7. INVESTMENTS IN SUBSIDIARIES (CONTINUED) Details of the subsidiaries are as follows: (continued) Name of subsidiary Principal place of business/ country of incorporation Principal activities Effective ownership interest 30.6.2022 % 30.6.2021 % Energy DNeX Energy Sdn. Bhd. Malaysia Investment holding in upstream oil and gas exploration and production. 100 100 Ping Petroleum Limited******~^ Bermuda Exploration, development and production of crude oil and natural gas and investment holding. 90 90 Ping Petroleum UK PLC*******~^ England and Wales Exploration and development of upstream oil and gas assets. 90 90 Ping Petroleum Sdn. Bhd.*******^ Malaysia Exploration and development of upstream oil and gas assets. 90 90 OGPC Sdn. Bhd. Malaysia Sale of oil and gas related equipment, provision of engineering and technical support services for the oil and gas industry. 100 100 DNeX Drilling Tech and Oilfield Services Sdn. Bhd.******** Malaysia Involved in oil and gas oilfield services including supplies of products and equipment. 98 98 OGPC O & G Sdn. Bhd.******** Malaysia Sale of oil and gas related equipment, provision of engineering and technical support services for the oil and gas industry. 100 100 Forward Energy Generation Ltd.~ Federal Territory of Labuan, Malaysia Design, develop, construct, operation and maintenance of power plant. 100 100 ****** The subsidiary’s interest is held under DNeX Energy Sdn. Bhd. ******* These subsidiaries interest are held under Ping Petroleum Limited. ******** These subsidiaries’ interest are held under OGPC Sdn. Bhd. ~ This subsidiary was audited by member firms of Crowe Global of which Crowe Malaysia PLT is a member. ^ In the previous financial period, the Company acquired an additional 60% equity interest in Ping Petroleum Limited (“Ping”) for a total consideration of approximately RM309,430,000. Consequently, the equity interest of the Company in Ping increased from 30% to 90%. Ping was regarded as a subsidiary of the Company and ceased to be an associate of the Company as disclosed in Note 8 to the financial statements. 245 DNeX INTEGRATED REPORT 2022
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