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 % % 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 Ping Energy Marketing Limited *****@@ Federal Territory of Labuan, Malaysia Yet to commence business. 100 100 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. 100 100 OGPC O & G Sdn. Bhd. ******* Malaysia Dormant. 100 100 Forward Energy Generation Ltd. ααα Federal Territory of Labuan, Malaysia Dormant. 100 100 ***** The subsidiaries’ interests are held under DNeX Energy Sdn. Bhd.. ****** The subsidiaries’ interests are held under Ping Petroleum Limited. ~ The subsidiaries were audited by member firms of Crowe Global of which Crowe Malaysia PLT is a member. @@ Incorporated on 26 June 2024. The financial effects arising from incorporation were not presented in the financial statements as they were not material to the Group. ******* The subsidiaries’ interests are held under OGPC Sdn. Bhd.. ααα During the financial year, the Company increased its interest in Forward Energy Generation Ltd. (“FEGL”) via capitalisation of the amount due from FEGL amounting to RM5,848,117 by way of allotment of 1,409,499 ordinary shares at RM4.15 per ordinary share. 165 OPERATIONAL REVIEW SUSTAINABILITY STATEMENT GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION INTELLIGENCE POWERING
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