The Board of Directors of WSC wishes to announce that Wasco Coatings Insulation Sdn. Bhd. [Registration No.: 200701037191 (795220-W)] (“WCI”), an indirect 70%-owned subsidiary of WSC had at its Extraordinary General Meeting held on 29 October 2021 inter-alia, approved the special resolution to wind up WCI by way of the Member’s Voluntary Winding Up by its shareholder (“Member’s Voluntary Winding Up”).

In order to facilitate the Member’s Voluntary Winding Up, Ms. Ngu Siow Ping and Mr. Dawin Tang Keng Wai of PKF Covenant Sdn. Bhd. [Registration No. 201001000192 (884759-A)] (“PKF”) of Level 33, Menara 1MK, Kompleks 1 Mont’ Kiara, No. 1 Jalan Kiara, Mont’ Kiara, 50480 Kuala Lumpur have been appointed as the Liquidators for WCI.

WCI was incorporated on 9 November 2007 under the Companies Act, 1965 with its total issued and paid-up share capital of RM2.00 comprising 2 ordinary shares. WCI was principally involved in the coating of pipes for the oil and gas industry. WCI is directly wholly-owned by Wasco Coatings Malaysia Sdn. Bhd. [Registration No. 198501003583 (136025-V)], a 70%-owned indirect subsidiary of WSC.

The Member’s Voluntary Winding Up will not have any effect on the share capital and shareholdings of the substantial shareholders of WSC and will not have any financial impact on the gearing, earnings and net assets of WSC Group for the financial year ending 31 December 2021.

None of the directors, major shareholders, chief executive of WSC and/or persons connected to them have any interest, direct or indirect, in the Member’s Voluntary Winding Up.

This announcement is dated 29 October 2021.