notes to the financial statements
for the financial year ended 31 December 2014 (Continued)
8 INVESTMENT IN SUBSIDIARIES (CONTINUED)
Non-controlling interests in subsidiaries (continued)
The Group’s subsidiaries that have material non-controlling interests (“NCI”) are as follows (continued):
Group
Mackenzie
Industries
Sdn. Bhd.
Atama
Resources
Inc.
Group
Wasco
Coatings
Malaysia
Sdn. Bhd.
Petro-Pipe
(Sabah)
Sdn. Bhd.
RM'000
RM'000
RM'000
RM'000
Financial year ended 31 December (continued)
Cash flows from/(used in) operating activities
7,519
59
124,249
(17,570)
Cash flows used in investing activities
(500)
(13,160)
(44,083)
(290)
Cash flows (used in)/from financing activities
(2,665)
10,178
(37,191)
16,539
Net change in cash and cash equivalents
4,354
(2,923)
42,975
(1,321)
Dividends paid/payable to NCI
-
-
1,961
-
9 INVESTMENT IN ASSOCIATES
Group
2014
2013
RM'000
RM'000
Quoted shares in Malaysia
146,133
137,472
Unquoted shares
7,436
11,337
Share of post-acquisition results and reserves
10,654
3,469
164,223
152,278
Less: Accumulated impairment loss
-
(4,499)
164,223
147,779
Share of net assets of associates
164,223
147,779
Quoted shares in Malaysia at fair value
149,731
186,082
On 4 April 2013, Wasco Energy Ltd. (“WEL”) subscribed for 28,850,000 number of new shares allocated to WEL pursuant to the Renounceable Rights Issue of up to
107,250,000 new ordinary shares of RM0.50 in Petra Energy Berhad (“PEB”) at an issue price of RM1.15 per new share for every two (2) existing ordinary shares of
RM0.50 each held in PEB on 13 March 2013. Total consideration paid amounted to approximately RM33,177,500.
As at 31 December 2014 and 31 December 2013, the fair value of the Group’s interest in PEB is based on level 1 of the fair value hierarchy.
105
Wah Seong Corporation Berhad • Annual Report 2014
