Kimlun Corporation Berhad Annual Report 2019

Annual Report 2019 Kimlun Corporation Berhad ADDITIONAL COMPLIANCE INFORMATION DISCLOSURES 45 Utilisation of Proceeds Raised From Corporate Proposal Net proceeds raised from the Dividend Reinvestment Plan (“DRP”) during FY2019 (after deducting estimated expenses of the DRP) had been fully utilised to fund general working capital of the Group. Non-Audit Fees During FY2019, non-audit fees incurred for services rendered to the Company and/or its subsidiaries by the Company’s external auditors, or a firm affiliated to the external auditors were as follows: Audit Fee Non-audit Fee Company RM38,000 RM10,500 Group RM173,500 RM78,000 The non-audit fees were incurred mainly for corporate tax computation and submission services rendered to the Group by a firm affiliated to the external auditors. Material Contracts Save as disclosed under Note 31 to the financial statements contained in this Annual Report, there were no material contracts including contracts relating to any loans entered into by the Company and its subsidiaries involving Directors and major shareholders’ interest, either still subsisting at the end of FY2019 or entered into since the end of the previous financial year. Recurrent Related Party Transactions of Revenue and Trading Nature (“RRPT”) The Company had at the 10th AGM of the Company held on 17 June 2019 obtained shareholders’ mandate for the Group to enter into RRPT, which are necessary for its day-to-day operations and are in the ordinary course of business with related parties. The shareholders’ mandate shall lapse at the conclusion of the Company’s forthcoming AGM. The Company intends to seek a renewal of the shareholders’ mandate for the RRPT at the Company’s forthcoming AGM. The details of the mandated RRPTs transacted during FY2019 are as follows: Subsidiaries Transacting Categories of Value transacted Interested Directors involved Parties transactions RM’000 and Major Shareholders Kimlun Sdn Bhd Scudai Development Provision of construction 6,410 Pang Tin @ Pang Yon Tin^, his spouse (“KLSB”) Sdn Bhd (“SD”) services by KLSB to SD and children collectively hold 90% for construction of interest in SD. Pang Khang Hau* holds buildings and infrastructure 7.5% interest in SD. Pang Chew Ngo # is also deemed interested by virtue of her family relationship to Pang Tin @ Pang Yon Tin. Phin Sdn Bhd (“Phin”) is deemed interested by virtue of Pang Tin @ Pang Yon Tin’s interest in Phin ∞ pursuant to Section 8 of the CA 2016. SPC Industries Sri Pulai Realty Renting of premises 723 Phang Piow @ Pang Choo Ing, his Sdn Bhd (“SPC”) Sdn Bhd (“SPR”) from SPR spouse and his children collectively hold 100% interest in SPR. Pang Tin @ Pang Yon Tin ^ and Pang Chew Ngo # are deemed interested by virtue of their family relationship to Phang Piow@ Pang Choo Ing. Phin is deemed interested by virtue of Pang Tin @ Pang Yon Tin’s interest in Phin ∞ pursuant to Section 8 of the CA 2016.