Dagang NeXchange Berhad Annual Report 2019

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) DAGANG NeXCHANGE BERHAD 140 7. 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 2019 2018 % % Information Technology Innovation Associates Malaysia Providing advisory and consultancy services in relation 31 31 Consulting Sdn. Bhd.****# to strategy, business improvement, computers, telecommunication and information technology. DNeX VMS Sdn. Bhd.* Malaysia Yet to commence business. 51 51 PT Dagang Net Indonesia*## Indonesia Yet to commence business. 99 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. DNeX Capital Sdn. Bhd. Malaysia Intended for Trust, funds or similar entity not 100 100 (formerly known as MyCall elsewhere classified. Gateway Sdn. Bhd.) Energy DNeX Energy Sdn. Bhd. Malaysia Investment holding in upstream oil and gas 100 100 exploration and production. Forward Energy Federal Territory Design, develop, construct, operation and Generation Ltd~ of Labuan, Malaysia maintenance of power plant. 100 100 DNeX Drilling Tech and Malaysia Involved in oil and gas oilfield services including 98 80 Oilfield Services Sdn. Bhd. supplies of products and equipment. (formerly known as DNeX Oilfield Services Sdn. Bhd.) * 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. ~ This subsidiary was audited by member firms of Crowe Global of which Crowe Malaysia PLT is a member.