NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 (CONT’D) 41. RELATED PARTY DISCLOSURES (a) Identities of Related Parties Parties are considered to be related to the Group 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. In addition to the information detailed elsewhere in the financial statements, the Group has related party relationships with its directors, key management personnel and entities within the same group of companies. (b) Significant Related Party Transactions and Balances Other than those disclosed elsewhere in the financial statements, the Group and the Company also carried out the following significant transactions with the related parties during the financial year:- THE GROUP THE COMPANY 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Subsidiaries Dividend income - - (120,000) (115,385) Interest income - - (42,154) (46,675) Interest expenses - - 5,429 6,296 Person connected to directors of the Company and of certain subsidiary companies Rental paid 141 43 - - Purchase of marketing materials 476 159 - - Corporations connected to directors of the Company and of certain subsidiary companies Consultancy services 2,881 1,728 - - Purchases of building materials and sub-contract charges 29,675 21,240 - - Rental paid 253 240 - - Petrol charges - 10 - - INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 218 FINANCIAL STATEMENTS
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