Sasbadi Annual Report 2020

SASBADI HOLDINGS BERHAD 138 FINANCIAL STATEMENTS (continued) 29. 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 13 and Note 18. Group Company 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Subsidiaries: Net advances given - - 225 221 Share-based payments - - (400) - Dividend income - - (840) (960) Key management personnel: Directors’ remuneration - Fees 243 432 243 432 - Other emoluments 453 709 - - 696 1,141 243 432 The estimated monetary value of Directors’ benefit-in-kind of the Group is RM52,000 (2019: RM58,000).