insulation Sdn. Bhd. (“WCI”), an indirect 70%-owned subsidiary of the Company had at its Extraordinary General Meeting, approved the special resolution to wind up WCI by way of the Member’s Voluntary Winding Up by its shareholder. As a result, the Group no longer controls the subsidiary and as such it was not consolidated. a On 15 December 2017, PMT-Phoenix Industries Sdn. Bhd. (“PMT-Phoenix”), an indirect wholly-owned subsidiary of the Company had at its Extraordinary General Meeting, approved the special resolution to wind up PMT-Phoenix by way of Member’s Voluntary Winding Up. As a result, the Group no longer controls the subsidiary and as such it was not consolidated. Subsequently on 29 February 2024, PMT-Phoenix had held its final meeting for the Member’s Voluntary Winding Up. PMT-Phoenix will be fully dissolved after the expiration of three months from the date of lodgement of the Return by Liquidator relating to the Final Meeting with the Companies Commission of Malaysia and Official Receiver. p Although the Company does not own more than 50% of the equity shares of Wasco Oilfield Services Sdn. Bhd. (“WOS”) and Wasco Lindung Sdn. Bhd. (“WL”) and consequently it does not control more than half of the voting power of those shares, it has the power to appoint and remove the majority of the Board of Directors of WOS and WL. Consequently, WOS and WL are controlled by the Company and are consolidated in these financial statements (2022: WOS, WL and ISOAF Tz). Non-controlling interests in subsidiaries The Group’s subsidiaries that have material non-controlling interests (“NCI”) are as follows: Group Wasco ISOAF S.R.L. Wasco Thermal Sdn. Bhd.* Wasco Coatings Malaysia Sdn. Bhd. Wasco Pipe (Sabah) Sdn. Bhd.~ Other individually immaterial subsidiaries Total RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2023 NCI percentage of ownership interest and voting interest 27% 40% 30% 30% Carrying amount of NCI 34,680 14,329 61,551 (1,060) 6,084 115,584 Net profit allocated to NCI 19,488 5,268 19,768 310 1,592 46,426 * Wasco Thermal Sdn. Bhd. formerly known as Mackenzie Industries Sdn. Bhd. ~ Wasco Pipe (Sabah) Sdn. Bhd. formerly known as Petro-Pipe (Sabah) Sdn. Bhd. 217 Wasco Berhad
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