NOTES TO THE FINANCIAL STATEMENTS Cont’d 32. Related parties cont’d Significant related party transactions cont’d Group Company 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 B. Associates Dividend received (4,688) (430) (2,148) (430) Interest income on ICULS (1,765) (1,765) (1,765) (1,765) Lease payments 114 394 - - Sale of goods (31,909) (13,178) - - Purchase of goods 1,901,563 1,238,341 - - Reimbursement of lease payments - (245) - - C. Directors Fees 839 605 839 605 Remuneration 11,932 11,466 9,434 8,966 Total short-term employee benefits 12,771 12,071 10,273 9,571 Short-term lease payments 210 720 - - Gratuity payments: - Directors who retired/resigned in 2021 - 1,095 - 1,095 - Director who resigned in 2020 - 385 - 385 12,981 14,271 10,273 11,051 33. Business combinations 2022 33.1 Acquisition of subsidiary In March 2022, the Group, via its 92.4%-owned subsidiary, Press Metal International Limited, completed the acquisition of entire equity interest in Foshan Baiwen New Energy Co., Ltd. (“FBNE”) for a total cash consideration of RMB6,779,000 (equivalent to approximately RM4,500,000). The following summarised the major classes of consideration transferred, and the recognised amounts of assets and liabilities assumed at the acquisition date: Group 2022 RM’000 Fair value of consideration transferred Cash and cash equivalents 4,500 PRESS METAL ALUMINIUM HOLDINGS BERHAD 309
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