Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 11 INVESTMENT IN JOINT VENTURES (CONTINUED) Details of joint ventures are as follows: Group’s effective interest Country of incorporation 2023 % 2022 % Principal activities Boustead Wah Seong Sdn. Bhd. Malaysia 50 50 Investment holding activities and businesses in property development and management; provision of general fabrication, engineering and oil and gas services; trading and marketing activities and any other businesses or projects as shall be mutually agreed from time to time in Myanmar Socotherm Shashi Pipe Coating Co. Ltd. People’s Republic of China 50 50 Dormant Socotherm PPSC Ningbo (Daxie) Pipe Coating Co. Limited People’s Republic of China 50 50 Dormant Sichuan Chuanshi Kanssen (Yadong) Coating Services Company Limited People’s Republic of China 51 51 Provision of pipe coating services Shaanxi Yadong Anti-Corrosion Company Limited People’s Republic of China 55 55 Provision of pipe coating services Bayou Wasco Insulation, LLC United States of America 49 49 Provision of thermal insulation coating services to pipes or pipelines Shinko Wasco Turbine Sdn. Bhd. (formerly known as PMT SHINKO Turbine Sdn. Bhd.) Malaysia 49 49 Assembly and supply of equipment for palm oil and other agricultural industries Welspun Wasco Coatings Private Limited India 49 49 Provision of pipe coating services Alam-PE Holdings (L) Inc. Federal Territory of Labuan, Malaysia 49 49 Investment holding 227 Wasco Berhad
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