Sasbadi Annual Report 2019

PAGE 137 ANNUAL REPORT 2019 FINANCIAL STATEMENTS (continued) 27. Related parties (continued) 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 12 and Note 16. Group Company 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 Subsidiary: Net advances given - - 221 243 Dividend income - - (960) (1,080) Key management personnel: Directors’ remuneration - Fees 432 462 432 462 - Other emoluments 709 1,149 - - 1,141 1,611 432 462 The estimated monetary value of Directors’ benefit-in-kind of the Group is RM58,000 (2018: RM77,000). 28. Subsequent events a) On 6 September 2019, United Publishing House (M) Sdn. Bhd., a wholly-owned subsidiary, entered into Sale and Purchase Agreement with The World Book Company (Malaya) Sdn. Bhd., a third party, for the acquisition of two office units for a total purchase consideration of RM2,100,000. As at the date of this report, ownership of the two office units has yet to be transferred to United Publishing House (M) Sdn. Bhd.. b) On 6 December 2019, the Company offered 10,000,000 options at an exercise price of RM0.17 each to its eligible employees under the Company’s Employees’ Share Option Scheme (“ESOS”). 29. Acquisition of subsidiary During the previous financial year, on 4 May 2018, United Publishing House (M) Sdn. Bhd. completed the acquisition of 100% equity interest in Pinko Creative Sdn. Bhd. (“Pinko Creative”), comprising 50,000 ordinary shares, for a total cash consideration of RM860,000. From the date of acquisition of 4 May 2018 to 31 August 2018, Pinko Creative contributed Nil revenue and loss of RM41,000. If the acquisition had occurred on 1 September 2017, management estimates that Pinko Creative would have contributed revenue and loss of RM765,170 and RM165,519, respectively for the previous financial year.