NOTES TO THE FINANCIAL STATEMENTS 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 2025 2024 % % Information Technology SealNet Sdn. Bhd. * Malaysia Providing technical consultancy, implementation, training, maintenance and technical support services related to eBusiness and the operation of business to business (B2B) eCommerce portal. 100 100 Genaxis Group Sdn. Bhd.* α Malaysia Providing consultancy and advisory in computer hardware, software, peripherals and other IT based products. 99 99 Innovation Associates Consulting Sdn. Bhd. *# Malaysia Providing advisory and consultancy services in relation to strategy, business improvement, computers, telecommunication and information technology. 86 86 * The subsidiaries’ interests are held under Dagang Net Technologies Sdn. Bhd.. α In the previous 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 33 to the financial statements. # In the previous 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 33 to the financial statements. 163 OPERATIONAL REVIEW SUSTAINABILITY STATEMENT GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION INTELLIGENCE POWERING
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