notes to the financial statements
for the financial year ended 31 December 2014 (Continued)
8 INVESTMENT IN SUBSIDIARIES (CONTINUED)
&&
On 31 July 2014, Wasco Coatings Singapore Pte Ltd., an indirect wholly-owned subsidiary of the Company, acquired 22,041 ordinary shares of Euro 1.00 each,
representing 60% of the entire issued and paid-up share capital of Turn Key Pipeline Services B.V. (“TKPS”), for a total cash consideration of Euro1.00. Upon
completion of the acquisition of TKPS shares,TKPS became an indirect wholly-owned subsidiary of the Company.
**
On 14 May 2014, Triple Cash Sdn. Bhd. a 79% owned subsidiary of the Company acquired 390,000 ordinary shares of RM1.00 each and 2,769,000 redeemable
preference shares of RM0.10 each, representing 39% equity interest in the issued and paid-up share capital of Sunrise Green Sdn. Bhd. (“SGSB”), for a total
consideration of RM3,735,030. As a result, the indirect effective equity interest of the Group in SGSB has increased from 40% to 71%.
ß
On 12 March 2014, Jutasama Sdn. Bhd., a wholly-owned subsidiary of the Company, acquired 1,000 ordinary shares of USD1.00 each, representing 100% of
the issued and paid-up share capital of PMT Energy (Labuan) Ltd (“PMTEL”) for a total cash consideration of USD1,000 (or equivalent RM3,282). With effective
on the same date, PMTEL and its subsidiaries, PMT Energy Sdn. Bhd. and PMTI Energy (Cambodia) Co. Ltd., became indirect subsidiaries of the Company, with
effective equity interest of 100%, 100% and 75%, respectively.
×
On 19 June 2014, the Company entered into a share sale Agreement with its wholly-owned subsidiary, Jutasama Sdn. Bhd. (“JSB”) for the disposal of its 100%
equity interest in PMT Industries Sdn. Bhd. (“PMTI”) for a total consideration of RM125,000,000. As a result, PMTI and its subsidiaries namely, PMT Industries
(HK) Limited, PT. PMT Industri, PMT-Phoenix Industries Sdn. Bhd., PMT-Dong Yuan Industries Sdn. Bhd., PMT Industries (Labuan) Ltd. and PT. PMT Phoenix
Industries became indirect subsidiaries of the Company.
++
On 31 December 2013, the Company acquired 100% of the total issued and paid-up share capital comprising 100,000 ordinary shares of USD1.00 each in WSC
Capital (Labuan) Limited, for a total cash consideration of USD1.00 from its wholly-owned subsidiary namely, Wasco Energy Ltd. There was no change to the
effective equity interest of the Group.
&
On 23 December 2013, PPSC (Malaysia) Sdn. Bhd. and Wasco Coatings Labuan Limited, indirect wholly-owned subsidiaries of the Company had at their
respective Extraordinary General Meeting, inter-alia approved the special resolutions to wind up the both companies by way of Member’s Voluntary Winding Up.
@@
On 8 November 2013, the Company acquired 2 ordinary shares of RM1.00 each representing 100% of the issued and paid-up share capital of Maple Sunpark
Sdn. Bhd. (“MSSB”) for a total cash consideration of RM2.00. As a result, MSSB became a wholly-owned subsidiary of the Company.
^
On 13 September 2013, Wasco Energy Ltd., a wholly-owned subsidiary of the Company completed the disposal of 40% of its equity interest in Wasco (Australia)
Pty. Ltd. for a total consideration of AUD2,800 (equivalent to RM8,501) effectively reducing its direct interest in the Company to 60%. The effect of this
transaction is disclosed in the consolidated statement of changes in equity.
∞∞
On 19 June 2013, Wah Seong Ventures Sdn. Bhd., an indirect subsidiary of the Company, acquired the remaining 8% equity interest in E-Green Technology Sdn.
Bhd. (“E-Green”), upon which E-Green became a wholly-owned subsidiary of the Company.
+++
On 3 June 2013, Ashburn Offshore Oil & Gas Equipment & Engineering (Tianjin) Co. Ltd , an indirect subsidiary of the Company, issued and allotted 552,500
ordinary shares of USD1.00 each to Wasco China International Limited, a wholly-owned subsidiary of the Company. The allotment of shares is on proportional
basis and there is no change in effective equity interest of the Group arising from this allotment.
¥
On 24 April 2013, an indirect wholly-owned subsidiary of the Company, Wasco Coatings Services Sdn. Bhd. had incorporated a wholly-owned subsidiary known
as Wasco Coatings Norway AS (“WCN”) in Norway. WCN has an initial issued and paid-up share capital of Norwegian Krone (“NOK”)100,000 (equivalent to
approximately RM51,795) divided into 100,000 ordinary shares of NOK1 each.
##
On 4 March 2013, the Group completed its acquisition of the remaining 51% equity interest in the total issued and paid-up share capital of Spirolite (M)
Sendirian Berhad (“Spirolite”). Accordingly, Spirolite and its subsidiaries, Advanced Piping System Sdn. Bhd. and Spirolite Marketing Sdn. Bhd. became wholly-
owned indirect subsidiaries from that date thereon (Refer Note 43(b)(i)).
101
Wah Seong Corporation Berhad • Annual Report 2014
