Dagang NeXchange Berhad Annual Report 2019

FINANCIAL STATEMENTS annual report 2019 141 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 % % Energy OGPC Sdn. Bhd. Malaysia Sale of oil and gas related equipment, provision of 100 100 engineering and technical support services for the oil and gas industry. OGPC O & G Sdn. Bhd.***** Malaysia Sale of oil and gas related equipment, provision of 100 100 engineering and technical support services for the oil and gas industry. DNeX Clean Utilities Sdn. Bhd.@ Malaysia Yet to commence business. 100 100 ***** The subsidiary’s interest is held under OGPC Sdn. Bhd. @ The subsidiary’s interest is held under DNeX Energy Sdn. Bhd. The Company assessed the recoverable amount of the investments in the subsidiaries and determined that no additional impairment loss is required as the recoverable amount is higher than the carrying amount. The recoverable amount of the cash-generating unit is determined using the fair value less costs of disposal approach, and this is derived from the net assets position of the respective subsidiaries as at end of the reporting period. Non-controlling interests in subsidiaries The Group’s subsidiaries that have material non-controlling interests (“NCI”) are as follows: 2019 2018 NCI percentage of ownership interest and voting interest - DNeX RFID Sdn. Bhd. 49.00% 49.00% - SealNet Sdn. Bhd. (formerly known as DNeXPORT Sdn. Bhd.) 20.00% 20.00% - DNeX Drilling Tech and Oilfield Services Sdn. Bhd. (formerly known as DNeX Oilfield Services Sdn. Bhd.) 2.50% 20.00% - DNeX GIS Sdn. Bhd. 59.00% 59.00% - DNeX Telco Services Sdn. Bhd. 49.00% 49.00% - Imizu Sdn. Bhd. (formerly known as DNeX Imizu Sdn. Bhd.) 45.00% 45.00% - DNeX VMS Sdn. Bhd. 49.00% 49.00% - Genaxis Group Sdn. Bhd. 49.00% 49.00% - Global eCommerce Limited 49.00% - - Innovation Associates Consulting Sdn. Bhd. 69.40% 69.40% - PT Dagang Net Indonesia 1.00% 1.00% Carrying amount of NCI (RM’000) (4,392) (13,086) Profit/(Loss) allocated to NCI (RM’000) 5,460 16,547