Wah Seong Corporation Berhad Annual Report 2018

40 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 2018 2017 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 1,031 1,031 Significant transactions with an associate Lease rental of equipment 10,307 11,490 Company 2018 2017 RM’000 RM’000 Significant transactions with subsidiaries Dividend income: - Jutasama Sdn. Bhd. 7,985 9,875 - Petro-Pipe Industrial Corporation Sdn. Bhd. 1,109 988 Interest income: - WSC Capital Sdn. Bhd. 6,158 8,337 - Peakvest Sdn. Bhd. 988 952 - Sunrise Green Sdn. Bhd. 853 264 - Triple Cash Sdn. Bhd. 230 217 - Wah Seong Management Services Sdn. Bhd. 149 - - Maple Sunpark Sdn. Bhd. 112 - - WDG Resources Sdn. Bhd. 70 - - Petro-Pipe Industries (M) Sdn. Bhd. 5 363 Management fees receivables: - PMT Industries Sdn. Bhd. 271 662 - Syn Tai Hung Trading Sdn. Bhd. 235 1,340 - Jutasama Sdn. Bhd. 162 499 - Mackenzie Industries Sdn. Bhd. 33 136 - Wasco Management Services Sdn. Bhd. - 442 - Peakvest Sdn. Bhd. - 44 - Maple Sunpark Sdn. Bhd. - 44 - Sunrise Green Sdn. Bhd. - 44 Net (repayment from)/advances to subsidiaries: - WSC Capital Sdn. Bhd. (36,236) (76,593) - Peakvest Sdn. Bhd. (16,866) - - Petro-Pipe Industries (M) Sdn. Bhd. (531) (12,469) - Wah Seong Industrial Holdings Sdn. Bhd. - (43) - Maple Sunpark Sdn. Bhd. 65,107 - - Sunrise Green Sdn. Bhd. 7,132 - - Wah Seong Management Services Sdn. Bhd. 1,329 2,080 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 WAH SEONG CORPORATION BERHAD 162