NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 39 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 2022 2021 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 867 1,049 Significant transactions with an associate Lease rental income of equipment - 9,159 Company 2022 2021 RM’000 RM’000 Significant transactions with subsidiaries Dividend income: - Jutasama Sdn. Bhd. 17,691 14,753 - Petro-Pipe Industrial Corporation Sdn. Bhd. 4,749 8,003 - Petro-Pipe Industries (M) Sdn. Bhd. - 10 Interest income: - WDG Resources Sdn. Bhd. 284 457 - Wah Seong Management Services Sdn. Bhd. 200 194 - Triple Cash Sdn. Bhd. 185 154 - WSC Capital Sdn. Bhd. 140 3 - Sunrise Green Sdn. Bhd. 4 35 Wah Seong Corporation Berhad Annual Report 2022 188
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