PRG Holdings Berhad Annual Report 2020

36. RELATED PARTY DISCLOSURES (a) Identities of related parties Parties are considered to be related to the Group if the Group 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 and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. The Group has a related party relationship with its subsidiaries, associates, joint ventures, corporation in which a Director of an associate has interest, Directors and key management personnel. (b) In addition to the transactions detailed elsewhere in the financial statements, the Group and the Company had the following transactions with related parties during the financial year which were carried out based on negotiated terms and conditions and mutually agreed with related parties: Group Company 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Subsidiaries Interest income - - 1,334 2,668 Associates Business development fee 77 211 - - Commission received/receivable 70 172 - - Interest income 142 140 - - Purchase of goods (79) - - - Progress billing payable (293) (507) - - Sales of goods 59 543 - - Joint venture Commission received/receivable 88 91 - - Dividend income - 309 - - Sales of goods 636 1,241 - - Sales of services 62 134 - - Purchase of materials (94) (60) - - Rental income 51 101 - - Joint venture partner * Sale of goods 1,461 2,207 - - * The joint venture partner of the Group is Trunet (UK) Limited, a company that owns 50% of Trunet (Vietnam) Co., Ltd., a joint venture of the Group. Annual Report 2020 169 Notes to the Financial Statements 31 December 2020 cont’d