notes to the financial statements
for the financial year ended 31 December 2014 (Continued)
45 SIGNIFICANT RELATED PARTY DISCLOSURES
For the purposes of these financial statements, parties are considered to be related to the Group if the Group or 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 Group or the Company and the
party are subject to common control or common significant influence. Related parties may be individuals or other entities.
Key management personnel are defined as those persons having authority and responsibility for planning, directing and controlling the activities of the Group either
directly or indirectly.
In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are other significant related party transactions. The transactions
described below were carried out on agreed terms.
Group
2014
2013
RM'000
RM'000
Significant transactions with companies in which a Director of the Company,
Dato’ Seri Robert Tan Chung Meng, has interest
Rental of premises paid/payable
1,070
1,039
Company
2014
2013
RM'000
RM'000
Significant transactions with subsidiaries
Dividend income:
- Jutasama Sdn. Bhd.
28,595
24,030
- Wasco Energy Ltd.
18,749
-
- Petro-Pipe Industrial Corporation Sdn. Bhd.
8,186
21,681
- PMT Industries Sdn. Bhd.
-
17,263
- Wah Seong International Pte Limited
-
493
Interest income:
- Maple Sunpark Sdn. Bhd.
3,198
55
- WSC Capital (Labuan) Limited
1,527
-
- Peakvest Sdn. Bhd.
547
814
- Wasco Coatings Limited
498
167
- Wah Seong Industrial Holdings Sdn. Bhd.
201
294
Management fees receivables:
- Wasco Management Services Sdn. Bhd.
1,823
204
- Syn Tai Hung Trading Sdn. Bhd.
1,165
303
- PMT Industries Sdn. Bhd.
1,120
972
- PPI Industries Sdn. Bhd.
996
174
- Jutasama Sdn. Bhd.
884
624
151
Wah Seong Corporation Berhad • Annual Report 2014
