Sasbadi Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS 134 SASBADI HOLDINGS BERHAD (1022660-T) I BER AD (10 2 60-T) 27. Related parties Identity of related parties For the purposes of these financial statements, parties are considered to be related to the Group or the Company if the Group or the Company has the ability, directly or indirectly, to control or jointly 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. Related parties may be individuals or other entities. Related parties also include key management personnel defined as those persons having authority and responsibility for planning, directing and controlling the activities of the Group either directly or indirectly. The key management personnel of the Group refers to the Directors of the Group. The Group and the Company have related party relationship with its subsidiaries and key management personnel. Significant related party transactions Related party transactions have been entered into in the normal course of business under negotiated terms. The significant related party transactions of the Group and the Company are shown below. The balances related to the below transactions are shown in Note 9 and Note 15. Group Company 2017 2016 2017 2016 RM’000 RM’000 RM’000 RM’000 Subsidiary: Net advances given/(received) - - (8,336) 19,347 Dividend income - - (3,480) (10,680) Key management personnel: Directors’ remuneration - Fees 560 633 560 633 - Other emoluments 1,536 1,702 - - 2,096 2,335 560 633 The estimated monetary value of Directors’ benefit -in-kind of the Group is RM77,000 (2016: RM65,400).