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 31.12.2024 31.12.2023 % % Information Technology Imizu Sdn. Bhd. ** Malaysia Trading, dealing in any manner whatsoever 55 55 in all type of drinking water and beverages on retail as well as on wholesale basis in Malaysia or elsewhere. SealNet Sdn. Bhd. * α Malaysia Providing technical consultancy, implementation, 100 100 training, maintenance and technical support services related to eBusiness and the operation of business to business (B2B) eCommerce portal. Genaxis Group Sdn. Bhd. Malaysia Providing consultancy and advisory in computer 99 51 * αα hardware, software, peripherals and other IT based products. Innovation Associates Malaysia Providing advisory and consultancy services 86 31 Consulting Sdn. Bhd. *# in relation to strategy, business improvement, computers, telecommunication and information technology. PT Dagang Net Indonesia Yet to commence business. 99 99 Indonesia *~ PT Dagang Samudera Indonesia Ship owner, ship operator and other shipping 49 49 Hutama *##~ related activities. PT DNeX Telco Indonesia Indonesia Provision of subsea cable installation and maintenance. 95 95 ***~ * These subsidiaries’ interests are held under Dagang Net Technologies Sdn. Bhd.. ** The subsidiary’s interest is held under Global Market eCommerce Sdn. Bhd.. *** The subsidiary’s interest is held under PT Dagang Samudera Hutama. α In the previous financial period, Dagang Net Technologies Sdn. Bhd. acquired the remaining 20% equity interest of SealNet Sdn. Bhd. from the other individual shareholder for total cash consideration of RM150,000. The financial effects arising from equity transactions were not presented in the financial statements as they were not material to the Group. αα During the financial year, Dagang Net Technologies Sdn. Bhd. increased its interest in Genaxis Group Sdn. Bhd. (“Genaxis”) via capitalisation of the amount due from Genaxis amounting to RM36,197,760 by way of allotment of 36,197,760 ordinary shares at RM1 per ordinary share. The financial effects arising from equity transactions are disclosed in Note 32 to the financial statements. # Although the Company owns less than half of the voting power in Innovation Associates Consulting Sdn. Bhd. (“IAC”), the Company controls this subsidiary by virtue of an agreement with the other investors of Genaxis Group Sdn. Bhd.. Consequently, the Company consolidates its investment in this subsidiary. During the financial year, Dagang Net Technologies Sdn. Bhd. increased its shareholding via capitalisation of amount due from IAC of RM29,030,310 by way of allotment of 29,030,310 ordinary shares of RM1 per ordinary share. The financial effects arising from equity transactions are disclosed in Note 32 to the financial statements. ## Although the Company owns less than half of the voting power in PT Dagang Samudera Hutama, the Company controls this subsidiary by virtue of an Investment Agreement with the other investors. Consequently, the Company consolidates its investment in this subsidiary at 100% effective interest in equity. ~ These subsidiaries were audited by member firms of Crowe Global of which Crowe Malaysia PLT is a member. 148 Financial Statements DAGANG NeXCHANGE BERHAD Integrated Report 2024 NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024
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