158
ANNUAL REPORT 2016
NOTES TOTHE FINANCIAL STATEMENTS
30 JUNE 2016
(Continued)
34. RELATED PARTIES DISCLOSURES
(a)
Identities of related parties
Parties are considered to be related to the Company if the Company has the ability, directly or indirectly, to control the party or
exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Company and
the party are subject to common control or common significant influence. Related parties may be individuals or other entities.
Related parties of the Company include:
(i)
Its holding company, subsidiaries, fellow subsidiaries, and associates;
(ii)
Any entities with joint control of, or significant influence over the Company;
(iii) Joint venture in which the Company is a joint venturer; and
(iv) Key management personnel of the Company or its holding company.
Related parties other than those disclosed elsewhere in the financial statements and their relationship with the Group are as follows:
Related parties
Relationship
Cassardi International Co. Ltd.
A company in which a substantial shareholder of a subsidiary of the Company,
has substantial financial interests.
Long Bow Manufacturing (S) Pte. Ltd.
A company in which a Director, who is also a substantial shareholder of
the Company, and a director of certain subsidiaries of the Company, has
substantial financial interests.
Bonia International Holdings Pte. Ltd.
A company in which a Director, who is also a substantial shareholder of the
Company, has substantial financial interests.
Lian Bee Marketing (M) Sdn. Bhd.
A company in which certain directors, who are also substantial shareholders
of certain subsidiaries of the Company, have substantial financial interests.
(b)
In addition to the transactions and balances detailed elsewhere in the financial statements, the Group and the Company had the
following transactions with related parties during the financial year:
Group
Company
2016
RM’000
2015
RM’000
2016
RM’000
2015
RM’000
Received/receivable from subsidiaries
Rental income
-
-
1,143
2,179
Dividends
-
-
20,236
16,043
Administrative fee
-
-
80
20
Paid/payable to subsidiaries
Management fees
-
-
-
1
Agency fees
-
-
8
7
Paid/payable to other related parties
Royalties
- Cassardi International Co. Ltd.
697
927
-
-
- Bonia International Holdings Pte. Ltd.
3,107
3,166
-
-
Rental expense
- Long Bow Manufacturing (S) Pte. Ltd.
1,839
1,670
-
-
- Lian Bee Marketing (M) Sdn. Bhd.
-
180
-
-
Save for the dividends received from subsidiaries, the related parties transactions described above were carried out in the normal
course of business and have been established under negotiated and mutually agreed terms.
