Dagang NeXchange Berhad Annual Report 2018

6. INVESTMENTS IN SUBSIDIARIES (CONTINUED) Details of the subsidiaries are as follows (continued): Principal place of business/ Effective country of ownership interest Name of subsidiary incorporation Principal activities 2018 2017 % % Information Technology Innovation Associates Malaysia Providing advisory and consultancy services in relation 31 - Consulting Sdn. Bhd.****# to strategy, business improvement, computers, telecommunication and information technology. DNeX VMS Sdn. Bhd.* Malaysia Yet to commence business. 51 - PT Dagang Net Indonesia*## Indonesia Yet to commence business. 99 - DNeX Solutions Sdn. Bhd. Malaysia Providing expertise in IT project management and 100 100 consultancy, supply of (ICT) hardware equipment, maintenance and asset management. DNeX Technology Sdn. Bhd. Malaysia Providing IT solutions, cyber security, managed 100 100 services and supply of computer hardware, software and peripherals. Energy DNeX Energy Sdn. Bhd. Malaysia Providing upstream oil and gas exploration and 100 100 (previously known as DNeX production. Petroleum Sdn. Bhd.) Forward Energy Sdn. Bhd. + Malaysia Involved in power plant, engineering and energy - 51 related business specifically in the area of Independent Power Producer (IPP). Forward Energy Ltd.^+ Federal Territory Holding of off-shore investments involved in power plant. - 51 of Labuan, Malaysia * The subsidiaries interest are held under Dagang Net Technologies Sdn. Bhd. **** The subsidiary’s interest is held under Genaxis Group Sdn. Bhd. # Although the Company owns less than half of the voting power in Innovation Associates Consulting Sdn. Bhd., the Company controls this subsidiary by virtue of an agreement with the other investors of Genaxis Group Sdn. Bhd.. Consequently the Company consolidate its investment in this subsidiary. ## Not audited by member firms of Crowe Malaysia PLT. ^ The subsidiary’s interest was held under Forward Energy Sdn. Bhd. + These companies have been disposed of during the year and no audit report was issued for the financial year ended 31 December 2018. The results of these companies (prior to disposal) were consolidated using management accounts. 133 Annual Report 2018 Notes to the Financial Statements (CONTINUED) FINANCIAL STATEMENTS