notes to the financial statements
for the financial year ended 31 December 2014 (Continued)
10 INVESTMENT IN JOINT VENTURES (CONTINUED)
The details of joint ventures are as follows (continued):
Country of
incorporation
Group’s effective interest
Principal activities
2014
2013
%
%
Shaanxi Yadong Anti-Corrosion Company Limited
People’s Republic of
China
55
55 Provision of pipe coating services
Pesanan Dinamik Sdn. Bhd.
Malaysia
51
51 Dormant
WCU Corrosion Technologies Pte. Ltd.
Singapore
51
51 Dormant
Bayou Wasco Insulation, LLC
United States of America
49
49 Provision of thermal insulation coating services to
pipes or pipelines
PMT SHINKO Turbine Sdn. Bhd.
Malaysia
49
49
^^
Manufacturing turbines and any other related
ancillary equipment, parts and spares
Wasco Engineering & Technology (Nantong) Co., Ltd.
People’s Republic of
China
36
36 Construction, building, repairing, installation of all
types of offshore equipment and modules, platform
and process modules, large modules, provision of
engineering services including design, research and
development, technical consultancy services, import
and export material relating to the business
Alam-PE Holdings (L) Inc.
Federal Territory of
Labuan, Malaysia
49
#
- Investment holding
#
On 8 October 2014, Wasco Energy Ltd. (“WEL”), a wholly-owned subsidiary of the Company, acquired 6,860,000 ordinary shares of USD1.00 each, representing
49% equity interest in Alam-PE Holdings (L) Inc. for a cash consideration of RM106,000,000. Refer to Note 43(a)(i).
**
On 27 March 2014, PetroChina Socotherm Jingzhou Coating Technology Co. Ltd. completed its Members’ Voluntary Winding Up via approval granted by the
Industry and Commerce of Jingzhou, the People’s Republic of China.
^
On 28 October 2013, the Group subscribed an additional 499,999 ordinary shares of RM1.00 each and 11,770,750 Redeemable Convertible Preference Shares of
RM0.01 each and at a premium of RM0.99 each of Boustead Wah Seong Sdn. Bhd., for a cash consideration of RM12,271,000. The allotment of new shares was
on proportionate basis hence there was no change to the effective equity interest of the Group.
^^
On 29 April 2013, PMT SHINKO Turbine Sdn. Bhd. (“PMT SHINKO”) was newly incorporated with two ordinary shares of RM1.00 each, in accordance with the joint
venture arrangement between PMT Industries Sdn. Bhd. (“PMTI”), a wholly-owned subsidiary of the Company and Shinko Ind. Ltd. (“Shinko”). The proposed
authorised share capital of PMT SHINKO is amounting to RM5,000,000, comprising five million ordinary shares of RM1.00 each. The issued and paid-up share
capital is amounting to RM1,000,000 comprising one million ordinary shares of RM1.00 each to be held in the proportions of 49% and 51% by PMTI and Shinko
respectively. The subscription of 490,000 shares by PMTI and 510,000 shares by Shinko in the enlarged issued and paid-up share capital of PMT SHINKO has
been completed and allotted on 18 April 2014.
110
Wah Seong Corporation Berhad • Annual Report 2014
