203 ANNUAL REPORT 2025 MST GOLF GROUP BERHAD 6. INVESTMENT IN SUBSIDIARIES (CONT’D) Details of the subsidiaries are as follows:- Name Country of incorporation and principal place of business Effective interest (%) Principal activities 2025 2024 MST Golf Sdn. Bhd. Malaysia 100% 100% Specialty retailer and wholesaler of golf equipment comprising golf clubs, accessories and apparels as well as operating golf driving range and provision of golf related services. MST Golf Management Sdn. Bhd. Malaysia 100% 100% Provision of golf related services including golf event management and golf academy. MST Golf Arena Sdn. Bhd. Malaysia 100% 100% Operation of indoor golf centres and golf event management. MST Golf (Singapore) Pte. Ltd. (“MGS”)* Singapore 100% 100% Specialty retailer and wholesaler of golf equipment comprising golf clubs, accessories and apparels and provision of golf related services. PT MST Golf Indonesia (“MGI”)* Indonesia 51% 51% Retailer of golf equipment comprising golf clubs, accessories and apparel as well as operating golf academy, indoor golf centres and provision of golf related services. MST Golf (Thailand) Company Limited* (“MST Thailand”) Thailand 99.9% - Retail sale of golf equipment, accessories and apparel, as well as related services. Subsidiary of PT MST Golf Indonesia PT MST Golf Distribution* (“MGD”) Indonesia 99.9% 99.9% Wholesale trade of golf equipment comprising golf clubs, accessories and apparels. * Not audited by Grant Thornton Malaysia PLT.
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