| ANNUAL REPORT 2015
174
NOTES TO THE FINANCIAL STATEMENTS
30 June 2015 (cont’d)
33. RELATED PARTIES DISCLOSURES (cont’d)
(c) Compensation of key management personnel
Key management personnel are those persons having the authority and responsibility for planning, directing and
controlling the activities of the entity, directly and indirectly, including any director (whether executive or otherwise) of
the Group and of the Company.
The remuneration of Directors and other key management personnel during the financial year was as follows:
Group
Company
2015
2014
2015
2014
RM’000
RM’000
RM’000
RM’000
Short term employee benefits
19,472
19,510
3,998
6,080
Contributions to defined contribution plan
1,709
1,727
461
693
21,181
21,237
4,459
6,773
34. DISPOSAL OF A SUBSIDIARY
On 5 June 2014, the new investors of PRCG, a then 58% owned subsidiary of the Company, had injected a total additional
capital of RM1,499,998 in cash to PRCG via a subscription of shares exercise to enlarge the issued and paid-up capital of PRCG
to RM4,000,000 with the objective to re-position PRCG on a stronger financial footing (“Subscription of shares”).
On 6 June 2014, the Company had disposed of partial of its shareholdings in PRCG equivalent to 250,002 ordinary shares to
the new investors for a cash consideration of RM3 (“Disposal of shares”).
Following the Subscription of shares and Disposal of shares, the equity interest of the Company in PRCG had been diluted from
58% to 30%. Accordingly, PRCG ceased to be a subsidiary and became a 30% owned associate of the Company as at the end
of the previous reporting period.
The effect of disposal of PRCG on the financial position of the Group and of the Company was analysed as follows:
Group Company
RM’000
RM’000
Cost of investment
-
-
(1)
Property, plant and equipment
212
-
Trade and other receivables, net of impairment losses of RM14,000
169
-
Current tax assets
17
-
Cash and bank balances
377
-
Other payables
(739)
-
Net assets up to date of disposal
36
-
Add: Non-controlling interest
524
-
560
-
Net proceeds from disposal
-
(2)
-
Net loss on disposal of subsidiary
560
-
The net cash outflow from the disposal was analysed as below:
Cash and bank balances disposed of
(377)
-
(1)
Cost of investment of RM1,450,002 was fully impaired since the previous financial years
(2)
Represent RM3
